Skanska Ab Class B · OMXSTO:SKA_B
Skanska Ab Class B — Q4 2024 Earnings Presentation
28 slides from Skanska Ab Class B's earnings presentation, Feb 7, 2025
Slide 1: Fourth quarter report 2024
Portal StudioNorth B Warsaw Bridge Poland Fourth quarter New Jersey USA report 2024 We build for a better society
Slide 2: Group performance
Portal North Bridge New Jersey USA Fourth quarter report 2024 • Group performance • Strong Construction performance. Record high order backlog • Gradually recovering transaction markets for Project Development • Growing the Investment Properties Portfolio • Operating margin in Construction in 4.5% (
Slide 3: Construction
E16 Slussen Bjørum-Skaret Stockholm Norway Construction Sweden • Revenue SEK 47.0 bn (41.6) • Order bookings SEK 49.6 bn (44.1) – Book-to-build 123%, R-12 – Order backlog SEK 285.0 bn (229.6) • Operating income SEK 2,126 M (1,843) – Operating margin 4.5% (4.4) • Strong margin delivery in all main ma
Slide 4: Residential Development
Powerhouse Lade Trondheim Norway Residential Development • Revenue SEK 2.4 bn (1.9) – 573 (384) homes sold – 620 (339) homes started • Operating income SEK 196 M (-502) • ROCE 1.6 (-7.0), R-12 • Stable market in Central Europe and gradually improving in the Nordics • Starting projects in all home ma
Slide 5: Commercial Property Development
Commercial Property Development • Operating income SEK 332 M (-932) – Gain on sale SEK 561 M (598) – ROCE 3.0% (-2.6), R-12 • 15 ongoing projects – SEK 20.5 bn total investment • 24 completed projects – SEK 15.6 bn total investment – 65% leased • Five projects divested, one internally to Investment
Slide 6: Investment Properties
Studio phase 2 Warsaw Poland Investment Properties • Operating income of SEK 74 M • Economic occupancy rate at 87 percent • Acquiring the high-quality office property Oas in Malmö. Total portfolio property value SEK 8.2 bn 2/7/2025 Skanska Q4 report 2024 6
Slide 7: Construction: Order bookings
E16 Bjørum-Skaret Norway Construction Order bookings SEK bn % 300 140 250 120 Order backlog 100 200 80 Order bookings, R-12 150 60 Order bookings per 100 40 quarter 50 20 Revenue, R-12 0 0 Book-to-build %, R-12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Oct-
Slide 8: Construction: Order bookings by region
E16 Bjørum-Skaret Norway Construction Order bookings Book-to- Months of SEK bn Oct-Dec 2024 Oct-Dec 2023 build, % production Nordics 16.0 10.7 93 15 of which Sweden 8.3 6.0 103 12 Europe 6.5 6.4 93 17 USA 27.0 27.0 152 24 Total 49.6 44.1 123 20 2/7/2025 Skanska Q4 report 2024 8
Slide 9: Construction: Income statement
E16 Bjørum-Skaret Norway Construction Income statement Operating margin, R-12, % Revenue, R-12, SEK bn 6 200 Revenue 5 150 4 3 100 2 Operating margin 50 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK bn 2024 2023 2024 20
Slide 10: Construction: Income statement by region
E16 Bjørum-Skaret Norway Construction Income statement Operating income, SEK M Operating margin, % Oct-Dec 2024 Oct-Dec 2023 Oct-Dec 2024 Oct-Dec 2023 Nordics 693 692 4.4 4.5 of which Sweden 419 383 4.7 4.5 Europe 292 77 4.2 1.2 USA 1,141 1,074 4.7 5.5 Total 2,126 1,843 4.5 4.4 2/7/2025 Skanska Q4 r
Slide 11: Residential Development: Income statement
Residential Development Income statement, segment reporting Operating margin, R-12, % Revenue, R-12, SEK bn 20 20 10 15 Operating margin 0 10 -10 -20 Revenue 5 -30 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Including residential rentals until Q4 2020 Oct-D
Slide 12: Residential Development: Income by region
Residential Development Income statement Operating income, SEK M Operating margin, % Oct-Dec 2024 Oct-Dec 2023 Oct-Dec 2024 Oct-Dec 2023 Nordics 70 -480 5.4 -41.2 of which Sweden -6 -165 -0.7 -27.6 Europe 126 -21 11.0 -3.0 Total 196 -502 8.0 -26.9 2/7/2025 Skanska Q4 report 2024 12
Slide 13: Residential Development: Homes started and sold
Residential Development Homes started and sold Homes, R-12 5,000 4,500 4,000 3,500 3,000 2,500 Sold 2,000 1,500 1,000 500 Started 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Including residential rentals until Q4 2020 Homes started Homes sold Oct-Dec Oct-De
Slide 14: Residential Development: Homes in production
Residential Development Homes in production Homes % 8,000 100 7,000 90 80 6,000 70 5,000 60 4,000 50 3,000 40 30 2,000 20 1,000 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Sold under construction Unsold under construction Unsold completed Sales rate (i
Slide 15: Commercial Property Development: Income statement
Commercial Property Development Income statement, segment reporting Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK bn 2024 2023 2024 2023 Revenue 3,576 2,832 11,225 5,331 Gross income 559 -652 1,959 -416 Selling and administrative expenses -228 -230 -836 -895 Income from JV's and associated companies 1 -50 -3
Slide 16: Unrealized and realized gains
Commercial Property Development Unrealized and realized gains, segment reporting SEK bn 14 12 10 8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Unrealized gains in: Land Ongoing projects at completion Completed projects Realized gains, R-12 Including r
Slide 17: Completion profile and unsold projects
Commercial Property Development Completion profile and unsold projects SEK bn % 95 16 65 100 14 90 77 80 12 70 10 60 8 50 34 34 40 6 30 4 20 0 2 10 0 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2026 2027 Completed projects Ongoing offices Ongoing residential rentals Economic occupancy rate, % To
Slide 18: Leasing Commercial Properties
Commercial Property Development Leasing Commercial Properties 000 sq m % 550 100 500 90 450 80 400 70 350 60 300 50 250 40 200 150 30 100 20 50 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Leasing, R-12 Economic occupancy rate, ongoing projects Degree o
Slide 19: Investment Properties: Income statement
Investment Properties Income statement Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 Revenue 114 56 363 186 Operating net 77 42 264 137 Selling and administrative expenses -6 -6 -14 -9 Change in property value 4 -165 61 -190 Operating income 74 -129 311 -62 Eonomic Leasable Rental value,
Slide 20: Group Income Statement
Portal North Bridge New Jersey USA Group Income Statement Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK m 2024 2023 2024 2023 Operating income from business streams 2,728 281 7,338 2,943 Central -127 607 -440 290 Eliminations 149 69 188 -3 Operating income 2,750 957 7,087 3,231 Net financial items 177 171 661
Slide 21: Group Cash flow
Portal North Bridge New Jersey USA Group Cash flow SEK bn 20 15 10 Cash flow from 5 business 0 operations, quarterly -5 Rolling 12 months -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK bn 2024 2023 2024 2023 Operating cash
Slide 22: Construction: Free working capital
E16 Bjørum-Skaret Norway Construction Free working capital SEK bn % 40 21 35 18 30 15 25 12 20 9 15 6 10 5 3 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Free working capital, SEK bn Average free working capital/ Construction revenue, R-12, % Free working
Slide 23: Investments, divestments and capital employed
Portal North Bridge New Jersey USA Group Investments, divestments and capital employed SEK bn 20 15 10 Investments, 5 quarterly 0 Divestments, quarterly -5 Net divestments, -10 R-12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 SEK bn Dec 31, 2024 Dec 31, 2023
Slide 24: Available funds and maturity profile
Portal North Bridge New Jersey USA Group Available funds: SEK 28.6 bn, o/w unutilized credit facilities SEK 10.1 bn Maturity profile Central funding 3.5 3.0 2.5 44% 2.0 SEK 10.1 bn 56% 1.5 1.0 0.5 0.0 Bilateral loans Bonds 2025 2026 2027 2028 2029 2030 Bilateral loans Bonds (MTN) 2/7/2025 Skanska Q4
Slide 25: Group Financial position
Portal North Bridge New Jersey USA Group Financial position Adjusted interest-bearing net receivables(+)/net debt(-), SEK bn 20 15 10 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Dec 31, Dec 31, SEK bn 2024 2023 Total assets 171.2 155.2 Equity attributable
Slide 26: Market outlook
Portal North Bridge New Jersey USA Market outlook Construction • Strong US market for building and civil infrastructure • Weakening Norwegian and strengthening Finish civil market • The European outlook remains cautious for the building segment and stable for civil Residential Development • Good lev
Slide 27: Summary
Portal North Bridge New Jersey USA Group Summary • Group performance in the fourth quarter • Strong Construction performance. Record high order backlog • Gradually recovering transaction markets for Project Development • Growing the Investment Properties Portfolio • Maintaining a robust financial po
Slide 28: Skanska Q4 report 2024
2/7/2025 Skanska Q4 report 2024 28