Slide 1: Q3 2025 Earnings Presentation
Q3 2025 October 24, 2025 Linda Pålsson, President and CEO Bo Sandström, CFO
Slide 2: Q3 highlights
Q3 highlights Net sales Stable results and simplified Group structure 5,687 SEK million — EBITA margin excl. IAC improvement to 6.4% (6.1) (5,993) — Positive development of order backlog, growing 3.6% y-o-y EBITA excl. IAC — Total growth of -5.1% and -3.7% adj. organic — Net sales impacted by challe
Slide 3: Market update
Market update ENERGY INDUSTRY TRANSPORTATION & PLACES — Strong long-term demand — Mixed demand with persistent — Solid demand in transport across segments global uncertainty weighing on infrastructure and water investment sentiment — High market activity in — Investments driven by transmission & dis
Slide 4: Energy
GLOBAL DIVISION Energy — High project activity in several segments — Sales volumes impacted by negative currency effects and short-term regional variations in some segments — Profitability remains at solid levels Net sales, SEKm Sales growth, % EBITA margin, % 1,333 -5.2 9.8 (1,405) -2.2 adj. org. (
Slide 5: Industry
GLOBAL DIVISION Industry — Challenging market conditions in some segments impacting sales volumes — Improved profitability despite decline in net sales, driven by ongoing capacity adjustments — Brazilian company Reta Engineering consolidated as of September 1 Net sales, SEKm Sales growth, % EBITA ma
Slide 6: Transportation & Places
GLOBAL DIVISION Transportation & Places — Sales growth driven by high project activity and improved attendance — Continued positive EBITA development — Calendar effects had a favorable impact on profitability in the quarter Net sales, SEKm Sales growth, % EBITA margin, % 2,038 1.4 5.7 (2,009) 2.7 ad
Slide 7: New client projects
Q3 2025 New client projects Pre-feasibility study for the Framework agreement with Advisory services for traffic Sakatti mining project Svenska Kraftnät management in Denmark Angl o Ameri can has sel ected AFRY to l ead the pre - AFRY has signed a framework agreement with In the road & rail segment,
Slide 8: Financial summary
Financial summary
Slide 9: Financial overview
Q3 2025 Financial overview Net Sales, quarterly and R12, SEK million EBITA excl. IAC, quarterly and R12, SEK million 27,211 2,123 26,452 26,195 2,014 1,876 6,059 5,993 5,687 365 362 326 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 10: Net sales
Q3 2025 Net sales Net Sales, SEK million Comments — Lower sales volumes driven by challenging market -3.7% -5.1% 5,993 — FX continues to have significant negative impact on sales (-2.0%) -223 5,770 20 5,687 — Positive calendar effect of +20 million -118 15 — Structural effects from Reta acquisition
Slide 11: Growth development
Q3 2025 Growth development Adjusted organic growth by Global Division, % Energy Group adjusted organic growth, YoY, % 0.2 -2.2 Q2 2025 Q3 2025 Industry 0.1 -0.2 -0.9 -5.3 -2.5 -8.3 -3.7 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Transportation & Places Comments 2.7 — Negative growth tre
Slide 12: Order backlog
Q3 2025 Order backlog Order backlog by Global Division, SEK billion Energy Group order backlog, SEK billion 6.1 6.2 +3.6% 20.1 20.2 20.7 20.4 19.7 Q3 2024 Q3 2025 Industry 6.3 5.4 Q3 2024 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Transportation & Places Comments 8.2 7.9 — Order backlog growing
Slide 13: EBITA development
Q3 2025 EBITA development EBITA margin by Global Division, % Energy Group EBITA excl. IAC, SEK million 10.1 9.8 -18 365 380 362 15 Q3 2024 Q3 2025 Industry 7.1 6.1 Q3 2024 Calendar effect Cal. Adj. Q3 2024 Q3 2025 EBITA Q3 2024 Q3 2025 margin 6.1% 6.3% 6.4% Transportation & Places Comments — EBITA m
Slide 14: Utilization trend
Q3 2025 Utilization trend Capacity utilization, % 73.4 Comments — Stable seasonal pattern on utilization, 72.6 72.6 with consistent decline year over year 72.2 72.3 72.0 — Q1 2025 particularly weak given slow start of the quarter 71.1 — Q3 2025 still show decline on utilization year over year, but a
Slide 15: Restructuring
Q3 2025 Restructuring Comments Restructuring costs, SEK million — Restructuring efforts continued in the quarter, with -31 SEK million 200-300 restructuring cost reported as items affecting comparability — We will continue to address our cost base and optimize the portfolio in the quarters ahead — W
Slide 16: Cash flow and financial position
Q3 2025 Cash flow and financial position Operating cash flow, SEK million Available liquidity, SEK billion +256 0.0 1,304 4.2 3.9 3.7 3.8 3.8 353 418 162 117 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net debt excl. IFRS 16, SEK billion Net debt/EBITDA excl. IFRS
Slide 17: AFRY's next chapter
AFRY’s next chapter
Slide 18: Paving the way for strategic execution
Paving the way for strategic execution — New Group structure operational in Q3, a decisive step in our execution journey — Continued restructuring efforts to improve utilization and structurally address cost base — Steps taken to harmonize incentive structures — Strategies for each Global Division a
Slide 19: Strategy execution timeline
Strategy execution timeline 2025 2026 Q1 Q2 Q3 Q4 Q1 Build-up Readiness & restructuring Setting the foundation Strategy development & execution Capital Markets Day ─ New strategic direction ─ Focused core segment ─ New Group structure ─ Portfolio review strategies ─ Readiness for new Fit-for-purpose
Slide 20: AFRY's Capital Markets Day 2025
AFRY’s Capital Markets Day 2025 — AFRY will host its Capital Markets Day on Tuesday, November 4, 2025 — Presentations will cover our new strategic direction and plan for profitable growth — In-person event in Solna, Stockholm — Recordings and presentation material will be made available on AFRY’s we
Slide 21: Slide 21