Interim report
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Interim Report January-September 2026
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Order backlog, SEK million 22,090 (20,399) Third quarter 6.76757535261083 EBITA margin excluding items affecting comparability, % 6.8 (6.4)1 EBITA excluding items affecting comparability, SEK million 392 (362) Net sales, SEK million 5,793 (5,687) Stable results with improved key metrics Third quarter 2026 – The order backlog amounted to SEK 22.1 billion (20.4) at the end of the quarter – Net sales increased by 1.9 percent to SEK 5,793 million (5,687) – Organic growth adjusted for calendar effects was -1.5 percent – Calendar effects had an impact of SEK 5 million on net sales and SEK 4 million on EBITA – The utilization rate was 72.9 percent (72.0) – EBITA excluding items affecting comparability amounted to SEK 392 million (362), with a corresponding EBITA margin of 6.8 percent (6.4) – EBITA amounted to SEK 392 million (331), with an EBITA margin of 6.8 percent (5.8) – EBIT amounted to SEK 347 million (288) – Earnings per share amounted to SEK 1.80 (1.21) January-September 2026 – Net sales decreased by 2.5 percent to SEK 18,629 million (19,111) – Organic growth adjusted for calendar effects was -3.8 percent – Calendar effects had an impact of SEK 26 million on net sales and SEK 20 million on EBITA – The utilization rate was 72.9 percent (71.9) – EBITA excluding items affecting comparability amounted to SEK 1,299 million (1,290), with a corresponding EBITA margin of 7.0 percent (6.8) – EBITA amounted to SEK 1,197 million (1,138), with an EBITA margin of 6.4 percent (6.0) – EBIT amounted to SEK 1,074 million (1,013) – Earnings per share amounted to SEK 5.63 (5.12) AFRY Interim Report January-September 2026 | 2 1) Excluding items affecting comparability. Net sales EBITA and EBITA margin1 Net sales, SEK million Organic growth adjusted for calendar effects, % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 1,500 3,000 4,500 6,000 7,500 -15 -10 -5 0 5 10 EBITA, SEK million EBITA margin (rolling 12 months), % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 150 300 450 600 750 0 2 4 6 8 10 1) Comparative figure adjusted for calendar effects
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Comments from the CEO AFRY delivered stable results for the third quarter, with an improved utilization rate and a strong order backlog. During the quarter, we continued to build on the operational improvements achieved over the past year. The EBITA margin improved, while organic sales declined, but at a lower rate than in previous quarters. Going forward, we remain focused on driving organic growth and converting our progress into sustainable profitability uplift. Market update The market environment remained mixed across segments but was broadly stable during the quarter, underpinned by long-term investment themes such as the energy transition, industrial decarbonization and societal resilience. Investments in electrification, grid expansion and fossil-free energy production supported continued strong demand across the energy sector. In the industrial market, growth opportunities are strong in areas such as defense and mining and metals, while pulp and paper and automotive continued to show caution during the quarter. The real estate market remained weak while demand for transport infrastructure solutions was solid. Financial results Net sales amounted to SEK 5,793 million (5,687) with total growth of 1.9 percent. Structural effects contributed SEK 132 million in the quarter, primarily driven by the acquired company AMC. Organic growth adjusted for calendar effects was -1.5 percent and reflects the capacity adjustments implemented as part of the restructuring agenda completed in the second quarter. EBITA excluding items affecting comparability amounted to SEK 392 million (362), with a corresponding EBITA margin of 6.8 percent (6.4).The utilization rate improved to 72.9 percent (72.0) and contributed positively to the profitability improvement. Calendar effects had a limited impact on the quarter, and no items affecting comparability were reported. Operating cash flow amounted to SEK 64 million (418). The net debt/EBITDA ratio amounted to 3.0 and was temporarily elevated following the dividend payout and acquisition activity in the second quarter. New projects Our order backlog continued to be strong and amounted to SEK 22.1 billion (20.4) at the end of the period. During the quarter, AFRY won several contracts that highlight our broad capabilities in helping clients address future energy, industry and infrastructure needs. In Switzerland, AFRY was awarded new assignments by Swissgrid for the modernization of its power network, a key enabler to meet growing electricity demand. We were also selected to lead engineering for Uniper’s planned NorthStarH2 e-methanol plant in Sweden, supporting the transition to more sustainable fuels. In Stockholm, AFRY will deliver detailed design for the major renovation of the Liljeholmen bridges, one of the city’s important transport links. Priorities going forward Over the past year, we have established a more efficient and harmonized platform for growth, that enables greater scalability. With a clear focus on growth and continued cost discipline, we are now working to capture profitability uplift from the measures we have implemented. Harmonization and scalability also provide the foundation for our continued digitalization. We are progressively building the capabilities, tools, and governance needed to integrate AI into both internal processes and client deliveries. In this work, we prioritize scalable use cases with the potential to drive growth across multiple segments. To support our growth ambitions, we will increase the pace of recruitment while continuing to scale capacity in our global delivery centers. With strong foundations already in place, we will continue our work to deliver profitable growth and achieve our 2028 targets. Linda Pålsson President and CEO AFRY Interim Report January-September 2026 | 3 To support our growth ambitions, we will increase the pace of recruitment.
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New assignments AFRY Interim Report January-September 2026 | 4 Modernizing Switzerland's power grid with Swissgrid Swissgrid is modernizing its power network to increase capacity, meet future electricity demand and integrate more renewable energy. As part of the Innertkirchen-Ulrichen project, AFRY will provide multidisciplinary engineering services for three substations and related infrastructure. AFRY brings extensive experience in transmission infrastructure and complex grid development, supporting the strengthening of Switzerland's future energy system. Design for renovation of the Liljeholmen bridges AFRY has been awarded a contract by the Stockholm Traffic Office to deliver detailed design for the major renovation of the Liljeholmen bridges, one of Stockholm's most vital transport connections. Building on involvement in the project since 2024, AFRY brings its extensive expertise in bridge engineering and complex infrastructure projects to the next phase. The renovation will extend the service life of the bridges significantly and support their continued safe and efficient operation for generations to come. Lead engineering for NorthStarH2 e-methanol plant AFRY has been selected by Uniper to lead the engineering of the NorthStarH2 e-methanol production facility in Sweden, one of the country's most promising Power-to-X projects. The facility is designed to produce around 115,000 tonnes of fossil-free methanol annually, supporting the decarbonization of hard-to-abate sectors such as transport and the chemical industry. AFRY's expertise in sustainable fuels will be key to advancing the project from planning to investment decision. Modern and reliable power networks are critical to meet future electricity demand.
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Financial summary Third quarter 2026 Order backlog The order backlog at the end of the quarter amounted to SEK 22,090 million (20,399), an increase of 8.3 percent compared to last year. All Global Divisions contributed to this growth, with the largest increase in Global Division Energy. Net sales Net sales for the quarter amounted to SEK 5,793 million (5,687), with total growth of 1.9 percent. Structural effects contributed SEK 132 million and were mainly related to AMC, which was acquired in the second quarter. Organic growth was -1.4 percent, and -1.5 percent when adjusted for calendar effects. The negative organic growth was mainly a result of strategic capacity adjustments implemented in previous quarters. Sales growth Q3 Q3 Jan-Sep Jan-Sep Full year % 2026 2025 2026 2025 2025 Total growth 1.9 -5.1 -2.5 -4.8 -5.2 (-) Structural effects 2.3 0.2 1.6 0.1 0.2 (-) Currency effects 0.9 -2.0 -0.4 -1.8 -2.0 Organic growth -1.4 -3.4 -3.7 -3.1 -3.4 (-) Calendar effects 0.1 0.3 0.1 -0.8 -0.6 Organic growth adjusted for calendar effects -1.5 -3.7 -3.8 -2.3 -2.8 Operating profit EBITA excluding items affecting comparability amounted to SEK 392 million (362), corresponding to an EBITA margin of 6.8 percent (6.4). Calendar effects had a positive impact of SEK 4 million on EBITA. Items affecting comparability for the quarter amounted to SEK 0 million (-31). EBITA amounted to SEK 392 million (331), corresponding to an EBITA margin of 6.8 percent (5.8). EBIT amounted to SEK 347 million (288). Acquisition-related items mainly consisted of amortization of acquisition-related intangible assets totaling SEK -45 million (-43). Utilization rate The utilization rate improved during the quarter to 72.9 percent (72.0). Financial items Net financial items amounted to SEK -70 million (-86) and profit after financial items was SEK 277 million (203). Income tax Tax expense amounted to SEK -73 million (-65) for the quarter, corresponding to an effective tax rate of 26.4 percent (32.1). The effective tax rate in the comparison period was affected by an adjustment of tax attributable to prior years. Profit for the period Profit after tax attributable to shareholders in the parent company was SEK 204 million (137), resulting in earnings per share of SEK 1.80 (1.21) for the quarter. Financial overview Amounts in SEK million unless otherwise stated Q3 Q3 Jan-Sep Jan-Sep Full year 2026 2025 2026 2025 2025 Order backlog — — 22,090 20,399 20,396 Net sales 5,793 5,687 18,629 19,111 25,758 Total growth, % 1.9 -5.1 -2.5 -4.8 -5.2 Organic growth adjusted for calendar effects, % -1.5 -3.7 -3.8 -2.3 -2.8 EBITA excl. items affecting comparability 392 362 1,299 1,290 1,867 EBITA margin excl. items affecting comparability, % 6.8 6.4 7.0 6.8 7.2 EBITA 392 331 1,197 1,138 1,554 EBITA margin, % 6.8 5.8 6.4 6.0 6.0 Operating profit (EBIT) 347 288 1,074 1,013 1,387 Profit after financial items 277 203 884 763 1,061 Earnings per share, SEK 1.80 1.21 5.63 5.12 7.07 Cash flow from operating activities 64 418 820 887 2,220 Net debt¹ — — 4,843 5,086 3,904 N e t d e b t / E B I T D A , t i m e s ¹ ˒ ² — — 3.0 2.9 2.5 Number of employees — — 17,179 17,890 17,898 Utilization rate, % 72.9 72.0 72.9 71.9 72.1 1) Excluding the effects of IFRS 16 Leases. 2) EBITDA on a rolling 12-month basis, including items affecting comparability. Organic growth, EBITA, EBITA excluding items affecting comparability, and net debt are defined as alternative performance measures, see detailed information from page 21. AFRY Interim Report January-September 2026 | 5
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Cash flow and liquidity Cash flow from operating activities amounted to SEK 64 million (418) during the quarter, including the effects of lease liabilities. The decrease in cash flow compared to last year was primarily attributable to changes in working capital, which affected cash flow from operating activities by SEK -336 million (105), mainly due to a lower level of advance payments. Cash flow from investing activities was SEK -20 million (-227). Cash flow from financing activities amounted to SEK -362 million (-174). The change compared to last year was mainly due to repayment of borrowings during the quarter. Cash flow for the quarter totaled SEK -318 million (16). January-September 2026 Net sales Net sales for the period amounted to SEK 18,629 million (19,111), with total growth of -2.5 percent. Organic growth was -3.7 percent, and -3.8 percent when adjusted for calendar effects. Currency and calendar effects impacted net sales by SEK -83 million and SEK 26 million, respectively. The decrease in net sales was primarily a result of strategic capacity adjustments. Operating profit EBITA excluding items affecting comparability amounted to SEK 1,299 million (1,290) during the period, corresponding to an EBITA margin of 7.0 percent (6.8). Calendar effects had a positive impact of SEK 20 million on EBITA. Items affecting comparability amounted to SEK -102 million (-152) and related to costs for the restructuring efforts completed in the second quarter. Items affecting comparability in the comparison period included restructuring costs of SEK -122 million, and final salary for the former President and CEO. EBITA amounted to SEK 1,197 million (1,138) corresponding to an EBITA margin of 6.4 percent (6.0). EBIT amounted to SEK 1,074 million (1,013). Acquisition-related items mainly consisted of amortization of acquisition-related intangible assets totaling SEK -128 million (-128). Utilization rate The utilization rate improved to 72.9 percent (71.9). Financial items Net financial items amounted to SEK -190 million (-249) for the period. The change compared to last year was primarily a result of positive currency effects from revaluations of financial instruments in foreign currencies. Profit after financial items amounted to SEK 884 million (763). Income tax Tax expense amounted to SEK -246 million (-180) corresponding to an effective tax rate of 27.8 percent (23.5). The effective tax rate was somewhat higher than normal and was affected by adjustments of tax attributable to previous years. Profit for the period Profit after tax attributable to shareholders in the parent company was SEK 638 million (580), resulting in earnings per share of SEK 5.63 (5.12) for the period. Cash flow and liquidity Cash flow from operating activities amounted to SEK 820 million (887) during the period, including the effects of lease liabilities. Changes in working capital affected cash flow from operating activities by SEK -257 million (-239). Cash flow from investing activities was SEK -680 million (-277). The change compared to last year can mainly be explained by the acquisition of AMC in the second quarter. Cash flow from financing activities amounted to SEK -675 million (-1,040). The change compared to last year was mainly attributable to a higher net inflow from borrowing and amortization of loans. Cash flow for the period totaled SEK -535 million (-429). At the end of the period, the Group had consolidated cash and cash equivalents of SEK 885 million (756) and unutilized credit facilities of SEK 3,051 million (3,055). Financial position Consolidated net debt excluding lease liabilities amounted to SEK 4,843 million at the end of the period, compared to SEK 3,904 million at the beginning of the year. The corresponding net debt/EBITDA ratio was 3.0, compared to 2.5 at the beginning of the year. The change in the ratio during the period was driven by net debt, which increased as a result of the dividend payout and the payment for the AMC acquisition in the second quarter. Adjusted for items affecting comparability, the net debt/EBITDA ratio was 2.5 at the end of the period. A four-year bond loan totaling SEK 1,500 million was raised within the MTN program during the period. In addition, a repayment of SEK 248 million was made on the bond loan maturing in December 2026, while the entire bond loan of SEK 500 million that matured in May 2026 was repaid. During the third quarter, AFRY repaid all outstanding commercial paper borrowings and, consequently, had no outstanding debt under the commercial paper program. Net debt Financial summary AFRY Interim Report January-September 2026 | 6 Net debt excl. IFRS 16, SEK million Net debt/EBITDA excl. IFRS 16, rolling 12 months, times Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 2,000 4,000 6,000 0 2 4 6
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Significant events during the quarter No significant events during the quarter have been identified. Significant events after the reporting period No significant events after the reporting period have been identified. All company press releases are available at www.afry.com/newsroom. Parent company The parent company’s operating income totaled SEK 1,162 million (1,135) during the period and primarily related to internal services within the Group. Profit/loss after net financial items amounted to SEK -354 million (-157). Cash and cash equivalents amounted to SEK 142 million (116) at the end of the period. Number of employees The average number of full-time equivalents (FTEs) during the period was 16,377 (17,149). The total number of employees at period-end was 17,179 (17,890). Calendar effects The number of normal working hours during 2026, based on a 12-month sales- weighted business mix, breaks down as follows: 2026 2025 Difference Q1 494 496 -2 Q2 478 476 2 Q3 525 525 0 Q4 501 494 7 Full-year 1,998 1,991 7 Estimated calendar effects are continually updated based on actual outcomes. To clarify how differences in the number of working hours affect comparisons between periods, AFRY reports calendar effects on net sales and EBITA in SEK million. AFRY also presents an EBITA margin adjusted for calendar effects. This adjustment is made in the comparison period. Financial summary AFRY Interim Report January-September 2026 | 7
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Energy 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. Segments: Hydro, Nuclear, Thermal, Renewables & Energy Storage, Transmission & Distribution, Management Consulting Net sales Net sales increased to SEK 1,411 million (1,344) in the third quarter with organic growth adjusted for calendar effects of 4.9 percent. Growth was driven by strong demand in several segments and a high level of materials sales during the quarter. EBITA and EBITA margin EBITA amounted to SEK 135 million (131) in the quarter, with an EBITA margin of 9.6 percent (9.8). Profitability remained at a solid level despite some margin dilution from the high share of materials sales. Market development Market conditions in the global energy sector remain favorable, driven by investments to strengthen energy systems through new power generation, grid expansion, storage and flexible capacity. Demand is strong in transmission and distribution, and activity in hydropower remains high. Interest in nuclear continues to increase, driven by demand for reliable and carbon-free baseload power. Activity in thermal power is stable, while demand for solar and wind power varies across markets. Demand for strategic advisory remains stable. SEK million unless otherwise stated Q3 Q3 Jan- Sep Jan- Sep Full year 2026 2025 2026 2025 2025 Order backlog — — 6,998 6,159 5,925 Net sales 1,411 1,344 4,271 4,257 5,712 Total growth, % 4.9 -5.2 0.3 -1.3 -2.8 Organic growth adjusted for calendar effects, % 4.9 -2.2 2.2 1.8 1.0 EBITA 135 131 435 418 597 EBITA margin, % 9.6 9.8 10.2 9.8 10.5 Average full-time equivalents (FTEs) 2,844 2,804 2,820 2,827 2,822 The historical figures have been adjusted for organizational changes. Global Divisions AFRY Interim Report January-September 2026 | 8 Division Energy Net sales, SEK millionEBITA margin, % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 500 1,000 1,500 2,000 0 5 10 15 20 Orderbok, MSEK 2,800 employees 21% share of sales Sales and results Key ratios
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Industry 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 7,400 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. Segments: Pulp & Paper, Mining & Metals, Life Science, Food, Chemicals & Biorefining, Defense, Automotive & Other Industries Net sales Net sales increased by 5.5 percent in the third quarter and amounted to SEK 2,649 million (2,510). The acquired company AMC had a positive impact on total growth. Organic growth adjusted for calendar effects was -0.8 percent. EBITA and EBITA margin EBITA amounted to SEK 223 million (181), corresponding to an EBITA margin of 8.4 percent (7.2). Profitability was positively impacted by AMC and several project closings during the quarter. Market development Demand in the industrial sector remains mixed across segments. The defense sector continues to show strong demand, while market conditions remain favorable in mining and metals, life science and chemicals and biorefining. Overall investment sentiment for larger projects is still subdued, and demand in the pulp and paper industry remains at low levels. The automotive market continues to be marked by pricing pressure, although demand is stable. Demand for operational services and technical consulting remains solid across all segments, supported by clients' focus on efficiency and operational excellence. SEK million unless otherwise stated Q3 Q3 Jan- Sep Jan- Sep Full year 2026 2025 2026 2025 2025 Order backlog — — 6,521 6,324 6,146 Net sales 2,649 2,510 8,513 8,631 11,621 Total growth, % 5.5 -9.0 -1.4 -8.5 -7.9 Organic growth adjusted for calendar effects, % -0.8 -8.3 -5.1 -6.1 -6.0 EBITA 223 181 711 681 947 EBITA margin, % 8.4 7.2 8.4 7.9 8.1 Average full-time equivalents (FTEs) 7,061 7,389 7,127 7,457 7,450 The historical figures have been adjusted for organizational changes. Global Divisions AFRY Interim Report January-September 2026 | 9 Net sales, SEK millionEBITA margin, % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 1,000 2,000 3,000 4,000 0 3 6 9 12 Orderbok, MSEK 7,400 employees 44% share of sales Sales and results developmentSales and results Key ratios
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Transportation & 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. Segments: Transportation, Places, Architecture Net sales Net sales for the third quarter amounted to SEK 1,914 million (2,011) with organic growth adjusted for calendar effects of -6.2 percent. The lower net sales compared to last year were mainly due to strategic capacity adjustments, resulting in a lower number of employees. EBITA and EBITA margin EBITA amounted to SEK 98 million (113), corresponding to an EBITA margin of 5.1 percent (5.6). Solid performance in the transportation business was offset by the lower sales volumes and a continued challenging market in the real estate business. Market development The transport infrastructure market continues to be stable, benefiting from large-scale national investment programs, climate adaptation measures, defense-related spending and compliance-driven upgrades in water and environmental infrastructure. The real estate market remains challenging, with strong competition and weak price developments. At the same time, demand is being supported by investments in public infrastructure, healthcare, defense and data centers. SEK million unless otherwise stated Q3 Q3 Jan- Sep Jan- Sep Full year 2026 2025 2026 2025 2025 Order backlog — — 8,571 7,915 8,326 Net sales 1,914 2,011 6,346 6,724 9,125 Total growth, % -4.8 1.4 -5.6 -1.7 -2.4 Organic growth adjusted for calendar effects, % -6.2 2.7 -5.6 0.6 -0.1 EBITA 98 113 372 436 628 EBITA margin, % 5.1 5.6 5.9 6.5 6.9 Average full-time equivalents (FTEs) 5,427 5,923 5,509 5,952 5,926 The historical figures have been adjusted for organizational changes. Global Divisions AFRY Interim Report January-September 2026 | 10 Net sales, SEK millionEBITA margin, % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 1,000 2,000 3,000 0 4 8 12 Orderbok, MSEK 6,000 employees 35% share of sales Sales and results 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, 2026. 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 22, 2026 Deloitte AB Johan Telander Authorized Public Accountant AFRY Interim Report January-September 2026 | 11
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Financial statements Consolidated income statement Q3 Q3 Jan-Sep Jan-Sep Oct 2025- Full year SEK million 2026 2025 2026 2025 Sep 2026 2025 Net sales 5,793 5,687 18,629 19,111 25,276 25,758 Personnel expenses -3,441 -3,472 -11,363 -11,844 -15,335 -15,817 Purchases of services and materials -1,223 -1,171 -3,820 -3,835 -5,274 -5,289 Other expenses -575 -551 -1,780 -1,798 -2,429 -2,447 Other income 3 1 10 4 19 13 Profit/loss attributable to participation in associates — — — — 0 0 EBITDA 556 494 1,676 1,638 2,257 2,219 Depreciation/amortization and impairment of non-current assets¹ -165 -163 -479 -500 -644 -665 EBITA 392 331 1,197 1,138 1,613 1,554 Acquisition-related items² -45 -43 -122 -125 -165 -167 Operating profit (EBIT) 347 288 1,074 1,013 1,448 1,387 Financial income 77 42 280 227 335 282 Financial expenses -147 -128 -470 -476 -601 -607 Financial items -70 -86 -190 -249 -266 -326 Profit after financial items 277 203 884 763 1,182 1,061 Tax -73 -65 -246 -180 -323 -257 Profit for the period 204 138 638 584 859 804 Attributable to: Shareholders of the parent company 204 137 638 580 858 800 Non-controlling interest 0 1 0 3 1 4 Profit for the period 204 138 638 584 859 804 Earnings per share before dilution, SEK 1.80 1.21 5.63 5.12 — 7.07 Earnings per share after dilution, SEK 1.80 1.21 5.63 5.12 — 7.07 Number of shares outstanding³ 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 from page 21. 3) The number of outstanding shares has not been affected by dilution. Consolidated statement of comprehensive income Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2026 2025 2026 2025 2025 Profit for the period 204 138 638 584 804 Items that have been or will be reclassified to profit/loss for the period Change in translation reserve 223 -64 573 -410 -603 Change in hedging reserve 21 2 10 -13 -15 Tax -3 0 -2 0 0 Items that will not be reclassified to profit/loss for the period Revaluation of defined-benefit pension plans -4 -10 -33 -8 28 Tax 1 2 7 1 -6 Other comprehensive income 237 -71 555 -429 -595 Comprehensive income for the period 442 67 1,193 155 209 Attributable to: Shareholders of the parent company 442 66 1,193 151 205 Non-controlling interest 0 1 0 3 4 Total 442 67 1,193 155 209 AFRY Interim Report January-September 2026 | 12
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Consolidated statement of financial position Assets Non-current assets Intangible assets 16,427 15,611 15,365 Property, plant and equipment 299 321 317 Right of use assets 1,331 1,200 1,301 Other non-current receivables 514 398 418 Total non-current assets 18,571 17,530 17,401 Current assets Accounts receivable 4,726 4,023 4,743 Contract assets 2,842 3,607 2,661 Other current receivables 1,095 1,137 857 Cash and cash equivalents 885 756 1,378 Total current assets 9,549 9,522 9,639 Total assets 28,120 27,053 27,040 Equity and liabilities Equity Attributable to shareholders of the parent company 13,191 12,600 12,677 Attributable to non-controlling interest 1 26 1 Total equity 13,191 12,626 12,678 Non-current liabilities Loans and credit facilities 4,136 5,202 3,572 Lease liabilities 848 805 880 Provisions 610 602 552 Other non-current liabilities 53 18 55 Total non-current liabilities 5,646 6,628 5,059 Current liabilities Loans and credit facilities 1,489 500 1,615 Lease liabilities 594 527 538 Provisions 75 46 138 Contract liabilities 2,602 2,253 2,638 Trade payables 922 867 787 Other current liabilities 3,601 3,605 3,586 Total current liabilities 9,283 7,798 9,302 Total equity and liabilities 28,120 27,053 27,040 Sep 30 Sep 30 Dec 31 SEK million 2026 2025 2025 Consolidated statement of changes in equity Sep 30 Sep 30 Dec 31 SEK million 2026 2025 2025 Equity at start of period 12,678 13,151 13,151 Comprehensive income for the period 1,193 155 209 Dividends paid -680 -680 -680 Transactions related to non-controlling interest — — -3 Equity at end of period 13,191 12,626 12,678 Financial statements AFRY Interim Report January-September 2026 | 13
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Consolidated statement of cash flow Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2026 2025 2026 2025 2025 Operating activities Profit after financial items 277 203 884 763 1,061 Depreciation, amortization and impairment of non-current assets 209 206 607 628 836 Adjustment for non-cash items 19 22 -15 45 129 Taxes paid -106 -118 -400 -311 -337 Cash flow from operating activities before changes in working capital 400 312 1,077 1,126 1,689 Cash flow from changes in working capital Change in operating receivables 89 253 -60 -51 378 Change in operating liabilities -425 -148 -197 -188 152 Cash flow from operating activities 64 418 820 887 2,220 Investing activities Acquisition/divestment of subsidiaries and holdback/contingent considerations -5 -217 -628 -233 -253 Purchase and disposal of intangible and tangible assets -15 -18 -55 -63 -88 Change in financial assets -1 8 3 19 12 Cash flow from investing activities -20 -227 -680 -277 -329 Financing activities New loans and credit facilities 14 0 1,714 834 305 Repayment of loans and credit facilities -240 -37 -1,315 -769 -732 Principal elements of lease payments -135 -137 -394 -425 -573 Dividends paid 0 0 -680 -680 -680 Cash flow from financing activities -362 -174 -675 -1,040 -1,680 Cash flow for the period -318 16 -535 -429 211 Opening cash and cash equivalents 1,196 761 1,378 1,270 1,270 Exchange rate difference in cash and cash equivalents 8 -22 42 -85 -103 Closing cash and cash equivalents 885 756 885 756 1,378 Change in consolidated net debt (excluding IFRS 16 Leases) Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2026 2025 2026 2025 2025 Opening balance 4,727 5,128 3,904 4,557 4,557 Cash flow from operating activities 72 -281 -425 -462 -1,646 Net investments 15 18 54 63 88 Acquisition/divestment of subsidiaries and holdback/contingent considerations 5 217 628 233 253 Dividend 0 — 680 680 680 Other 25 4 3 16 -28 Closing balance 4,843 5,086 4,843 5,086 3,904 Financial statements AFRY Interim Report January-September 2026 | 14
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Parent company income statement Q3 Q3 Jan-Sep Jan-Sep Full year SEK million 2026 2025 2026 2025 2025 Net sales 265 257 802 776 1,049 Other operating income 115 111 360 359 474 Operating income 379 368 1,162 1,135 1,523 Personnel expenses -97 -98 -292 -317 -302 Other expenses -397 -397 -1,247 -1,274 -1,696 Depreciation/amortization -8 -9 -25 -26 -35 Operating loss -123 -136 -402 -483 -510 Financial items -25 198 48 326 363 Profit/loss after financial items -148 62 -354 -157 -147 Appropriations 218 — 218 — 222 Profit/loss before tax 70 62 -136 -157 75 Tax -22 25 31 120 76 Profit/loss for the period 48 87 -105 -36 152 Other comprehensive income 18 3 17 -8 -8 Comprehensive income for the period 65 90 -88 -44 144 Parent company balance sheet Sep 30 Sep 30 Dec 31 SEK million 2026 2025 2025 Assets Non-current assets Intangible assets 0 0 1 Property, plant and equipment 111 126 121 Financial assets 13,349 13,757 13,774 Total non-current assets 13,460 13,883 13,895 Current assets Current receivables 4,039 4,417 3,992 Cash and cash equivalents 142 116 654 Total current assets 4,181 4,533 4,646 Total assets 17,641 18,416 18,542 Equity and liabilities Equity Restricted equity 330 330 330 Non-restricted equity 6,649 7,228 7,416 Total equity 6,978 7,558 7,746 Liabilities Untaxed reserves 73 77 73 Provisions 85 87 83 Non-current liabilities 4,136 5,183 3,564 Current liabilities 6,369 5,511 7,076 Total liabilities 10,663 10,858 10,795 Total equity and liabilities 17,641 18,416 18,542 Financial statements AFRY Interim Report January-September 2026 | 15
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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 2025 (Note 1). New or revised IFRS standards coming into force in 2026 have not had any material impact on the Group. IFRS 18, which comes into effect in 2027, is primarily expected to result in the reclassification of certain financial items between the financing and investing categories. The parent company prepares its financial statements in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. Note 2 Risks and uncertainties 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 2025. 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. Global trade tariffs and ongoing conflicts, including the war in the Middle East, have led to increased macroeconomic uncertainty. While the direct impact on AFRY is limited, we are closely monitoring developments and their implications for our clients and the broader market. 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. Corporate guarantees are mainly provided by the parent company, AFRY AB, and bank guarantees by AFRY’s banks. At September 30, 2026, the Group’s corporate guarantees amounted to SEK 720 million (773) and bank guarantees to SEK 781 million (582). The guarantee amounts do not include pension guarantees, advance payment guarantees or leasing, as these are already recognized as debt in the balance sheet. Note 3 Income Net sales according to business model Jan-Sep 2026 Jan-Sep 2025 SEK million Project Business Professional Services Total Project Business Professional Services Total Energy 3,747 524 4,271 3,639 618 4,257 Industry 5,112 3,401 8,513 4,788 3,843 8,631 Transportation & Places 5,743 603 6,346 6,189 535 6,724 Group common/ eliminations -379 -122 -501 -338 -162 -501 Group 14,223 4,406 18,629 14,277 4,834 19,111 The historical figures above have been adjusted for organizational changes. Order backlog SEK million Sep 30 2024 Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Energy 6,102 5,893 5,890 5,953 6,159 5,925 6,833 7,004 6,998 Industry 5,387 6,126 6,537 6,553 6,324 6,146 6,130 6,709 6,521 Transportation & Places 8,204 8,115 7,748 8,200 7,915 8,326 8,497 8,649 8,571 Group 19,693 20,134 20,176 20,706 20,399 20,396 21,460 22,361 22,090 The historical figures above have been 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. AFRY Interim Report January-September 2026 | 16
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Note 4 Quarterly information by Global Division 2024 2025 2026 Net sales, SEK million Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 1,408 1,556 5,840 1,452 1,461 1,344 1,455 5,712 1,399 1,462 1,411 Industry 2,749 3,183 12,595 3,092 3,029 2,510 2,990 11,621 2,899 2,966 2,649 Transportation & Places 2,000 2,513 9,407 2,379 2,333 2,011 2,401 9,125 2,197 2,234 1,914 Group common/ eliminations -164 -168 -681 -173 -149 -178 -198 -700 -170 -150 -181 Group 5,993 7,085 27,160 6,749 6,674 5,687 6,647 25,758 6,325 6,511 5,793 EBITA, SEK million Energy 141 178 635 148 138 131 179 597 157 143 135 Industry 170 259 1,028 250 250 181 266 947 258 230 223 Transportation & Places 99 225 689 183 141 113 192 628 141 133 98 Group common/ eliminations -46 -76 -248 -122 -182 -93 -220 -618 -130 -128 -64 Group 365 586 2,105 459 347 331 416 1,554 426 379 392 EBITA margin, % Energy 10.0 11.4 10.9 10.2 9.5 9.8 12.3 10.5 11.2 9.8 9.6 Industry 6.2 8.1 8.2 8.1 8.3 7.2 8.9 8.1 8.9 7.8 8.4 Transportation & Places 5.0 9.0 7.3 7.7 6.0 5.6 8.0 6.9 6.4 6.0 5.1 Group 6.1 8.3 7.7 6.8 5.2 5.8 6.3 6.0 6.7 5.8 6.8 The historical figures above have been adjusted for organizational changes. 2024 2025 2026 Average number of FTEs Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Energy 2,768 2,764 2,785 2,831 2,848 2,804 2,807 2,822 2,794 2,819 2,844 Industry 7,775 7,687 7,898 7,539 7,447 7,389 7,428 7,450 7,171 7,155 7,061 Transportation & Places 5,956 5,991 6,020 5,953 5,985 5,923 5,846 5,926 5,586 5,519 5,427 Corporate & Support Functions 880 951 893 905 909 921 934 917 940 903 920 Group 17,380 17,392 17,596 17,228 17,189 17,037 17,015 17,116 16,492 16,395 16,252 Number of working days Sweden only 66 61 250 62 59 66 61 248 62 59 66 All countries 66 62 250 62 59 66 61 249 62 59 66 The historical figures above have been adjusted for organizational changes. Notes AFRY Interim Report January-September 2026 | 17
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Note 5 Acquisitions and divestments The following acquisition has been completed during the year Consolidated from Company¹ Country Global Division Ownership interest acquired, % Annual net sales, SEK million Average number of employees May Ausmincon Holdings Limited Australia Industry 100 360 170 Total 360 170 1) Company name at the time of acquisition. Acquisition analyses (PPAs) When new acquisitions are made, the purchase price allocations are preliminary for the first 12 months until the net assets in the companies acquired have been fully analyzed. If the purchase considerations for acquisitions exceeds the recognized net assets of the acquired companies, the purchase price allocations result in recognition of identifiable intangible assets. Contingent considerations Agreed contingent consideration for the acquired companies usually relates to the performance of each company over a three-year period. Holdback A portion 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 portion of the purchase price are independent of conditions linked to the future performance of the acquired companies. Goodwill Goodwill mainly consists of human capital in the form of employee expertise and expected synergy effects. Goodwill arising from corporate acquisitions is not expected to be tax-deductible. In the acquisition of a consulting business, the primary asset acquired is human capital, meaning that most of the acquired c o m p a n y ’ s i n t a n g i b l e a s s e t s a r e a t t r i b u t a b l e t o g o o d w i l l . A n y n o n ‑ c o n t r o l l i n g i n t e r e s t s a r i s i n g a r e m e a s u r e d a t f a i r v a l u e , w h i c h m e a n s t h a t n o n ‑ c o n t r o l l i n g interests include a share of goodwill. Other intangible assets Order backlog and client relationships are identified and measured in connection with completed acquisitions. Transaction costs Transaction costs are recognized under other external expense in the income statement. Transaction costs during the period January to September amounted to SEK 15 million. Acquired receivables The fair value of the acquired receivables are expected to be fully collectable. The agreed gross amounts essentially correspond to the fair value of the receivables. Revenue and profit from acquired companies The acquired company is expected to contribute approximately SEK 360 million in revenue and approximately SEK 45 million in operating profit on a full-year basis. Since the acquisition date, the company has contributed SEK 195 million to the Group's revenue and SEK 30 million to operating profit. Completion of acquisition analyses from 2025 During 2025, all shares in Reta Engenharia Ltda were acquired. The acquired company contributed approximately 200 employees. During the quarter, the acquisition analysis was adjusted, meaning that SEK 51 million of the previously recognized goodwill has been allocated to intangible assets and deferred tax liability. Acquisitions after the end of the reporting period No acquisitions have been completed since the end of the reporting period. Divestments During the year, AFRY completed three smaller divestments of operations that were considered as non-core. The operations comprised approximately 60 employees and accounted for less than 1 percent of AFRY's total net sales. The Group's estimated capital gain amounted to SEK 2 million, which had a positive impact on net profit. Acquired companies’ net assets on acquisition date Jan-Sep SEK million 2026 Intangible assets — Property, plant and equipment 8 Right-of-use assets 16 Financial assets 16 Deferred tax assets 13 Trade and other receivables 118 Cash and cash equivalents 49 Trade payables, loans and other liabilities -120 Net identifiable assets and liabilities 100 Goodwill 541 Fair value adjustments, intangible assets 32 Fair value adjustments, non-current provisions -9 Purchase consideration including estimated contingent considerations 663 Less: Cash (acquired) 49 Estimated contingent considerations — Holdback — Net cash outflow from acquisitions 613 Transaction costs 15 Total cash outflow attributable to acquisitions 629 Notes AFRY Interim Report January-September 2026 | 18
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Note 6 Financial instruments The valuation principles and classification of the Group’s financial assets and liabilities, described in Note 13 of AFRY’s Annual and Sustainability Report 2025, have been applied consistently throughout the reporting period. Financial assets and liabilities Sep 30 Sep 30 Dec 31 SEK million Level 2026 2025 2025 Financial assets measured at fair value Interest rate derivatives, hedge accounting applied 2 63 59 80 Forward exchange contracts, hedge accounting applied 2 10 18 17 Forward exchange contracts, hedge accounting not applied 2 27 18 16 Bought foreign exchange options 2 — — 0 Total 100 94 112 Financial assets not recognized at fair value Trade receivables 4,726 4,023 4,743 Contract assets 2,842 3,607 2,661 Financial investments 36 38 31 Non-current receivables 20 6 7 Cash and cash equivalents 885 756 1,378 Total 8,509 8,396 8,821 Sep 30 Sep 30 Dec 31 SEK million Level 2026 2025 2025 Financial liabilities measured at fair value Interest rate derivatives, hedge accounting applied 2 84 58 39 Forward exchange contracts, hedge accounting applied 2 23 13 12 Forward exchange contracts, hedge accounting not applied 2 12 20 23 Sold foreign exchange options 2 — — 0 Contingent considerations 3 14 25 24 Total 133 116 99 Financial liabilities not recognized at fair value Bank loans 1,573 1,605 1,582 Bonds 4,052 3,300 3,300 Commercial papers — 797 305 Lease liabilities 1,441 1,333 1,417 Contract liabilities 2,602 2,253 2,638 Trade payables 922 867 787 Total 10,590 10,155 10,029 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 2025, 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 three years. The change in the balance sheet item is shown in the table below. Sep 30 SEK million 2026 Opening balance January 1, 2026 24 Acquisitions for the year — Payments -7 Changes in value recognized in income statement -4 Adjustment of preliminary acquisition analysis — Discounting 0 Translation differences 0 Closing balance 14 Notes AFRY Interim Report January-September 2026 | 19
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Derivative instruments Sep 30 Sep 30 Dec 31 SEK million Level 2026 2025 2025 Forward exchange contracts, hedge accounting not applied Total nominal values 2,341 2,575 2,682 Fair value, profit 2 27 18 16 Fair value, loss 2 -12 -20 -23 Fair value, net 14 -3 -7 Forward exchange contracts, cash flow hedge accounting applied Total nominal values 718 598 1,054 Fair value, profit 2 10 18 17 Fair value, loss 2 -23 -13 -12 Fair value, net -13 5 4 Bought foreign exchange options, hedge accounting not applied Total nominal values — — 56 Fair value, profit 2 — — — Fair value, loss 2 — — 0 Fair value, net — — 0 Sep 30 Sep 30 Dec 31 SEK million Level 2026 2025 2025 Sold foreign exchange options, hedge accounting not applied Total nominal values — — 113 Fair value, profit 2 — — 0 Fair value, loss 2 — — — 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 13 20 43 Fair value, loss 2 -83 -44 -29 Fair value, net -70 -24 15 Interest rate swaps, cash flow hedge accounting applied Total nominal values 1,392 1,352 1,341 Fair value, profit 2 50 38 36 Fair value, loss 2 -1 -14 -10 Fair value, net 49 25 26 Note 7 Related party transactions There were no material transactions between AFRY and its related parties during the period. Note 8 Significant events after the end of the reporting period No significant events after the end of the reporting period have been identified. Notes AFRY Interim Report January-September 2026 | 20
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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 2025 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. Exchange rates have been relatively volatile historically and 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 % 2026 2025 2026 2025 2026 2025 2026 2025 Total growth 4.9 -5.2 5.5 -9.0 -4.8 1.4 1.9 -5.1 (-) Structural effects² -0.3 — 5.6 0.5 -0.2 — 2.3 0.2 (-) Currency effects 0.3 -3.2 0.9 -1.6 1.4 -1.6 0.9 -2.0 Organic growth 4.9 -2.0 -0.9 -7.9 -6.0 3.0 -1.4 -3.4 (-) Calendar effects 0.0 0.3 -0.1 0.3 0.3 0.3 0.1 0.3 Organic growth adjusted for calendar effects 4.9 -2.2 -0.8 -8.3 -6.2 2.7 -1.5 -3.7 SEK million Total growth 66 -73 139 -248 -97 29 105 -306 (-) Structural effects² -4 — 140 15 -4 — 132 15 (-) Currency effects 4 -45 22 -45 27 -32 52 -118 Organic growth 67 -28 -24 -218 -120 61 -78 -203 (-) Calendar effects 0 4 -3 9 6 6 5 20 Organic growth adjusted for calendar effects 66 -32 -21 -227 -126 54 -84 -223 The historical figures above have been adjusted for organizational changes. 1) The Group includes eliminations. 2) Acquisitions and divestments. AFRY Interim Report January-September 2026 | 21
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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 % 2026 2025 2026 2025 2026 2025 2026 2025 Total growth 0.3 -1.3 -1.4 -8.5 -5.6 -1.7 -2.5 -4.8 (-) Structural effects² -0.5 — 4.0 0.2 -0.4 — 1.6 0.1 (-) Currency effects -1.6 -2.4 -0.2 -1.6 0.1 -1.6 -0.4 -1.8 Organic growth 2.5 1.1 -5.1 -7.1 -5.4 -0.1 -3.7 -3.1 (-) Calendar effects 0.3 -0.7 -0.1 -0.9 0.3 -0.7 0.1 -0.8 Organic growth adjusted for calendar effects 2.2 1.8 -5.1 -6.1 -5.6 0.6 -3.8 -2.3 SEK million Total growth 14 -56 -118 -802 -378 -118 -482 -965 (-) Structural effects² -23 — 347 15 -24 — 300 15 (-) Currency effects -68 -104 -21 -154 6 -111 -83 -360 Organic growth 106 48 -443 -662 -360 -7 -699 -620 (-) Calendar effects 11 -31 -7 -89 18 -50 26 -161 Organic growth adjusted for calendar effects 95 78 -436 -573 -378 43 -724 -459 The historical figures above have been adjusted for organizational changes. 1) The Group includes eliminations. 2) Acquisitions and divestments. Alternative performance measures AFRY Interim Report January-September 2026 | 22
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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 Q3 SEK million 2026 2025 2026 2025 2026 2025 2026 2025 EBIT (operating profit) 135 131 223 181 98 112 347 288 Acquisition-related items Amortization and impairment of intangible assets — — — — — — 45 43 Revaluation of contingent considerations — — — — — — 0 0 Divestment of operations — — — — — — 0 — Profit (EBITA) 135 131 223 181 98 113 392 331 Items affecting comparability Costs related to restructuring² — — — — — — – 31 EBITA excl. items affecting comparability 135 131 223 181 98 113 392 362 % EBIT margin 9.6 9.8 8.4 7.2 5.1 5.5 6.0 5.1 Acquisition-related items Amortization and impairment of intangible assets — — — — — — 0.8 0.8 Revaluation of contingent considerations — — — — — — 0.0 0.0 Divestment of operations — — — — — — 0.0 — EBITA margin 9.6 9.8 8.4 7.2 5.1 5.6 6.8 5.8 Items affecting comparability — — — — — — — 0.5 EBITA margin excl. items affecting comparability 9.6 9.8 8.4 7.2 5.1 5.6 6.8 6.4 The historical figures above have been adjusted for organizational changes. 1) The Group includes eliminations. 2) Mainly includes costs related to personnel reductions. Alternative performance measures AFRY Interim Report January-September 2026 | 23
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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 2026 2025 2026 2025 2026 2025 2026 2025 EBIT (operating profit) 435 418 711 681 372 435 1,074 1,013 Acquisition-related items Amortization and impairment of intangible assets — — — — — — 128 128 Revaluation of contingent considerations — — — — — — -3 -4 Divestment of operations — — — — — — -2 1 Profit (EBITA) 435 418 711 681 372 436 1,197 1,138 Items affecting comparability Final salary outgoing President and CEO — — — — — — — 30 Costs related to restructuring² — — — — — — 102 122 EBITA excl. items affecting comparability 435 418 711 681 372 436 1,298 1,290 % EBIT margin 10.2 9.8 8.4 7.9 5.9 6.5 5.8 5.3 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 10.2 9.8 8.4 7.9 5.9 6.5 6.4 6.0 Items affecting comparability — — — — — — 0.5 0.8 EBITA margin excl. items affecting comparability 10.2 9.8 8.4 7.9 5.9 6.5 7.0 6.8 The historical figures above have been adjusted for organizational changes. 1) The Group includes eliminations. 2) Mainly include costs related to personnel reductions. Alternative performance measures AFRY Interim Report January-September 2026 | 24
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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 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Loans and credit facilities 5,674 5,403 5,746 5,695 5,180 6,133 5,806 5,605 Net pension liability 153 143 143 146 102 122 116 124 Cash and cash equivalents -1,270 -884 -761 -756 -1,378 -2,129 -1,196 -885 Total net debt 4,557 4,662 5,128 5,086 3,904 4,126 4,727 4,843 Net debt/equity ratio SEK million Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Net debt 4,557 4,662 5,128 5,086 3,904 4,126 4,727 4,843 Equity 13,151 12,908 12,559 12,626 12,678 13,128 12,750 13,191 Net debt/equity ratio, % 34.7 36.1 40.8 40.3 30.8 31.4 37.1 36.7 Consolidated net debt (including IFRS 16 Leasing) SEK million Dec 31 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Loans and credit facilities 7,252 6,970 7,206 7,028 6,597 7,454 7,281 7,046 Net pension liability 153 143 143 146 102 122 116 124 Cash and cash equivalents -1,270 -884 -761 -756 -1,378 -2,129 -1,196 -885 Total net debt 6,135 6,228 6,588 6,418 5,321 5,447 6,201 6,285 Net debt/EBITDA excluding IFRS 16 Leasing, rolling 12 months Full year Apr 2024- Jul 2024- Oct 2024- Full year Apr 2025- Jul 2025- Oct 2025- SEK million 2024 Mar 2025 Jun 2025 Sep 2025 2025 Mar 2026 Jun 2026 Sep 2026 Profit (EBITA) 2,105 1,982 1,757 1,724 1,554 1,520 1,553 1,613 Depreciation/amortization and impairment of non-current assets 737 734 728 679 665 650 642 644 EBITDA 2,842 2,716 2,485 2,403 2,219 2,170 2,195 2,257 Lease expenses -688 -691 -689 -639 -637 -621 -614 -616 EBITDA excl. IFRS 16 2,153 2,025 1,796 1,764 1,582 1,549 1,581 1,641 Net debt 4,557 4,662 5,128 5,086 3,904 4,126 4,727 4,843 Net debt/EBITDA, excl. IFRS 16, rolling 12 months, times 2.1 2.3 2.9 2.9 2.5 2.7 3.0 3.0 Items affecting comparability 8 30 122 152 313 330 293 263 EBITDA excl. IFRS 16 and items affecting comparability 2,162 2,055 1,918 1,916 1,895 1,879 1,874 1,903 Net debt 4,557 4,662 5,128 5,086 3,904 4,126 4,727 4,843 Net debt/EBITDA, excl. IFRS 16 and items affecting comparability, rolling 12 months, times 2.1 2.3 2.7 2.7 2.1 2.2 2.5 2.5 Alternative performance measures AFRY Interim Report January-September 2026 | 25
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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 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Profit after tax, rolling 12 months 1,235 1,131 948 937 804 793 792 859 Average equity 12,795 12,886 12,793 12,782 12,785 12,780 12,748 12,875 Return on equity, % 9.6 8.8 7.4 7.3 6.3 6.2 6.2 6.7 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 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Equity 13,151 12,908 12,559 12,626 12,678 13,128 12,750 13,191 Balance sheet total 28,304 26,926 27,394 27,053 27,040 28,182 28,313 28,120 Equity ratio, % 46.5 47.9 45.8 46.7 46.9 46.6 45.0 46.9 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 2024 Mar 31 2025 Jun 30 2025 Sep 30 2025 Dec 31 2025 Mar 31 2026 Jun 30 2026 Sep 30 2026 Profit after financial items, rolling 12 months 1,635 1,499 1,252 1,251 1,061 1,067 1,108 1,182 Interest expenses, rolling 12 months 403 382 366 340 324 313 315 319 Profit 2,038 1,880 1,617 1,591 1,385 1,380 1,423 1,501 Average balance sheet total 28,449 28,200 27,844 27,552 27,343 27,319 27,596 27,742 Average non-interest-bearing current liabilities -7,189 -7,001 -6,935 -6,834 -6,917 -6,868 -7,104 -7,141 Average non-interest-bearing non- current liabilities -105 -112 -117 -124 -139 -139 -154 -169 Average net deferred tax liabilities/ assets -130 -107 -86 -74 -70 -51 -31 -14 Average capital employed 21,025 20,980 20,707 20,519 20,218 20,261 20,307 20,417 Return on capital employed, % 9.7 9.0 7.8 7.8 6.9 6.8 7.0 7.4 Alternative performance measures AFRY Interim Report January-September 2026 | 26
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About AFRY AFRY provides engineering, project management, and advisory services that enable the energy and industrial transition and strengthen resilience in society. With 18,000 experts worldwide, we combine global reach with local insights and deep sector knowledge to make a lasting impact for generations to come. Financial targets 2028 – Net sales of SEK 35 billion – EBITA margin of 10 percent, excluding items affecting comparability – Net debt/EBITDA ratio of 2.5, excluding IFRS 16 Leases AFRY's dividend policy is to distribute approximately 50 percent of net profit after tax, excluding capital gains. Calendar Q4 2026 February 4, 2027 Q1 2027 April 27, 2027 Annual General Meeting April 27, 2027 Q2 2027 July 15, 2027 Q3 2027 October 26, 2027 Stockholm, Sweden - October 22, 2026 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 22, 2026, 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. Presentation of the Q3 report Time: October 22, 2026 10:00 CET Webcast: https://youtube.com/live/3sG3B5lSXbw For analysts/ investors: Click here to connect to the meeting with the opportunity to ask questions AFRY Interim Report January-September 2026 | 27 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