Interim report
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AFRY Interim Report Q3 2025
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Stable results and simplified Group structure Third quarter 2025 • Net sales decreased by 5.1 percent to SEK 5,687 million (5,993) • Organic growth adjusted for calendar effects was -3.7 percent • Calendar effects had an impact of SEK 20 million on net sales and SEK 15 million on EBITA • EBITA excluding items affecting comparability amounted to SEK 362 million (365), with a corresponding EBITA margin of 6.4 percent (6.1) • EBITA amounted to SEK 331 million (365), with an EBITA margin of 5.8 percent (6.1) • EBIT amounted to SEK 288 million (315) • Earnings per share amounted to SEK 1.21 (1.32) Net sales, SEK million January-September 2025 • Net sales decreased by 4.8 percent to SEK 19,111 million (20,076) • Organic growth adjusted for calendar effects was -2.3 percent • Calendar effects had an impact of SEK -161 million on net sales and SEK -127 million on EBITA • EBITA excluding items affecting comparability amounted to SEK 1,290 million (1,527), with a corresponding EBITA margin of 6.8 percent (7.6) • EBITA amounted to SEK 1,138 million (1,519), with an EBITA margin of 6.0 percent (7.6) • EBIT amounted to SEK 1,013 million (1,397) • Earnings per share amounted to SEK 5.12 (7.78) EBITA 1, SEK million 1) Excluding items affecting comparability. AFRY Interim Report January-September 2025 Quarter Rolling 12 months Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 1,500 3,000 4,500 6,000 7,500 0 6,000 12,000 18,000 24,000 30,000 Quarter Rolling 12 months Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 150 300 450 600 750 0 500 1,000 1,500 2,000 2,500 “ We further intensified our work to improve utilization and structurally address our cost base. ” Linda Pålsson, President and CEO Third quarter Net sales amounted to SEK 5,687 million EBITA excluding items affecting comparability amounted to SEK 362 million EBITA margin, excluding items affecting comparability, was 6.4 percent
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Comments from the CEO AFRY reported an improved EBITA margin and a positive development of the order backlog in the third quarter. This was achieved despite a decline in net sales due to a still challenging market in several segments and negative currency effects. The quarter was the first with our new Group structure, under which we have continued to pave the way for profitable growth. Market update Persistent global uncertainty has impacted overall investment sentiment across sectors. This is most evident in our Global Division Industry, where demand remains mixed. There, we are seeing strong market opportunities in areas such as defense and mining & metals, while the slowdown in the Nordic industrial market is impacting parts of the portfolio such as automotive and pulp & paper. For Transportation & Places, demand in road & rail infrastructure remains solid, while the real estate market is still subdued. The long-term demand in Energy continues to be strong, with some regional variations in the short term. Financial results Net sales for the quarter amounted to SEK 5,687 million (5,993), corresponding to organic growth adjusted for calendar effects of -3.7 percent. Currency effects impacted net sales by SEK -118 million. The decline in net sales was mainly driven by challenging market conditions in parts of Industry and related capacity adjustments. EBITA excluding items affecting comparability amounted to SEK 362 million (365). This corresponds to an EBITA margin of 6.4 percent, an improvement compared to the calendar-adjusted EBITA margin of 6.3 percent in the same quarter last year. Profitability was at a stable level despite the decline in net sales, mainly due to actions implemented to mitigate weak market conditions in some segments. Items affecting comparability amounted to SEK -31 million (0) in the quarter and consisted of costs related to the ongoing restructuring efforts. Operating cash flow was slightly stronger than usual for the third quarter and amounted to SEK 418 million (162). New projects Our order backlog increased by 3.6 percent compared to last year and amounted to SEK 20.4 billion (19.7) at the end of the period. We secured important client contracts across our three Global Divisions during the quarter. In the mining & metals segment, we have been selected to lead the pre-feasibility study for Anglo American’s Sakatti mining project in Finland. AFRY brings deep knowledge in sustainable engineering to the project, which will supply critical minerals essential to Europe’s green transition. We also signed a framework agreement with Svenska Kraftnät, under which we will contribute our transmission & distribution expertise to strengthen Sweden’s energy system. Lastly, we secured a road & rail contract with the Danish Road Directorate to provide comprehensive advisory services in traffic management and emergency preparedness. Paving the way for strategic execution With the launch of our simplified Group structure, the third quarter marked a decisive step toward establishing a fit-for-purpose operating model aligned with AFRY’s new strategic direction. We further intensified our work to improve utilization and structurally address our cost base. As part of this, we continued to execute on our restructuring agenda, and we reiterate our estimate of related costs in the range of SEK 200-300 million from the third quarter of 2025 to the second quarter of 2026. We also took steps to harmonize our incentive structures, with the aim of reducing complexity and sub-optimization. Lastly, strategies for each Global Division and Segment are now in place, providing a strong foundation for delivering on our strategic ambitions. While we are still in the initial stages of our execution journey, it is encouraging to see early indications of progress. I have great confidence in our strategic direction and look forward to sharing more details at AFRY’s upcoming Capital Markets Day on November 4. Finally, I would like to thank all AFRY employees for their focus on maintaining business momentum and delivering outstanding value to our clients. Your engagement in our new strategic direction is instrumental as we work to strengthen our performance. Linda Pålsson President and CEO AFRY Interim Report January-September 2025
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AFRY in short AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. We are 18,000 devoted experts in the industry, energy and infrastructure sectors, creating impact for generations to come. AFRY has Nordic roots with a global reach, net sales of SEK 27 billion and is listed on Nasdaq Stockholm. Our vision Making Future Our mission We accelerate the transition towards a sustainable society Our values Brave Devoted Team players Financial targets • Annual growth of 10 percent, including add-on acquisitions • EBITA margin of 10 percent excluding items affecting comparability • Net debt/EBITDA ratio of 2.5 Dividend policy of approximately 50 percent of profit after tax excluding capital gains. Countries with projects 100 Net sales, SEK billion 27 Number of employees 18,000 Numbers refer to full-year 2024
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New assignments Pre-feasibility study for the Sakatti mining project The mining company Anglo American has selected AFRY to lead the pre- feasibility study for the Sakatti mining project in Finland. The mine is designed as a highly automated, low-carbon underground operation and will supply critical minerals essential to Europe's green transition. Leveraging our strong expertise in sustainable engineering, AFRY will contribute to establishing a solid foundation for the feasibility stage. Strategic framework agreement with Svenska Kraftnät AFRY signed a strategic framework agreement during the quarter with Svenska Kraftnät, Sweden's national grid operator. This marks the second of two recently announced agreements, covering technical consultancy and design planning services. Under these, AFRY will contribute its long-standing expertise in transmission and distribution to support Sweden's energy transition and infrastructure development. Advisory services for traffic management in Denmark In the road & rail segment, AFRY has secured a framework agreement with the Danish Road Directorate covering comprehensive advisory services in intelligent traffic systems, traffic management and emergency preparedness. With extensive experience and deep knowledge in traffic engineering, AFRY will deliver innovative and effective solutions that ensure road user safety and mobility. 5 AFRY Interim Report January-September 2025
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Financial summary Third quarter 2025 Net sales Net sales for the quarter amounted to SEK 5,687 million (5,993), with total growth of -5.1 percent. Organic growth was -3.4 percent, or -3.7 percent when adjusted for calendar effects. Currency and calendar effects impacted net sales by SEK -118 million and SEK 20 million, respectively. EBITA EBITA adjusted for items affecting comparability amounted to SEK 362 million (365) corresponding to an EBITA margin of 6.4 percent (6.1). Items affecting comparability in the quarter amounted to SEK -31 million (0) and consisted of costs related to the ongoing restructuring. For more information, see the alternative performance measures for EBITA on page 24. EBITA amounted to SEK 331 million (365) corresponding to an EBITA margin of 5.8 percent (6.1). Calendar effects had an impact on EBITA of SEK 15 million in the quarter. Capacity utilization Capacity utilization during the quarter was 72.0 percent (72.2). Operating profit EBIT amounted to SEK 288 million (315). Acquisition- related items mainly consisted of amortization of acquisition-related intangible assets totaling SEK -43 million (-44). For more information, see the alternative performance measures for EBITA on page 24. Financial items Profit after financial items amounted to SEK 203 million (204) and profit after tax attributable to shareholders in the parent company was SEK 137 million (149). Net financial items amounted to SEK -86 million (-111). More favorable interest rates had a positive impact on net interest for the quarter compared to the previous year. Income tax Tax expense amounted to SEK -65 million (-55) corresponding to an effective tax rate of 32.1 percent (26.9). The effective tax rate was higher in the quarter, primarily affected by adjustments of tax attributable to previous years. Cash flow and financial position Consolidated net debt including lease liabilities ended the quarter at SEK 6,418 million (7,278). Consolidated net debt excluding lease liabilities was SEK 5,086 million at the end of the quarter, compared to SEK 5,128 million at the beginning of the quarter. Cash flow from operating activities amounted to SEK 418 million (162). Cash flow excluding lease liabilities decreased net debt by SEK 281 million (24). During the quarter, the company completed an acquisition and paid a holdback related to a previous acquisition which increased net debt by a total of SEK 217 million. AFRY issued commercial paper totaling SEK 804 million under its commercial paper program in the third quarter. At the end of the period, the Group's consolidated cash and cash equivalents amounted to SEK 756 million (863). Unused credit facilities amounted to SEK 3,055 million (2,868). Q3 Q3 Jan-Sep Jan-Sep Full year 2025 2024 2025 2024 2024 Net sales Net sales, SEK million 5,687 5,993 19,111 20,076 27,160 Total growth, % -5.1 -1.1 -4.8 1.2 0.7 (-) Acquired, % 0.2 0.5 0.1 0.7 0.6 (-) Currency effects, % -2.0 -2.4 -1.8 -0.6 -0.5 Organic growth, % -3.4 0.8 -3.1 1.1 0.5 (-) Calendar effect, % 0.3 0.7 -0.8 0.1 -0.2 Organic growth adjusted for calendar effects, % -3.7 0.1 -2.3 1.0 0.7 Order backlog, SEK million – – 20,399 19,693 20,134 Profit EBITA excl. items affecting comparability, SEK million 362 365 1,290 1,527 2,113 EBITA margin excl. items affecting comparability, % 6.4 6.1 6.8 7.6 7.8 EBITA, SEK million 331 365 1,138 1,519 2,105 EBITA margin, % 5.8 6.1 6.0 7.6 7.7 Operating profit (EBIT), SEK million 288 315 1,013 1,397 1,941 Profit after financial items, SEK million 203 204 763 1,148 1,635 Profit after tax attributable to shareholders of the parent company, SEK million 137 149 580 881 1,229 Key ratios Earnings per share, SEK 1.21 1.32 5.12 7.78 10.85 Cash flow from operating activities, SEK million 418 162 887 690 1,994 Net debt, SEK million¹ – – 5,086 5,562 4,557 Net debt/equity ratio, %¹ – – 40.3 43.9 34.7 Net debt/EBITDA, rolling 12 months, times¹ – – 2.9 2.6 2.1 Number of employees – – 17,890 18,420 18,238 Capacity utilization, % 72.0 72.2 71.9 72.8 72.7 1) Excluding the effects of IFRS 16 Leases. Net debt/EBITDA excluding the effect of IFRS 16 and items affecting comparability over a rolling 12-month period was 2.7 (2.5). Organic growth, EBITA and EBITA excluding items affecting comparability and net debt are defined as alternative performance measures. For more information see pages 22-25. 6 AFRY Interim Report January-September 2025
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Significant events during the quarter Changes to the Executive Team On July 2, 2025, AFRY announced that Robert Larsson, Executive Vice President and Head of Global Division Transportation & Places, has decided to leave AFRY to take on a new role outside of the company. He will remain in his current role until October 31, 2025. Tuukka Sormunen, Head of Segment Public & Commercial Places, has been appointed Interim Executive Vice President and Head of Global Division Transportation & Places and will take on his new role on November 1, 2025. Acquisitions On July 14, 2025, AFRY announced that an agreement had been entered into to acquire Reta Engenharia, a Brazilian provider of project and construction management services focused on the mining & metals sector. Reta has approximately 200 employees and recorded net sales of SEK 135 million in 2024. The acquisition was completed during the quarter and has been consolidated into the Group from September. January-September 2025 Net sales Net sales for the period amounted to SEK 19,111 million (20,076), with total growth of -4.8 percent. Organic growth was -3.1 percent, or -2.3 percent when adjusted for calendar effects. Currency and calendar effects impacted net sales by SEK -360 million and SEK -161 million respectively. Order backlog amounted to SEK 20,399 million (19,693) at the end of the period, an increase of 3.6 percent compared to the same time last year. EBITA EBITA adjusted for items affecting comparability amounted to SEK 1,290 million (1,527) corresponding to an EBITA margin of 6.8 percent (7.6). Items affecting comparability amounted to SEK -152 million (-8) and consisted of costs related to the ongoing restructuring as well as final salary for the outgoing President and CEO. The comparative period included costs for premature termination of office leases and integration costs related to acquisitions. For more information, see the alternative performance measures for EBITA on page 25. EBITA amounted to SEK 1,138 million (1,519) corresponding to an EBITA margin of 6.0 percent (7.6). Capacity utilization Capacity utilization was 71.9 percent (72.8) during the period. Operating profit EBIT amounted to SEK 1,013 million (1,397). Acquisition-related items mainly consisted of amortization of acquisition-related intangible assets totaling SEK -128 million (-132) and revaluations of future contingent consideration totaling SEK 4 million (7). For more information, see the alternative performance measures for EBITA on page 25. Financial items Profit after financial items amounted to SEK 763 million (1,148) and profit after tax for the period was SEK 580 million (881). Net financial items amounted to SEK -249 million (-249). More favorable interest rates had a positive impact on net financial items in the period, which was offset by currency effects related to revaluations of financial instruments in foreign currencies. Income tax Tax expense amounted to SEK -180 million (-267) corresponding to an effective tax rate of 23.5 percent (23.3). Parent company The parent company’s operating income totaled SEK 1,135 million (1,219) and primarily related to internal services within the Group. Profit/loss after net financial items amounted to SEK -157 million (-258). Cash and cash equivalents amounted to SEK 116 million (79). Gross investments in intangible assets and property, plant and equipment totaled SEK 12 million (29). Number of employees The average number of full-time equivalents (FTEs) during the period was 17,149 (17,662). The total number of employees at the end of the period was 17,890 (18,420). Calendar effects The number of normal working hours during 2025, based on a 12-month sales-weighted business mix, breaks down as follows: 2025 2024 Difference Q1 496 500 -4 Q2 476 485 -9 Q3 525 525 0 Q4 491 494 -2 Full year 1,988 2,003 -15 Significant events after the reporting period No significant events have been identified after the reporting period. All company press releases are available at www.afry.com/newsroom. 7 AFRY Interim Report January-September 2025
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Global Divisions Energy Segments: Hydro, Nuclear, Thermal, Renewables & Energy Storage, Transmission & Distribution, Management Consulting AFRY's Global Division Energy is a leading engineering and advisory partner, enabling the green transition of energy systems globally. Our portfolio spans energy production, distribution, and storage, supporting clients throughout the energy value chain, from strategic advisory to project management, engineering and lifecycle optimization. With 2,800 experts across the world, we lead large-scale projects and deliver integrated services that respond to global energy challenges - in close collaboration with our clients. Industry Segments: Pulp & Paper, Mining & Metals, Life Science, Food, Chemicals & Biorefining, Automotive & Other Industries AFRY's Global Division Industry is a multidisciplinary partner in engineering and advisory, driving the transition of advanced process and manufacturing industries worldwide. Through deep industry expertise and a global delivery model, we support clients through the entire project and asset lifecycle. With 7,900 experts in more than 20 countries, we deliver complex projects at scale while staying close to our clients, ensuring solutions that improve reliability, safety and performance. Transportation & Places Segments: Road & Rail, Public & Commercial Places AFRY's Global Division Transportation & Places is a trusted engineering and advisory partner, shaping the future of transport systems and urban places across Europe. Our expertise spans transport infrastructure, real estate and urban development, with integrated services in engineering, architecture, design, and advisory. With 6,000 experts throughout Europe, we lead large-scale, complex infrastructure projects that build resilient, inclusive and future-proof cities and communities. 8 AFRY Interim Report January-September 2025 Numbers refer to full-year 2024 and share of Group sales 2,800 21% employees share of sales 7,900 45% employees share of sales 6,000 34% employees share of sales
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Net sales Net sales decreased by 5.2 percent in the third quarter to SEK 1,333 million (1,405). Organic growth adjusted for calendar effects was -2.2 percent. Sales volumes were impacted by varying short-term demand in some segments during the quarter. EBITA and EBITA margin EBITA amounted to SEK 131 million (142), corresponding to an EBITA margin of 9.8 percent (10.1). The change compared to last year was a result of the lower sales volumes in the quarter. Net sales and EBITA, SEK million Market development Demand in the global energy market remains strong with some regional variations in the short term. Market activity remains high in transmission and distribution, while interest in nuclear is steadily increasing. Demand for hydro and pumped storage is solid across regions. Meanwhile, demand in thermal, solar, and wind power is being affected by regional variations. Energy-related advisory services are generally in high demand, although demand remains at low levels in the bio-based industries. The historical figures have been adjusted for organizational changes. 9 AFRY Interim Report January-September 2025 Division Energy Net sales EBITA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 400 800 1,200 1,600 0 50 100 150 200 Net sales EBITA Energy Global Division Q3 Q3 Jan- Sep Jan- Sep Full year 2025 2024 2025 2024 2024 Net sales, SEK million 1,333 1,405 4,220 4,276 5,826 EBITA, SEK million 131 142 414 458 636 EBITA margin, % 9.8 10.1 9.8 10.7 10.9 Order backlog, SEK million — — 6,159 6,102 5,893 Average full-time equivalents (FTEs) 2,789 2,763 2,813 2,788 2,780 Organic growth Total growth, % -5.2 6.9 -1.3 7.6 6.6 (-) Acquired, % — 2.5 — 1.7 1.8 (-) Currency effects, % -3.2 -2.7 -2.4 -0.6 -0.2 Organic growth, % -2.0 7.0 1.1 6.4 5.0 (-) Calendar effects, % 0.3 0.7 -0.7 -0.2 -0.2 Organic growth adjusted for calendar effects, % -2.2 6.3 1.8 6.6 5.2 Key ratios
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Net sales EBITA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 50 100 150 200 250 300 Net sales Net sales amounted to SEK 2,496 million (2,743) in the third quarter, a decrease of 9.0 percent. Adjusted for calendar effects, organic growth was -8.3 percent. The lower sales volumes were mainly a result of challenging market conditions in some segments, and related capacity adjustments. EBITA and EBITA margin EBITA amounted to SEK 178 million (166), corresponding to an EBITA margin of 7.1 percent (6.1). Profitability improved despite lower net sales, driven by the measures implemented to address the challenging market conditions. Net sales and EBITA, SEK million Market development Demand in the industry market remains varied. Global macroeconomic and geopolitical uncertainty is impacting several sectors, including the automotive industry. Investment sentiment for large-scale projects in areas such as pulp & paper remains low, particularly in Europe. Meanwhile, defense-related investments are driving strong demand across multiple sectors and market opportunities are also solid in the mining & metals industry. Demand for operational services and technical consulting remains stable across all industry segments. The historical figures have been adjusted for organizational changes. 10 AFRY Interim Report January-September 2025 Industry Global Division Net sales EBITA Q3 Q3 Jan- Sep Jan- Sep Full year 2025 2024 2025 2024 2024 Net sales, SEK million 2,496 2,743 8,589 9,390 12,562 EBITA, SEK million 178 166 670 756 1,010 EBITA margin, % 7.1 6.1 7.8 8.0 8.0 Order backlog, SEK million — — 6,338 5,396 6,147 Average full-time equivalents (FTEs) 7,349 7,761 7,427 7,959 7,885 Organic growth Total growth, % -9.0 -4.2 -8.5 -2.0 -3.0 (-) Acquired, % 0.5 — 0.2 0.5 0.3 (-) Currency effects, % -1.6 -2.1 -1.6 -0.6 -0.6 Organic growth, % -7.9 -2.1 -7.1 -1.8 -2.7 (-) Calendar effects, % 0.3 0.8 -0.9 0.1 -0.1 Organic growth adjusted for calendar effects, % -8.3 -2.9 -6.1 -1.9 -2.6 Key ratios
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Net sales EBITA Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0 500 1,000 1,500 2,000 2,500 3,000 0 50 100 150 200 250 300 Net sales Net sales for the third quarter amounted to SEK 2,038 million (2,009), an increase of 1.4 percent. Organic growth adjusted for calendar effects was 2.7 percent. Growth in the quarter was driven by high project activity and improved attendance rates. EBITA and EBITA margin EBITA amounted to SEK 117 million (103), corresponding to an EBITA margin of 5.7 percent (5.1). Higher sales volumes and calendar effects had a positive impact on profitability in the quarter. Net sales and EBITA, SEK million Market development Public investment in transport infrastructure and water remains at a good level across regions. Investments are being driven by extensive infrastructure programs and an increasing focus on climate- and defense-related projects. Demand in the Nordic real estate market remains at a low level, and is mainly driven by refurbishments, public investments, and defense. The historical figures have been adjusted for organizational changes. 11 AFRY Interim Report January-September 2025 Transportation & Places Global Division Net sales EBITA Q3 Q3 Jan- Sep Jan- Sep Full year 2025 2024 2025 2024 2024 Net sales, SEK million 2,038 2,009 6,806 6,924 9,456 EBITA, SEK million 117 103 453 477 708 EBITA margin, % 5.7 5.1 6.7 6.8 7.5 Order backlog, SEK million — — 7,901 8,195 8,094 Average full-time equivalents (FTEs) 5,981 5,972 5,997 6,045 6,038 Organic growth Total growth, % 1.4 -1.5 -1.7 2.0 2.2 (-) Acquired, % — 0.0 — 0.3 0.2 (-) Currency effects, % -1.6 -2.6 -1.6 -0.7 -0.5 Organic growth, % 3.0 1.1 -0.1 2.3 2.4 (-) Calendar effects, % 0.3 0.3 -0.7 -0.1 -0.4 Organic growth adjusted for calendar effects, % 2.7 0.7 0.6 2.4 2.8 Key ratios
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Auditor's review report To the Board of Directors of AFRY AB (publ) Corp. ID no. 556120-6474 Introduction We have reviewed the interim report of AFRY AB (publ) for the period January 1 - September 30, 2025. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, October 24, 2025 Deloitte AB Johan Telander Authorized Public Accountant 12 AFRY Interim Report January-September 2025
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Financial statements Condensed consolidated income statement Q3 Q3 Jan-Sep Jan-Sep Full year Oct 2024- SEK million 2025 2024 2025 2024 2024 Sep-25 Net sales 5,687 5,993 19,111 20,076 27,160 26,195 Personnel costs -3,472 -3,596 -11,844 -12,144 -16,315 -16,016 Purchases of services and materials -1,171 -1,326 -3,835 -4,157 -5,701 -5,379 Other costs -551 -501 -1,798 -1,718 -2,346 -2,425 Other income 1 6 4 20 42 27 Profit/loss attributable to participation in associates – – – – 0 0 EBITDA 494 576 1,638 2,077 2,842 2,403 Depreciation/amortization and impairment of non-current assets¹ -163 -212 -500 -558 -737 -679 EBITA 331 365 1,138 1,519 2,105 1,724 Acquisition-related items² -43 -49 -125 -122 -164 -168 Operating profit (EBIT) 288 315 1,013 1,397 1,941 1,556 Financial income 42 26 218 188 299 328 Financial expenses -128 -138 -467 -437 -604 -634 Financial items -86 -111 -249 -249 -305 -305 Profit after financial items 203 204 763 1,148 1,635 1,251 Tax -65 -55 -180 -267 -401 -314 Profit for the period 138 149 584 881 1,235 937 Attributable to: Shareholders of the parent company 137 149 580 881 1,229 928 Non-controlling interest 1 0 3 0 6 9 Total 138 149 584 881 1,235 937 Earnings per share (basic/diluted), SEK 1.21 1.32 5,12 7,78³ 10,85³ Number of shares outstanding 113,251,741 113,251,741 113,251,741 113,251,741 113,251,741 Basis/diluted number of shares outstanding 113,251,741 113,251,741 113,251,741 113,251,741 113,251,741 1) Depreciation/amortization and impairment of non-current assets refers to non-current assets excluding acquisition-related intangible assets. 2) Acquisition-related items are defined as depreciation/amortization and impairment of acquisition-related intangible assets including goodwill, revaluation of contingent considerations and gains/losses on divestment of companies and operations. For more details, see Note 5, Note 6 and alternative performance measures for EBITA on page 22. 3) Issued convertibles did not lead to any dilution during the period. Statement of consolidated comprehensive income Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2025 2024 2025 2024 2024 Profit for the period 138 149 584 881 1,235 Items that have been or will be reclassified to profit/loss for the period Change in translation reserve -64 -113 -410 26 163 Change in hedging reserve 2 -52 -13 -74 -65 Tax 0 5 0 5 5 Items that will not be reclassified to profit/loss for the period Revaluation of defined-benefit pension plans -10 -3 -8 -5 -7 Tax 2 1 1 1 2 Other comprehensive income -71 -163 -429 -47 98 Comprehensive income for the period 67 -14 155 834 1,333 Attributable to: Shareholders of the parent company 66 -14 151 834 1,327 Non-controlling interest 1 0 3 0 6 Total 67 -14 155 834 1,333 FINANCIAL STATEMENTS 13 AFRY Interim Report January-September 2025
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Condensed consolidated balance sheet Sep 30 Sep 30 Dec 31 SEK million 2025 2024 2024 Assets Non-current assets Intangible assets 15,611 15,827 15,926 Property, plant and equipment 321 368 363 Right of use assets 1,200 1,452 1,320 Other non-current assets 398 500 447 Total non-current assets 17,530 18,147 18,057 Current assets Accounts receivable 4,023 4,484 5,252 Revenue generated but not invoiced 3,607 3,359 2,724 Other current assets 1,137 1,227 1,000 Cash and cash equivalents 756 863 1,270 Total current assets 9,522 9,934 10,247 Total assets 27,053 28,081 28,304 Equity and liabilities Equity Attributable to shareholders of the parent company 12,600 12,665 13,128 Attributable to non-controlling interest 26 0 23 Total equity 12,626 12,665 13,151 Non-current liabilities Loans and borrowings 5,202 5,630 5,100 Lease liabilities 805 1,096 996 Provisions 602 663 675 Other current liabilities 18 26 24 Total non-current liabilities 6,628 7,416 6,795 Current liabilities Loans and borrowings 500 643 576 Lease liabilities 527 619 582 Provisions 46 46 41 Work invoiced but not yet carried out 2,253 2,141 2,307 Accounts payable 867 903 883 Other current liabilities 3,605 3,648 3,967 Total current liabilities 7,798 8,000 8,358 Total equity and liabilities 27,053 28,081 28,304 Condensed statement of changes in consolidated equity Sep 30 Sep 30 Dec 31 SEK million 2025 2024 2024 Equity at start of period 13,151 12,454 12,454 Comprehensive income for the period 155 834 1,333 Dividends paid -680 -623 -623 Transactions related to non-controlling interest – – -13 Equity at end of period 12,626 12,665 13,151 FINANCIAL STATEMENTS 14 AFRY Interim Report January-September 2025
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Condensed statement of consolidated cash flow Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2025 2024 2025 2024 2024 Profit after financial items 203 204 763 1,148 1,635 Adjustment for non-cash items Depreciation, amortization and impairment of non-current assets 206 256 628 690 914 Other non-cash items 22 17 45 -114 25 Total non-cash items 227 273 673 576 939 Income tax paid -118 -110 -311 -292 -379 Cash flow from operating activities before change in working capital 312 367 1,126 1,431 2,195 Change in operating receivables 253 294 -51 -294 -115 Change in operating liabilities -148 -499 -188 -448 -86 Total change in working capital 105 -205 -239 -741 -201 Cash flow from operating activities 418 162 887 690 1,994 Acquisition/divestment of subsidiaries and holdback/contingent considerations -217 -20 -233 -178 -200 Purchase and disposal of intangible and tangible assets -18 -23 -63 -96 -123 Change in financial assets 8 -2 19 -8 -60 Cash flow from investing activities -227 -46 -277 -281 -383 Borrowings and repayment of borrowings -37 102 65 526 -78 Principal elements of lease payments -137 -186 -425 -470 -620 Payment convertible programme — — — -149 -149 Dividends paid — — -680 -623 -623 Cash flow from financing activities -174 -84 -1040 -715 -1,469 Cash flow for the period 16 32 -429 -306 141 Opening cash and cash equivalents 761 827 1270 1167 1,167 Exchange difference in cash and cash equivalents -22 4 -85 2 -38 Closing cash and cash equivalents 756 863 756 863 1,270 Change in consolidated net debt (excluding IFRS 16 Leases) Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2025 2024 2025 2024 2024 Opening balance 5,128 5,504 4,557 4,868 4,868 Cash flow from operating activities -281 24 -462 -220 -1,374 Net investments 18 23 63 96 123 Acquisition/divestment of subsidiaries and holdback/contingent considerations 217 20 233 178 200 Dividend — – 680 623 623 Other 4 -9 16 18 116 Closing balance 5,086 5,562 5,086 5,562 4,557 FINANCIAL STATEMENTS 15 AFRY Interim Report January-September 2025
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Condensed parent company income statement Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2025 2024 2025 2024 2024 Net sales 257 282 776 867 1,162 Other operating income 111 115 359 352 464 Operating income 368 397 1,135 1,219 1,625 Personnel costs -98 -80 -317 -314 -410 Other costs -397 -396 -1,274 -1,192 -1,634 Depreciation/amortization -9 -9 -26 -28 -37 Operating loss -136 -89 -483 -316 -456 Financial items 198 22 326 57 57 Profit/loss after financial items 62 -66 -157 -258 -398 Appropriations – – – 3 226 Profit/loss before tax 62 -66 -157 -256 -172 Tax 25 9 120 22 -4 Profit/loss for the period 87 -59 -36 -234 -176 Other comprehensive income 3 -26 -8 -13 -7 Comprehensive income for the period 90 -85 -44 -247 -184 Condensed parent company balance sheet Sep 30 Sep 30 Dec 31 SEK million 2025 2024 2024 Assets Non-current assets Intangible assets 0 1 1 Property, plant and equipment 126 148 142 Financial assets 13,757 14,227 14,216 Total non-current assets 13,883 14,375 14,359 Current assets Current receivables 4,417 4,742 4,869 Cash and cash equivalents 116 79 464 Total current assets 4,533 4,820 5,333 Total assets 18,416 19,196 19,692 Equity and liabilities Equity Restricted equity 330 330 330 Non-restricted equity 7,228 7,889 7,952 Total equity 7,558 8,219 8,282 Liabilities Untaxed reserves 77 87 77 Provisions 87 64 64 Non-current liabilities 5,183 5,598 5,061 Current liabilities 5,511 5,228 6,208 Total liabilities 10,858 10,977 11,408 Total equity and liabilities 18,416 19,196 19,692 FINANCIAL STATEMENTS 16 AFRY Interim Report January-September 2025
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Notes Note 1 Accounting policies This report was prepared in accordance with IAS 34, Interim Financial Reporting. The accounting policies conform with IFRS Accounting Standards (IFRS), as well as with the EU-approved interpretations of the relevant standards from; the IFRS Interpretations Committee (IFRIC) and Chapter 9 of the Swedish Annual Accounts Act. The report has been prepared using the same accounting policies and methods of calculation as those in AFRY’s Annual and Sustainability Report 2024 (Note 1). New or revised IFRS standards coming into force in 2025 have not had any material impact on the Group. The parent company prepares its financial statements in accordance with the Swedish Financial Reporting Board's recommendation RFR 2, which requires the parent company, as a legal entity, to apply all EU-approved IFRS and interpretations as far as possible within the framework of the Annual Accounts Act and the Pension Obligations Vesting Act, taking into account the relationship between accounting profit and tax expense (income). Disclosures according to IAS 34.16A can partly be found on the pages preceding the condensed consolidated income statement. The significant risks and uncertainties to which the AFRY Group is exposed include strategic risks linked to the market, acquisitions, sustainability and IT as well as operational risks related to projects and the ability to recruit and retain qualified employees. In addition, the Group is exposed to various financial risks, such as currency risks, interest-rate risks and credit risks. The risks to which the Group is exposed are described in detail in AFRY’s Annual and Sustainability Report 2024. Geopolitical and macroeconomic uncertainties Geopolitical tensions and uncertainties in the macroeconomic environment entail various risks for AFRY and mainly pertain to delayed decision processes and project launches. The global tariff situation has led to increased macroeconomic uncertainty. For AFRY, the tariffs currently have a limited direct impact but we are closely monitoring the development. Contingent liabilities Reported contingent liabilities reflect one part of the AFRY Group’s exposure to risk. AFRY provides both corporate and bank guarantees when clients request them. This normally involves tender guarantees, advance payment guarantees or performance guarantees. Corporate guarantees are mainly provided by the parent company, AFRY AB, and bank guarantees by AFRY’s banks. At September 30, 2025 the Group’s corporate guarantees amounted to SEK 773 million (897) and bank guarantees to SEK 582 million (676). The guarantee amounts do not include pension guarantees, advance payment guarantees or leasing, as these are already recognized as debt in the balance sheet. Income Net sales according to business model Jan-Sep 2025 Jan-Sep 2024 SEK million Project Business Professional Services Total Project Business Professional Services Total Energy 3,607 612 4,220 3,853 423 4,276 Industry 4,764 3,824 8,589 4,865 4,525 9,390 Transportation & Places 6,264 542 6,806 6,642 282 6,924 Group common/eliminations -359 -145 -504 -366 -148 -514 Group 14,277 4,834 19,111 14,995 5,081 20,076 Order backlog SEK million Sep 30 2023 Dec 31 2023 Mar 31 2023 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2024 Jun 30 2025 Sep 30 2025 Energy 5,662 5,187 6,002 6,077 6,102 5,893 5,890 5,953 6,159 Industry 6,167 5,907 6,102 5,722 5,396 6,147 6,557 6,570 6,338 Transportation & Places 8,562 8,235 8,246 8,146 8,195 8,094 7,728 8,183 7,901 Group 20,392 19,329 20,350 19,944 19,693 20,134 20,176 20,706 20,398 The historical figures above are adjusted for organizational changes. Revenue recognition The Group's business model is divided into two client offers; Project Business and Professional Services. Project Business is the Group's offer for larger projects and end- to-end solutions. In such projects, the Group acts as a partner for the client, manages and operates the entire project. The Group mainly provides services and to some extent materials. Professional Services is our offer in which the client manages and runs the project, while the Group provides suitable expertise at the appropriate time. Revenue is recognized on the basis of promised performance obligations under each client contract. A performance obligation under a contract is a promise to the client to perform a distinct service. Revenue is recognized when the performance obligation is satisfied and control has been transferred to the client, which may be over time or at a specific point in time. The Group's consulting services are mainly recognized over time, as they do not create an asset with an alternative value. AFRY offers services both for fixed price and for time and material. Performance obligations in fixed price project are satisfied over time as the service is provided. Revenue recognition is then based on the input method, where accumulated costs are set in relation to total estimated costs. With time and material projects, revenue is recognized at the amount that the entity is entitled to invoice, with a fixed amount for each hour of service provided. For fixed price projects, invoicing takes place as work proceeds in accordance with agreed terms and conditions, either periodically (monthly) or when contractual milestones are reached. Invoicing ordinarily takes place after the income has been recorded, resulting in revenue generated but not invoiced. However, the Group sometimes receives advance payments or deposits from clients before the income is recognized, which then results in work invoiced but not yet carried out. For time and material project, hours spent on a project are ordinarily invoiced at the end of each month. Certain AFRY projects include guarantees. In cases where the guarantees do not give rise to a separate performance obligation, the guarantee is recognized in accordance with IAS 37, which means that provisions are recognized in the balance sheet when a legal or informal obligation exists as a result of an event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. The cost is recognized in profit or loss at the same time. As costs arise for the guarantees, the corresponding amount is released from the provision. The provision is reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources will be required to settle the obligation, the provision is reversed. FINANCIAL STATEMENTS 17 AFRY Interim Report January-September 2025 Note 2 Risks and uncertainties Note 3
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Note 4 Quarterly information by Global Division 2023 2024 2025 Net sales, SEK million Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 1,315 1,491 5,466 1,350 1,521 1,405 1,550 5,826 1,440 1,447 1,333 Industry 2,865 3,367 12,945 3,305 3,342 2,743 3,171 12,562 3,078 3,014 2,496 Transportation & Places 2,041 2,465 9,255 2,409 2,506 2,009 2,532 9,456 2,407 2,362 2,038 Group common/eliminations -162 -188 -688 -172 -177 -165 -169 -683 -176 -149 -179 Group 6,059 7,135 26,978 6,891 7,191 5,993 7,085 27,160 6,749 6,674 5,687 2023 2024 2025 EBITA, SEK million Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 124 164 570 140 176 142 178 636 147 137 131 Industry 192 304 1,167 326 264 166 253 1,010 247 246 178 Transportation & Places 60 207 593 187 187 103 231 708 189 146 117 Group common/eliminations -66 -134 -392 -72 -55 -46 -76 -249 -124 -182 -94 Group 310 541 1,938 582 572 365 586 2,105 459 347 331 2023 2024 2025 EBITA margin, % Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 9.4 11.0 10.4 10.4 11.6 10.1 11.5 10.9 10.2 9.5 9.8 Industry 6.7 9.0 9.0 9.9 7.9 6.1 8.0 8.0 8.0 8.2 7.1 Transportation & Places 2.9 8.4 6.4 7.8 7.5 5.1 9.1 7.5 7.9 6.2 5.7 Group 5.1 7.6 7.2 8.4 8.0 6.1 8.3 7.7 6.8 5.2 5.8 2023 2024 2025 Average number of FTEs Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 2,760 2,804 2,737 2,787 2,814 2,763 2,756 2,780 2,819 2,834 2,789 Industry 8,408 8,319 8,417 8,139 7,976 7,761 7,668 7,885 7,514 7,424 7,349 Transportation & Places 6,225 6,256 6,219 6,086 6,076 5,972 6,023 6,038 5,988 6,023 5,981 Corporate & Support Functions 858 858 854 872 876 882 946 894 908 909 918 Group 18,251 18,237 18,227 17,884 17,742 17,378 17,393 17,597 17,229 17,190 17,036 2023 2024 2025 Number of working days Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Sweden only 65 63 251 63 60 66 61 250 62 59 66 All countries 65 62 250 62 61 66 62 250 62 59 66 The historical figures above have been adjusted for organizational changes. FINANCIAL STATEMENTS 18 AFRY Interim Report January-September 2025
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Note 5 Acquisitions and divestments The following acquisitions were made during the period Consolidated from Company¹ Country Global Division Annual net sales, SEK million Average number of employees September Reta Engenharia Ltda. Brazil Industry 135 200 Total 135 200 1) Company name at the time of acquisition Acquisition analyses When new acquisitions are made, the acquisition analyses are preliminary for the first 12 months until the net assets in the companies acquired have been conclusively analyzed. If the purchase considerations for acquisitions are higher than the recognized net assets of the acquired companies, the acquisition analyses will result in intangible assets. Contingent considerations Agreed contingent considerations for the acquired companies usually relates to the performance of each company over a period of three years. Holdback Part of the purchase price withheld by the buyer as security for potential claims against the seller, will be paid to the seller according to the agreed payment plan. The withheld parts of the purchase price are independent of conditions linked to the future performance of the acquired companies. Goodwill Goodwill consists mainly of human capital in the form of employee skills and synergy effects. Goodwill from corporate acquisitions is not expected to be tax-deductible. The acquisition of a consulting business essentially involves the acquisition of human capital, and most of the intangible assets in the company acquired are thus attributable to goodwill. Any non-controlling interests arising, are reported at fair value, which means that non-controlling interests have a portion of goodwill. Other intangible assets Order backlog and client relationships are identified and assessed in connection with completed acquisitions. Transaction costs Transaction costs are recognized under other external costs in the income statement. Transaction costs amounted to SEK 3 million for the period. Acquired receivables The fair value of the acquired receivables are expected to be settled in full. The agreed gross values essentially correspond to the fair values of the receivables. Revenue and profit from acquired companies The acquired company is expected to contribute approximately SEK 135 million to sales and approximately SEK 33 million to operating profit on a full-year basis. Since the acquisition date, the company has contributed SEK 15 million to the Group's revenue and SEK 3 million to operating profit. Completion of acquisitions analyses from 2024 In 2024, AFRY acquired all shares in SOM System Kft. & TTSA Mérnökiroda and Carelin Oy. The acquired companies contributed with a total increase of approximately 60 employees. The acquisitions were not individually substantial based on net sales and the average number of employees. All acquisition analyses have been completed and have not led to any significant changes. Acquisitions after the end of the reporting period No acquisitions have been made since the end of the reporting period. FINANCIAL STATEMENTS 19 AFRY Interim Report January-September 2025 Jan-Sep SEK million 2025 Intangible assets – Property, plant and equipment 1 Right-of-use assets – Financial assets – Deferred tax assets – Trade and other receivables 45 Cash and cash equivalents 11 Trade payables, loans and other liabilities -21 Net identifiable assets and liabilities 36 Goodwill 186 Fair value adjustments, intangible assets – Fair value adjustments, non-current provisions – Purchase consideration including estimated contingent considerations 221 Transaction costs 3 Less: Cash (acquired) 11 Estimated contingent considerations – Holdback 33 Net cash outflow 178 Acquired companies' net assets on acquisition date
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Note 6 The valuation principles and classification of the Group’s financial assets and liabilities, described in Note 13 of AFRY’s Annual and Sustainability Report 2024, have been applied consistently throughout the reporting period. Financial assets and liabilities Sep 30 Sep 30 31 Dec SEK million Level 2025 2024 2024 Financial assets measured at fair value Interest rate derivatives, hedge accounting applied 2 59 55 48 Forward exchange contracts, hedge accounting applied 2 18 14 10 Forward exchange contracts, hedge accounting not applied 2 18 21 24 Bought foreign exchange options 2 – – 1 Total 94 90 83 Financial assets not recognized at fair value Trade receivables 4,023 4,484 5,252 Revenue generated but not invoiced 3,607 3,359 2,724 Financial investments 38 5 5 Non-current receivables 6 4 2 Cash and cash equivalents 756 863 1,270 Total 8,430 8,715 9,253 Sep 30 Sep 30 31 Dec SEK million Level 2025 2024 2024 Financial liabilities measured at fair value Interest rate derivatives, hedge accounting applied 2 58 78 100 Forward exchange contracts, hedge accounting applied 2 13 6 10 Forward exchange contracts, hedge accounting not applied 2 20 26 24 Sold foreign exchange options 2 – – 2 Contingent considerations 3 25 33 32 Total 116 144 168 Financial liabilities not recognized at fair value Bank loans 1,605 2,273 2,220 Bonds 3,300 3,300 3,300 Commercial papers 797 700 156 Staff convertibles – – — Lease liabilities 1,333 1,715 1,578 Work invoiced but not yet carried out 2,253 2,141 2,307 Trade payables 867 903 883 Total 10,155 11,032 10,445 Fair value of financial assets and liabilities The recognized and fair values of the Group’s financial assets and liabilities are presented in the table on the left. The fair value of derivatives is based on level 2 of the fair value hierarchy. Contingent considerations are valued at market value in accordance with level 3. Derivative instruments where hedge accounting is not applied are measured at fair value through profit or loss, and derivatives where hedge accounting is applied are measured at fair value through other comprehensive income. All other financial assets and liabilities are measured at amortized cost. Compared with 2024, no changes have been made between different levels in the fair value hierarchy for derivatives or loans, nor have any significant changes been made in terms of valuation techniques, inputs or assumptions. Contingent considerations Contingent considerations are valued at market value in accordance with level 3. The calculation of contingent considerations depends on parameters in the relevant agreements. These parameters are primarily linked to expected EBIT for the acquired companies over the next two to three years. The change in the balance sheet item is shown in the table below. Sep 30 SEK million 2025 Opening balance 1 January 2025 32 Acquisitions for the year — Payments -16 Changes in value recognized in income statement -4 Adjustment of preliminary acquisition analysis — Discounting 1 Reclassification to contingent consideration 13 Translation differences -1 Closing balance 25 FINANCIAL STATEMENTS 20 AFRY Interim Report January-September 2025 Financial instruments
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Note 6 cont. Derivative instruments Sep 30 Sep 30 Dec 31 SEK million Level 2025 2024 2024 Forward exchange contracts, hedge accounting not applied Total nominal values 2,575 2,391 2,267 Fair value, profit 2 18 21 24 Fair value, loss 2 -20 -26 -24 Fair value, net -3 -5 0 Forward exchange contracts, cash flow hedge accounting applied Total nominal values 598 409 610 Fair value, profit 2 18 14 10 Fair value, loss 2 -13 -6 -10 Fair value, net 5 9 -1 Bought foreign exchange options, hedge accounting not applied Total nominal values – – 220 Fair value, profit 2 – — — Fair value, loss 2 – – -1 Fair value, net – – -1 Sep 30 Sep 30 31 Dec SEK million Level 2025 2024 2024 Sold foreign exchange options, hedge accounting not applied Total nominal values – – 439 Fair value, profit 2 – – 0 Fair value, loss 2 – – 0 Fair value, net – – 0 Cross currency rate swaps, hedge accounting for net investments applied Total nominal values 1,850 1,850 1,850 Fair value, profit 2 20 4 — Fair value, loss 2 -44 -55 -87 Fair value, net -24 -51 -87 Interest rate swaps, cash flow hedge accounting applied Total nominal values 1,352 1,365 1,372 Fair value, profit 2 38 51 48 Fair value, loss 2 -14 -23 -13 Fair value, net 25 28 35 Related party transactions There were no material transactions between AFRY and its related parties during the period. Significant events after the end of the reporting period No significant events have been identified after the end of the reporting period. FINANCIAL STATEMENTS 21 AFRY Interim Report January-September 2025 Note 7 Note 8
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Alternative performance measures The consolidated financial statements contain financial ratios defined according to IFRS. They also include measurements not defined according to IFRS, known as alternative performance measures. The purpose is to provide additional information for comparing trends over the years and to improve the understanding of the underlying operations. These terms may be defined in a different way by other companies and are therefore not always comparable to similar measures used by other companies. Definitions The key ratios and alternative performance measures (APMs) used in this report are defined in AFRY’s Annual and Sustainability Report 2024 and on our website: https:// afry.com/en/investor-relations/ Organic growth Since the Group is active on a global market, sales are transacted in currencies other than the Swedish krona, which is the presentation currency, and exchange rates have been relatively volatile historically. The Group also makes acquisitions and divestments of operations on an ongoing basis. Taken together, this has led to the Group’s sales and performance being evaluated on the basis of organic growth. Organic sales growth provides a comparable measure of sales growth or sales reduction over time and enables separate evaluations to be made of the impact of acquisitions/divestments and exchange rate fluctuations. Energy Industry Transportation & Places Group¹ Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 % 2025 2024 2025 2024 2025 2024 2025 2024 Total growth -5.2 6.9 -9.0 -4.2 1.4 -1.5 -5.1 -1.1 (-) Acquired – 2.5 0.5 – – – 0.2 0.5 (-) Currency effects -3.2 -2.7 -1.6 -2.1 -1.6 -2.6 -2.0 -2.4 Organic growth -2.0 7.0 -7.9 -2.1 3.0 1.1 -3.4 0.8 (-) Calendar effects 0.3 0.7 0.3 0.8 0.3 0.3 0.3 0.7 Organic growth adjusted for calendar effects -2.2 6.3 -8.3 -2.9 2.7 0.7 -3.7 0.1 SEK million Total growth -73 90 -248 -122 29 -31 -306 -65 (-) Acquired – 33 15 – – – 15 33 (-) Currency effects -45 -35 -45 -61 -32 -53 -118 -146 Organic growth -28 92 -218 -61 61 21 -203 48 (-) Calendar effects 4 9 9 24 6 7 20 44 Organic growth adjusted for calendar effects -32 83 -227 -84 54 15 -223 4 The historical figures above are adjusted for organizational changes. 1) The Group includes eliminations. OTHER INFORMATION 22 AFRY Interim Report January-September 2025
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Organic growth cont. Energy Industry Transportation & Places Group¹ Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep % 2025 2024 2025 2024 2025 2024 2025 2024 Total growth -1.3 7.6 -8.5 -2.0 -1.7 2.0 -4.8 1.2 (-) Acquired – 1.7 0.2 0.5 – 0.3 0.1 0.7 (-) Currency effects -2.4 -0.6 -1.6 -0.6 -1.6 -0.7 -1.8 -0.6 Organic growth 1.1 6.4 -7.1 -1.8 -0.1 2.3 -3.1 1.1 (-) Calendar effects -0.7 -0.2 -0.9 0.1 -0.7 -0.1 -0.8 0.1 Organic growth adjusted for calendar effects 1.8 6.6 -6.1 -1.9 0.6 2.4 -2.3 1.0 SEK million Total growth -56 301 -802 -188 -118 134 -965 232 (-) Acquired – 69 15.0 45.0 – 20 15.0 134 (-) Currency effects -104 -23 -154 -58 -111 -45 -360 -122 Organic growth 48 255 -662 -175 -7 159 -620 221 (-) Calendar effects -31 -9 -89 11 -50 -5 -161 21 Organic growth adjusted for calendar effects 78 264 -573 -186 43 164 -459 200 The historical figures above are adjusted for organizational changes. 1) The Group includes eliminations. OTHER INFORMATION 23 AFRY Interim Report January-September 2025
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EBITA/EBITA excluding items affecting comparability Operating profit before associates and items affecting comparability refers to the operating profit after reversing material items and events related to changes in the Group's structure and operations which are relevant for an understanding of the Group's performance on a comparable basis. Acquisition-related items are defined as depreciation/amortization and impairment of acquisition-related intangible assets including goodwill, revaluation of contingent consideration and gains/losses on divestments of companies and operations. Items affecting comparability primarily relates to restructuring costs and costs associated with major acquisitions. Other non-recurring items may also be reported as items affecting comparability where this provides a more accurate picture of the underlying operating profit. These metrics are used by the Executive Team to monitor and analyze underlying performance and to provide comparable figures between periods. Energy Industry Transportation & Places Group¹ Q3 Q3 Q3 Q3 Q3 Q3 Q3 SEK million 2025 2024 2025 2024 2025 2024 2025 2024 EBIT (operating profit) 131 143 178 166 117 103 288 315 Acquisition-related items Amortization and impairment of intangible assets – – – – – – 43 44 Revaluation of contingent considerations – – – – – – -0 5 Divestment of operations – – – – – – – 0 Profit (EBITA) 131 142 178 166 117 103 331 365 Items affecting comparability Costs related to the ongoing restructuring² – – – – – – 31 – EBITA excl. items affecting comparability 131 142 178 166 117 103 362 365 % EBIT margin 9.8 10.1 7.1 6.1 5.7 5.1 5.1 5.3 Acquisition-related items Amortization and impairment of intangible assets – – – – – – 0.8 0.7 Revaluation of contingent considerations – – – – – – -0.0 0.1 Divestment of operations – – – – – – – 0.0 EBITA margin 9.8 10.1 7.1 6.1 5.7 5.1 5.8 6.1 Items affecting comparability – – – – – – 0.5 – EBITA margin excl. items affecting comparability 9.8 10.1 7.1 6.1 5.7 5.1 6.4 6.1 The historical figures above are adjusted for organizational changes. 1) The Group includes eliminations. 2) Mainly related to personnel reductions. OTHER INFORMATION 24 AFRY Interim Report January-September 2025
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EBITA/EBITA excluding items affecting comparability cont. Energy Industry Transportation & Places Group¹ Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep SEK million 2025 2024 2025 2024 2025 2024 2025 2024 EBIT (operating profit) 414 458 670 757 453 477 1,013 1,397 Acquisition-related items Amortization and impairment of intangible assets – – – – – – 128 132 Revaluation of contingent considerations – – – – – – -4 -7 Divestment of operations – – – – – – 1 -3 Profit (EBITA) 414 458 670 757 453 477 1,138 1,519 Items affecting comparability Integration costs in connection with acquisitions – – – – – – – 4 Costs for premature termination of leases for office premises – – – – – – – 4 Final salary outgoing President and CEO – – – – – – 30 – Costs related to the ongoing restructuring² – – – – – – 122 – EBITA excl. items affecting comparability 414 458 670 757 453 477 1,290 1,527 % EBIT margin 9.8 10.7 7.8 8.1 6.7 6.9 5.3 7.0 Acquisition-related items Amortization and impairment of intangible assets – – – – – – 0.7 0.7 Revaluation of contingent considerations – – – – – – -0.0 -0.0 Divestment of operations – – – – – – 0.0 -0.0 EBITA margin 9.8 10.7 7.8 8.1 6.7 6.9 6.0 7.6 Items affecting comparability – – – – – – 0.8 0.0 EBITA margin excl. items affecting comparability 9.8 10.7 7.8 8.1 6.7 6.9 6.8 7.6 The historical figures above are adjusted for organizational changes. 1) The Group includes eliminations. 2) Mainly related to personnel reductions. OTHER INFORMATION 25 AFRY Interim Report January-September 2025
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Net debt Net debt is the total of interest-bearing liabilities less cash and cash equivalents and interest-bearing assets. Net debt also includes dividends decided but not yet paid. Net debt also includes dividends approved but not yet paid. Net debt is used by the Executive Team to monitor and analyze the debt trend in the Group and evaluate the Group’s refinancing requirements. Net debt/EBITDA is a key ratio for net debt in relation to cash-generating profit in the operation, which provides an indication of the business’s ability to pay its debts. This metric is commonly used by financial institutions to measure creditworthiness. A negative figure means that the Group has a net cash balance (cash and cash equivalents exceed interest-bearing liabilities). Consolidated net debt (excluding IFRS 16 Leasing) SEK million Dec 31 2023 Mar 31 2024 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Loans and credit facilities 5,876 6,438 6,169 6,268 5,674 5,403 5,746 5,695 Net pension liability 159 164 162 157 153 143 143 146 Cash and cash equivalents -1,167 -1,563 -827 -863 -1,270 -884 -761 -756 Total net debt 4,868 5,039 5,504 5,562 4,557 4,662 5,128 5,086 Net debt/equity ratio SEK million Dec 31 2023 Mar 31 2024 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Net debt 4,868 5,039 5,504 5,562 4,557 4,662 5,128 5,086 Equity 12,454 13,026 12,679 12,665 13,151 12,908 12,559 12,626 Net debt/equity ratio, % 39.1 38.7 43.4 43.9 34.7 36.1 40.8 40.3 Consolidated net debt (including IFRS 16 Leasing) SEK million Dec 31 2023 Mar 31 2024 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Loans and credit facilities 7,850 8,286 7,849 7,984 7,252 6,970 7,206 7,028 Net pension liability 159 164 162 157 153 143 143 146 Cash and cash equivalents -1,167 -1,563 -827 -863 -1,270 -884 -761 -756 Total net debt 6,842 6,887 7,184 7,278 6,135 6,228 6,588 6,418 Net debt/EBITDA excluding IFRS 16 Leasing rolling 12 months Full year Apr 2023- Jul 2023- Oct 2023- Full year Apr 2024- Jul 2024- Oct 2024- SEK million 2023 Mar 2024 Jun 2024 Sep 2024 2024 Mar 2025 Jun 2025 Sep 2025 Profit (EBITA) 1,938 1,830 2,005 2,060 2,105 1,982 1,757 1,724 Depreciation/Amortization and impairment of non-current assets 780 763 737 749 737 734 728 679 EBITDA 2,718 2,593 2,742 2,809 2,842 2,716 2,485 2,403 Lease expenses -666 -663 -653 -682 -688 -691 -689 -639 EBITDA excl. IFRS 16 2,052 1,930 2,089 2,127 2,154 2,025 1,796 1,764 Net debt 4,868 5,039 5,504 5,562 4,557 4,662 5,128 5,086 Net debt/EBITDA, excl. IFRS 16, rolling 12 months, times 2.4 2.6 2.6 2.6 2.1 2.3 2.9 2.9 Items affecting comparability 94 102 79 63 8 30 122 152 EBITDA excl. IFRS 16 and items affecting comparability 2,146 2,032 2,169 2,190 2,162 2,055 1,918 1,916 Net debt 4,868 5,039 5,504 5,562 4,557 4,662 5,128 5,086 Net debt/EBITDA, excl. IFRS 16 and items affecting comparability, rolling 12 months, times 2.3 2.5 2.5 2.5 2.1 2.3 2.7 2.7 OTHER INFORMATION 26 AFRY Interim Report January-September 2025
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Return on equity Return on equity is the business’s profit/loss after tax during the period in relation to average equity including non-controlling interest. This key ratio is used to show the return on the owners’ invested capital, which gives an indication of the business’s ability to create value for its owners. SEK million Dec 31 2023 Mar 31 2023 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2024 Jun 30 2025 Sep 30 2025 Profit after tax, rolling 12 months 1,100 1,019 1,196 1,195 1,235 1,131 948 937 Average equity 12,465 12,634 12,650 12,672 12,795 12,886 12,793 12,782 Return on equity, % 8.8 8.1 9.5 9.4 9.6 8.8 7.4 7.3 Return on capital employed Return on capital employed shows the business’s profit/loss after financial items, adjusted for interest expenses in relation to average interest-bearing capital in the business’s balance sheet total. The key ratio is used to evaluate how the company utilizes capital which has some form of required return, such as dividends on shareholders' invested capital as well as interest on bank loans. SEK million Dec 31 2023 Mar 31 2023 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2024 Jun 30 2025 Sep 30 2025 Profit after financial items rolling 12 months 1,441 1,344 1,530 1,538 1,635 1,499 1,252 1,251 Interest expenses, rolling 12 months 396 419 420 421 403 382 366 340 Profit 1,837 1,763 1,951 1,960 2,038 1,880 1,617 1,591 Average balance sheet total 28,478 28,713 28,734 28,448 28,449 28,200 27,844 27,552 Average non-interest-bearing current liabilities -7,278 -7,268 -7,316 -7,136 -7,189 -7,001 -6,935 -6,834 Average non-interest-bearing non-current liabilities -211 -152 -93 -86 -105 -112 -117 -124 Average net deferred tax liabilities/assets -192 -186 -170 -144 -130 -107 -86 -74 Average capital employed 20,797 21,108 21,155 21,083 21,025 20,980 20,707 20,519 Return on capital employed, % 8.8 8.4 9.2 9.3 9.7 9.0 7.8 7.8 Equity ratio The equity ratio shows the business’s equity in relation to total capital and describes the proportion of the business’s assets that are not matched by liabilities. The equity ratio can be seen as the business’s ability to pay in the long term. The key ratio is impacted by profitability during the period and by how the business is financed. This metric is often used to provide an indication of how the company is financed and also to see trends in how the business’s funds are utilized. A change in the equity ratio over time may, for example, be an indication that the business is reviewing its financing structure or is utilizing its equity to finance an expansion. SEK million Dec 31 2023 Mar 31 2023 Jun 30 2024 Sep 30 2024 Dec 31 2024 Mar 31 2024 Jun 30 2025 Sep 30 2025 Equity 12,454 13,026 12,679 12,665 13,151 12,908 12,559 12,626 Balance sheet total 28,172 29,173 28,516 28,081 28,304 26,926 27,394 27,053 Equity ratio, % 44.2 44.6 44.5 45.1 46.5 47.9 45.8 46.7 OTHER INFORMATION 27 AFRY Interim Report January-September 2025
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Stockholm, Sweden - October 24, 2025 AFRY AB (publ) Linda Pålsson President and CEO Contact Johanna Hallstedt, Investor Relations +46 72 014 37 45 johanna.hallstedt@afry.com This information fulfills the disclosure requirements of AFRY AB (publ) under the provisions of the EU Market Abuse Regulation. The information was released, through the agency of the above- mentioned contact person, for publication on October 24, 2025 at 07:00 CET. All forward-looking statements in this report are based on the company's best assessment at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to risks and uncertainties, which may mean that the actual outcome differs from the anticipated result. Head Office: AFRY AB, SE-169 99 Stockholm, Sweden Visiting address: Frösundaleden 2, Solna, Sweden Tel: +46 10 505 00 00 www.afry.com info@afry.com Corp. ID no. 556120-6474 Investor presentation Time: October 24, 2025 10:00 CET Webcast: https://youtube.com/live/bBqYJjaZLgc For analysts/ investors: Click here to connect to the meeting with the opportunity to ask questions Calendar Capital Markets Day November 4, 2025 Q4 2025 February 5, 2026 28