Skanska
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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.
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Q4 2025 earnings summary6 Feb, 2026

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.

Project Development: How to boost ROCE to target?
Operating cash flow: What drives 2026 recovery?
Construction margin: Beyond Q4 claim, what sustains it?
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Frequently asked questions

Skanska AB operates as a construction and project development company in northern, western and southern Europe, the U.S., and Asia. Skanska's activities comprise architectural and civil engineering services; tunneling and underground construction; construction of buildings and other facilities, such as hospital centers, office premises, shopping malls, and schools; as well as project development activities for urban development projects. Its segments include Construction Systems, which is involved in the design, planning, technical consultancy and supervision of construction works; Infrastructure Development; and Property Development. The Construction Systems segment focuses on designing and constructing roads, bridges, industrial plants and other facilities. The company is based i Stockholm, Sweden.

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