AFRY (AFRY) Q4 2025 earnings summary

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.