Skanska Ab (publ) Stock Earnings Reports

Skanska reported a solid Q3 2025 driven by strong Construction performance, healthy order backlog and good liquidity. Key points: Construction delivered SEK 1.8bn operating income and a 4.2% operating margin (rolling 12: 3.9%), supported by disciplined project selection and broad geographic strength; order bookings remain high (book-to-build ~106% rolling 12) and backlog is historically large (SEK ~264bn). Residential Development: strong sales and margins in Central Europe (good presales and project starts), while the Nordic housing market remains weak with low volumes. Commercial Development: operating result hit by impairment charges in the U.S. (but also gains on sales of SEK 377m); 15 ongoing projects (SEK ~15bn on completion) and completed projects are ~77% leased (improving leasing activity, two large leases signed in the quarter). Investment Properties: stable performance, occupancy ~83%, total property values ~SEK 8.2bn. Financial position remains strong: SEK 28.1bn liquidity, adjusted net cash SEK 9.3bn, equity ~SEK 60bn (38% equity ratio). Management highlights no material cash impact from the U.S. impairments, continued focus on selective project starts, patience on divestments to capture value, and a generally stable-to-improving market outlook in Central Europe and parts of the Nordics while U.S. civil/infrastructure remains robust.