Skanska Ab Class B · OMXSTO:SKA_B
Skanska Ab Class B — Q1 2025 Earnings Presentation
28 slides from Skanska Ab Class B's earnings presentation, May 7, 2025
Slide 1: First quarter report 2025
Slussen Stockholm Sweden First quarter report 2025 We build for a better society
Slide 2: First quarter report 2025: Group performance
Slussen Stockholm Sweden First quarter report 2025 • Group performance • Growing revenue and solid margins within Construction • Increased macroeconomic uncertainty impacting Residential Development sales • Two project starts and no divestments recorded within Commercial Property Development • Inves
Slide 3: Construction
SlussenAStockholm Studio Warzaw Poland Construction Sweden • Revenue SEK 41.8 bn (36.2) • Order bookings SEK 39.3 bn (46.9) – Book-to-build 115%, R-12 – Order backlog SEK 263.6 bn (251.4) • Operating income SEK 1,179 M (669) – Operating margin 2.8% (1.8) • Revenue growth and good margins across all
Slide 4: Residential Development
Powerhouse Modřanský Cukrovar, Residential Development Lade Trondheim Prague,Norway Czechia • Revenue SEK 1.5 bn (2.0) – 365 (511) homes sold – 203 (459) homes started • Operating income SEK 63 M (23) • ROCE 1.8 (-4.8), R-12 • Macroeconomic uncertainty translating into a softer Nordic housing market
Slide 5: Commercial Property Development
The Heming Tysons USA Commercial Property Development • Operating income SEK -100 M (-166) – Gain on sale SEK 29 M (127) – ROCE 3.2% (-2.6), R-12 • 16 ongoing projects – SEK 15.6 bn total investment • 24 completed projects – SEK 18.2 bn total investment – 71% leased • Starting two projects in Sweden
Slide 6: Investment Properties
Studio Citygate phase Gothenburg Investment Properties 2 Warsaw Sweden Poland • Operating income of SEK 80 M (50) • Economic occupancy rate at 84 percent (Dec 31, 2024: 87) • Total portfolio property value SEK 8.2 bn (Dec 31, 2024: 8.2) 5/7/2025 Skanska Q1 report 2025 6
Slide 7: Construction: Order bookings
Studio A Warzaw Poland 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 SEK bn
Slide 8: Construction: Order bookings by region
Studio A Warzaw Poland Construction Order bookings Book-to- Months of SEK bn Jan-Mar 2025 Jan-Mar 2024 build, % production Nordics 14.7 12.9 96 15 of which Sweden 7.5 6.6 106 12 Europe 4.6 3.0 97 16 USA 20.0 31.0 132 23 Total 39.3 46.9 115 19 5/7/2025 Skanska Q1 report 2025 8
Slide 9: Construction: Income statement
Studio A Warzaw Poland Construction Income statement Operating margin, R-12, % Revenue, R-12, SEK bn 6 Revenue 200 5 150 4 3 100 2 Operating margin 50 1 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Jan-Mar Jan-Mar Rolling 12 Jan-Dec SEK bn 2025 2024 months
Slide 10: Construction: Income statement by region
Studio A Warzaw Poland Construction Income statement Operating income, SEK M Operating margin, % Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 Nordics 377 415 2.8 3.2 of which Sweden 154 147 2.3 2.3 Europe 32 -334 0.6 -6.6 USA 770 588 3.4 3.3 Total 1,179 669 2.8 1.8 5/7/2025 Skanska Q1 report
Slide 11: Residential Development: Income statement, segment reporting
Modřanský Cukrovar, Prague, Czechia 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Including res
Slide 12: Residential Development: Income statement
Modřanský Cukrovar, Prague, Czechia Residential Development Income statement Operating income, SEK M Operating margin, % Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 Nordics -4 13 -0.4 0.9 of which Sweden 4 -30 0.9 -4.2 Europe 67 9 12.9 1.6 Total 63 23 4.2 1.1 5/7/2025 Skanska Q1 report 2025
Slide 13: Residential Development: Homes started and sold
Modřanský Cukrovar, Prague, Czechia 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Including residential rentals until Q4 2020 Hom
Slide 14: Residential Development: Homes in production
Modřanský Cukrovar, Prague, Czechia 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Sold under construction Unsold under constru
Slide 15: Commercial Property Development: Income statement, segment reporting
The Heming Tysons USA Commercial Property Development Income statement, segment reporting Jan-Mar Jan-Mar Rolling 12 Jan-Dec SEK bn 2025 2024 months 2024 Revenue 346 363 11,207 11,225 Gross income 81 31 2,009 1,959 Selling and administrative expenses -181 -195 -821 -836 Income from JV's and associat
Slide 16: Commercial Property Development: Unrealized and realized gains
The Heming Tysons USA Commercial Property Development Unrealized and realized gains, segment reporting SEK bn 14 12 10 8 6 4 2 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Unrealized gains in: Land Ongoing projects at completion Completed projects Realized g
Slide 17: Commercial Property Development: Completion profile and unsold projects
The Heming Tysons USA Commercial Property Development Completion profile and unsold projects SEK bn % 71 95 20 100 18 90 16 80 14 70 12 60 10 50 8 34 40 6 23 30 4 20 2 0 0 0 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2026 2027 Completed projects Ongoing offices Ongoing residential rentals Econo
Slide 18: Commercial Property Development: Leasing Commercial Properties
The Heming Tysons USA 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Leasing, R-12 Economic occupancy rate, ong
Slide 19: Investment Properties: Income statement
Citygate Gothenburg Sweden Investment Properties Income statement Jan-Mar Jan-Mar Rolling 12 Jan-Dec SEK M 2025 2024 months 2024 Revenue 116 70 409 363 Operating net 82 52 294 264 Selling and administrative expenses -2 -2 -14 -14 Change in property value - - 61 61 Operating income 80 50 341 311 Eono
Slide 20: Group: Income Statement
Slussen E16 Bjørum-Skaret Stockholm Oslo Group Income Statement Sweden Norway Jan-Mar Jan-Mar Rolling 12 Jan-Dec SEK m 2025 2024 months 2024 Operating income from business streams 1,222 576 7,983 7,339 Central -104 -60 -484 -440 Eliminations -34 -20 174 188 Operating income 1,084 497 7,674 7,087 Net
Slide 21: Group: Cash flow
Slussen Stockholm Sweden Group Cash flow SEK bn 20 15 10 Cash flow from 5 business 0 operations, quarterly -5 Rolling 12 -10 months Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Jan-Mar Jan-Mar Rolling 12 Jan-Dec SEK bn 2025 2024 months 2024 Operating cash flow
Slide 22: Construction: Free working capital
Studio A Warzaw Poland Construction Free working capital SEK bn % 40 21 35 18 30 15 25 12 20 9 15 6 10 5 3 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Free working capital, SEK bn Average free working capital/ Construction revenue, R-12, % Free working ca
Slide 23: Group: Investments, divestments and capital employed
Slussen Stockholm Sweden Group Investments, divestments and capital employed SEK bn 20 15 10 Investments, 5 quarterly 0 Divestments, quarterly -5 Net divestments, -10 R-12 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 SEK bn Mar 31, 2025 Mar 31, 2024 Dec 31, 20
Slide 24: Group: Available funds and maturity profile
Slussen Stockholm Sweden Group Available funds*: SEK 29.8 bn, o/w unutilized credit facilities SEK 9.6 bn Maturity profile Central funding 3.0 2.5 2.0 42% SEK 9.7 bn 1.5 58% 1.0 0.5 Bilateral loans 0.0 Bonds 2025 2026 2027 2028 2029 2030 Bilateral loans Bonds (MTN) *Available funds include short ter
Slide 25: Group: Financial position
Slussen Stockholm Sweden Group Financial position Adjusted interest-bearing net receivables(+)/net debt(-), SEK bn 20 15 10 5 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Mar 31, Mar 31, Dec 31, SEK bn 2025 2024 2024 Total assets 163.7 160.3 171.2 Equity att
Slide 26: Market outlook
Slussen Stockholm Sweden Market outlook Construction • The US building market outlook normalized to stable following expectations on longer lead times in investment decisions • The US civil market remains strong and well-funded through existing federal funding programs • The European outlook remains
Slide 27: Summary
Slussen Stockholm Sweden Group Summary • Group performance in the first quarter • Growing revenue and solid margins within Construction • Increased macroeconomic uncertainty impacting Residential Development sales • Two project starts and no divestments recorded within Commercial Property Developmen
Slide 28: Skanska Q1 report 2025
5/7/2025 Skanska Q1 report 2025 28