Slide 1: Q4 2025
Q4 2025 Linda Pålsson, President and CEO Bo Sandström, CFO 2026-02-05 Q4 2025
Slide 2: FY 2025: Established a solid foundation for profitable growth
FY 2025: Established a solid foundation for profitable growth Net sales Simplified Group structure, ambitious restructuring agenda, a focused strategy and new financial targets for 2028 25,758 (27,160) SEK million Entering 2026 well into strategy execution phase EBITA excl. IAC 1,867 Challenging mar
Slide 3: Q4 2025: Clear steps in the right direction
Q4 2025: Clear steps in the right direction Net sales Order backlog growing 5.4% y-o-y currency-adj. 6,647 (7,085) SEK million Total sales growth of -6.2% and -4.3% adj. organic EBITA excl. IAC 577 EBITA margin excl. IAC improved to 8.7% (8.3) Utilization rate increased to 72.8% (72.3), SEK million
Slide 4: Global Division Energy
Global Division Energy Strong overall demand in global market, with stable order backlog development in the quarter High demand in transmission & distribution, hydro and nuclear, while thermal, solar and wind power are impacted by short-term variations Despite significant currency headwinds impactin
Slide 5: Global Division Industry
Global Division Industry Global uncertainty continues to weigh on market conditions in the industrial sector Strong demand in defense, while pulp and paper remains subdued Restructuring efforts had negative impact on sales while profitability improved Net sales, SEK million Sales growth, % EBITA mar
Slide 6: Global Division Transportation & Places
Global Division Transportation & Places Transport infrastructure market is generally strong while real estate remains at low level Sales decline due to capacity adjustments to mitigate weak market in parts of the business New head of Global Division as of January 19 Net sales, SEK million Sales grow
Slide 7: Richard Beard appointed new Head of Global Division Transportation & Places
Q4 2025 Richard Beard appointed new Head of Global Division Transportation & Places — Richard Beard joined AFRY on January 19 as EVP and Head of Transportation & Places, and became a member of the Executive Team — Brings more than 35 years of international leadership experience in consulting and eng
Slide 8: New client projects
Q4 2025 New client projects Project management for MEPCO’s new paper Framework agreement with Vattenfall for Expansion of the Lötschberg railway tunnel machine line technical consultancy services in Switzerland AFRY has won a project management contract by Building on 30 years of collaboration, AFRY
Slide 9: New ENR ranking reaffirms AFRY's globally leading positions
Q4 2025 New ENR ranking reaffirms AFRY’s globally leading positions Industry (#6) Energy (#6) — The 2025 ENR ranking1 places AFRY among the world’s top engineering and design companies Pulp & Paper 1 Thermal 2 — Ranked #6 globally in overall Industry and Energy sectors Food 3 Hydro 3 — Maintains mar
Slide 10: Being the home of best-in-class engineers and advisors
Q4 2025 Being the home of best-in-class engineers and advisors Steady decline in attrition rate since 2022 Attrition rate1, R12, % — Employer attractiveness is a key priority for AFRY and an integral part of delivering on our strategy 20 — With a strong focus on inclusive leadership and culture, we
Slide 11: Financial summary
Financial summary 2026-02-05 Q4 2025
Slide 12: Financial overview
Q4 2025 Financial overview Net sales, quarterly and R12, SEK million EBITA excl. IAC, quarterly and R12, SEK million 26,978 27,160 2,113 25,758 2,032 1,867 7,135 7,085 596 586 577 6,647 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1
Slide 13: Net sales
Q4 2025 Net sales Net sales, SEK million Comments — Sales decline due to challenging -4.3% -6.2% market and capacity adjustments 7,085 — Currency headwinds continue to have significant impact on sales (-2.7%) 6,783 8 — Minor calendar effect in Q4 -302 51 6,647 — Structural effects from Reta acquisit
Slide 14: Growth development
Q4 2025 Growth development Group adjusted organic growth, y-o-y, % Adjusted organic growth by Global Division, % Energy -2.2 -1.3 Industry -6.0 -8.3 Transportation 2.7 & Places -0.3 -1.9 -0.9 Q3 2025 Q4 2025 Comments -2.5 — Continued decline in organic growth, driven by challenging market -3.7 -4.3
Slide 15: Order backlog
Q4 2025 Order backlog Group order backlog, SEK billion Order backlog by Global Division, SEK billion 5.9 5.9 +1.3% Energy 20.7 20.4 20.4 20.1 20.2 6.1 6.2 Industry 8.1 8.3 Transportation & Places Q4 2024 Q4 2025 Comments — Order backlog growing 1.3% y-o-y, and 5.4% currency-adjusted — Stable develop
Slide 16: EBITA development
Q4 2025 EBITA development Group EBITA excl. IAC, SEK million EBITA margin by Global Division, SEK billion 11.5 12.5 -9 Energy 586 586 577 0 8.0 8.9 Industry Transportation 9.1 7.9 & Places Q4 2024 Q4 2025 Comments — Margin improvement driven by capacity adjustments and improved Q4 2024 Calendar effe
Slide 17: Utilization trend
Q4 2025 Utilization trend Capacity utilization, % Comments — First y-o-y improvement of utilization in 14 quarters — Reflects our strong focus on 73.6 +0.5pp operational efficiency 73.4 — Improvement supported by 72.8 strategic capacity adjustments 72.6 72.6 72.2 72.3 72.0 71.1 Q4 2023 Q1 2024 Q2 20
Slide 18: Restructuring
Q4 2025 Restructuring Restructuring costs, SEK million Comments — Significant progress in restructuring efforts during the quarter, with -161 200-300 SEK million reported as IAC — Remaining parts of restructuring will be finalized in H1 2026 — We estimate that restructuring costs from Q3 2025-Q2 202
Slide 19: Calendar and estimated calendar effects 2026
Q4 2025 Calendar and estimated calendar effects 2026 Weighted available hours Estimated EBITA 2026 2025 Diff. impact, MSEK Q1 495 496 -1 -5 Q2 477 476 1 +15 Q3 526 525 1 +5 Q4 500 494 6 +50 Full-year 1,997 1,991 6 +65 2026-02-05 Q4 2025
Slide 20: Cash flow and financial position
Q4 2025 Cash flow and financial position Operating cash flow, SEK million Available liquidity, SEK billion Net debt excl. IFRS 16, SEK billion Net debt/EBITDA excl. IFRS 16, times +29 +0.6 -1.2 -0.4 1,304 1,333 4.4 5.1 5.1 2.9 2.9 4.2 3.9 4.6 4.7 3.8 3.8 2.5 3.9 2.3 2.1 418 353 117 Q4 24 Q1 25 Q2 25
Slide 21: Summary
Q4 2025 Summary Q4 summary Priorities going forward Maintaining business momentum and — Efforts to focus, simplify, and harmonize manage current market conditions the business are delivering results — Ending the year with margin uplift, Continued strategy execution at high pace improved utilization
Slide 22: 2026-02-05 Q4 2025
2026-02-05 Q4 2025