Interim report
Page 1
Q3 2026 Press release, November 5, 2026, 7:30 a.m. CET We build for a better society Studio A Warsaw Poland
Page 2
2 Skanska interim report third quarter 2026 Interim report, third quarter 2026 Highlights according to segment reporting — Revenue amounted to SEK 49.4 billion (43.7); adjusted for currency effects, revenue increased 12 percent. — Operating income increased 52 percent and amounted to SEK 2.1 billion (1.4); no impact from currency effects. — Earnings per share amounted to SEK 4.14 (3.07). — Operating cash flow from operations amounted to SEK 2.8 billion (0.0) for the period according to IFRS. — Adjusted interest-bearing net receivables(+)/net debt(-) totaled SEK 11.6 billion (Jun 30, 2026: 8.7). — Order bookings in Construction amounted to SEK 68.0 billion (39.9). The rolling 12-month book-to-build ratio was 128 percent (106) resulting in an all-time-high order backlog of SEK 328.3 billion. — Operating income in Construction amounted to SEK 2.3 billion (1.8), representing an operating margin of 5.0 percent (4.2). The rolling 12-month operating margin was 4.5 percent. — Operating income in Project Development amounted to SEK -0.2 billion (-0.3). In Commercial Property Development, impairment charges related to completed unsold properties totaled SEK -0.4 billion. In Residential Development, impairment charges of SEK -0.1 billion related to goodwill and SEK -0.3 billion to non-strategic land holdings. Return on capital employed, rolling 12 months, in Project Development was 1.6 percent (1.4). — Operating income reported in Central amounted to SEK -0.1 billion (-0.1). — Return on capital employed in Investment Properties was 4.1 percent (4.7). — Return on equity was 11.4 percent (10.0). Performance analysis Tables referring to segment reporting are in shaded background. For more information see page 17. For definitions of non-IFRS financial measures see pages 18-20. 1 Rolling 12 months. SEK M Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue Construction 46,016 42,232 169,644 171,121 Residential Development 1,541 1,757 6,296 6,925 Commercial Property Development 3,250 1,745 11,037 8,099 Investment Properties 117 120 475 472 Central and Eliminations -1,547 -2,182 -6,811 -7,325 Total revenue 49,377 43,674 180,640 179,291 Operating income Construction 2,282 1,766 7,695 7,094 Residential Development -369 131 -221 450 Commercial Property Development 171 -397 743 259 Investment Properties 87 143 336 386 Central -116 -58 -196 -712 Eliminations 17 -221 -47 -235 Total 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 Income taxes -541 -220 -2,082 -1,632 Profit for the period 1,730 1,308 6,996 6,295 Earnings for the period per share, SEK 4.14 3.07 16.76 15.09 Revenue for the period according to IFRS 46,409 42,294 178,254 176,658 Operating income for the period according to IFRS 1,482 1,099 8,194 6,574 Earnings for the period per share according to IFRS, SEK 3.06 2.58 16.50 13.82 Operating cash flow from operations 2,835 40 11,137 3,575 Interest-bearing net receivables(+)/net debt(-) 21,513 13,001 15,701 Return on capital employed in Project Development, % ¹ 1.6 1.4 1.6 1.8 Return on capital employed in Investment Properties, % ¹ 4.1 4.7 4.1 4.7 Adjusted interest-bearing net receivables(+)/net debt(-) 11,622 9,336 11,505 Return on equity, % ¹ 11.4 10.0 11.4 10.2 Revenue Operating income Operating income per segment Sep 30, 2026 R-12 Operating cash flow from operations 0 50 100 150 200 2022 2023 2024 2025 R-12 SEK bn 0 1 2 3 4 5 6 7 8 9 10 2022 2023 2024 2025 R-12 SEK bn -2 0 2 4 6 8 10 SEK bn Construction Residential Development Commercial Property Development Investment Properties -4 -2 0 2 4 6 8 10 12 2022 2023 2024 2025 R-12 SEK bn Press release, November 5, 2026, 7:30 a.m. CET
Page 3
Skanska interim report third quarter 2026 3 CEO comment The third quarter marked another period of strong performance for the Construction stream, with revenue growth, strong operating margin and a record-high order backlog. All major geographies contributed positively to the delivery. Highlights in the Project Development operations include good results from sales of both commercial and residential properties in Central Europe. Third-quarter Project Development earnings were negatively impacted by asset impairment charges related to goodwill, non-strategic land and unsold completed properties. Cash flow from operations was strong and we maintain a robust financial position. The Construction stream delivered strong results across all main markets. Revenue increased compared with the same period last year, accelerating after a relatively modest start to the year. The operating margin was strong, reflecting a high-quality, well-performing project portfolio, and positive contributions from several large projects maturing in the quarter. Rolling 12- month operating margin remained well above the long-term target. Construction order bookings were in line with the record level achieved in the second quarter. Investments in data centers and semiconductor facilities, together with solid demand for traditional infrastructure, contributed to the continued growth of the order backlog. As a result, the Construction stream ended the quarter with the largest order backlog in Skanska’s history. In Residential Development, results in the third quarter reflected the mixed market environment across our geographies. Central Europe continued to deliver solid performance, supported by healthy customer demand, strong profitability and the start of one new project. In the Nordics, earnings were adversely affected by sales in lower-margin projects and impairment charges related to non-strategic land holdings and goodwill. We continue to reposition the portfolio towards the largest cities and projects with stronger long-term value creation potential. In Commercial Property Development, two high-quality office projects were divested, one in Warsaw and one in Budapest. Third-quarter earnings were negatively impacted by impairment charges related to completed properties that remain unsold. Market conditions in Central Europe continue to offer attractive opportunities for property development. Reflecting this, one new office project, Nowy Format phase A1 in central Kraków, was started during the quarter. Investment Properties delivered good results and cash flow in the quarter. Carbon emissions from our own operations, scope 1 and scope 2, on a rolling 12-month basis were 65 percent lower than the benchmark year 2015. In Construction, our priority remains unchanged: to create value for our customers through strong project execution while delivering sustainable profitability. The record-high order backlog reflects many years of disciplined project selection and positioning towards sectors and geographies offering attractive growth opportunities, while maintaining our focus on risk-adjusted returns. In Project Development, market conditions vary across regions, and we continue to allocate capital selectively to projects where we see the strongest opportunities for long-term value creation. Strong Construction operations, healthy cash flow and a robust financial position provide a solid foundation for delivering attractive returns to our shareholders. Anders Danielsson President and Chief Executive Officer Skanska target performance (rolling 12-month basis) Operating margin – Construction Return on capital employed – Project Development Return on capital employed – Investment Properties 4.5% 1.6% 4.1% Target ≥4% Target ≥10% Target ≥6% Return on equity Adjusted net debt(-)/net cash(+) Climate target (scope 1 and 2) Reduction of CO2 compared with 2015 11.4% +11.6 SEK bn -65% Target ≥18% Limit SEK -10 bn Target -70% (scope 1 and 2) by 2030
Page 4
4 Skanska interim report third quarter 2026 Market outlook, next 12 months The market outlook aims to describe the situation in markets that are relevant for our operations. This applies to segments, sectors and geographies. Weaker outlook compared to previous quarter Unchanged outlook compared to previous quarter Improved outlook compared to the previous quarter. Very strong market coming 12m Strong market coming 12m Stable market coming 12m Weak market coming 12m Very weak market coming 12m Construction Our Construction market outlook is unchanged from the previous quarter. We 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. The building market outlook is more cautious but supported by healthy demand for core social infrastructure and strengthened by investments in data centers and semiconductor facilities. Building Civil Nordics Sweden Norway Finland Europe Central Europe United Kingdom USA USA Residential Development The Central European housing market is expected to remain solid and offer good opportunities for residential development going forward. In the Nordics, Sweden has been developing in a positive direction while the Norwegian and Finnish markets remain muted. Macroeconomic uncertainty and interest rate expectations continue to influence activity and full recovery for the Nordic new- built housing market will likely take time. Nordics of which Sweden Europe 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. Nordics Europe USA Investment Properties Demand for quality space in buildings with high sustainability standards is good although the market is competitive. Tenants are prioritizing flexibility and move-in-ready offices. Nordics Sweden
Page 5
Skanska interim report third quarter 2026 5 Performance analysis Group Revenue and operating income, rolling 12 months Revenue and earnings 1 Including Central and Eliminations. 2 Earnings for the period attributable to the parent company’s equity holders divided by the average number of shares outstanding. Changes and currency rate effects Revenue per segment, rolling 12 months Operating income per segment, rolling 12 months Revenue amounted to SEK 49.4 billion (43.7); adjusted for currency effects, revenue was up 12 percent. Operating income amounted to SEK 2,072 M (1,363), up 52 percent; no currency effects. Operating income in Central stream totaled SEK -116 M (-58). Net contribution from business operations reported in Central was SEK 30 M (101). This includes results from the PPP portfolio and legacy operations. Operating income in Central for the comparable period was positively impacted by release of provisions in the PPP portfolio. Net financial items amounted to SEK 199 M (164). Income taxes for the period amounted to SEK -541 M (-220). The effective tax rate in the third quarter amounted to 24 percent (14). 0 40 80 120 160 200 240 0 2 4 6 8 10 12 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 Operating income Revenue SEK bn, operating income SEK bn, revenue Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 2025 Revenue 49,377 43,674 180,640 179,291 Operating income ¹ 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 Income taxes -541 -220 -2,082 -1,632 Profit for the period 1,730 1,308 6,996 6,295 Earnings for the period per share, SEK ² 4.14 3.07 16.76 15.09 Earnings for the period per share according to IFRS, SEK ² 3.06 2.58 16.50 13.82 Change in SEK Change in local currency Currency effect Revenue 13% 12% 1% Operating income 52% 52% 0% Revenue -0% 4% -4% Operating income 19% 22% -4% Jul-Sep 2026 / Jul-Sep 2025 Rolling 12 months 2026 / Rolling 12 months 2025 Construction, 91% Residential Development, 3% Commercial Property Development, 6% Investment Properties, 0% -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 SEK bn Construction Residential Development Commercial Property Development Investment Properties
Page 6
6 Skanska interim report third quarter 2026 Cash flow Group Operating cash flow from operations Operating cash flow Operating cash flow from operations for the period amounted to SEK 2,835 M (40), strengthened by an increase in the free working capital in Construction. The net investment in the third quarter was mainly explained by investments in Commercial Property Development and Construction. Taxes paid in business operations amounted to SEK -70 M (-28) for the period. Commercial Property Development assets sold but not transferred are expected to contribute SEK 3.9 billion to cash flow, net of remaining investments, during 2026-2029. Free working capital in Construction Free working capital in Construction increased to SEK 37.0 billion (Jun 30, 2026: 33.9); of this, SEK 2.2 billion is attributed to an improved working capital position in the business and SEK 1.0 billion is explained by positive currency effects. Focus remains on cash generation and positive cash flow profiles in projects in the Construction stream. Average free working capital in relation to Construction revenue over the past 12 months was 19.3 percent (18.2). -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 Operating cash flow from operations, quarterly Rolling 12 months Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 2025 Cash flow from business operations 2,704 2,130 8,024 7,858 Change in working capital 1,732 -161 4,346 -1,733 Net divestments(+)/investments(-) -1,277 -1,314 17 -928 Cash flow adjustment -94 -372 103 -247 Cash flow from business operations before taxes paid 3,065 283 12,490 4,948 Taxes paid in business operations -70 -28 -1,002 -806 Cash flow from financing activities -159 -215 -352 -568 Operating cash flow from operations 2,835 40 11,137 3,575 Strategic net divestments(+)/investments(-) - - - 30 Dividend etc. -201 -25 -6,165 -3,409 Cash flow before change in interest- bearing receivables and liabilities 2,634 16 4,972 196 Change in interest-bearing receivables -1,431 -722 -3,444 -5,664 Change in interest-bearing liabilities excluding lease liabilities 25 355 -923 -2,224 Cash flow for the period 1,229 -351 605 -7,692 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 Free working capital, SEK bn Average free working capital/Construction revenue, rolling 12 months, % SEK bn % Free working capital, end of Q3, SEK bn
Page 7
Skanska interim report third quarter 2026 7 Financial position Adjusted interest-bearing net receivables(+)/net debt(-) Balance sheet – Summary Change in interest-bearing net receivables/net liabilities Adjusted interest-bearing net receivables (+)/net debt (-) amounted to SEK 11.6 billion (Jun 30, 2026: 8.7). Interest-bearing net receivables amounted to SEK 21.5 billion (Jun 30, 2026: 17.6). At the end of the quarter, cash, cash equivalents, short-term investments and committed unutilized credit facilities amounted to SEK 26.3 billion (Jun 30, 2026: 23.1), of which SEK 15.3 billion (Jun 30, 2026: 15.6) is available within one week. The Group central loan portfolio amounted to SEK 7.5 billion (Jun 30, 2026: 7.6) consisting of SEK 4.5 billion in Medium- Term Notes (MTN) with an average maturity of 1.1 years and SEK 3.1 billion in bilateral loans with an average maturity of 2.3 years. On Sep 30, 2026, the Group's unutilized credit facilities amounted to SEK 7.2 billion (Jun 30, 2026: 7.0). The central loan portfolio, including committed unutilized credit facilities, had an average maturity of 2.2 years (Jun 30, 2026: 2.5). At the end of the quarter, capital employed amounted to SEK 81.6 billion (Jun 30, 2026: 79.1). Equity Changes in equity Adjusted equity The Group’s equity amounted to SEK 64.5 billion (60.7). Equity/assets ratio was 36.8 percent (37.7). The net receivable position results in a negative net debt/equity ratio of -0.3 (-0.2). Translation differences for the period amounted to SEK 1,149 M (-169), mostly explained by a weaker Swedish krona. The effects of remeasurements of pensions amounted to SEK 502 M (682). Total adjusted equity amounted to SEK 72.0 billion (68.6), resulting in adjusted equity per share of SEK 173.99 (165.92). Unrealized surplus values in Project Development including the PPP portfolio amounted to SEK 8.6 billion, of which SEK 1.1 billion was realized according to segment reporting. Corresponding amounts less standard tax were SEK 7.7 billion and SEK 1.0 billion. 0 2 4 6 8 10 12 14 16 18 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 SEK bn Sep 30, Sep 30, Dec 31, SEK bn 2026 2025 2025 Total assets 175.4 160.8 158.3 Total equity 64.5 60.7 62.0 Interest-bearing net receivables (+)/net debt (-) 21.5 13.0 15.7 Adjusted 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 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec SEK M 2026 2025 2026 2025 2025 Opening balance interest-bearing net receivables(+)/net debt(-) 17,558 12,025 15,701 15,353 15,353 Cash flow for the period 1,229 -351 1,316 -6,981 -7,692 Less change in interest-bearing receivables and liabilities excluding lease liabilities 1,406 367 1,173 4,694 7,888 Cash flow before change in interest- bearing receivables and liabilities 2,634 16 2,489 -2,288 196 Translation differences, net receivables/net debt 613 -73 1,435 -1,006 -1,226 Remeasurements of pension asset/liability 526 715 761 398 424 Other changes, interest-bearing net receivables/net debt 183 319 1,128 544 953 Change in net interest-bearing receivables and liabilities (cash and cash equivalents included) 3,956 976 5,813 -2,352 347 Closing balance interest-bearing net receivables(+)/net debt(-) 21,513 13,001 21,513 13,001 15,701 Restricted cash -12,708 -8,667 -12,708 -8,667 -8,789 Pension asset(-)/liability(+), net -3,200 -1,576 -3,200 -1,576 -1,617 Lease liabilities 6,017 6,578 6,017 6,578 6,209 Closing balance adjusted interest-bearing net receivables(+)/net debt(-) 11,622 9,336 11,622 9,336 11,505 Jul-Sep Jul-Sep Jan-Sep Ja n-Sep Jan-Dec SEK M 2026 2025 2026 2025 2025 Opening balance 61,699 59,010 61,951 62 ,617 62,617 Dividend to the parent company's shareholders 0 0 -5,797 - 3,295 -3,295 Other changes in equity not included in total comprehensive income for the period -170 47 -195 103 1 65 Profit for the period 1,284 1,107 5,036 3 ,917 5,772 Other comprehensive income Translation differences 1,149 -169 2,762 - 3,039 -3,828 Effects of remeasurements of pensions 502 682 708 3 92 537 Effects of cash flow hedges 2 -2 3 -2 0 -16 Closing balance 64,467 60,675 64,467 60 ,675 61,951 Sep 30, Sep 30, Dec 31, SEK bn 2026 2025 2025 Equity attributable to the parent company's equity holders 64.3 60.5 61.8 Unrealized surplus value in Residential Development 3.0 2.8 3.2 Unrealized development gains in Commercial Property Development 4.2 4.5 4.7 Effect on unrealized equity in PPP portfolio 0.5 0.7 0.7 Adjusted equity 72.0 68.6 70.3
Page 8
8 Skanska interim report third quarter 2026 Investments and divestments Investments and divestments The Group’s investments amounted to SEK -2,653 M (-2,563), while divestments amounted to SEK 1,376 M (1,250), resulting in net investments of SEK -1,277 M (-1,314) in the third quarter. In Construction, investments totaled SEK -742 M (-773). These investments mainly relate to property, plant and equipment for the Group’s own operations. Net investments in Construction amounted to SEK -634 M (-727). Depreciation of property, plant and equipment including right-of-use assets amounted to SEK -737 M (-653). In Residential Development, investments totaled SEK -1,111 M (-1,338). Divestments amounted to SEK 1,203 M (656). Net divestments in Residential Development amounted to SEK 92 M (-683). In Commercial Property Development, investments totaled SEK -861 M (-1,035). Divestments amounted to SEK 50 M (947). Two projects were sold in the third quarter, of which one will be handed over in the fourth quarter this year and one in 2027. Net investments in Commercial Property Development amounted to SEK -811 M (-88). In Investment Properties, net investments totaled SEK -5 M (-16). Investments, divestments and net divestments(+)/ investments (-) Capital employed in Project Development and Investment Properties Investment: Lillebytunet, Trondheim, Norway Divestment: H2Offices, Budapest, Hungary -10 -5 0 5 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 Divestments, quarterly Investments, quarterly Net divestments/investments, rolling 12 months Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 2025 Investments Construction -742 -773 -3,342 -3,137 Residential Development -1,111 -1,338 -6,516 -4,949 Commercial Property Development -861 -1,035 -4,700 -4,280 Investment Properties -5 -16 -50 -61 Other 66 598 391 721 Total -2,653 -2,563 -14,218 -11,706 Divestments Construction 108 46 386 363 Residential Development 1,203 656 5,181 5,054 Commercial Property Development 50 947 7,844 5,369 Investment Properties - - - - Other 15 -399 824 22 Total 1,376 1,250 14,235 10,807 Net divestments(+)/investments(-) Construction -634 -727 -2,956 -2,774 Residential Development 92 -683 -1,336 105 Commercial Property Development -811 -88 3,144 1,089 Investment Properties -5 -16 -50 -61 Other 81 199 1,215 743 Total -1,277 -1,314 17 -898 Of which strategic - - - 30 Sep 30, Sep 30, Dec 31, SEK M 2026 2025 2025 Residential Development 14,662 13,469 13,720 Commercial Property Development 42,232 40,929 41,700 Investment Properties 8,168 8,146 8,348 Total 65,062 62,544 63,767
Page 9
Skanska interim report third quarter 2026 9 Performance analysis, business streams Construction – Order situation Order backlog, revenue and order bookings Order bookings and order backlog in Construction 1 Refers to the end of each period. Order bookings amounted to SEK 68.0 billion (39.9); adjusted for currency effects, order bookings increased 67 percent. This marks another quarter of record order intake. Demand for traditional infrastructure and demand from the tech industry both remain high but booking activity will vary between quarters. On a rolling 12-month basis the book-to-build ratio was 128 percent (Jun 30, 2026: 114). For more information, see page 29. The order backlog reached all-time high and amounted to SEK 328.3 billion (Jun 30, 2026: 297.5); adjusted for currency effects, the order backlog increased by 8 percent. The order backlog corresponds to 22 months of production (Jun 30, 2026: 21). Changes and currency rate effects Major orders in the quarter Geography Contract Amount SEK M Client USA Data center 11,200 Existing customer USA Light rail transit 8,900 LA Metro USA High-tech facility 3,600 Confidential customer USA Pier 2,500 NAVFAC Mid-Atlantic USA Data center 2,200 Existing customer Construction revenue from internal Project Development contracts on a rolling 12-month basis amounted to: 6.5 SEK bn Light rail transit, LA Metro, USA 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, rolling 12 months Revenue, rolling 12 months Order bookings per quarter Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK bn 2026 2025 months 2025 Order bookings 68.0 39.9 217.2 179.5 Order backlog ¹ 328.3 264.4 257.9 Change in SEK Change in local currency Currency effect Order bookings 70% 67% 4% Order backlog 10% 8% 3% Jul-Sep 2026 / Jul-Sep 2025 Sep 30 2026 / Jun 30, 2026
Page 10
10 Skanska interim report third quarter 2026 Construction Revenue and operating margin, rolling 12 months Revenue and earnings Changes and currency rate effects Revenue in the Construction business stream amounted to SEK 46.0 billion (42.2); adjusted for currency effects, revenue was up 7 percent. Operating income increased 28 percent in local currencies and amounted to SEK 2,282 M (1,766). The operating margin was 5.0 percent (4.2), reflecting a well-performing project portfolio, and positive contributions from several large projects maturing in the quarter. The rolling 12-month operating margin was 4.5 percent (Jun 30, 2026: 4.3). 0 20 40 60 80 100 120 140 160 180 200 -1 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 SEK bn% Operating margin Revenue Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 2025 Revenue 46,016 42,232 169,644 171,121 Gross income 3,935 3,392 14,306 13,565 Selling and administrative expenses -1,657 -1,637 -6,629 -6,488 Income from joint ventures and associated companies 4 10 18 18 Operating income 2,282 1,766 7,695 7,094 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 Change in SEK Change in local currency Currency effect Revenue 9% 7% 2% Operating income 29% 28% 1% Revenue -3% 2% -4% Operating income 14% 19% -5% Jul-Sep 2026 / Jul-Sep 2025 Rolling 12 months 2026 / Rolling 12 months 2025
Page 11
Skanska interim report third quarter 2026 11 Residential Development Revenue and operating margin, rolling 12 months Revenue and earnings 1 Rolling 12 months. For definition see page 19. Revenue in the Residential Development business stream amounted to SEK 1,541 M (1,757). Operating income for the business stream amounted to SEK -369 M (131). Central Europe started one new project in the quarter and delivered a strong operating margin. In the Nordics, measures are being taken to reposition the portfolio towards the largest cities. Third-quarter earnings were impacted by sales in low-margin projects, property asset impairment charges related to non-strategic land of SEK -340 M and goodwill impairment charges of SEK -143 M. Return on capital employed on a rolling 12-month basis was -1.0 percent (5.9). Homes sold and started, rolling 12 months Homes sold and started Homes under construction and unsold Homes under construction and unsold In the third quarter, the number of homes sold was 323 (383) and construction started on 270 (572) units. At the end of the quarter, 2,882 homes (Jun 30, 2026: 2,878) were under construction. The sales rate was 56 percent (Jun 30, 2026: 55) by the end of the quarter. The number of completed unsold homes amounted to 298 (Jun 30, 2026: 326). During the quarter 266 homes were completed. Breakdown of carrying amounts A breakdown of the carrying amounts for Residential Development is presented in the table above. The estimated unrealized surplus value, pre- tax, in unsold homes under construction and undeveloped land and development properties amounted to SEK 3.4 billion (SEK 3.0 billion post standard tax). The undeveloped land and development properties correspond to Skanska- owned building rights for 23,500 homes. Additionally, we hold 2,600 building rights through joint ventures and, subject to certain conditions, we have the right to purchase 2,900 building rights. 0 5 10 15 20 -30 -25 -20 -15 -10 -5 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 SEK bn% Operating margin Revenue Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 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 Return on capital employed, % ¹ -1.0 5.9 -1.0 4.6 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 Started Sold Jul-Sep Jul-Sep Rolling 12 Jan-Dec 2026 2025 months 2025 Homes sold 323 383 1,414 1,535 Homes started 270 572 1,083 1,571 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) Sep 30, Sep 30, Dec 31, 2026 2025 2025 Homes under construction 2,882 2,895 3,189 of which sold, % 56 51 51 Completed unsold, number of homes 298 486 358 Sep 30, Sep 30, Dec 31, SEK M 2026 2025 2025 Completed projects 1,868 2,215 1,809 Ongoing projects 5,212 4,393 4,962 Undeveloped land and development properties 10,711 9,349 9,288 Total 17,791 15,956 16,059
Page 12
12 Skanska interim report third quarter 2026 Commercial Property Development Revenue and operating income from property divestments Revenue and earnings 1 Rolling 12 months. For definition see page 19. In the Commercial Property Development business stream, two Central European projects were divested in the third quarter. Total revenue amounted to SEK 3,250 M (1,745), of which SEK 2,808 M comes from property divestments. Operating income was SEK 171 M (-397), and includes property asset impairment charges totaling SEK -378 M, mostly related to unsold completed properties in the USA. Development gains from divested properties amounted to SEK 513 M (377). The leasing ratio in the portfolio of unsold completed properties is solid and the net operating income contribution from income-producing properties was SEK 169 M. Return on capital employed on a rolling 12-months basis was 2.5 percent (0.0). Breakdown of investment value and market value 1 Market value according to appraisal on September 30, 2026. 2 Ongoing projects - estimated market value at completion fully leased. 3 Including tenant improvement and leasing commissions in CDUS amounting to SEK 0 M. 4 Including tenant improvement and leasing commissions in CDUS amounting to SEK 3,153 M. 5 Skanska's share of total production cost in JVs is SEK 321 M at the end of the period. 6 Includes Skanska's total equity investment in JV of SEK 185 M. 7 Market value less investment value upon completion. Unrealized and realized gains, segment reporting Commercial properties, leasing, and degree of completion Estimated market value at completion for the Commercial Property Development portfolio amounted to SEK 48.4 billion at the end of the third quarter, corresponding to an unrealized gain of SEK 4.6 billion. Two projects were divested, and one project was started in the quarter, all of which were in Central Europe. One project was completed during the quarter. Assets sold but not transferred are expected to contribute SEK 3.9 billion to cash flow, net of remaining investments, during 2026-2029. At the end of the quarter, 17 projects with a total leasable area of 271,000 sq m were ongoing. Of these, 14 were commercial office properties and three were residential rental. The commercial properties were on average 54 percent leased and 57 percent completed. The portfolio of completed projects includes 17 properties with a total leasable area of 446,000 sq m. This portfolio was 82 percent leased by the end of the quarter. Third-quarter leasing came in at 22,000 sq m (77,000), of which residential rentals accounted for 8,000 sq m (6,000). Over a rolling 12-month period, leasing amounted to 140,000 sq m (172,000), of which residential rentals accounted for 44,000 sq m (29,000). Accumulated eliminations of intra-Group Construction profits amounted to SEK -490 M, reducing the carrying amount for current asset properties in Commercial Property Development. These eliminations are released at the Group level as each project is divested. 0 2 4 6 8 10 12 14 16 18 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 Revenue from divestments, rolling 12 months Operating income from divestments, rolling 12 months Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 2025 Revenue 3,250 1,745 11,037 8,099 of which from divestment of properties 2,808 1,383 9,451 6,686 Gross income 305 -242 1,445 971 Selling and administrative expenses -132 -151 -706 -705 Income from joint ventures and associated companies -3 -3 4 -7 Operating income 171 -397 743 259 of which from divestment of properties 513 377 1,663 1,378 Return on capital employed, % ¹ 2.5 -0.0 2.5 1.0 SEK M Investment value, end of period Investment value upon completion Market value ¹ ² Unrealized gains ⁷ Ongoing projects ³ ⁵ 6,595 12,765 15,318 2,553 Completed projects ⁴ 19,525 19,525 20,636 1,111 Undeveloped land and development properties 11,439 11,439 12,408 968 Total 37,560 43,729 48,362 4,632 of which carrying amount ⁴ ⁶ 37,424 42,955 - - of which completed projects sold according to segment reporting 1,298 1,298 1,741 443 of which ongoing projects sold according to segment reporting 1,796 4,236 4,906 671 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, rolling 12 months Unrealized gains in: 0 20 40 60 80 100 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, rolling 12 months Economic occupancy rate, ongoing projects Degree of completion, ongoing projects
Page 13
Skanska interim report third quarter 2026 13 Investment Properties Revenue and earnings 1 Rolling 12 months. For definition see page 19. Revenue in the Investment Properties business stream amounted to SEK 117 M (120). Operating income amounted to SEK 87 M (143). The comparable quarter results were positively impacted by the value reassessment of one property. Average valuation yield in the portfolio at the end of the third quarter was 4.7 percent (Jun 30, 2026: 4.7) and the economic occupancy rate was 80 percent (Jun 30, 2026: 83). At the end of the quarter, total property value of the Investment Properties portfolio amounted to SEK 8.3 billion. We will continue to build up the Investment Properties asset portfolio with high-quality sustainable office properties in attractive locations in Sweden’s three largest cities, targeting a total value of SEK 12-18 billion. Sthlm01, Stockholm, Sweden Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2026 2025 months 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 Investments -5 -16 -50 -61 Divestments - - - - Net divestments(+)/investments(-) -5 -16 -50 -61 Capital employed 8,168 8,146 8,348 Property value 8,291 8,242 8,268 Return on capital employed, % ¹ 4.1 4.7 4.1 4.7 Net leasing -21 1 -23 -8 Economic occupancy rate, % 80 83 85 Surplus ratio, % 76 76 73 73
Page 14
14 Skanska interim report third quarter 2026 Sustainability information Climate data 1 Scope 1 and 2 (market-based). 2 Scope 1 and 2 (market-based)/ SEK M revenue, according to segment reporting. 3 Rolling 12 months. Combined scope 1 and 2 emissions totaled 36,000 tonnes (38,000) for the third quarter. On a rolling 12-month basis, combined scope 1 and 2 emissions totaled 143,000 tonnes, 65 percent below our 2015 baseline. The carbon intensity in the third quarter stood at 0.73 (0.87), compared to 2.60 in 2015. Scope 1 emissions are driven by the use of fuels. Group-wide use of renewable fuels was in line with the same period last year. On a rolling 12- month basis the share was 34 percent. Scope 2 emissions are primarily driven by the use of electricity. Group-wide share of renewable electricity was 100 percent on a rolling 12-month basis. Skanska’s own emissions (scope 1 and 2) Health and Safety data 1 For definitions see page 20. Lost time accident rate (LTAR) is an indicator for monitoring safety performance. On a rolling 12-month basis, LTAR was 2.6 (Dec 31, 2025: 2.4). Executive Site Safety Visits (ESSV) promote clear and visible leadership for enhanced safety performance. In the third quarter, 1,767 ESSV (1,871) were conducted. Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Scope 1 and 2 (tonnes CO₂e) ¹ 36,000 38,000 143,000 143,000 Carbon intensity ² 0.73 0.87 0.79 0.80 Renewable fuels, % ³ 34 34 34 35 Renewable electricity, % ³ 100 98 100 100 0 1 2 3 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 R-12 Tonnes CO₂e Scope 1 Scope 2 Carbon intensity (tonnes CO₂e/SEK M revenue) Tonnes CO₂e/ SEK M revenue Jul-Sep 2026 Jul-Sep 2025 Rolling 12 months Jan-Dec 2025 Lost time accident rate (LTAR) ¹ 2.1 2.2 2.6 2.4 Executive Site Safety Visits (ESSV) ¹ 1,767 1,871 7,166 7,166
Page 15
Skanska interim report third quarter 2026 15 Personnel For the year to date, the average number of employees in the Group was 26,074 (25,738). At the end of the quarter, the number of employees totaled 26,493 people (Jun 30, 2026: 26,363). Related party transactions There were no transactions between Skanska and related parties that had a material impact on the Group’s financial position and results during the period. Material risks and uncertainties For information about risks and a description of key estimates and judgments, see the Annual and Sustainability Report 2025, pages 90-95, Note 2 and 5, as well as the section on market outlook included in this report. Other matters Nothing to report. Events after the end of the report period There were no significant events after the end of the reporting period. Financial reports for 2026 and 2027 Skanska’s interim reports and year-end report are available for download on Skanska’s website, www.skanska.com/group/en/investors. The Group’s interim reports for 2026 and 2027 will be published on the following dates: January 29, 2027 Year-end report 2026 April 29, 2027 Interim report first quarter 2027 July 16, 2027 Interim report second quarter 2027 October 28, 2027 Interim report third quarter 2027 Stockholm, November 5, 2026 Anders Danielsson President and Chief Executive Officer
Page 16
16 Skanska interim report third quarter 2026 Auditors’ Review Report concerning this interim report Introduction We have reviewed the condensed interim report for Skanska AB (publ.) as of September 30, 2026, and for the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to draw a conclusion on this interim report based on our review. Scope of the review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of people responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the parent company. Stockholm, November 5, 2026 Ernst & Young AB Rickard Andersson Authorized public accountant
Page 17
Skanska interim report third quarter 2026 17 Accounting Principles For the Group, this interim report has been prepared in compliance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Securities Market Act. The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. For the parent company, the interim report has been prepared in compliance with the Annual Accounts Act, the Securities Market Act, and Swedish Financial Reporting Board’s Recommendation RFR 2. Relation between consolidated operating cash flow statement and consolidated cash flow statement The difference between the operating cash flow statement and the summary cash flow statement in compliance with IAS 7 Cash flow Statements is presented in the Annual and Sustainability Report 2025, Note 32. Segment and IFRS reporting Skanska’s business streams Construction, Residential Development, Commercial Property Development and Investment Properties represent the Group’s operating segments. Tables in this report that refer to segment reporting are shown with a shaded background. In certain cases, the segment reporting differs from the consolidated results presented in accordance with International Financial Reporting Standards, IFRS. Construction includes both building construction and civil construction. Revenue and earnings are reported over time for both segment and IFRS reporting. Residential Development develops residential projects for immediate sale. Homes are adapted to selected customer categories. The units are responsible for planning and selling the projects. The related construction assignments are performed by Skanska’s construction units in the Construction segment in each market. In the segment reporting, Residential Development recognizes revenue and earnings when contracts are signed for the sale of homes. In the IFRS reporting, revenue is instead recognized when the buyer takes possession of the home. Commercial Property Development initiates, develops, leases and divests commercial property projects. In most markets the construction assignments are performed by Skanska’s Construction segment. In the segment reporting, Commercial Property Development recognizes revenue and earnings when contracts are signed for the sale of the properties. In the IFRS reporting, revenue is instead recognized when the buyer takes possession of the property. Investment Properties owns and manages properties for the purpose of generating rental income and increases in value. Rental income is recognized on a straight-line basis over the lease term. Changes in the value of investment properties are recognized every quarter both according to segment reporting and IFRS. The segment reporting recognizes properties in the Investment Properties operating segment as investment properties regardless of the share of the property utilized by Skanska. In the IFRS reporting, Skanska’s part must not amount to a significant proportion of the total area of the property. Otherwise, the property must be classified as a current-asset property or a property used in Skanska’s own operations. Joint ventures are reported under the proportional method in the segment reporting of Residential Development, whereas all other streams/operating segments apply the equity method. Intra-Group pricing between operating segments occurs on market terms. Forthcoming amendments to accounting principles IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and will apply from January 1, 2027. For more information about identified effects see the Annual and Sustainability Report 2025, Note 1. Skanska is still evaluating the detailed impact on the financial statements.
Page 18
18 Skanska interim report third quarter 2026 Definitions The following measures are viewed as the best and most accurate ways to measure Skanska’s operations, reflecting its business model and strategy, and thereby assisting investors and management in analyzing trends and performance in Skanska. For further definitions, see the Annual and Sustainability Report 2025, Note 40. Non-IFRS financial measures Definition Reason for use Revenue, segment Revenue, segment is the same as Revenue, IFRS in all business streams except for Residential Development and Commercial Property Development, where revenue is recognized when a binding contract is signed for the sale of homes and properties. As segment reporting of joint ventures in Residential Development applies the proportional method, this also affects Revenue, segment. Measures revenue generated in current market environment. Gross income Revenue minus cost of sales. Measures profit generated from projects. Gross margin, % Gross income as a percentage of revenue. Measures profitability in projects. Operating net Rental income minus operating costs for investment properties (that is, operating expenses, costs for repair and maintenance, property administration and property tax). Measures earnings from property management. Selling and administrative expenses, % Selling and administrative expenses as a percentage of revenue. Measures cost efficiency in selling and administrative expenses. Operating income Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies. Measures profit generated from operations. Operating income, segment Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies, according to segment reporting, and where Residential Development applies the proportional method for reporting of joint ventures. Measures profit generated from operations in current market environment. Operating income rolling 12 months Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies, over a rolling 12-month period. Measures profit generated from operations. Operating margin, % Operating income as a percentage of revenue. Measures profitability in operations. Net financial items The net of interest income, financial net pension cost, interest expense, capitalized interest expense, change in fair value and other net financial items . Measures total net for financial activities. Income after financial items Operating income minus net financial items. Measures profit generated before taxes. Earnings per share, segment, SEK Profit for the period, segment, attributable to the parent company’s equity holders divided by the average number of shares outstanding. Measures earnings per share, segment. Book-to-build, R-12m, % Order bookings divided by construction revenue, rolling 12 mont hs. Measures to which extent new orders are replacing work put in place. Unrealized gains, Commercial Property Development (CD) Market value minus investment value upon completion for ongoing projects, completed projects, and undeveloped land and development properties. Excludes projects sold according to segment reporting. Measures potential realization of future gains in Commercial Property Development. Capital employed, Group Total assets minus non-interest-bearing liabilities. Measures capital usage and efficiency. Capital employed, Stream Total assets less tax assets, deposits in Skanska’s internal bank and pension receivables minus non-interest-bearing liabilities excluding tax liabilities. Capitalized interest expense is removed from total assets for the Residential Development and Commercial Property Development segments. Measures capital usage and efficiency in a Stream. Capital employed Residential Development (RD) SEK M Measures capital usage and efficiency in Residential Development. Capital employed Commercial Property Development (CD) SEK M Measures capital usage and efficiency in Commercial Property Development. Total assets 20,623 - tax assets -252 - deposits in internal bank -170 - pension receivables -88 - non-interest-bearing liabilities (excluding tax liabilities) -5,293 - capitalized interest expense -158 14,662 Total assets 46,974 - tax assets -1,282 - deposits in internal bank -93 - pension receivables - - non-interest-bearing liabilities (excluding tax liabilities) -2,367 - capitalized interest expense -1,000 42,232
Page 19
Skanska interim report third quarter 2026 19 Non-IFRS financial measures Definition Reason for use Capital employed Investment Properties (IP) SEK M Measures capital usage and efficiency in Investment Properties. Capital employed average Calculated on the basis of five measuring points; see below. ROCE in RD segment, rolling 12 months, % Measures the performance (profitability and capital efficiency) in RD. ROCE in CD segment, rolling 12 months, % Measures the performance (profitability and capital efficiency) in CD. ROCE in IP segment, rolling 12 months, % Measures the performance (profitability and capital efficiency) in IP. ROCE in Project Development, segment, rolling 12 months, % Calculated as the sum of the adjusted profit in RD and CD divided by the aggregate amount of capital employed, average, for RD and CD. Measures the performance (profitability and capital efficiency) in Project Development. Return on equity, segment, rolling 12 months, % Profit attributable to the parent company’s equity holders as a percentage of average equity attributable to equity holders. Measures profitability on invested equity. Total assets 8,444 - tax assets -66 - deposits in internal bank - - non-interest-bearing liabilities (excluding tax liabilities) -210 8,168 Operating income, segment -221 + capitalized interest expense 66 +/- financial income and other financial items 16 - interest income from internal bank -4 Adjusted profit -143 Capital employed average* 14,549 ROCE RD -1.0% * Average capital employed Q3 2026 14,662 x 0,5 7,331 Q2 2026 14,792 14,792 Q1 2026 15,618 15,618 Q4 2025 13,720 13,720 Q3 2025 13,469 x 0,5 6,735 58,195 /4 14,549 Operating income, segment 743 + capitalized interest expense 276 +/- financial income and other financial items 41 - interest income from internal bank -0 Adjusted profit 1,059 Capital employed average* 41,565 ROCE CD 2.5% * Average capital employed Q3 2026 42,232 x 0,5 21,116 Q2 2026 40,419 40,419 Q1 2026 42,562 42,562 Q4 2025 41,700 41,700 Q3 2025 40,929 x 0,5 20,465 166,262 /4 41,565 Operating income 336 +/- financial income and other financial items 0 - interest income from internal bank - Adjusted profit 336 Capital employed average* 8,201 ROCE IP 4.1% * Average capital employed Q3 2026 8,168 x 0,5 4,084 Q2 2026 8,164 8,164 Q1 2026 8,134 8,134 Q4 2025 8,348 8,348 Q3 2025 8,146 x 0,5 4,073 32,803 /4 8,201 Adjusted profit CE avg ROCE RD -143 14,549 -1.0% CD 1,059 41,565 2.5% 916 56,114 1.6% 6,936 / 60,971 = 11.4
Page 20
20 Skanska interim report third quarter 2026 Non-IFRS financial measures Definition Reason for use Equity average attributable to the parent company’s equity holders SEK M Operating cash flow from operations Cash flow from business operations including taxes paid and cash flow from financing operations. Measures total cash flow generated from operations. Net divestments/investments Total investments minus total divestments. Measures the balance between investments and divestments. Free working capital Non-interest-bearing receivables minus non-interest-bearing liabilities excluding taxes. Measures the funding stemming from the negative working capital. Average free working capital in Construction SEK M Measures the funding stemming from the negative working capital generated in Construction. Interest-bearing net receivables/ net debt Interest-bearing assets minus interest-bearing liabilities. Measures financial position. Adjusted interest-bearing net receivables/net debt Interest-bearing net receivables/net debt excluding cash and cash equivalents with restrictions, lease liabilities and interest-bearing net pension assets or liabilities. Measures financial position and investment capacity. The latter is derived by comparing adjusted interest-bearing net receivables/net debt to limits set by the Board of Directors. Short-term investments Financial investments with a maturity of more than 3 months and less than 12 months at the time of acquisition. Measures interest-bearing assets that can be converted into cash or can be sold within a short period of time. Short-term investments are included in the Group’s total available funds. Equity/assets ratio, % Equity including non-controlling interest as a percentage of total assets. Measures financial position. Net debt/equity ratio Interest-bearing net debt divided by equity including non -controlling interest. Measures leverage of financial position. Adjusted equity attributable to the parent company’s equity holders SEK bn Measures financial position adjusted for surplus values in Project Development net of taxes. The standard corporate tax represents an approximation of the average corporate income tax within the relevant business streams over time. Net leasing Annual rent including supplements of new leases minus annual rent including supplements for agreements that have been served a notice of termination. Economic occupancy rate, % Contracted rental income including supplements less discounts for the period divided by total rental value for properties owned at the end of the period. Properties owned at the end of the period are restated as if they have been owned during the whole period, while disposed properties are excluded entirely. Measures the efficiency of leasing activity. Surplus ratio, % Operating net for Investment Properties stream as a percentage of rental income. Measures the efficiency of property management. Leasable area, sq m Leasable area including garage. Rental value Rental income including supplements for the period plus market rent for vacant premises. Indicates total potential rental income for fully leased properties. Environmental certification, % Share of Investment Properties' portfolio being certified according to minimum LEED Gold or similar. Measures the sustainability quality of the property portfolio. Lost time accident rate (LTAR) Number of employee and subcontractor lost time accidents multiplied by 1,000,000 hours and divided by total labor hours. Indicator for monitoring safety performance. Executive Site Safety Visits (ESSV) Site safety visits performed by senior managers. Promotes clear and visible leadership for enhanced safety performance. Calculated on the basis of five measuring points. Q3 2026 64,257 x 0,5 32,129 Q2 2026 61,473 61,473 Q1 2026 58,273 58,273 Q4 2025 61,760 61,760 Q3 2025 60,495 x 0,5 30,248 243,883 /4 60,971 Calculated on the basis of five measuring points. Q3 2026 -36,989 x 0,5 -18,494 Q2 2026 -33,932 -33,932 Q1 2026 -31,574 -31,574 Q4 2025 -31,687 -31,687 Q3 2025 -30,068 x 0,5 -15,034 -130,721 /4 -32,680 Equity attributable to the parent company's equity holders 64.3 Unrealized surplus value in RD 3.4 Unrealized development gains in CD 4.6 Effect on unrealized equity in PPP portfolio 0.6 Less standard corporate tax, 10% -0.9 Adjusted equity 72.0
Page 21
Skanska interim report third quarter 2026 21 Reconciliation between segment reporting and IFRS Revenue by geographical area (IFRS) Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Construction 120,964 122,244 4,758 4,955 125,722 127,199 5,217 4,617 Residential Development 4,564 5,250 57 - 4,621 5,250 -252 420 Commercial Property Development 6,030 2,577 42 557 6,072 3,134 72 -411 Investment Properties 320 316 37 38 357 354 253 303 Total operating segments 131,878 130,388 4,894 5,549 136,772 135,937 5,291 4,928 Central 16 158 0 0 17 158 85 -432 Eliminations - - -4,895 -5,549 -4,895 -5,549 -48 -236 Total Group 131,894 130,545 - - 131,894 130,545 5,328 4,260 Reconciliation to IFRS ¹ 1,907 1,660 - - 1,907 1,660 663 111 Total IFRS 133,801 132,205 - - 133,801 132,205 5,991 4,371 1 Of which effect from joint ventures in Residential Development proportionally -148 -98 - - - - -10 1 Of which effect of different revenue recognition principles 2,054 1,758 - - - - 672 109 External revenue Intra-Group revenue Total revenue Operating income Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Ja n-Sep SEK M 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Nordics 43,486 41,800 2,348 3,034 5,305 3,312 357 354 -3,342 -2,434 48,155 4 6,066 of which Sweden 22,135 21,823 1,302 1,319 3,729 1,335 357 354 -2,290 -1,563 25,233 23 ,269 Europe 20,865 20,413 1,850 1,016 2,145 1,728 - - -1,443 -1,424 23,418 2 1,733 USA 61,371 64,987 - - 851 613 - - 6 -1,193 62,229 64 ,406 Total operating segments 125,722 127,199 4,199 4,050 8,302 5,653 357 354 -4,779 -5,051 133,801 1 32,205 Total Construction Residential Development Commercial Property Development Investment Properties Central and Eliminations Segment IFRS Segment IFRS Segment IFRS Segment IFRS Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep SEK M 2026 2026 2025 2025 2026 2026 2025 2025 Revenue Construction 46,016 46,016 42,232 42,232 125,722 125,722 127,199 127,199 Residential Development 1,541 1,236 1,757 674 4,621 4,199 5,250 4,050 Commercial Property Development 3,250 493 1,745 1,309 6,072 8,302 3,134 5,653 Investment Properties 117 117 120 121 357 357 354 354 Central and Eliminations -1,547 -1,454 -2,182 -2,043 -4,878 -4,779 -5,392 -5,051 Total revenue 49,377 46,409 43,674 42,294 131,894 133,801 130,545 132,205 Operating income Construction 2,282 2,282 1,766 1,766 5,217 5,217 4,617 4,617 Residential Development -369 -459 131 -65 -252 -307 420 151 Commercial Property Development ¹ 171 -273 -397 -471 72 798 -411 -30 Investment Properties 87 87 143 143 253 253 303 303 Central -116 -116 -58 -59 85 84 -432 -434 Eliminations ¹ 17 -39 -221 -215 -48 -54 -236 -235 Total operating income 2,072 1,482 1,363 1,099 5,328 5,991 4,260 4,371 Net financial items 199 201 164 163 629 635 545 548 Income after financial items 2,271 1,683 1,527 1,261 5,957 6,625 4,805 4,919 Income taxes -541 -399 -220 -155 -1,429 -1,590 -979 -1,002 Profit for the period 1,730 1,284 1,308 1,107 4,527 5,036 3,826 3,917 Earnings for the period per share, SEK ² 4.14 3.07 10.82 9.15 Earnings for the period per share according to IFRS, SEK ² 3.06 2.58 12.05 9.37 1 Of which gains from divestments of commercial properties reported in: Commercial Property Development 513 69 377 302 905 1,630 620 1,002 Eliminations 68 9 6 29 113 88 47 46 2 Earnings for the period attributable to the parent company's equity holders divided by the average number of shares outstanding.
Page 22
22 Skanska interim report third quarter 2026 Skanska Group Condensed income statement (IFRS) Statement of profit or loss and other comprehensive income (IFRS) SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 46,409 42,294 133,801 132,205 178,254 176,658 Cost of sales -42,765 -39,280 -122,093 -121,842 -162,157 -161,906 Gross income 3,644 3,014 11,708 10,363 16,097 14,753 Selling and administrative expenses -2,196 -2,087 -6,524 -6,265 -8,813 -8,554 Change in value, investment properties - 53 - 53 - 53 Income from joint ventures and associated companies 34 119 807 219 910 323 Operating income 1,482 1,099 5,991 4,371 8,194 6,574 Financial income 293 276 913 876 1,177 1,140 Financial expenses -92 -113 -278 -328 -397 -446 Net financial items ¹ 201 163 635 548 780 694 Income after financial items 1,683 1,261 6,625 4,919 8,974 7,268 Income taxes -399 -155 -1,590 -1,002 -2,084 -1,496 Profit for the period 1,284 1,107 5,036 3,917 6,890 5,772 1 Of which Interest income 249 265 788 782 1,029 1,023 Financial net pension costs 22 15 65 52 83 71 Interest expenses -98 -115 -319 -411 -429 -520 Interest expenses from lease liabilities -69 -69 -205 -209 -278 -282 Capitalized interest expenses 95 87 284 336 383 435 Net interest items 199 183 612 549 789 727 Change in fair value -1 0 -3 4 -3 4 Other net financial items 3 -20 26 -5 -6 -37 Net financial items 201 163 635 548 780 694 Profit for the period attributable to: the parent company's equity holders 1,266 1,065 4,991 3,863 6,830 5,702 non-controlling interests 18 41 45 54 61 70 Earnings per share, SEK ² 3.06 2.58 12.05 9.37 16.50 13.82 Earnings per share after dilution, SEK ³ 3.05 2.57 12.00 9.31 16.45 13.76 3 Earnings for the period attributable to the parent company's equity holders divided by the average number of shares outstanding after dilution. 2 Earnings for the period attributable to the parent company's equity holders divided by the average number of shares outstanding. SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Profit for the period 1,284 1,107 5,036 3,917 6,890 5,772 Other comprehensive income Items that will not be reclassified to profit and loss for the period Remeasurements of defined-benefit pension plans 636 862 900 493 1,056 649 Tax related to items that will not be reclassified to profit and loss for the period -134 -180 -193 -101 -204 -112 502 682 708 392 852 537 Items that have been or will be reclassified to profit and loss for the period Translation differences 1,129 -167 2,712 -2,981 1,936 -3,757 Hedging of exchange rate risk in foreign operations 20 -2 50 -58 36 -71 Effects of cash flow hedges ¹ -26 -14 -18 -34 -26 -42 Share of other comprehensive income of joint ventures and associated companies ² 25 10 22 4 31 13 Tax related to items that have been or will be reclassified to profit and loss for the period 3 2 -1 10 1 13 1,152 -171 2,765 -3,059 1,979 -3,844 Other comprehensive income after tax 1,654 511 3,472 -2,667 2,831 -3,308 Total comprehensive income 2,938 1,618 8,508 1,250 9,721 2,464 Total comprehensive income for the period attributable to the parent company's equity holders 2,915 1,575 8,451 1,196 9,653 2,399 non-controlling interests 23 42 57 54 69 65 1 Of which transferred to income statement 2 -1 -3 -7 -4 -8 2 Of which transferred to income statement 8 7 23 20 31 28
Page 23
Skanska interim report third quarter 2026 23 Condensed statement of financial position (IF RS) Contingent liabilities, excluding partners' share in joint operations, as of Sep 30, 2026 amounted to SEK 2.1 bn (Dec 31, 2025: 1.7). Skanska's obligations for partners' share of future performance in joint operations amounted to SEK 41.6 bn (Dec 31, 2025: 22.7). In the event that Skanska takes over part of the performance, Skanska's order backlog will increase accordingly. For more information see Annual and Sustainability Report 2025, Note 17B, 17C and 30. SEK M Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Non-current assets Investment properties 8,291 8,242 8,268 Property, plant and equipment 10,874 9,069 9,466 Property, plant and equipment right-of-use assets 2,517 2,631 2,372 Goodwill 3,879 3,825 3,724 Other intangible assets 186 191 200 Investments in joint ventures and associated companies 2,527 2,212 2,318 Non-current financial assets ¹ ³ 5,608 6,322 4,620 Deferred tax assets 2,055 2,350 1,843 Total non-current assets 35,938 34,841 32,810 Current assets Current-asset properties ² 51,878 51,247 51,359 Current-asset properties right-of-use land 2,987 3,354 3,300 Inventories 1,125 1,035 1,061 Tax assets 1,041 1,216 1,068 Contract assets 12,739 9,807 8,841 Trade and other receivables 36,460 32,948 30,755 Current financial assets ³ 14,153 8,557 10,089 Short-term investments 6,876 6,594 8,535 Cash and cash equivalents 12,204 11,246 10,474 Total current assets 139,462 126,005 125,482 TOTAL ASSETS 175,400 160,846 158,292 of which interest-bearing non-current financial assets 5,537 6,187 4,563 of which interest-bearing current assets 33,086 26,309 28,915 Total interest-bearing assets 38,622 32,497 33,478 EQUITY Equity attributable to the parent company's equity holders 64,257 60,495 61,760 Non-controlling interests 209 180 192 Total equity 64,467 60,675 61,951 LIABILITIES Non-current liabilities Non-current financial liabilities ³ 4,529 7,544 5,380 Lease liabilities 5,117 5,383 4,763 Pensions 1,425 2,279 1,861 Deferred tax liabilities 3,548 3,148 3,060 Total non-current liabilities 14,620 18,354 15,064 Current liabilities Current financial liabilities ³ 5,254 3,163 4,410 Lease liabilities 900 1,195 1,446 Tax liabilities 794 393 355 Current provisions 9,327 9,918 9,829 Contract liabilities 34,620 25,112 25,410 Trade and other payables 45,417 42,036 39,826 Total current liabilities 96,313 81,817 81,277 TOTAL EQUITY AND LIABILITIES 175,400 160,846 158,292 of which interest-bearing financial liabilities 15,683 17,216 15,916 of which interest-bearing pensions and provisions 1,425 2,279 1,861 Total interest-bearing liabilities 17,109 19,495 17,777 1 Of which shares and participations 38 38 38 2 Current-asset properties Commercial Property Development 34,087 35,291 35,300 Residential Development 17,791 15,956 16,059 3 Items regarding non-interest-bearing unrealized changes in derivatives/financial instruments are included in the following amounts: Non-current financial assets 33 96 18 Current financial assets 147 88 183 Non-current financial liabilities 1 2 3 Current financial liabilities 116 66 80
Page 24
24 Skanska interim report third quarter 2026 Condensed statement of changes in equity (IFRS) Condensed consolidated cash flow statement (IAS 7) (IFRS) SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Opening balance 61,699 59,010 61,951 62,617 62,617 of which non-controlling interests 226 162 192 151 151 Dividend to the parent company's shareholders 0 0 -5,797 -3,295 -3,295 Dividend to non-controlling interests -39 -25 -39 -25 -25 Effects of share-based payments 31 72 173 217 279 Repurchase of Class B shares -162 - -329 -89 -89 Total comprehensive income for the period attributable to the parent company's equity holders 2,915 1,575 8,451 1,196 2,399 non-controlling interests 23 42 57 54 65 Closing balance 64,467 60,675 64,467 60,675 61,951 of which non-controlling interests 209 180 209 180 192 SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Cash flow from operating activities including taxes paid before change in working capital, according to IAS 7 2,588 2,006 4,338 4,345 6,760 6,767 Cash flow from change in working capital, according to IAS 7 1,142 -989 6,041 -922 7,556 593 Net investments in shares, property, plant and equipment and intangible assets (including investment properties) -687 -774 -1,575 -1,942 -2,720 -3,087 Capitalized interest paid and dividend received from joint ventures and associated companies -48 12 -30 -53 -107 -130 Cash flow from business operations including taxes paid according to operating cash flow 2,995 255 8,774 1,428 11,489 4,143 Less net investments in shares, property, plant and equipment and intangible assets (including investment properties) 687 774 1,575 1,942 2,720 3,087 Less capitalized interest paid and dividend received from joint ventures and associated companies 48 -12 30 53 107 130 Cash flow from operating activities, according to IAS 7 3,729 1,017 10,379 3,423 14,316 7,360 Cash flow from strategic net divestments(+)/ investments(-) according to operating cash flow - - - 30 - 30 Net investments in shares, property, plant and equipment and intangible assets (including investment properties) -687 -774 -1,575 -1,942 -2,720 -3,087 Interest and dividend received 295 360 1,061 1,077 1,320 1,336 Increase and decrease in interest-bearing receivables -1,431 -722 -1,437 -3,657 -3,444 -5,664 Cash flow from investing activities, according to IAS 7 -1,822 -1,137 -1,951 -4,492 -4,844 -7,385 Cash flow from financing activities according to operating cash flow statement -159 -215 -120 -337 -352 -568 Capitalized interest paid -94 -83 -275 -321 -369 -415 Less interest and other dividend received -249 -264 -817 -809 -1,059 -1,051 Change in interest-bearing liabilities excluding lease liabilities 25 355 264 -1,037 -923 -2,224 Dividend etc. ¹ -201 -25 -6,165 -3,409 -6,165 -3,409 Cash flow from financing activities, according to IAS 7 -679 -232 -7,112 -5,912 -8,867 -7,667 Cash flow for the period 1,229 -351 1,316 -6,981 605 -7,692 1 Of which repurchase of Class B shares -162 - -329 -89 -329 -89
Page 25
Skanska interim report third quarter 2026 25 Operating cash flow (IFRS), supplementary information SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Construction Cash flow from business operations 2,856 2,346 6,903 6,502 9,901 9,500 Change in working capital 2,151 558 2,766 -1,105 5,252 1,381 Net divestments(+)/investments(-) -634 -727 -1,934 -1,782 -2,956 -2,804 Cash flow adjustment - - - - - - Total Construction 4,373 2,177 7,735 3,615 12,197 8,077 Residential Development Cash flow from business operations -159 -126 -543 -386 -695 -537 Change in working capital -61 -319 784 -409 784 -408 Net divestments(+)/investments(-) 92 -683 -821 620 -1,336 105 Cash flow adjustment -24 -39 - -39 - -39 Total Residential Development -152 -1,167 -580 -213 -1,246 -879 Commercial Property Development Cash flow from business operations 110 -29 -202 -270 -278 -346 Change in working capital -472 -581 -1,387 -2,257 -2,111 -2,981 Net divestments(+)/investments(-) -811 -88 3,657 1,602 3,144 1,089 Cash flow adjustment -72 -333 -81 -391 102 -208 Total Commercial Property Development -1,244 -1,031 1,987 -1,317 858 -2,446 Investment Properties Cash flow from business operations 87 90 253 250 336 333 Change in working capital 0 17 34 17 27 10 Net divestments(+)/investments(-) -5 -16 -24 -35 -50 -61 Cash flow adjustment 2 - 2 - 1 -1 Total Investment Properties 83 91 265 232 314 281 Central and Eliminations Cash flow from business operations -189 -151 -786 -637 -1,241 -1,092 Change in working capital 113 164 127 -3 394 265 Net divestments(+)/investments(-) 81 199 1,068 596 1,215 743 Cash flow adjustment - - - - - - Total Central and Eliminations 6 213 409 -44 368 -85 Total cash flow from business operations 2,704 2,130 5,625 5,459 8,024 7,858 Total change in working capital 1,732 -161 2,324 -3,756 4,346 -1,733 Total net divestments(+)/investments(-) -1,277 -1,314 1,947 1,001 17 -928 Total cash flow adjustment -94 -372 -79 -430 103 -247 Cash flow from business operations before taxes paid 3,065 283 9,816 2,274 12,490 4,948 Taxes paid in business operations -70 -28 -1,042 -846 -1,002 -806 Cash flow from business operations including taxes paid 2,995 255 8,774 1,428 11,489 4,143 Net interest items, other net financial items and amortization of lease liabilities -159 -215 -120 -337 -352 -568 Cash flow from financing activities -159 -215 -120 -337 -352 -568 Operating cash flow from operations 2,835 40 8,653 1,091 11,137 3,575 Strategic net divestments(+)/investments(-) - - - 30 - 30 Dividend etc. ¹ -201 -25 -6,165 -3,409 -6,165 -3,409 Cash flow before change in interest-bearing receivables and liabilities 2,634 16 2,489 -2,288 4,972 196 Change in interest-bearing receivables -1,431 -722 -1,437 -3,657 -3,444 -5,664 Change in interest-bearing liabilities excluding lease liabilities 25 355 264 -1,037 -923 -2,224 Cash flow for the period 1,229 -351 1,316 -6,981 605 -7,692 Cash and cash equivalents at the beginning of the period 10,717 11,585 10,474 18,426 11,246 18,426 Net foreign exchange difference 259 13 414 -198 353 -260 Cash and cash equivalents at the end of the period 12,204 11,246 12,204 11,246 12,204 10,474 1 Of which repurchase of Class B shares -162 - -329 -89 -329 -89
Page 26
26 Skanska interim report third quarter 2026 Group net divestments(+)/investments (-) (IFRS) Capital employed in Project Development and Investment Pro perties (IFRS) SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 OPERATIONS – INVESTMENTS Investment properties -5 -16 -23 -35 -49 -61 Intangible assets -13 -0 -30 -14 -64 -47 Property, plant and equipment -733 -772 -2,156 -1,979 -3,306 -3,128 Shares and participations -57 -45 -332 -117 -423 -208 Current-asset properties -1,844 -1,731 -7,684 -5,566 -10,375 -8,257 of which Residential Development -1,059 -760 -4,753 -2,731 -6,213 -4,191 of which Commercial Property Development -786 -970 -2,932 -2,836 -4,162 -4,066 Investments in operations -2,653 -2,563 -10,226 -7,711 -14,218 -11,703 STRATEGIC INVESTMENTS Businesses - - - -3 - -3 Strategic investments - - - -3 - -3 Total investments -2,653 -2,563 -10,226 -7,714 -14,218 -11,706 OPERATIONS – DIVESTMENTS Intangible assets - - 3 - 3 - Property, plant and equipment 108 41 228 170 383 325 Shares and participations 14 18 736 33 736 33 Current-asset properties 1,254 1,191 11,206 8,510 13,113 10,416 of which Residential Development 1,204 794 4,133 4,461 5,267 5,595 of which Commercial Property Development 50 397 7,074 4,049 7,846 4,821 Divestments in operations 1,376 1,250 12,173 8,712 14,235 10,774 STRATEGIC DIVESTMENTS Businesses - - - 33 - 33 Strategic divestments - - - 33 - 33 Total divestments 1,376 1,250 12,173 8,745 14,235 10,807 TOTAL NET DIVESTMENTS(+)/INVESTMENTS(-) -1,277 -1,314 1,947 1,031 17 -898 Depreciation, non-current assets -789 -714 -2,213 -2,085 -2,958 -2,830 SEK M Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Residential Development 14,662 13,469 13,720 Commercial Property Development 42,232 40,929 41,700 Investment Properties 8,168 8,146 8,348 Total 65,062 62,544 63,767
Page 27
Skanska interim report third quarter 2026 27 Parent company 1 The parent company’s revenue consists mainly of amounts billed to Group companies. The balance sheet consists mainly of shares in Group companies, intra-Group receivables and equity. The parent company does not report any significant events during the period. Condensed income statement (RFR2) Condensed balance sheet (RFR2) 1 As a parent company in an IFRS group, Skanska AB applies RFR2 in its accounting. 2 During the year SEK 4,100 M (Dec 31, 2025: 4,400) in dividend has been received from Group companies. The parent company's contingent liabilities totaled SEK 211.7 bn on Sep 30, 2026 (Dec 31, 2025: 172.2), of which SEK 202.1 bn (Dec 31, 2025: 163.2) were related to obligations on behalf of Group companies. Other obligations, SEK 9.6 bn (Dec 31, 2025: 9.0), were related to commitments to outside parties of which SEK 5.0 bn (Dec 31, 2025: 5.6) relates to partners' future performance in the Group's joint operations. SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 394 297 1,062 984 Selling and administrative expenses -312 -307 -969 -998 Operating income 82 -11 93 -14 Net financial items 149 171 4,535 4,905 Income after financial items 231 160 4,628 4,891 Income taxes -48 -33 -109 -101 Profit for the period 183 127 4,519 4,790 Total comprehensive income 183 127 4,519 4,790 SEK M Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Non-current intangible assets 2 4 4 Property, plant and equipment 37 39 37 Holdings in Group companies 12,822 12,899 13,000 Receivables in Group companies 23,661 24,547 25,025 Non-current financial assets 161 161 161 Total non-current assets 36,683 37,650 38,227 Current receivables 385 334 435 Total current assets 385 334 435 TOTAL ASSETS 37,068 37,984 38,662 EQUITY AND LIABILITIES Equity ² 36,534 37,519 38,135 Provisions 190 193 203 Non-current interest-bearing liabilities - - - Current liabilities 344 272 324 TOTAL EQUITY AND LIABILITIES 37,068 37,984 38,662
Page 28
28 Skanska interim report third quarter 2026 Share data 1 Earnings for the period attributable to equity holders divided by the average number of shares outstanding. 2 Earnings for the period attributable to equity holders divided by the average number of shares outstanding after dilution. 3 Equity attributable to equity holders divided by the number of shares outstanding. 4 Adjusted equity divided by the number of shares outstanding. Five-year Group financial summary 1 Cash flow before change in interest-bearing receivables and liabilities divided by the average number of shares outstanding. Exchange rates for the most important currencies Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Earnings per share according to segment reporting, SEK ¹ 4.14 3.07 10.82 9.15 15.09 Earnings per share, SEK ¹ 3.06 2.58 12.05 9.37 13.82 Earnings per share after dilution, SEK ² 3.05 2.57 12.00 9.31 13.76 Equity per share, SEK ³ 155.30 146.40 155.30 146.40 149.19 Adjusted equity per share, SEK ⁴ 173.99 165.92 173.99 165.92 169.84 Average number of shares outstanding 413,999,664 412,886,551 414,091,114 412,302,873 412,635,596 Average number of shares outstanding after dilution 415,737,299 415,288,904 415,828,749 414,705,225 414,390,128 Average dilution, % - -0.15 0.42 0.58 0.42 Number of shares, at balance sheet date 419,903,072 419,903,072 419,903,072 419,903,072 419,903,072 Average price, repurchased Class B shares, SEK 270.13 - 261.06 239.54 239.54 Number of Class B shares repurchased 37,047,271 35,787,271 37,047,271 35,787,271 35,787,271 of which Class B shares repurchased during the period 600,000 - 1,260,000 370,000 370,000 Number of Class B shares in Skanska's own custody 6,148,494 6,693,333 6,148,494 6,693,333 5,935,339 Number of shares outstanding 413,754,578 413,209,739 413,754,578 413,209,739 413,967,733 SEK M Rolling 12 months Jan-Dec 2025 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2022 Revenue 180,640 179,291 177,208 157,052 161,602 Operating income 8,310 7,241 7,086 3,231 9,297 Profit for the period 6,996 6,295 5,835 3,272 7,702 Earnings per share, SEK 16.76 15.09 14.12 7.89 18.62 Return on capital employed, % 11.8 10.3 10.3 5.4 14.1 Return on equity, % 11.4 10.2 10.0 5.8 15.8 Operating margin, % 4.6 4.0 4.0 2.1 5.8 Return on capital employed accoding to IFRS, % 11.7 9.4 9.9 8.2 15.2 Cash flow per share according to IFRS, SEK ¹ 12.03 0.47 10.36 -5.90 -16.29 SEK Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 US dollar 9.39 9.95 9.81 9.98 9.42 9.18 British pound 12.62 13.05 12.92 13.26 12.66 12.40 Norwegian krone 0.98 0.95 0.94 1.04 0.94 0.92 Euro 10.89 11.10 11.07 11.34 11.06 10.80 Czech koruna 0.45 0.45 0.45 0.46 0.45 0.45 Polish zloty 2.55 2.62 2.61 2.59 2.59 2.55 Average exchange rates Exchange rates on the closing day
Page 29
Skanska interim report third quarter 2026 29 Construction Revenue and earnings Revenue Operating income Operating margin, % Order backlog Order bookings Book-to-build, R-12, % SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 46,016 42,232 125,722 127,199 169,644 171,121 Gross income 3,935 3,392 10,169 9,429 14,306 13,565 Selling and administrative expenses -1,657 -1,637 -4,960 -4,819 -6,629 -6,488 Income from joint ventures and associated companies 4 10 7 7 18 18 Operating income 2,282 1,766 5,217 4,617 7,695 7,094 Investments -742 -773 -2,165 -1,960 -3,342 -3,137 Divestments 108 46 231 207 386 363 Net divestments(+)/investments(-) -634 -727 -1,934 -1,752 -2,956 -2,774 Gross margin, % 8.6 8.0 8.1 7.4 8.4 7.9 Selling and administrative expenses, % -3.6 -3.9 -3.9 -3.8 -3.9 -3.8 Operating margin, % 5.0 4.2 4.1 3.6 4.5 4.1 Order bookings, SEK bn 68.0 39.9 173.7 135.9 217.2 179.5 Order backlog, SEK bn 328.3 264.4 328.3 264.4 257.9 Average number of employees 25,153 24,746 24,880 SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Nordics 14,590 13,981 43,398 41,714 59,971 58,288 of which Sweden 7,275 7,307 22,009 21,699 31,256 30,946 Europe 7,996 7,886 20,953 20,498 28,357 27,901 USA 23,429 20,366 61,371 64,987 81,316 84,931 Total 46,016 42,232 125,722 127,199 169,644 171,121 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec SEK M 2026 2025 2026 2025 months 2025 Nordics 715 590 1,739 1,564 2,591 2,417 of which Sweden 433 359 933 839 1,386 1,292 Europe 345 323 673 631 1,028 986 USA 1,222 852 2,805 2,421 4,077 3,692 Total 2,282 1,766 5,217 4,617 7,695 7,094 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 4.9 4.2 4.0 3.8 4.3 4.1 5.9 4.9 4.2 3.9 4.4 4.2 4.3 4.1 3.2 3.1 3.6 3.5 5.2 4.2 4.6 3.7 5.0 4.3 5.0 4.2 4.1 3.6 4.5 4.1 Sep 30, Sep 30, Dec 31, SEK M 2026 2025 2025 Nordics 81,806 74,488 69,278 of which Sweden 39,390 32,248 30,141 Europe 33,789 38,139 34,685 USA 212,736 151,775 153,935 Total 328,332 264,402 257,898 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 14,019 14,295 51,434 48,727 63,906 61,199 7,019 7,176 31,256 24,230 38,395 31,369 7,105 10,961 18,189 26,019 22,803 30,634 46,899 14,656 104,042 61,160 130,502 87,620 68,022 39,913 173,665 135,906 217,211 179,453 Sep 30, Sep 30, Dec 31, 2026 2025 2025 107 112 105 123 106 101 80 119 110 160 99 1 03 128 106 105
Page 30
30 Skanska interim report third quarter 2026 Residential Development Revenue and earnings 1 Rolling 12 months. For definition see page 19. Revenue Operating income 1 Operating margin, % 1 1 Development gain only. Construction margin reported under Construction. Homes started Homes sold Homes under construction Completed unsold, number of homes Homes under construction of which sold, % SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 1,541 1,757 4,621 5,250 6,296 6,925 Gross income -125 249 234 757 386 909 Selling and administrative expenses -244 -118 -485 -337 -608 -460 Operating income -369 131 -252 420 -221 450 Operating margin, % -24.0 7.4 -5.4 8.0 -3.5 6.5 Investments -1,111 -1,338 -4,943 -3,375 -6,516 -4,949 Divestments 1,203 656 4,122 3,995 5,181 5,054 Net divestments(+)/investments(-) 92 -683 -821 620 -1,336 105 Capital employed, SEK bn 14.7 13.5 14.7 13.5 13.7 Return on capital employed, % ¹ -1.0 5.9 -1.0 5.9 -1.0 4.6 Average number of employees 231 275 271 SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Nordics 1,058 850 2,925 2,732 4,098 3,906 of which Sweden 682 390 2,118 1,446 2,682 2,010 Europe 482 907 1,696 2,517 2,197 3,019 Total 1,541 1,757 4,621 5,250 6,296 6,925 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec SEK M 2026 2025 2026 2025 months 2025 Nordics -480 -28 -623 -22 -647 -45 of which Sweden -249 -9 -327 -7 -316 4 Europe 111 159 372 442 425 495 Total -369 131 -252 420 -221 450 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 -45.4 -3.3 -21.3 -0.8 -15.8 -1.2 -36.5 -2.3 -15.4 -0.5 -11.8 0.2 23.0 17.5 21.9 17.5 19.3 16.4 -24.0 7.4 -5.4 8.0 -3.5 6.5 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 Nordics 73 142 176 320 552 696 of which Sweden - 56 28 188 324 484 Europe 197 430 531 875 531 875 Total 270 572 707 1,195 1,083 1,571 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 201 143 591 522 852 782 147 81 438 315 567 444 122 240 444 635 562 753 323 383 1,035 1,157 1,414 1,535 Sep 30, Sep 30, Dec 31, 2026 2025 2025 Nordics 1,282 1,092 1,468 of which Sweden 718 653 949 Europe 1,600 1,803 1,721 Total 2,882 2,895 3,189 Sep 30, Sep 30, Dec 31, 2026 2025 2025 233 477 345 102 260 201 65 9 13 298 486 358 Sep 30, Sep 30, Dec 31, 2026 2025 2025 48 34 34 43 24 24 62 61 67 56 51 51
Page 31
Skanska interim report third quarter 2026 31 Commercial Property Development Revenue and earnings 2 Rolling 12 months. For definition see page 19. Revenue of which from divestments Operating income of which from divestments Homes for rent started Homes for rent sold Homes for rent under construction Capital employed SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 3,250 1,745 6,072 3,134 11,037 8,099 of which from divestment of properties 2,808 1,383 4,844 2,079 9,451 6,686 Gross income 305 -242 563 89 1,445 971 Selling and administrative expenses -132 -151 -498 -497 -706 -705 Income from joint ventures and associated companies -3 -3 8 -3 4 -7 Operating income 171 -397 72 -411 743 259 of which from divestment of properties ¹ 513 377 905 620 1,663 1,378 of which writedowns/reversal of writedowns of properties -378 -668 -844 -668 -845 -668 1 Additional gains of intra-Group construction profits included in Eliminations 68 6 113 47 163 97 Investments -861 -1,035 -3,416 -2,997 -4,700 -4,280 Divestments 50 947 7,074 4,598 7,844 5,369 Net divestments(+)/investments(-) -811 -88 3,657 1,602 3,144 1,089 Capital employed, SEK bn 42.2 40.9 42.2 40.9 41.7 Return on capital employed, % ² 2.5 -0.0 2.5 -0.0 2.5 1.0 Average number of employees 310 321 319 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec SEK M 2026 2025 2026 2025 months 2025 Nordics 89 546 1,730 794 4,280 3,344 Europe 2,839 971 3,491 1,728 5,670 3,907 USA 323 228 851 613 1,086 848 Total 3,250 1,745 6,072 3,134 11,037 8,099 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 38 494 1,575 610 4,081 3,116 2,769 889 3,269 1,469 5,370 3,570 - - - - - - 2 ,808 1,383 4,844 2,079 9,451 6,686 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec SEK M 2026 2025 2026 2025 months 2025 Nordics -38 55 121 89 597 564 Europe 336 202 372 240 492 360 USA -126 -654 -421 -740 -347 -665 Total 171 -397 72 -411 743 259 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 12 99 274 252 860 838 501 278 631 369 802 540 - - - - - - 5 13 377 905 620 1,663 1,378 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 Nordics - - 295 - 295 - USA - - - - - - Total - - 295 - 295 - Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rolling 12 Jan-Dec 2026 2025 2026 2025 months 2025 - - 295 - 295 - - - - - - - - - 295 - 295 - Sep 30, Sep 30, Dec 31, 2026 2025 2025 Nordics 434 139 139 USA - 324 - Total 434 463 139 Sep 30, Sep 30, Dec 31, SEK M 2026 2025 2025 Nordics 10,956 11,664 12,621 Europe 6,588 8,000 7,351 USA 24,688 21,265 21,727 Total 42,232 40,929 41,700
Page 32
32 Skanska interim report third quarter 2026 Investment Properties Revenue and earnings 1 Rolling 12 months. For definition see page 19. Properties SEK M Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 117 120 357 354 475 472 Operating net 89 92 260 258 347 346 Selling and administrative expenses -2 -1 -7 -9 -11 -13 Change in property value - 53 - 53 - 53 Operating income 87 143 253 303 336 386 Investments -5 -16 -24 -35 -50 -61 Divestments - - - - - - Net divestments(+)/investments(-) -5 -16 -24 -35 -50 -61 Capital employed 8,168 8,146 8,168 8,146 8,348 Property value 8,291 8,242 8,291 8,242 8,268 Return on capital employed, % ¹ 4.1 4.7 4.1 4.7 4.1 4.7 Economic occupancy rate, % 80 83 80 83 85 Average valuation yield, % 4.7 4.7 4.7 4.7 4.7 Location Leasable area, sqm Annual rental value, SEK M Economic 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
Page 33
Skanska interim report third quarter 2026 33 About Skanska One of the world’s largest construction and project development companies, we operate across select markets in the Nordics, Europe and the USA. Together with our customers and the collective expertise of our 25,900 employees, we create innovative and sustainable solutions that support healthy living beyond our lifetime. Skanska’s home markets Studio A, Warsaw, Poland Studio is a two-building office complex in Warsaw’s Wola district, one of the city’s leading business hubs. Located close to public transport, including two metro stations, the project is centered around a landscaped public square that creates an attractiv e and vibrant environment for tenants. Studio A was sold to Stena Real Estate AB in Q2 2024. In Q3 2026, Skanska sold Studio B to the same buyer for EUR 159 M (approximately SEK 1.7 billion). Completed in Q4 2025, the 26 -story building offers around 27,700 square meters of leasable office space and is home to tenants from sectors such as finance, energy, pharmaceuticals, technology and professional services. The project combines flexibility, well- being, and sustainability, targeting certifications including LEED, WELL, WiredScore and SmartScore. AI-driven systems support energy efficiency and building operations, complemented by advanced digital infrastructure and a wallet-based access system.
Page 34
Skanska AB www.skanska.com/group/en/investors For further information, please contact: Pontus Winqvist, EVP and CFO, Skanska AB, tel +46 10 448 8900 Antonia Junelind, Senior Vice President, Investor Relations, Skanska AB, tel +46 10 448 6261 Karolina Cederhage, Senior Vice President, Communications, Skanska AB, tel +46 10 448 0880 Jacob Birkeland, Head of Media Relations and Public Affairs, Skanska AB, tel +46 10 449 1957 This report will also be presented at a webcast and audio conference at 10:00 CET on November 5, 2026. The audio conference will be webcast live at www.skanska.com/group/en/investors, where a recording of the conference will also be available later. Participate in the audio conference, with the possibility to ask questions, please join the call from your phone via telephone line, dialing +46 (0) 8 5051 0031; +44 (0)203 059 58 63 or +1 (1) 631 570 56 13. This and previous reports can also be found at www.skanska.com/group/en/investors. This is information that Skanska AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation . The information was submitted for publication, through the agency of the Senior Vice President Investor Relations set out above, at 07:30 CET on November 5, 2026. This is a copy of the original version of the Skanska interim report third quarter 2026, which is prepared in Swedish. Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up th e presented line items.