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AFRY (AF) investor relations material
AFRY Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Comprehensive restructuring and strategy review underway to improve efficiency and support profitable growth, with a new Group structure effective July 1, 2025.
Order backlog increased both sequentially and year-over-year, driven by Infrastructure and Process Industries.
Sales and profitability declined year-over-year due to weak calendar, currency effects, and subdued market conditions.
Portfolio optimization and cost base assessment to continue over the next 12 months.
Acquisition of Reta Engenharia in Brazil to strengthen presence in mining and metals.
Financial highlights
Q2 net sales: SEK 6,674 million, down 7.2% year-over-year; EBITA excl. items affecting comparability: SEK 438 million (6.6% margin).
Rolling 12-month net sales: SEK 26.5 billion; EBITDA just below SEK 1.9 billion.
Operating cash flow in Q2: SEK 117–353 million; available liquidity: SEK 3.8–4 billion.
Net debt/EBITDA (excl. IFRS 16): 2.9x, up from 2.1x a year ago.
SEK 91 million restructuring costs in Q2; SEK 200–300 million more expected over next 12 months.
Outlook and guidance
Further restructuring costs of SEK 200–300 million expected over the next 12 months, with anticipated payback within one year.
Updated strategy and growth plan to be presented at Capital Markets Day in November 2025.
Normal seasonality expected to provide significant deleveraging in Q4, targeting net debt/EBITDA at or below 2.5x.
Portfolio review and operating model assessment to support profitable growth.
Market remains subdued with delayed investment decisions, especially in industrial and real estate segments.
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