Slide 1: Q2 2026
Q2 2026 Linda Pålsson, President and CEO Bo Sandström, CFO 2026-07-15 Q2 2026
Slide 2: Q2 2026: Continued progress but profitability uplift still ahead
Q2 2026: Continued progress but profitability uplift still ahead Net sales Order backlog growing 8.0% to SEK 22.4b 6,511 (6,674) SEK million Total sales growth of -2.4% and -5.3% adj. organic EBITA excl. IAC Utilization rate improved to 73.5% (72.6) EBITA margin excl. IAC of 6.7% in line with last y
Slide 3: Energy
Global Division Energy Record-high order backlog driven by strong demand across segments Increasing focus on energy security and reducing fossil fuel dependency Profitability remains solid at high levels, with growth impacted by execution phasing Net sales, SEK million Adj. organic sales EBITA margi
Slide 4: Industry
Global Division Industry Market conditions broadly in line with recent quarters, with mixed demand across portfolio The AMC acquisition contributed positively to sales in the quarter Profitability impacted by weak price developments in parts of the division Net sales, SEK million Adj. organic sales
Slide 5: Transportation & Places
Global Division Transportation & Places Solid demand in transportation infrastructure while real estate remains challenging Effects of the changes addressed in Q1 are phasing out Stable margin while sales volumes are lower due to strategic capacity adjustments Net sales, SEK million Adj. organic sal
Slide 6: New client projects
Q2 2026 New client projects Project delivery services for new biofuel plant in Brazil Acelen Renewables has selected AFRY to deliver comprehensive project services for the construction of a new biofuel plant in Brazil. The facility will produce renewable fuels such as HVO and SAF, supporting the dec
Slide 7: AFRY’s comprehensive data center capabilities
Deep dive: Data centers AFRY’s comprehensive data center capabilities Well-positioned to capture growth opportunities AFRY covers full data center lifecycle — AFRY’s data center expertise combines advisory, architecture, Market & engineering and infrastructure across the full project lifecycle locat
Slide 8: Unlocking the value of AI
Deep dive: Technology and AI Unlocking the value of AI AFRY’s AI priorities Key initiatives to unlock the AI potential Client delivery Operations Open access to enterprise data, enabling cross- Project delivery Commercial organizational insights and actions platform excellence Create a secure platfo
Slide 9: Financial summary
Financial summary 2026-07-15 Q2 2026
Slide 10: Financial overview
Q2 2026 Financial overview Sales and adj. organic growth, AFRY Group EBITA and EBITA margin1, AFRY Group SEK million % SEK million % 8,000 10 800 10 7,191 6,674 6,511 5 7.6 8 7.1 7.3 6,000 2.2 600 572 0 6 438 434 -2.5 4,000 400 -5.3 -5 4 2,000 200 -10 2 0 -15 0 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 11: Order backlog
Q2 2026 Order backlog Group order backlog, SEK billion Order backlog by Global Division, SEK billion Energy +17.7% +8.0% 6.2 6.8 7.0 22.4 6.0 5.9 20.7 21.5 20.4 20.4 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Industry +2.4% 6.6 6.3 6.1 6.1 6.7 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Comments
Slide 12: Net sales
Q2 2026 Net sales Net sales, SEK million Comments — Organic sales continue to decline, at a slightly higher pace than in Q1 -5.3% -2.4% — Driven by strategic capacity 6,674 adjustments — Calendar effect of +2 hours, 124 6,511 while FX pressure is easing 32 — Acquisitions of Reta and AMC 35 contribut
Slide 13: Organic growth (adj.) by Global Division
Q2 2026 Organic growth (adj.) by Global Division Energy Industry Transportation & Places % % % 12 12 12 8 8 8 4 4 4 2.7 1.8 0.2 0.4 0 0 0 -1.3 -0.9 -2.2 -1.9 -4 -4 -4 -5.3 -6.0 -5.4 -5.4 -6.1 -8 -8 -8 -8.3 -7.6 -12 -12 -12 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 25 25 25 26 26 25 25 25 26 26 25
Slide 14: Utilization
Q2 2026 Utilization Utilization rate, % Comments — Positive trend continues — Improvement in all divisions +0.9pp — Driven by focused efficiency 73.5 measures and capacity 73.4 adjustments 72.8 72.6 72.2 72.3 72.2 72.0 71.1 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2026
Slide 15: EBITA
Q2 2026 EBITA EBITA excl. IAC, SEK million Comments — Lower sales volumes not fully compensated by cost -31 reductions 465 — Modest calendar effect only 438 27 434 partly offsetting lower volumes — Lower Group cost contributing positively to EBITA Q2 2025 Calendar effect Cal. adj. Q2 2025 Q2 2026 6.
Slide 16: EBITA margin by Global Division
Q2 2026 EBITA margin by Global Division Energy Industry Transportation & Places % % % 15 15 15 +0.3pp 3% 9.5 9.8 -0.5pp -6% 10 10 10 0.0pp 8.3 0% 7.8 6.0 6.0 5 5 5 0 0 0 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 25 25 25 26 26 25 25 25 26 26 25 25 25 26 26 — Profitability remains at a solid, high
Slide 17: Restructuring
Q2 2026 Restructuring Restructuring costs, SEK million Comments — -54 SEK million reported as IAC in Q2, mainly related to support functions 293 and capacity adjustments — Restructuring agenda now completed 54 — Total restructuring cost in line with our guidance, closing at SEK 293 million in additi
Slide 18: Cash flow and financial position
Q2 2026 Cash flow and financial position Operating cash flow, SEK million Available liquidity, SEK billion Net debt excl. IFRS 16, SEK billion Net debt/EBITDA1 excl. IFRS 16, times -0.9 +0.6 +0.3 5.1 5.1 5.2 +477 4.7 2.9 2.9 3.0 4.4 4.1 2.7 4.3 3.9 2.5 1,333 3.8 3.8 830 418 353 -74 Q2 25 Q3 25 Q4 25
Slide 19: Final remarks
Final remarks 2026-07-15 Q2 2026
Slide 20: Progress on strategy execution
Unlocking AFRY Progress on strategy execution Completed Ongoing and upcoming 2028 targets New Group structure Increased focus on organic growth Clearly defined road map SEK 35b Resource management Net sales Restructuring agenda with significant capacity adjustments Global delivery centers 10% Exit o
Slide 21: 2026-07-15 Q2 2026
2026-07-15 Q2 2026