Slides
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Q4 2025 February 11 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: 11 • Norway: 11 • Denmark: 11 • Netherlands: 11 • Germany, Central Europe: 9 • UK: 5 Net sales by business area in 2025, % Drivers for success Combining organic and acquired growth 23,000 experts Proven operating model Net debt/EBITDA 0.4x 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 2025 Net Sales and EBITA excl. IAC, 2021 – Q4 2025 2 Operations in three segments Net sales by service segment in 2025, % Buildings & Urban areas: 38 Water, energy & industry: 35 Transportation infrastructure: 27 Well - balanced client portfolio Net sales by client category in 2025, % Public sector: 39 Private sector: 61
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Net sales increased to SEK 31,586 million (30,676 ) • Organic growth 4 per cent (5), adj. for calendar effects • Acquired growth 2 per cent (3) EBITA increased to SEK 3,332 million (3,076) • Increase of 12 per cent or SEK 375 million, adj. for calendar effects • EBITA margin 10.5 per cent (10.0) Accelerated M&A activity – 13 acquisitions in 2025 Strong financial position – net debt/EBITDA of 0.4x (0.4x) Proposed dividend of SEK 3.70 per share (3.30) 3 A solid end to a strong year 31,586 Net sales, SEK million 3,332 EBITA, SEK million 4% Organic growth 10.5% EBITA margin
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Delivering on our strategic priorities 4 Continued margin expansion 10.0% → 10.5% Double - digit margin for second consecutive year Accelerated M&A activity 0.35 → SEK 2.1 bn Net sales added through acquisitions 2024 vs 2025 Improved efficiency 73.9% → 74.4% Billing ratio
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Net sales increased to SEK 8,548 million (8,100) • Total growth 6 per cent (5) • Organic growth 5 per cent (4), adj. for calendar effects EBITA increased to SEK 979 million (901) • Increase of 7 per cent or SEK 65 million, adj. for calendar effects • EBITA margin 11.5 per cent (11.1) 4 new acquisitions added in Q4 5 Quarter highlights 8,548 Net sales, SEK million 979 EBITA, SEK million 5% Organic growth 11.5% EBITA margin
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Positive operational momentum • Organic growth in 7 out of 8 business areas • Stable order backlog • Double - digit margins in 6 out of 8 business areas • Strong development in Germany and Belgium • Continued improvements in the UK and in Norway • Billing ratio improving by 0.2%u to 74.8% (74.6) 6 Operational highlights 6/8 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 segments • Increased demand in security and defence • Weak demand in parts of the commercial buildings and real estate segments Market trends • Energy: Strong demand from energy - resilience investments • Security and defence: Increased focus on defence and critical infrastructure • AI: Accelerated AI adoption and rising data centre investments 7 Market overview
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Net sales SEK 8,548 million (8,100) • Organic growth 5 per cent (4), adj. for calendar effects • Acquired growth 4 per cent (1) • Currency effects - 4 per cent (0) EBITA SEK 979 million (901) • Increased 7 per cent or 65 MSEK, adj. for calendar effects • EBITA margin 11.5 per cent ( 11.1 ) Net debt/EBITDA 0.4x (0.4x) 8 Summary result, Q4 2025
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Q4: Net sales – organic growth in 7 out of 8 Business Areas 9 5% 3% 7% 5% 0% 2% 4% 16% Group SE NO FI DK NL BE UK DE&CE 4% Organic growth adjusted for calendar , % Net sales: SEK 8,548 million ( 8,100 ) Total growth : 6% (5%) Organic growth: 5% (4%), adj for calendar effects Net sales drivers: • Higher average fees • Positive project adjustments • Higher billing ratio • Higher number of employees
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Q4: EBITA increased SEK 65 million adjusted for calendar 10 EBITA margin , % Group SE NO FI DK NL BE UK DE&CE 11.1 11.5 12.4 10.5 7.5 8.5 12.3 13.2 11.8 12.2 11.4 10.8 12.1 13.8 6.1 7.9 13.1 20.7 Q4 24 Q4 25 EBITA: SEK 979 million (901) • 7 % increase y - o - y, adj. for calendar effects • 11.5% margin (11.1) EBITA drivers: • Higher average fees • Positive project adjustments • Higher billing ratio • Higher number of employees • Higher personnel expenses
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Q4: 6 of 8 Business Areas increased EBITA adjusted for calendar 11 Q4 2025 EBITA contributors 11 25 68 13 Q4 2024 - 20 SE NO 3 FI DK 2 Q4 2025 Q4 2025 before calendar Groupwide - 26 DE&CE UK 966 979 5 - 2 BE Calendar NL 901 +7% EBITA development • Integration cost of SEK 35 million in SE related to Projektengagemang • Correction in DE positive impact of SEK 49 million 1 more working hour • Corresponding to a positive year - on - year impact of SEK 13 million
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12 Q4: Strong financial position 0 0,5 1 1,5 2 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Net debt to EBITDA, Q4 2020 – Q4 2025 Net Debt decreased to SEK 1,386 million ( 1,521 ) mainly due to improved working capital levels • Cash flow from operating activities of SEK 4,011 million ( 4,062 ) • M&A cash outflows of SEK 1,075 million ( 170 ) • Dividends of SEK 1,187 million ( 1,059 ) 0 .4x Net Debt/EBITDA (0.4x) Cash and cash equivalents of SEK 1,478 million (1,654) and unutilised credit facilities of SEK 3,821 million (3,640) 0 1000 2000 3000 4000 5000 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Net debt, Q4 2020 – Q4 2025 (SEK million)
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0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Proposal 1.17 1.43 1.67 1.83 2.07 2.20 2.45 2.70 2.95 3.30 3.70 Payout ratio, % DPS, SEK Note: Numbers restated for share split in rights issue in 2015 and share split 2020. % 50.0 – Policy Stable increase of dividend and pay - out ratio > 50% 13 +12% CAGR
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Continued profitable growth 14 Net sales SEK billion EBITA SEK million 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 11.4 16.5 16.9 18.7 20.6 21.1 21.8 24.3 28.5 30.7 31.6 +11% 991 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1,482 1,492 1,631 1,869 2,056 2,070 2,225 2,531 3,076 3,332 +13% CAGR 2015 - 2025
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15 Calendar effects The number of normal working hours in 2026, based on the 12 - month sales - weighted business mix, is broken down as follows: 2026 2025 Diff. Quarter 1 486 491 - 5 Quarter 2 468 464 5 Quarter 3 517 516 1 Quarter 4 491 485 6 Total 1,962 1,956 7
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Acquisitions in Q4 Finland: Fimpec Group, 7 October • Specialist expertise in e.g. renewable energy and hydrogen • Net sales SEK ~577 million – adding around 400 experts Belgium: assar architects, 16 October • Leading architectural practice • Net sales SEK ~189 million – adding around 150 experts Netherlands: VHGM, 17 October • Specialist in geothermal energy consulting • Net sales SEK ~22 million – adding 22 experts Netherlands: MuConsult , 16 December • Research and consultancy agency within mobility • Net sales SEK ~ 40 million – adding 26 experts 16
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Acquisitions during the year 17 Juust B.V. Urban development, spatial planning, mobility, city planning Brain of Buildings B.V. Security, fire safety, electrical engineering, mechanical engineering Volantis Group Architecture and technology for industrial and healthcare sectors VHGM Geothermal energy MuConsult Mobility and traffic Sipti Consulting Geotechnics, environmental engineering SDH Engineers, assets and liabilities Electrical engineering Fimpec Renewable energy, hydrogen, bio - and circular economy, forestry, batteries and critical minerals Projektengagemang Group Architecture and engineering consultancy services Planning and design unit, OBOS Design + Impakt Luxembourg Sustainability, circular economy, data - driven solutions PROgroup Sustainable buildings, city planning assar architects Architecture 1,510 2,084 Gained through acquisitions during the year Number of employees Annual net sales (SEK M) Norway Sweden Finland Belgium Netherlands 13 Acquisitions in 2025
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Projects 18 Projects won in the quarter reflect the diversity of our business across several growth segments. Framework agreement with Vattenfall in Sweden Sweco has been awarded a new framework agreement with Vattenfall, Sweden’s largest electricity producer. The agreement covers technical consulting services across wind, hydropower, thermal and nuclear power. The agreement runs from 2026 to 2028 and is valued at approximately SEK 600 million. Supporting wastewater treatment in Norway In Norway, Sweco has been awarded a multidisciplinary engineering project with Biowater Technology. The scope covers design management, mechanical and hydraulic engineering, automation, electrical engineering, sustainability coordination and more. The contract is valued at SEK 6 million for the first phase, which commenced in November 2025. Upgrading navigable waterways, Netherlands During Q4, Sweco won a framework agreement with De Vlaamse Waterweg nv , the Flemish public authority for navigable waterways, to upgrade the 16 km Roeselare – Leie Canal, which transports 4 million tonnes of goods annually. The EUR 7 million project runs from October 2025 to October 2029. Delivering prize - winning design in Germany Sweco delivered the prize - winning architectural design for the new Stephansplatz station on Hamburg’s U5 line. Sweco’s scope covered interior design, outdoor facilities and lighting. Inspired by the adjacent botanical garden, the station features a distinctive “leaf roof” and incorporates material reuse, integrated into the urban setting. The project runs until 2029.
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Summary 2025 • Net sales: SEK 31,586 million • EBITA of over SEK 3,332 million • EBITA margin of 10.5 per cent • Strong financial position Focus going forward • Continue advancing Sweco’s position in the planning and designing of a more competitive and resilient Europe • Focus on internal efficiency and further margin improvements • Effe ctive integration and active M&A agenda 19 Well - positioned going forward
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THANK YOU! April 22 Annual General Meeting National Museum of Science and Technology / Tekniska Muséet , Stockholm April 28 Q1 - 2026 Financial Report