Slides
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Q3 2026 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: 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 0.8x 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 4000 2022 2023 2024 2025 LTM 2026 Q3 Net Sales and EBITA excl. IAC, 2021 – Q3 2026 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 7,606 million (7,138) • Total growth 7 per cent (5) • Organic growth 2 per cent (4), adj. for calendar effects EBITA increased to SEK 786 million (702) • Increase of 10 per cent or SEK 72 million, adj. for calendar effects • EBITA margin 10.3 per cent (9.8) Improvements in billing ratio and higher average fees Continued M&A activity 3 Quarter highlights 7,606 Net sales, SEK million 786 EBITA, SEK million 2% Organic growth 10.3% EBITA margin
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Strong quarter with increased efficiency • Organic growth in 5 out of 8 business areas • EBITA growth in 6 out of 8 business areas • Billing ratio improving by 1.1%u to 75.1% (74.0) • Main EBITA improvement from Sweco Sweden, Norway and Finland 4 Operational highlights 6/8 Business Areas reported increased EBITA 5/8 Business Areas reported organic growth
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Demand in line with previous quarters • Good demand in energy, infrastructure, water and environment segments • Continued growing demand in security and defence • Public and commercial buildings segments improved driven by investments in hospitals, defence and data centres • Weak demand in residential and parts of industry segments 5 Market overview
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Net sales SEK 7,606 million (7,138) • Organic growth 2 per cent (4), adj. for calendar effects • Acquired growth 3 per cent (3) • Currency effects 1 per cent ( - 2) • Total growth 7 per cent (5) EBITA SEK 786 million (702) • Increase of 10 per cent or SEK 72 million, adj. for calendar effects • EBITA margin 10.3 per cent (9.8) Net debt/EBITDA 0.8x (0.9) 6 Summary result, Q3 2026
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Q3: Net sales – organic growth in 5 out of 8 Business Areas 7 2% 2% 6% 5% 4% - 2% - 3% 8% Group SE NO FI DK NL BE UK DE&CE - 7% Organic growth adjusted for calendar , % Net sales: SEK 7,606 million (7 ,138 ) Organic growth: 2 % (4%), adj. for calendar effects Net sales drivers: • Higher average fees • Higher billing ratio • Negative organic FTE growth
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Q3: EBITA margin increased to 10.3 per cent 8 Reported EBITA margin , % Group SE NO FI DK NL BE UK DE&CE 9.8 10.3 6.7 8.9 4.7 6.9 9.1 10.0 17.3 15.2 8.1 8.9 13.6 12.8 7.2 8.6 14.6 13.9 Q3 25 Q3 26 EBITA: SEK 786 million (702) • 10 % increase y - o - y, adj. for calendar effects • 10.3% margin (9.8) EBITA drivers: • Higher average fees • Higher billing ratio • Higher personnel expenses • Higher other operating expenses
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Q3: EBITA increased SEK 72 million adjusted for calendar 9 Q3 2026 EBITA contributors 51 24 20 11 13 Q3 2025 SE NO FI - 25 NL - 12 Calendar Q3 2026 before calendar Groupwide - 5 DE&CE 702 773 2 UK 5 DK BE Q3 2026 786 +10% ( +72 ) EBITA development • Restructuring and integration costs of SEK 16 million (28) in SE • Integration costs of SEK 2 million (0) in FI 1 more working hour • Corresponding to a positive year - on - year impact of SEK 13 million
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10 Q3: Strong financial position Cash flow YTD 2026 • Cash flow from operating activities of SEK 1,121 million (1,353), impacted by seasonal increase of working capital • M&A cash outflows of SEK 310 million (739) • Dividends paid of SEK 1,335 million (1,187) Net Debt increased to SEK 3,160 million (3,124) 0 .8x Net Debt/EBITDA (0.9) Cash and cash equivalents of SEK 634 million ( 651 ) and unutilised credit facilities of SEK 4,246 million (3,061) 0 1,000 2,000 3,000 4,000 5,000 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 26 Net debt , Q3 2021 – Q3 2026 (SEK million ) 0.0 0.5 1.0 1.5 2.0 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 26 Net debt to EBITDA, Q3 2021 – Q3 2026
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11 Calendar effects 2026 and 2027 The number of normal working hours, based on 12 - month sales - weighted business mix, is broken down as follows: 2025 2026 2027 Delta hours 2026 vs 2025 Delta hours 2027 vs 2026 Quarter 1 491 486 469 - 5 - 17 Quarter 2 464 468 491 5 23 Quarter 3 516 517 517 1 0 Quarter 4 485 491 496 6 5 Total 1,956 1,962 1,974 7 11 Note: Since table items are individually rounded off, table figures do not always tally.
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Acquisitions in Q3 Germany: STEIN, 14 July • Specialists within the water sector • Net sales SEK 67 million – adding around 60 experts Sweden: Sitowise Sverige AB, 31 July • Experts in structural engineering, transport infrastructure • Net sales SEK 296 – adding around 257 experts Belgium: All Soil Assistance, 4 August • Experts in environmental soil investigations • Net sales SEK 20 million – adding around 16 experts Belgium: Technocon , 30 September • Experts in structural engineering • Net sales SEK 19 million – adding around 12 experts Acquisition after the quarter • Belgium: Stendess , 12 October. Net sales SEK 19 million – adding around 15 experts 12
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Sweco AI - strategy update • AI is built into our operating model • Strategy creates three levels of value • We are moving from broad adoption to redesign of entire end - to - end workflows • Sweco’s AI ecosystem provides a secure, compliant and scalable foundation for AI adoption, process automation and digital innovation. 13 Level 1 Individual productivity >85% of employees use AI across 130+ applications Level 2 Automate core processes Embed AI across entire project delivery processes Level 3 Accelerate digital innovation Develop tailored solutions as a part of client project deliveries GPT Data market Development platform Sweco’s AI ecosystem
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• We understand our clients needs • Our decentralised organisation makes us agile • We have the scale to invest • We are multidisciplinary 14 Core strengths – enhanced by AI
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AI in practice 15 WATER Smart Water Helps cities anticipate floods and prevent water pollution. ENERGY Sweco Flexibility Tool Simulates flexible energy use to reduce peak consumption. ENVIRONMENT CAPTURE Platform Uses machine learning to protect habitats and reduce wildlife collisions. ENVIRONMENT Sampling Plan AI - automated data collection, analysis and reporting to speed - up sampling plans.
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Projects 16 Projects won in the quarter reflect the diversity of our business across several segments – highlighting the increasing demand for sustainability and resilience across Europe. High - security facilities in Sweden Sweco won a SEK 500 million framework agreement for high - security facilities for a Swedish state - owned property company. The agreement highlights Sweco’s multidisciplinary expertise across feasibility studies, design and construction management for properties with stringent requirements for security and functionality. Future - proofing energy infrastructure in Denmark Sweco has been appointed sole consultant to Aalborg Forsyning, one of Denmark’s largest utility companies. The framework agreement covers multidisciplinary advisory services supporting the transition to a more diversified and resilient energy system, based on electricity - based heating and surplus heat, among other sources. Supervising railway station works in Belgium Sweco has entered into a framework agreement with the National Railway Company of Belgium (NMBS/SNCB) to supervise and quality - control infrastructure works at stations across the country. Services include site inspections, technical and safety compliance reviews, progress monitoring and support through testing and final acceptance. Delivering essential public buildings in Norway During the quarter Sweco has been awarded a framework agreement by Lillestrøm Municipality and several partner municipalities. The agreement covers project management, construction management and HSE advisory services for schools, kindergartens, healthcare facilities, fire stations, and cultural and sports venues.
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• Maintaining high internal efficiency and driving further margin improvements, with emphasis on FTE growth • Pursuing an active M&A agenda and continued effective integration of acquisitions • Combining our strong market position with AI to create greater value for clients and increase our competitiveness 17 Priorities going forward
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THANK YOU! February 11 Q4 - 2026 Financial Report