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Change color of the logo 1. Right-click outside work area 2. Select Format Background from the menu 3. Select Solid fill 4. You may only choose from White or Black Q4 2025 Linda Pålsson, President and CEO Bo Sandström, CFO 2026 -02-05 Q4 2025
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2026 -02-05 Q4 2025 FY 2025: Established a solid foundation for profitable growth 25,758 (27,160) Net sales SEK million 1,867 (2,113) EBITA excl. IAC SEK million 7.2% (7.8) EBITA margin excl. IAC Challenging market conditions and strategic capacity adjustments Significant FX effects on sales of -555m Simplified Group structure, ambitious restructuring agenda, a focused strategy and new financial targets for 2028 Entering 2026 well into strategy execution phase The Board proposes a dividend of SEK 6.00 (6.00) per share for 2025 Weak calendar impacted EBITA by -128m, calendar-adjusted margin in line with last year
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2026 -02-05 Q4 2025 Q4 2025: Clear steps in the right direction 6,647 (7,085) Net sales SEK million 577 (586) EBITA excl. IAC SEK million 8.7% (8.3) EBITA margin excl. IACSignificant progress in our restructuring efforts to optimize portfolio and capacity Total sales growth of -6.2% and -4.3% adj. organic EBITA margin excl. IAC improved to 8.7% (8.3) Strong cash flow and strengthened financial position Utilization rate increased to 72.8% (72.3), marking the first y-o-y improvement in 14 quarters Order backlog growing 5.4% y-o-y currency-adj.
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2026 -02-05 Q4 2025 Energy Global Division Strong overall demand in global market, with stable order backlog development in the quarter High demand in transmission & distribution, hydro and nuclear, while thermal, solar and wind power are impacted by short-term variations Despite significant currency headwinds impacting sales, profitability remains at high level Net sales, SEK million 1,444 (1,550) Sales growth, % -6.8 -1.3 adj. org. EBITA margin, % 12.5 (11.5)
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2026 -02-05 Q4 2025 Industry Global Division Net sales, SEK million 2,970 (3,166) Sales growth, % -6.2 -6.0 adj. org. EBITA margin, % 8.9 (8.0) Global uncertainty continues to weigh on market conditions in the industrial sector Strong demand in defense, while pulp and paper remains subdued Restructuring efforts had negative impact on sales while profitability improved
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2026 -02-05 Q4 2025 Transportation & Places Global Division Transport infrastructure market is generally strong while real estate remains at low level Sales decline due to capacity adjustments to mitigate weak market in parts of the business New head of Global Division as of January 19 Net sales, SEK million 2,431 (2,538) Sales growth, % -4.2 -1.9 adj. org. EBITA margin, % 7.9 (9.1)
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— Richard Beard joined AFRY on January 19 as EVP and Head of Transportation & Places, and became a member of the Executive Team — Brings more than 35 years of international leadership experience in consulting and engineering at major global firms — Strong track record in strategic business development and leading transformational change 2026 -02-05 Q4 2025 Richard Beard appointed new Head of Global Division Transportation & Places Q4 2025
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Project management for MEPCO’s new paper machine line 2026 -02-05 Q4 2025 New client projects Q4 2025 AFRY has won a project management contract by MEPCO for their cardboard paper machine project. AFRY has been involved from early development through implementation and will now leverage its pulp & paper expertise to ensure successful completion. Building on 30 years of collaboration, AFRY and Vattenfall have signed a new framework agreement covering technical consulting services across multiple areas and regions. AFRY will contribute expertise in nuclear, hydro, and wind power. AFRY has been selected to manage quality assurance for railway engineering equipment in the Lötschberg Base Tunnel expansion. With extensive railway expertise, AFRY will support the project’s goal of strengthening sustainable transport through the Alps. Framework agreement with Vattenfall for technical consultancy services Expansion of the Lötschberg railway tunnel in Switzerland
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Energy (#6)Industry (#6) 2026 -02-05 Q4 2025 Pulp & Paper Food Life Science Chemicals Metals Automotive Mining Thermal Hydro Operations & Maintenance Wind Power Solar Power Transmission & Distribution 1 3 5 7 7 10 New ENR ranking reaffirms AFRY’s globally leading positions Q4 2025 — The 2025 ENR ranking1 places AFRY among the world’s top engineering and design companies — Ranked #6 globally in overall Industry and Energy sectors — Maintains market-leading position in Pulp & Paper, and advancing to #3 (7) in Hydro — First-time top 10 recognition in the Solar category 2 3 4 9 9 9 1 Engineering News-Record 2025 Top 225 International Design Firms Note: ‘Life Science’ refers to category ‘Pharmaceuticals’, ‘Automotive’ to category ‘Auto assembly parts’, ’Metals’ to category ‘Steel’ and ‘Thermal’ to category ‘Cogeneration’. 9
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1 Refers to voluntary resignations 2 Universum’s employer branding survey 20252026 -02-05 Q4 2025 Q4 2025 Being the home of best-in-class engineers and advisors Steady decline in attrition rate since 2022 — Employer attractiveness is a key priority for AFRY and an integral part of delivering on our strategy — With a strong focus on inclusive leadership and culture, we aim to be the home of best-in-class engineers and advisors AFRY is recognised as the #1 most attractive employer by young professional engineers in Sweden with a bachelor’s degree2 0 5 10 15 20 Attrition rate1, R12, % Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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Change color of the logo 1. Right-click outside work area 2. Select Format Background from the menu 3. Select Solid fill 4. You may only choose from White or Black Financial summary 2026 -02-05 Q4 2025
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2026 -02-05 Q4 2025 Q4 2025 Financial overview EBITA excl. IAC, quarterly and R12, SEK millionNet sales, quarterly and R12, SEK million 7,135 7,085 6,647 26,978 27,160 25,758 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 596 586 577 2,032 2,113 1,867 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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— Sales decline due to challenging market and capacity adjustments — Currency headwinds continue to have significant impact on sales (-2.7%) — Minor calendar effect in Q4 — Structural effects from Reta acquisition 2026 -02-05 Q4 2025 Net sales Net sales, SEK million Comments Q4 2025 -4.3% -6.2% 8 51 Q4 2024 Price/Volume Adj. Organic Calendar FX Structural Q4 2025 7,085 -302 6,783 -195 6,647
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-8.3 -6.0 -2.2 -1.3 — Continued decline in organic growth, driven by challenging market and FTE reductions — Slight decline in Energy sales reflects short-term variations in some segments — Industry remains in negative growth — Capacity adjustments impacting sales development in Transportation & Places 2026 -02-05 Q4 2025 Q4 2025 Growth development Adjusted organic growth by Global Division, %Group adjusted organic growth, y-o-y, % Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Comments Industry Transportation & Places Q2 2025 Q3 2025 Q2 2025 Q3 2025 Energy -0.3 -0.9 -2.5 -3.7 -4.3 Q3 2025 Q4 2025 2.7 -1.9
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Comments Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 20.1 20.2 20.7 20.4 20.4 2026 -02-05 Q4 2025 Q4 2025 Order backlog Order backlog by Global Division, SEK billionGroup order backlog, SEK billion — Order backlog growing 1.3% y-o-y, and 5.4% currency-adjusted — Stable development across Divisions — Strongest increase in Transportation & Places +1.3% Energy 5.9 5.9 6.1 6.2 8.1 8.3 Q4 2024 Q4 2025 Industry Transportation & Places
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586 586 577 Q4 2024 0 Calendar effect Cal. Adj. Q4 2024 Q4 2025 2026 -02-05 Q4 2025 Q4 2025 EBITA development EBITA margin by Global Division, SEK billionGroup EBITA excl. IAC, SEK million Comments Energy Industry Transportation & Places — Margin improvement driven by capacity adjustments and improved utilization — No calendar effects in Q4 — Industry improving margins despite sales decline — Energy and Transportation & Places show normal variations -9 EBITA margin 8.3% 8.3% 8.7% 11.5 12.5 8.0 8.9 9.1 7.9 Q4 2024 Q4 2025
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— First y-o-y improvement of utilization in 14 quarters — Reflects our strong focus on operational efficiency — Improvement supported by strategic capacity adjustments 2026 -02-05 Q4 2025 Utilization trend Capacity utilization, % Comments Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 73.6 72.6 73.4 72.2 72.3 71.1 72.6 72.0 72.8 +0.5pp
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2026 -02-05 Q4 2025 Q4 2025 Restructuring CommentsRestructuring costs, SEK million 91 Q2 25 (act.) 31 161 200-300 H1 26 (est.) Q4 25 (act.) Q3 25 (act.) — Significant progress in restructuring efforts during the quarter, with -161 SEK million reported as IAC — Remaining parts of restructuring will be finalized in H1 2026 — We estimate that restructuring costs from Q3 2025-Q2 2026 will be at the upper end of our guidance of SEK 200-300 million
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2026 -02-05 Q4 2025 Calendar and estimated calendar effects 2026 Q4 2025 Weighted available hours Estimated EBITA impact, MSEK2026 2025 Diff. Q1 495 496 -1 -5 Q2 477 476 1 +15 Q3 526 525 1 +5 Q4 500 494 6 +50 Full-year 1,997 1,991 6 +65
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Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 4.6 4.7 5.1 5.1 3.9 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 4.2 3.9 3.8 3.8 4.4 117 353 418 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,304 1,333 2026 -02-05 Q4 2025 Q4 2025 Cash flow and financial position Available liquidity, SEK billionOperating cash flow, SEK million Net debt/EBITDA excl. IFRS 16, timesNet debt excl. IFRS 16, SEK billion +0.6 -1.2 -0.4 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2.1 2.3 2.9 2.9 2.5 +29
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Priorities going forward 2026 -02-05 Summary Q4 2025 — Efforts to focus, simplify, and harmonize the business are delivering results — Ending the year with margin uplift, improved utilization and a strengthened order backlog — Global uncertainty continues to impact market conditions Q4 summary Maintaining business momentum and manage current market conditions Continued strategy execution at high pace Further strengthening order backlog and utilization Completing remaining parts of restructuring agenda and portfolio optimization
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Change color of the logo 1. Right-click outside work area 2. Select Format Background from the menu 3. Select Solid fill 4. You may only choose from White or Black 2026 -02-05 Q4 2025