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Skanska (SKA) investor relations material
Skanska Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Construction achieved record-high operating income and margins in Q4 and for the full year, with strong performance across all geographies and a Q4 margin of 5.6%.
Commercial Property Development had one of its best quarters for divestments, with eight projects divested in Q4 and a high leasing ratio.
Residential Development showed mixed results: strong in Central Europe, weak in the Nordics, with reduced unsold inventory.
Investment Properties delivered solid performance, with an 85% occupancy rate and stable portfolio value.
Board proposed a total dividend of SEK 14 per share (SEK 8.50 ordinary, SEK 5.50 extra), up from SEK 8.00 last year.
Financial highlights
Q4 revenue was SEK 43.9 billion, with full-year revenue up to SEK 179.3 billion, and Q4 operating income at SEK 3.0 billion.
Full-year operating margin reached 4.1%, and Construction operating margin was 5.6% in Q4.
EPS for the full year was SEK 15.09, and net cash position was SEK 11.5 billion.
Return on equity was 10.2% (rolling 12 months), and equity-to-asset ratio improved to 39.9%.
Commercial Property Development Q4 operating income was SEK 670 million, with gains on sale of SEK 758 million.
Outlook and guidance
US civil market remains strong and well-funded, while the US building market is fragmented and competitive.
Civil and infrastructure demand is robust in Europe and Nordics, supported by energy and defense projects.
Residential Development expected to remain strong in Central Europe, with gradual recovery in the Nordics as interest rates ease.
Commercial Property Development activity is increasing in Central Europe and Nordics, but US recovery lags.
Investment Properties see stable demand for high-quality, sustainable office space.
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