Afry Ab Stock Earnings Reports

AFRY reported Q2 2026 net sales of SEK 6.5bn, EBITDA excl. IAC SEK 434m and an LTM EBITDA margin of 7.3%. The company completed a previously announced restructuring program and is shifting focus from cost reduction to driving organic growth. Order backlog reached a record SEK 22.4bn (up 8% YoY) with improved backlog depth (about ~50% expected to convert to revenue within 12 months, though phasing differs by division). Utilization is recovering (73.5% in Q2; rolling 12-month at 72.6%) after 14 quarters of decline. Organic sales remain negative (adjusted organic growth -5.3% in Q2), largely driven by deliberate capacity reductions and soft end markets in certain segments (automotive, parts of real estate and pulp & paper). Division highlights: Energy shows strong market momentum, record backlog and solid margins (phasing of large projects affected short-term growth); Industry faces weak volumes and price pressure in some segments but benefited from the AMC acquisition; Transportation & Places remains impacted by a soft real estate market but has pockets of strength (healthcare, data centers, defense). Cash flow was strong in Q2 with significant working capital release; net debt rose to SEK 4.7bn (available liquidity SEK 4.3bn) after dividend and the AMC acquisition; leverage around 3x and expected to be at or below target by year‑end as restructuring costs drop out of EBITDA. Strategic priorities: capture organic growth, scale global delivery centers, implement the new resource management platform, and leverage AI across client delivery and internal efficiency. Management expects organic growth and margin uplift over time as backlog converts and efficiency measures scale.