Slides
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Q3 2025 October 29 Åsa Bergman, President & CEO Jan Allde , CFO
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Sweco - Europe’s leading architecture and engineering consultancy 2 Eight geographical business areas • Sweden: 29 • Belgium: 13 • Finland: 12 • Norway: 11 • Denmark: 11 • Netherlands: 10 • Germany & Central Europe: 9 • UK: 5 Net sales by business area in 2024, % Drivers for success Combining organic and acquired growth 23,000 experts Proven operating model Net debt/EBITDA 0.9x Strong financial position provides foundation for continued value - creating acquisitions and dividend growth Strong financial track - record 0 5000 10000 15000 20000 25000 30000 35000 0 500 1000 1500 2000 2500 3000 3500 2021 2022 2023 2024 LTM 2025 Q3 Net Sales and EBITA excl. IAC, 2021 – Q3 2025 2 Operations in three segments Net sales by service segment in 2024, % Buildings & Urban areas: 37 Water, energy & industry: 35 Transportation infrastructure: 28 Well - balanced client portfolio Net sales by client category in 2024, % Public sector: 37 Private sector: 63
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Net sales increased to SEK 7,138 million (6,779) • Organic growth 4 per cent (4), adj. for calendar effects • Total growth 5 per cent (6) EBITA increased to SEK 702 million (588) • Increase of 19 per cent or 114 MSEK • EBITA margin 9.8 per cent (8.7) Improvement driven by higher fees, billing ratio and FTE growth Five acquisitions completed in Q3 – another three added in October 3 Quarter highlights 7,138 Net sales, SEK million 702 EBITA, SEK million 4% Organic growth 9.8% EBITA margin
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Positive development across most business areas • Increase in orders received and order backlog • Double - digit margins in Sweco Germany & Central Europe, Denmark, and Belgium • Strong result in Sweoc Germany & Central Europe driven by efficiency improvements and positive project adjustments • Continued positive progress in Sweco UK • Billing ratio increased to 74.0 per cent (73.5) 4 Operational highlights 7/8 Business Areas reported increased EBITA 7/8 Business Areas reported organic growth
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Demand remained in line with previous quarters • Good demand in energy, infrastructure, water and environment se gments • Increased demand in security and defence • Weak demand in parts of the industry, buildings and real estate segments 5 Market overview
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Net sales increased to SEK 7,138 million (6,779) • Organic growth 4 per cent (4), adj. for calendar effects • Acquired growth 3 per cent (3) • Currency effects - 2 per cent ( - 2) • Total growth 5 per cent (6) EBITA increased to SEK 702 million (588) • Increase of 19 per cent or 114 MSEK • EBITA margin 9.8 per cent (8.7) Net debt/EBITDA 0.9x (1.1x) 6 Summary result, Q3 2025
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Q3: Net sales – organic growth in 7 out of 8 Business Areas Net sales: SEK 7,138 million (6,779) Organic growth excl calendar effects: 4% (4%) • No calendar effect in the quarter Organic growth development • Higher average fees, FTE growth and a higher billing ratio had a positive impact 0% 2% 4% 6% 8% 10% 12% 14% DE & CE UK BE NL DK FI NO SE Group Organic growth , % 7 7,138 (6,779) 1,963 (1,828) 733 (717) 781 (754) 782 (785) 876 (767) 930 (922) 404 (383) 771 (705) Net sales by business area, MSEK
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Q3: EBITA increased SEK 114 million EBITA: SEK 702 million (588) • 19% increase y - o - y • 9.8% EBITA margin (8.7) 8 EBITA margin , % Q324 Q325 Group SE NO FI DK NL BE UK DE&CE 9.8 8.7 7.5 6.7 2.7 4.7 9.2 9.1 14.3 17.3 7.8 8.1 12.0 13.6 5.8 7.2 10.3 14.6
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Q3: 7 of 8 Business Areas increased EBITA 9 Q3 2025 EBITA contributors 15 23 11 16 7 39 Q3 2024 SE NO 1 FI NL Calendar 0 Q3 2025 before calendar 588 702 702 Groupwide 5 DE&CE DK Q3 2025 UK - 4 BE +19% EBITA development • higher average fees • improved billing ratio • FTE growth • higher personnel expenses • PE transaction & integration costs of SEK 33 million, whereof Sweden SEK 28 million No calendar effect in the quarter
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10 Q3: Strong financial position Cash flow YTD impacted by recent acquisitions • Cash flow from operating activities of SEK 1,353 million (1,697) • M&A cash outflows of SEK 739 million (165) • Dividend of SEK 1,187 million (1,059) paid out Net debt at quarter end • Net debt decreased to SEK 3,124 million (3,533) • 0.9x Net Debt/EBITDA (1.1x) • SEK 3,711 million available liquid assets (3,239) 0 0,5 1 1,5 2 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Net debt to EBITDA, Q3 2021 – Q3 2025 0 1000 2000 3000 4000 5000 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Net debt, Q3 2021 – Q3 2025 (SEK million)
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11 Calendar effects The number of normal working hours in 2025, based on the 12 - month sales - weighted business mix, is broken down as follows: 2025 2024 Diff. Quarter 1 491 489 2 Quarter 2 464 475 - 11 Quarter 3 516 516 0 Quarter 4 485 484 1 Total 1,956 1,964 - 8
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Acquisitions in Q3 Luxembourg: PROgroup and + ImpaKT , 2 July • Engineering firms, 40 experts, net sales SEK ~60 million The Netherlands: Volantis, 4 July • Engineering and architecture, 150 experts, net sales SEK ~219 million Sweden: Projektengagemang , mid - July • Net sales SEK ~800 million, 650 experts • Integration progressing well, synergies realised gradually Norway: Design operations from OBOS, 1 August • Design operations with 18 experts from OBOS in Norway. Acquired as a part of an asset transfer. 12
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Acquisitions after the quarter Finland: Fimpec Group, 7 October • Fimpec offers specialist expertise in renewable energy, hydrogen, bio - and circular economy, forest industry, and batteries and critical minerals • Net sales SEK ~577 million – adding around 400 experts • The transaction is subject to approval by local competition authorities Belgium: assar architects, 16 October • assar architects is a leading architectural practice, specialising in large - scale public and private sector projects • Net sales SEK ~189 million – adding around 150 experts Netherlands: VHGM, 17 October • VHGM is specialised in geothermal energy consulting • Net sales SEK ~22 million – adding around 22 experts 13
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Advancing sustainable food production in Finland Sweco has been selected to be responsible for the overall design of Fazer’s new food factory. The factory will be designed to operate without direct CO 2 emissions through a comprehensive energy cycle and electrification. The investment of approximately SEK 4 billion is the largest in Fazer’s history and is also very significant for the Finnish food industry. Projects 14 Projects won during the quarter showcase Sweco’s role in future - proofing European societies and industries. Renewing power lines in Sweden Sweden’s national electricity grid operator has commissioned Sweco to renew power lines in Jämtland . This will enhance grid resilience, support the green transition, increase electricity imports from Norway, and promote regional growth and future wind power development. From 2025 to 2032, Sweco will provide design, site investigations, technical support, etc. Supporting sustainable transportation in Norway During the quarter, Sweco entered a framework agreement with public transport operator Sporveien to support sustainable transportation in the Oslo and Akershus area. Sweco will support with improving infrastructure architecture, geotechnics, and more. The framework agreement was signed and effective as of July 2025 to July 2027. Modernising infrastructure in the Netherlands In the Netherlands, Sweco will support the Dutch roads and water management agency, Rijkswaterstaat, in modernising the country’s primary infrastructure. This will enhance safety, resilience, and mobility to address climate challenges such as rising sea levels and flooding. The framework agreement’s maximum value is SEK 19 billion, with Sweco’s fee yet to be determined.
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• Continued focus on efficiency and margin improvements • Capture growth opportunities in a mixed market • Pursue attractive M&A prospects • Advance Sweco’s position in the planning and designing of a more competitive and resilient Europe 15 Well - positioned going forward
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THANK YOU! February 11, 2026 Q4 - 2025 Financial report