Slide 1: Q2 2025
Q2 2025 July 15, 2025 Linda Pålsson, President & CEO Bo Sandström, CFO
Slide 2: Q2 highlights
Q2 highlights Net sales Navigating a challenging market while positioning for profitable growth 6,674 SEK million (7,191) — Market remains cautious due to macro uncertainty EBITA excl. IAC — Weak calendar and currency impacting sales and profitability — Total growth of -7.2% and -2.5% adj. organic —
Slide 3: Market update
Market update INDUSTRIAL SECTOR ENERGY SECTOR INFRASTRUCTURE SECTOR — Remaining uncertainty in some — Continued strong demand — Stable demand for transport industrial segments across segments infrastructure, supported by resilience initiatives — Strong momentum in defense — Growing interest in nucle
Slide 4: Division overview
Q2 2025 Division overview Infrastructure Industrial & Digital Solutions Process Industries — Currency and calendar effects — Capacity adjustments to — Volumes still impacted by low impacted sales and margins manage challenging market in demand for investment projects some segments in pulp & paper —
Slide 5: New client projects
Q2 2025 New client projects Deepened collaboration with Safe decommissioning of Modernization of the BAE Systems Hägglunds Norway’s nuclear facilities Western Bypass in Zurich AFRY and BAE Systems Häggl unds have AFRY has signed a framework agreement to support AFRY has won a contract for the modern
Slide 6: AFRY to acquire Reta Engenharia in Brazil
M&A UPDATE AFRY to acquire Reta Engenharia in Brazil AFRY has entered into an agreement to acquire Reta Engenharia, a Brazilian provider of comprehensive project and construction management services, with a leading foothold in the mining and metals sector. With more than 200 employees, Reta brings s
Slide 7: Financial summary
Financial summary
Slide 8: Financial overview
Q2 2025 Financial overview Net Sales, quarterly and R12, SEK million EBITA excl. IAC, quarterly and R12, SEK million 27,276 2,072 2,085 26,501 25,692 1,879 7,191 6,869 6,674 572 421 438 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 9: Net sales
Q2 2025 Net sales Net Sales, SEK million Comments — Volume decline driven by challenging market and capacity adjustments -2.5% -7.2% 7,191 — Significant FX impact on sales in the -179 7,012 quarter (-2.8%) -134 -205 6,674 — Negative calendar effect of 9 hours, 0 corresponding to SEK -134 million on
Slide 10: Growth development
Q2 2025 Growth development Adjusted organic growth by division, % Infrastructure 1.7 0.5 Group adjusted organic growth, YoY, % Q1 2025 Q2 2025 Industrial & Digital Solutions 2.2 -3.1 -5.7 0.1 Q1 2025 Q2 2025 -0.2 Process -0.9 Industries -5.1 -3.6 -2.5 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 11: Order backlog
Q2 2025 Order backlog Order backlog by division, SEK billion 8.5 9.0 Infrastructure Group order backlog, SEK billion Q2 2024 Q2 2025 +3.8% 20.7 Industrial & 19.9 19.7 20.1 20.2 Digital Solutions 3.0 3.1 Q2 2024 Q2 2025 Process Industries 2.6 2.9 Q2 2024 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 202
Slide 12: EBITA development
Q2 2025 EBITA development EBITA margin excl. IAC by division, % Infrastructure 7.7 6.5 Group EBITA excl. IAC, SEK million Q2 2024 Q2 2025 572 -30 Industrial & -104 468 Digital Solutions 6.4 6.2 438 Q2 2024 Q2 2025 Process 9.3 10.0 Industries Q2 2024 Q2 2025 Q2 2024 Calendar effect Cal. Adj. Q2 2024
Slide 13: Restructuring
Q2 2025 Restructuring Comments Restructuring costs, SEK million — Implementation of new Group structure resulted in redundancies 200-300 with related restructuring costs in the quarter — We will continue to address our cost base and optimize the portfolio with estimated restructuring costs of SEK 20
Slide 14: Cash flow and financial position
Q2 2025 Cash flow and financial position Operating cash flow, SEK million Available liquidity, SEK billion -67 -0.1 1,304 4.2 3.9 3.8 3.7 3.8 420 353 162 117 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net debt excl. IFRS16, SEK billion Net debt/EBITDA excl. IFRS1
Slide 15: AFRY's next chapter
AFRY’s next chapter
Slide 16: Setting the foundation for profitable growth
AFRY’S NEXT CHAPTER Setting the foundation for profitable growth Focus AFRY’s Enhance Fit-for-purpose core business client value operational structure — Portfolio review and operating model assessment leading Global Energy Industry Transportation & Places up to a new Group structure Divisions — Comp
Slide 17: Strategy development and execution
AFRY’S NEXT CHAPTER Strategy development and execution 2025 2026 Q1 Q2 Q3 Q4 Q1 Build-up Readiness & restructuring Strategy development & execution ─ Focused core segment strategy Capital ─ Client-oriented and high-value offering Markets Day ─ New strategic direction ─ New Group structure ─ Portfoli
Slide 18: AFRY's Capital Markets Day 2025
AFRY’s Capital Markets Day 2025 Save the Date: November 4, 2025 — AFRY will host its Capital Markets Day on Tuesday, November 4, 2025 — This will be an in-person event at AFRY’s HQ in Solna, Sweden — More information will be shared closer to the event
Slide 19: Slide 19