Slides
Page 1
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 Q3 2026 Linda Pålsson, President and CEO Bo Sandström, CFO 2026 -10-22 Q3 2026
Page 2
2026 -10-22 Q3 2026 Q3 2026: Stable results with improved key metrics 5,793 (5,687) Net sales SEK million 392 (362) EBITA excl. IAC SEK million 6.8% (6.4)1 EBITA margin excl. IAC Total sales growth of 1.9% and -1.5% adj. organic Continued improvement in utilization rate to 72.9% (72.0) Clear focus on driving organic growth EBITA margin excl. IAC increased to 6.8% (6.4) Strong order backlog of SEK 22.1b 1 Comparative figure adjusted for calendar effects
Page 3
2026 -10-22 Q3 2026 Energy Global Division Net sales, SEK million 1,411 (1,344) Adj. organic sales growth, % 4.9 EBITA margin, % 9.6 (9.8) Strong demand across segments driven by electrification, grid expansion and fossil-free energy production AFRY Management Consulting again recognized by Forbes as one of the world’s best management consulting firms Solid quarterly growth, supported by high level of materials sales
Page 4
2026 -10-22 Q3 2026 Industry Global Division Net sales, SEK million 2,649 (2,510) Adj. organic sales growth, % -0.8 EBITA margin, % 8.4 (7.2) Mixed demand with continued strength in defense and mining & metals, while pulp & paper remains soft Strengthened our life science presence in Germany with dedicated senior leadership AMC acquisition and project closings contributed positively to sales and profitability
Page 5
2026 -10-22 Q3 2026 Transportation & Places Global Division Net sales, SEK million 1,914 (2,011) Adj. organic sales growth, % -6.2 EBITA margin, % 5.1 (5.6) Stable market for transportation while real estate opportunities are driven by defense, healthcare and data centers Architecture established as a new segment in the division, strengthening cross-segment collaboration Solid performance in transportation business offset by continued weak real estate
Page 6
2026 -10-22 Q3 2026 New client projects Q3 2026 Modernizing Switzerland’s power grid with Swissgrid Design for renovation of Liljeholmen bridges Lead engineering for NorthStarH2 e-methanol plant AFRY has been selected to provide engineering services for three substations and related infrastructure as part of Swissgrid’s Innertkirchen- Ulrichen project. The project will increase grid capacity to meet future electricity demand and enable greater integration of renewable energy. Uniper’s NorthStarH2 is one of Sweden’s most promising Power-to-X projects, designed to produce 115,000 tonnes of fossil-free methanol annually. As the lead engineering partner, AFRY’s expertise in sustainable fuels will be key to advancing the project from planning to investment decision. AFRY has been awarded a contract by the Stockholm Traffic Office to deliver detailed design for the major renovation of the Liljeholmen bridges, a key transport link in the city. The project will significantly extend the service life of the bridges and ensure their continued safe operation. Photo: Swissgrid
Page 7
2026 -10-22 Q3 2026 Recruiting for growth Q3 2026 Strong employer brand supports talent attraction Harmonizing employer brand to strengthen talent attraction globally Hiring across engineering, advisory and project management roles Onboarding and upskilling through dedicated programs such as Future Energy and Nuclear Academy Growing capacity in core markets and scaling global delivery centers 1 Academic Work’s Young Professional Attraction Index 2026
Page 8
Project delivery platform Create a secure platform that connects people, tools and data to improve planning, engineering automation and overall quality and speed Commercial excellence Streamlining support functions Use AI to identify opportunities and reduce time spent on bids, increasing client-facing time and productivity Automate administrative tasks and enhance internal service delivery through e.g. agents and self-service analytics Client delivery Operations Our approach to AI Technology and AI 2026 -10-22 Q3 2026 Support clients in the use of AI and data, including AI-powered software and platforms Digital offering
Page 9
Use case: Scaling our engineering expertise with AI Technology and AI 2026 -10-22 Q3 2026 — Reviewing outcomes is time-consuming; AI can continuously review as content is created — Improves quality and reduces manual review time, while ensuring expert oversight — Engineers can focus on higher-value work and solving complex client challenges Rethinking conceptual design delivery “We can do hundreds of high-effort checks in less than one hour which would take a human engineer several days to perform” “This allows us to complete conceptual designs more efficiently with higher quality, and creating more opportunities for larger projects” Insights from our engineers:
Page 10
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 -10-22 Q3 2026
Page 11
2026 -10-22 Q3 2026 Q3 2026 Financial overview EBITA and EBITA margin1, AFRY GroupSales and adj. organic growth, AFRY Group 5,993 5,687 5,793 0.1 -3.7 -1.5 0 2,000 4,000 6,000 8,000 -30 0 30 -15 15 SEK million % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 365 362 392 0 200 400 600 800 0 2 4 6 8 10 SEK million % 7.8 Q3 24 Q4 24 Q1 25 Q2 25 7.2 Q3 25 Q4 25 Q1 26 Q2 26 7.4 Q3 26 1 Excluding items affecting comparability EBITA margin on rolling 12 months basis
Page 12
Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 20.4 20.4 21.5 22.4 22.1 2026 -10-22 Q3 2026 Q3 2026 Order backlog Order backlog by Global Division, SEK billionGroup order backlog, SEK billion — Order backlog growing 8.3% y-o-y and 5.8% currency-adjusted, with increases in all divisions — Stable development sequentially — Energy continues to be a key driver +8.3% Energy Industry Transportation & Places Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.2 5.9 6.8 7.0 7.0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.3 6.1 6.1 6.7 6.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 7.9 8.3 8.5 8.6 8.6 +13. 6% +3.1% +8.3% Comments
Page 13
— Positive total growth driven by AMC contribution — Organic sales declining at a lower rate than previous quarters — Strategic capacity adjustments still impacting overall volumes — Minor calendar effect 2026 -10-22 Q3 2026 Net sales Net sales, SEK million Comments Q3 2026 5 52 132 Q3 2025 Price/Volume Adj. Organic Calendar FX Structural Q3 2026 5,687 -84 5,604 5,793 -1.5% 1.9%
Page 14
2026 -10-22 Q3 2026 Q3 2026 Organic growth (adj.) by Global Division Energy -12 -8 -4 0 4 8 12 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -2.2 -1.3 1.8 0.4 4.9 Industry Transportation & Places -12 -8 -4 0 4 8 12 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -8.3 -6.0 -6.1 -7.6 -0.8 -12 -8 -4 0 4 8 12 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2.7 -1.9 -5.4 -5.4 -6.2 — Growth driven by strong demand across segments and a high level of materials sales in the quarter — Sales volumes impacted positively by several project closings in the quarter — Continued decline driven by a lower employee base following capacity adjustments
Page 15
— Four quarters of improvement YoY — Continued improvement in all divisions — Driven by both efficiency measures and capacity adjustments — Limited impact from increased recruitment so far 2026 -10-22 Q3 2026 Utilization Utilization rate, % Comments Q3 2026 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 72.2 72.3 71.1 72.6 72.0 72.8 72.2 73.5 72.9 +0.9pp
Page 16
2026 -10-22 Q3 2026 EBITA EBITA excl. IAC, SEK million Comments Q3 2026 — Margin improved compared to last year — AMC and project closings in Industry contributing positively — Group cost at similar level as last year — No IAC reported for Q3 362 366 392 Q3 2025 4 Calendar effect Cal. adj. Q3 2025 Q3 2026 EBITA margin 6.4% 6.4% 6.8% +26
Page 17
2026 -10-22 Q3 2026 Q3 2026 EBITA margin by Global Division Energy 0 5 10 15 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 9.8 9.6 -2% Industry Transportation & Places 0 5 10 15 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 7.2 8.4 +17% 0 5 10 15 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 5.6 5.1 -9% — Profitability at solid level despite some margin dilution from materials sales — Quarterly margin supported by AMC and project closings — Profitability remains pressured by lower volumes and weak real estate business -0.2 pp +1.2 pp -0.5pp
Page 18
Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 5.1 3.9 4.1 4.7 4.8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 3.8 4.4 5.2 4.3 3.9 418 -74 830 64 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,333 -354 2026 -10-22 Q3 2026 Q3 2026 Cash flow and financial position Available liquidity, SEK billionOperating cash flow, SEK million Net debt/EBITDA1 excl. IFRS 16, timesNet debt excl. IFRS 16, SEK billion -0.3 +0.1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2.9 2.5 2.7 3.0 3.0 -354 0.0 1 EBITDA on a rolling 12-month basis, including items affecting comparability
Page 19
Final remarks 2026 -10-22 Q3 2026
Page 20
2026 -10-22 Priorities going forward Q3 2026 Drive profitable growth Maintain cost discipline and focus on efficiency Advance digital and AI initiatives Q3 2026 Increase recruitment and scale up global delivery centers SEK 35b Net sales 10% EBITA margin1 2.5x Net debt/EBITDA2 1 EBITA excluding items affecting comparability 2 Excluding effects of IFRS 16 Leases 2028 targets Sales and delivery to clients
Page 21
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 -10-22 Q3 2026