Slides
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Q3 2025 Linda Pålsson, President and CEO Bo Sandström, CFO October 24, 2025
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Q3 highlights Net sales 5,687 SEK million (5,993) EBITA excl. IAC 362 SEK million (365) EBITA margin excl. IAC 6.4 % (6.1) Stable results and simplified Group structure — EBITA margin excl. IAC improvement to 6.4% (6.1) — Positive development of order backlog, growing 3.6% y-o-y — Total growth of -5.1% and -3.7% adj. organic — Net sales impacted by challenging market and negative currency effects — First quarter with new Group structure, with continued execution on restructuring agenda to improve utilization and structurally address cost base
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INDUSTRY — Mixed demand with persistent global uncertainty weighing on investment sentiment — Strong market opportunities in defense and mining & metals — Nordic slowdown impacting automotive ENERGY — Strong long-term demand across segments — High market activity in transmission & distribution, hydro and nuclear — Thermal, solar and wind power impacted by short-term regional variations Market update TRANSPORTATION & PLACES — Solid demand in transport infrastructure and water — Investments driven by extensive public infrastructure programs — Demand in Nordic real estate market remains at low level
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Energy GLOBAL DIVISION — High project activity in several segments — Sales volumes impacted by negative currency effects and short-term regional variations in some segments — Profitability remains at solid levels Sales growth, % -5.2 -2.2 adj. org. EBITA margin, % 9.8 (10.1) Net sales, SEKm 1,333 (1,405)
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Industry GLOBAL DIVISION — Challenging market conditions in some segments impacting sales volumes — Improved profitability despite decline in net sales, driven by ongoing capacity adjustments — Brazilian company Reta Engineering consolidated as of September 1 Sales growth, % -9.0 -8.3 adj. org. EBITA margin, % 7.1 (6.1) Net sales, SEKm 2,496 (2,743)
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— Sales growth driven by high project activity and improved attendance — Continued positive EBITA development — Calendar effects had a favorable impact on profitability in the quarter Transportation & Places GLOBAL DIVISION Sales growth, % 1.4 2.7 adj. org. EBITA margin, % 5.7 (5.1) Net sales, SEKm 2,038 (2,009)
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New client projects Q3 2025 Pre-feasibility study for the Sakatti mining project Anglo American has selected AFRY to lead the pre - feasibility study for the Sakatti mining project in Finland. Designed as a highly automated, low -carbon underground operation, the mine will supply critical minerals essential to Europe’s green transition. Framework agreement with Svenska Kraftnät AFRY has signed a framework agreement with Svenska Kraftnät , Sweden’s national grid operator. It is the second of two recent agreements, covering technical consultancy and design planning services to strengthen Sweden’s energy system. Advisory services for traffic management in Denmark In the road & rail segment, AFRY has secured a framework agreement with the Danish Road Directorate. The agreement covers comprehensive advisory services in Intelligent Traffic Systems, traffic management and emergency preparedness.
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Financial summary
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Q3 2025 Financial overview Net Sales, quarterly and R12, SEK million EBITA excl. IAC, quarterly and R12, SEK million Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 26,452 6,059 27,211 5,993 26,195 5,687 326 365 362 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2,014 2,123 1,876
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-223 Price/Volume Adj. Org 20 Calendar -118 FX 15 Structural Q3 2025 5,993 5,770 5,687 Q3 2024 -3.7% -5.1% Net Sales, SEK million Net sales Q3 2025 Comments — Lower sales volumes driven by challenging market — FX continues to have significant negative impact on sales (-2.0%) — Positive calendar effect of +20 million — Structural effects from Reta acquisition
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Comments — Negative growth trend continued in Q3 as a result of ongoing capacity adjustments — Challenging market most evident in Industry , impacting also sales of material — Solid sales growth in Transportation & Places, mainly driven by strong road & rail — Energy sales slightly lower, impacted by short -term variations Group adjusted organic growth, YoY, % Growth development Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.1 -0.2 -0.9 -2.5 -3.7 Q2 2025 Q3 2025 -5.3 -8.3 Q2 2025 Q3 2025 -0.9 2.7 Q2 2025 Q3 2025 0.2 -2.2 Energy Transportation & Places Industry Adjusted organic growth by Global Division, %
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Comments — Order backlog growing 3.6% y -o-y, and 5.3% currency -adjusted — Sequential development reflects Q3 seasonality — Strongest y -o-y increase in Industry, supported by solid levels in Energy Group order backlog, SEK billion Order backlog Q3 2025 Q3 2024 Q3 2025 5.4 6.3 Q3 2024 Q3 2025 8.2 7.9 Q3 2024 Q3 2025 6.1 6.2 Order backlog by Global Division, SEK billion Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 19.7 20.1 20.2 20.7 20.4 +3.6% Energy Transportation & Places Industry
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EBITA development Q3 2025 365 380 362 Q3 2024 15 Calendar effect Cal. Adj. Q3 2024 Q3 2025 -18 6.1% EBITA margin 6.3% 6.4% Comments — EBITA margin improved compared to last year, with some positive impact from calendar — Industry improving margins despite sales decline — Stable performance in Energy and Transportation & Places continues Group EBITA excl. IAC, SEK million Q3 2024 Q3 2025 6.1 7.1 Q3 2024 Q3 2025 5.1 5.7 Q3 2024 Q3 2025 10.1 9.8 EBITA margin by Global Division, % Energy Transportation & Places Industry
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Utilization trend Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 72.6 73.4 72.2 72.3 Q1 2025 Q2 2025 Q3 2025 71.1 72.6 72.0 Comments — Stable seasonal pattern on utilization, with consistent decline year over year — Q1 2025 particularly weak given slow start of the quarter — Q3 2025 still show decline on utilization year over year, but at a lower rate than seen last years -0.7 -0.8 -0.7 -1.3 -1.5 -0.8 -0.2 Capacity utilization, % Capacity utilization y-o-y development, p.p.
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Restructuring costs, SEK millionComments — Restructuring efforts continued in the quarter, with -31 SEK million restructuring cost reported as items affecting comparability — We will continue to address our cost base and optimize the portfolio in the quarters ahead — We reiterate our estimate of restructuring costs of SEK 200-300 million from Q3 2025-Q2 2026 Restructuring Q3 2025 91 Q2 25 (act.) 31 200-300 Q4 25-Q2 26 (est.) Q3 25 (act.)
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Q3 2025 Cash flow and financial position 162 117 353 418 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1,304 +256 Operating cash flow, SEK million Net debt excl. IFRS 16, SEK billion Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 3.7 4.2 3.9 3.8 3.8 0.0 Available liquidity, SEK billion Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2.6 2.1 2.3 2.9 2.9 0.0 Net debt/EBITDA excl. IFRS 16, times Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 5.6 4.6 4.7 5.1 5.1 0.0
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AFRY’s next chapter
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Paving the way for strategic execution — New Group structure operational in Q3, a decisive step in our execution journey — Continued restructuring efforts to improve utilization and structurally address cost base — Steps taken to harmonize incentive structures — Strategies for each Global Division and Segment now in place
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Strategy execution timeline ─ New strategic direction ─ Portfolio review ─ Operating model assessment 2025 2026 Q1 Q2 Q4Q3 Q1 Build-up Readiness & restructuring Strategy development & execution Capital Markets Day ─ New Group structure ─ Readiness for new organization structure Fit-for-purpose operating model implementation ─ Operational efficiencies and structurally addressing cost base Setting the foundation ─ Focused core segment strategies ─ Establishing operational model
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AFRY’s Capital Markets Day 2025 — AFRY will host its Capital Markets Day on Tuesday, November 4, 2025 — Presentations will cover our new strategic direction and plan for profitable growth — In-person event in Solna, Stockholm — Recordings and presentation material will be made available on AFRY’s website