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AFRY
AFRY (AFRY) investor relations material
AFRY Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Advanced a new group structure and ambitious restructuring agenda, launching the 'Unlocking AFRY' strategy and new 2028 financial targets.
Margin uplift, improved utilization, and a strengthened order backlog marked Q4, despite sales declines from FX and capacity adjustments.
Maintained business momentum and operational efficiency through restructuring and capacity adjustments.
Board proposes an unchanged dividend of SEK 6.00 per share for 2025.
Launched new financial targets for 2028: SEK 35 billion net sales and 10% EBITA margin.
Financial highlights
FY 2025 net sales: SEK 25,758 million, down 5.2% year-over-year; Q4 net sales: SEK 6,647 million, down 6.2%.
FY EBITA excl. IAC: SEK 1,867 million (margin 7.2%); Q4 EBITA excl. IAC: SEK 577 million (margin 8.7%).
Earnings per share for 2025: SEK 7.07, down from SEK 10.85 in 2024.
Operating cash flow for Q4: SEK 1,333 million, supporting net debt reduction.
Board proposes dividend of SEK 6.00 per share for 2025.
Outlook and guidance
Entering 2026 focused on strategy execution, backlog growth, operational efficiency, and completing restructuring.
Restructuring program to be finalized in H1 2026, with costs expected at the upper end of SEK 200–300 million guidance.
Utilization target for 2028 set at 74%, aiming for a two percentage point improvement from mid-2025.
Estimated 2026 calendar effects to add SEK 65 million to EBITA.
Market uncertainty persists, but strong demand in defense, energy, and transport infrastructure.
Restructuring completion's EBITA margin impact
New strategy's leverage of strong demand areas
Bridge 2.8% EBITA margin gap to 2028 target
Q4 restructuring savings impact on 2026 EBITA?
Expected pace of utilization rate improvement?
Defense sector growth potential beyond 4-5% exposure?
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Next AFRY earnings date
Q1 202628 Apr, 2026
AFRY
Next AFRY earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Afry AB provides engineering, design, and advisory services for the infrastructure, industry, energy, and digitalization in Sweden, Finland, Norway, Switzerland, Denmark, and internationally. It offers transport solutions that include road and traffic planning; measurement and mapping; environmental assessment; simulation; traffic control systems; railway planning; rail projects; bus sector consulting services; analysis of systems for traffic guidance; road safety analyses; signalized intersections optimization; development of public transport plans and models for passenger flows; cycle planning related to railway stations design for good accessibility by bicycle.
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