Slides
Page 1
Third quarter report 2026 We build for a better society Studio A Warsaw Poland
Page 2
Third quarter report 2026 11/5/2026 Skanska Q3 report 2026 2 • Solid performance • Construction delivered strong operating margin and a record - high order backlog • Third quarter Project Development earnings were negatively impacted by asset impairment charges. Good results from sales of both commercial and residential properties in Central Europe. • The Investment Properties portfolio delivered stable results • Strong cash flow from operations • Operating margin in Construction 5.0% (4.2), R -12: 4.5% • ROCE in Project Development 1.6% (1.4), R -12 • ROCE in Investment Properties 4.1% (4.7), R -12 • Return on Equity 11.4% (10.0), R -12 • Robust financial position maintained • Carbon emission (scope 1 and 2) reduction 65% since 2015 Studio A Warsaw Poland
Page 3
Construction • Revenue SEK 46.0 bn (42.2) • Order bookings SEK 68.0 bn (39.9) – Book- to-build 128%, R -12 – Order backlog SEK 328.3 bn (264.4) • Operating income SEK 2,282 M (1,766) – Operating margin 5.0% (4.2) • Strong performance overall. Well-performing project portfolio • R-12 months operating margin well above the target level of ≥4% • A strong order intake and the order backlog at an all-time high 11/5/2026 Skanska Q3 report 2026 3 Slussen Stockholm Sweden South Brooklyn Marine Terminal New York USA
Page 4
Residential Development • Revenue SEK 1.5 bn (1.8) – 323 (383) homes sold – 270 (572) homes started • Operating income SEK -369 M (131) • ROCE -1.0 (5.9), R- 12 • Solid sales and strong profitability in Central Europe • Nordic operations impacted by selling in low margin projects and impairment charges related to non - strategic land and goodwill • Two projects started in the quarter, one in Central Europe (197 homes) and one in Norway (73 homes). 11/5/2026 Skanska Q3 report 2026 4 ModřanskýcukrovarPragueCzechia Habitat Prague Czechia
Page 5
Commercial Property Development • Operating income SEK 171 M (- 397) – Gain on sale SEK 513 M (377) – ROCE 2.5% (0.0), R -12 • 17 ongoing projects – SEK 12.8 bn total investment • 17 completed projects – SEK 19.5 bn total investment – 82% leased • Two projects were divested in Central Europe; Studio and H2Offices with solid gains • Asset impairments charges negatively impacted the results • One project was started in Central Europe, Nowy Format 11/5/2026 Skanska Q3 report 2026 5 Nowy Format Krakow Poland
Page 6
11/5/2026 Skanska Q3 report 2026 6 Investment Properties • Operating income of SEK 87 M (143) • Economic occupancy rate at 80 percent (83 end of June) • Portfolio consists of seven high -quality office properties with a total property value of SEK 8.3 billion Studio phase 2 Warsaw Poland Sthlm01 Stockholm Sweden
Page 7
Construction Order bookings 11/5/2026 Skanska Q3 report 2026 SEK bn Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 46.0 42.2 169.6 171.1 Order bookings 68.0 39.9 217.2 179.5 Order backlog 328.3 264.4 257.9 7 0 20 40 60 80 100 120 140 0 50 100 150 200 250 300 350 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 %SEK bn Order backlog Order bookings, R-12 Order bookings per quarter Revenue, R-12 Book-to-build %, R-12 South Brooklyn Marine Terminal New York USA
Page 8
Construction Order bookings 11/5/2026 Skanska Q3 report 2026 8 SEK bn Jul-Sep 2026 Jul-Sep 2025 Book-to- build (R-12), % Months of production Nordics 14.0 14.3 107 16 of which Sweden 7.0 7.2 123 15 Europe 7.1 11.0 80 14 USA 46.9 14.7 160 30 Total 68.0 39.9 128 22 South Brooklyn Marine Terminal New York USA South Brooklyn Marine Terminal New York USA
Page 9
Construction Income statement 11/5/2026 Skanska Q3 report 2026 9 SEK bn Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 46.0 42.2 169.6 171.1 Gross income 3.9 3.4 14.3 13.6 Selling and administrative expenses -1.7 -1.6 -6.6 -6.5 Operating income 2.3 1.8 7.7 7.1 Gross margin, % 8.6 8.0 8.4 7.9 Selling and administrative expenses, % -3.6 -3.9 -3.9 -3.8 Operating margin, % 5.0 4.2 4.5 4.1 0 50 100 150 200 0 1 2 3 4 5 6 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Revenue Operating margin Operating margin, R-12, % Revenue, R-12, SEK bn South Brooklyn Marine Terminal New York USA
Page 10
Construction Income statement 11/5/2026 Skanska Q3 report 2026 Jul-Sep 2026 Jul-Sep 2025 Jul-Sep 2026 Jul-Sep 2025 Nordics 715 590 4.9 4.2 of which Sweden 433 359 5.9 4.9 Europe 345 323 4.3 4.1 USA 1,222 852 5.2 4.2 Total 2,282 1,766 5.0 4.2 Operating income, SEK M Operating margin, % 10 South Brooklyn Marine Terminal New York USA
Page 11
Residential Development Income statement, segment reporting 11/5/2026 Skanska Q3 report 2026 0 5 10 15 20 -30 -20 -10 0 10 20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Revenue Operating margin Operating margin, R-12, % Revenue, R-12, SEK bn 11 Täby Park Stockholm SwedenModřanskýcukrovarPragueCzechia Habitat Prague Czechia SEK M Jul-sep 2026 Jul-sep 2025 Rullande 12 månader Jan-dec 2025 Revenue 1,541 1,757 6,296 6,925 Gross income -125 249 386 909 Selling and administrative expenses -244 -118 -608 -460 Operating income -369 131 -221 450 Gross margin, % -8.1 14.2 6.1 13.1 Selling and administrative expenses, % -15.8 -6.7 -9.7 -6.6 Operating margin, % -24.0 7.4 -3.5 6.5
Page 12
Residential Development Income statement 11/5/2026 Skanska Q3 report 2026 12 Jul-Sep 2026 Jul-Sep 2025 Jul-Sep 2026 Jul-Sep 2025 Nordics -480 -28 -45.4 -3.3 of which Sweden -249 -9 -36.5 -2.3 Europe 111 159 23.0 17.5 Total -369 131 -24.0 7.4 Operating income, SEK M Operating margin, % Habitat Prague Czechia
Page 13
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Homes, R-12 Sold Started Residential Development Homes started and sold 11/5/2026 Skanska Q3 report 2026 13 Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 270 572 1,083 1,571 323 383 1,414 1,535 Homes started Homes sold Habitat Prague Czechia
Page 14
Residential Development Homes in production 11/5/2026 Skanska Q3 report 2026 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 2,882 2,895 3,189 56 51 51 298 486 358 Homes in production Of which sold, % Unsold complete homes 0 10 20 30 40 50 60 70 80 90 100 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 %Homes Sold under construction Unsold under construction Unsold completed Sales rate (in production) 14 Habitat Prague Czechia
Page 15
Commercial Property Development Income statement, segment reporting 11/5/2026 Skanska Q3 report 2026 SEK M Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 3,250 1,745 11,037 8,099 Gross income 305 -242 1,445 971 Selling and administrative expenses -132 -151 -706 -705 Income from JV's and associated companies -3 -3 3 -7 Operating income 171 -397 743 259 of which gains from divestments of properties 513 377 1,663 1,378 of which write downs/reversal of write downs -378 -668 -845 -668 1 Additional gain included in eliminations 68 6 163 97 15 Nowy Format Krakow Poland
Page 16
Commercial Property Development Unrealized and realized gains, segment reporting 11/5/2026 Skanska Q3 report 2026 0 2 4 6 8 10 12 14 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 SEK bn Land Ongoing projects at completion Completed projects Realized gains, R-12 Unrealized gains in: 16 Nowy Format Krakow Poland
Page 17
Commercial Property Development Completion profile and unsold projects 11/5/2026 Skanska Q3 report 2026 17 82 91 18 100 0 0 34 0 10 20 30 40 50 60 70 80 90 100 0 2 4 6 8 10 12 14 16 18 20 Q3 2026 Q4 Q1 2027 Q2 Q3 Q4 Q1 2028 Q2 Q3 Q4 Q4 Q1 2029 Q2 Q3 Q4 Q1 2030 Q2 Q3 % SEK bn Completed projects Ongoing offices Ongoing residential rentals Economic occupancy rate, % Total investments at completion Nowy Format Krakow Poland
Page 18
Commercial Property Development Leasing Commercial Properties 11/5/2026 Skanska Q3 report 2026 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 450 500 550 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 %000 sq m Leasing, R-12 Economic occupancy rate, ongoing projects Degree of completion, ongoing projects 18 Nowy Format Krakow Poland
Page 19
Investment Properties Income statement 11/5/2026 Skanska Q3 report 2026 Location Leasable area, sqm Rental value, SEK M Eonomic occupancy rate, % Property value, SEK M Environmental certification, % Malmö 47,030 173 92 2,543 100 Stockholm 42,962 181 73 3,095 100 Gothenburg 50,291 181 75 2,653 100 Total 140,283 535 80 8,291 100 SEK M Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 117 120 475 472 Operating net 89 92 347 346 Selling and administrative expenses -2 -1 -11 -13 Change in property value - 53 - 53 Operating income 87 143 336 386 19 Sthlm01 Stockholm Sweden
Page 20
Group Income Statement 11/5/2026 Skanska Q3 report 2026 20 SEK M Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Operating income from business streams 2,171 1,642 8,553 8,189 Central -116 -58 -196 -712 Eliminations 17 -221 -47 -235 Operating income 2,072 1,363 8,310 7,241 Net financial items 199 164 769 686 Income after financial items 2,271 1,527 9,079 7,927 Taxes -541 -220 -2,082 -1,632 Profit for the period 1,730 1,308 6,996 6,295 Earnings per share, SEK 4.14 3.07 16.76 15.09 Tax rate, % 24 14 23 21 Vincent Thomas Bridge Los Angeles USA Studio A WarsawPoland
Page 21
Group Cash flow 11/5/2026 Skanska Q3 report 2026 21 SEK bn Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Operating cash flow from operations 2.8 0.0 11.1 3.6 Dividend and net strategic divestment -0.2 -0.0 -6.2 -3.4 Cash flow before change in interest- bearing receivables and liabilities 2.6 0.0 5.0 0.2 -10 -5 0 5 10 15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 SEK bn Cash flow from business operations, quarterly Rolling 12 months Studio A Warsaw Poland
Page 22
Construction Free working capital 11/5/2026 Skanska Q3 report 2026 22 0 3 6 9 12 15 18 21 0 5 10 15 20 25 30 35 40 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 %SEK bn Free working capital, SEK bn Average free working capital/ Construction revenue, R-12, % Free working capital, end of Q3, SEK bn South Brooklyn Marine Terminal New York USA
Page 23
Group Investments, divestments and capital employed 11/5/2026 Skanska Q3 report 2026 23 SEK bn Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Capital employed in: Residential Development 14.7 13.5 13.7 Commercial Property Development 42.2 40.9 41.7 Investment Properties 8.2 8.1 8.3 Total 65.1 62.5 63.8 -10 -8 -6 -4 -2 0 2 4 6 8 10 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 SEK bn Investments, quarterly Divestments, quarterly Net divestments, R-12 Studio A Warsaw Poland
Page 24
Group Available funds: SEK 26.3 bn, o/w unutilized credit facilities SEK 7.2 bn 11/5/2026 Skanska Q3 report 2026 24 0.0 0.5 1.0 1.5 2.0 2.5 2026 2027 2028 2029 2030 Maturity profile Bilateral loans Bonds (MTN) 43% 57% Central funding Bilateral loans Bonds SEK 7.8 bn Studio A Warsaw Poland
Page 25
Group Financial position 11/5/2026 Skanska Q3 report 2026 25 SEK bn Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Total assets 175.4 160.8 158.3 Equity attributable to equity holders 64.5 60.7 62.0 Interest-bearing net receivables (+)/net debt (-) 21.5 13.0 15.7 Adj. interest-bearing net receivables (+)/net debt (-) 11.6 9.3 11.5 Capital employed, closing balance 81.6 80.2 79.7 Equity/assets ratio, % 36.8 37.7 39.1 0 5 10 15 20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Adjusted interest-bearing net receivables(+)/net debt(-), SEK bn Studio A WarsawPoland
Page 26
11/5/2026 Skanska Q3 report 2026 2626 Market outlook Construction • Expect markets to offer good opportunities in our selected home markets for the coming 12 months • Demand in the civil segment remains solid, with a good pipeline of projects in traditional infrastructure and public utilities • Building market outlook is more cautious but is supported by healthy demand for core social infrastructure and strengthened by Tech sector investments . Residential Development • The Central European housing market is expected to remain solid and offer good opportunities for residential development going forward • In the Nordics, macroeconomic uncertainty and interest rate expectations continue to influence activity and full recovery for the new built housing market will likely take time. Commercial Property Development • The leasing market in Central Europe has developed positively , with good demand and limited new supply supporting higher rents. For the Nordics and the USA, the occupier activity is mostly stable . • In the transaction market, the USA is lagging Central Europe and the Nordics, with continued low real estate investor activity for core products. Investment Properties • Competitive market but rents expected to remain mostly stable. Outlook compared to previous quarter Weaker Unchanged Improved Studio A WarsawPoland
Page 27
Group Summary • Strong performance in Construction – mixed in Project Development • Construction delivered strong operating margin and a record- high order backlog • Third quarter Project Development earnings were negatively impacted by asset impairment charges. Good results from sales of both commercial and residential properties in Central Europe. • The Investment Properties portfolio delivered stable results • Cash flow from business operations was strong and we maintain a robust financial position 11/5/2026 Skanska Q3 report 2026 2727 Studio A Warsaw Poland
Page 28
11/5/2026 Skanska Q3 report 2026 28