Sweco AB (STU:7W71) Q4 2025 Earnings Call Highlights: Strong Financial Performance Amid …

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Thu, February 12, 2026 at 12:01 AM GMT+9 4 min read

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**Net Sales:** SEK31.5 billion for 2025, with a 6% increase to SEK8.5 billion in Q4.

**Organic Growth Rate:** 4% for the year, 5% in Q4.

**Acquisitions Contribution:** Added 2% to annual net sales, with 13 acquisitions in 2025.

**EBITA:** SEK3.3 billion for 2025, SEK979 million in Q4, a 7% increase adjusted for calendar effects.

**EBITA Margin:** Improved to 11.5% in Q4, 10.5% for the year.

**Net Debt-to-EBITA Ratio:** 0.4x at year-end 2025.

**Dividend Proposal:** SEK3.70 per share, a 12% increase from 2024.

**Cash Flow from Operating Activities:** SEK4 billion for the full year 2025.

**Billing Ratio:** Improved to 74.8% in Q4.

**Acquisitions in Q4:** 4 new companies, adding around 600 experts.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Sweco AB (STU:7W71) reported a net sales increase to over SEK31.5 billion in 2025, with a solid organic growth rate of 4% and acquisitions adding another 2%.

The company achieved an EBITA improvement of 12% and further improved its EBITA margin, demonstrating strong financial performance.

Sweco AB (STU:7W71) accelerated its M&A activity, announcing 13 new acquisitions in 2025, adding more than SEK2 billion in annual net sales and over 1,500 new experts.

The company maintained a strong financial position with a net debt-to-EBITA ratio of 0.4x, providing flexibility for future market opportunities.

The Board of Directors proposed a dividend of SEK3.70 per share, representing a 12% increase from the previous year, reflecting confidence in the company's financial health.

Negative Points

The commercial buildings and real estate segments remained weak, impacting overall demand in these areas.

Integration and restructuring costs in Sweden impacted margins, with SEK43 million in costs affecting the EBITA margin.

The Netherlands reported a lower margin primarily due to higher operational expenses as a result of high M&A activity.

There was a negative FX effect of minus 4% due to the strong development of the Swedish krona, impacting overall financial results.

Personnel expenses had a negative impact on EBITA, despite improvements in other areas such as billing ratio and FTE growth.

Q & A Highlights

Q: Could you provide more details on the positive project adjustments in Finland, Denmark, and Germany, and clarify if the ERP correction in Germany is related to these adjustments? A: The ERP correction is separate and relates to the integration of the ERP system in Germany in 2024. Project adjustments are a normal part of our operations and not unusual, contributing to fluctuations but are considered part of our regular business activities. (Jan Allde, CFO)

Story Continues  

Q: Can you elaborate on the order backlog as you enter 2026? A: We are in a good position with a stable order backlog, supported by strong project wins and tender activity. There is no significant change compared to previous quarters. (Asa Bergman, CEO)

Q: Will there be more integration costs related to Projektengagemang in 2026? A: The SEK35 million integration cost in Q4 was the last major expense for Projektengagemang. We are on track with the integration plan and expect to see synergies in 2026. (Jan Allde, CFO)

Q: How do you foresee fee developments and price increases in 2026? A: We focus on project-specific pricing and quality execution. The EBITA improvements are largely due to price increases, and we will continue to focus on this area moving forward. (Asa Bergman, CEO)

Q: With the active M&A year in 2025, how do you plan to approach M&A in 2026? A: We have an active M&A strategy and pipeline. We will continue to pursue opportunities that align with our strategic goals, ensuring quality integration while maintaining focus on our core business. (Asa Bergman, CEO)

Q: Will recent acquisitions affect the billing ratio in 2026? A: We aim to improve billing ratios through efficiency programs and integration of acquired companies. The Q4 billing ratio already reflects the impact of acquisitions, and we will continue to drive improvements. (Jan Allde, CFO)

Q: What regions are you targeting for M&A in the midterm? A: We are looking at all geographies with a focus on combining architectural and engineering expertise. The DACH region and Benelux are of interest, but it depends on available opportunities. (Asa Bergman, CEO)

Q: Can you explain the increase in group costs in Q4 compared to last year? A: The increase is due to M&A integration costs and a periodization effect related to our captive insurance company. These are not expected to be recurring. (Jan Allde, CFO)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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