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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AFRY
AFRY (AFRY) investor relations material
AFRY Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales rose 1.9% YoY to SEK 5,793m; calendar-adjusted organic growth was -1.5%, its least negative level since Q1 2025.
EBITA was SEK 392m and margin improved to 6.8%; backlog grew 8.3% YoY to SEK 22.1bn.
Jan-Sep sales declined 2.5% to SEK 18,629m, while adjusted EBITA increased to SEK 1,299m and adjusted margin to 7.0%.
Financial highlights
Q3 net sales were SEK 5,793m versus SEK 5,687m; adjusted organic growth was -1.5%.
Q3 EBITA was SEK 392m; EBITA margin was 6.8%, with no items affecting comparability.
Jan-Sep reported EBITA was SEK 1,197m; adjusted EBITA was SEK 1,299m, including SEK 102m of restructuring-related items in reported EBITA.
Q3 operating cash flow was SEK 64m versus SEK 418m, mainly reflecting a SEK 336m working-capital outflow, including lower advance payments.
Outlook and guidance
Priorities include profitable organic growth, faster recruitment, expanding global delivery-center capacity, cost discipline, efficiency, and digital and AI initiatives.
2028 targets: net sales of SEK 35bn, adjusted EBITA margin of 10%, and net debt/EBITDA of 2.5x excluding IFRS 16.
Year-end leverage is expected at or below 2.5x; Industry is targeting positive organic growth as restructuring effects phase out in early 2027.
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Latest events from AFRY
- Order backlog up 8% year-over-year, but sales and organic growth declined; profitability stable.AFRY
Q2 2026 - Order backlog up 6.4%, EBITA margin at 7.5% despite lower sales and ongoing restructuring.AFRYQ1 2026
- Q4 margin and utilization gains, strong backlog, and new strategy offset lower sales.AFRYQ4 2025
- 2028 targets: SEK 35b sales, 10% margin, and net zero CO2 by 2040 through global, focused growth.AFRYCMD 2025
- Order backlog rose to SEK 20.7bn as restructuring and efficiency efforts target profitability.AFRYQ2 2025
- Profitability and margins rose in Q3 2024, driven by Energy and Infrastructure strength.AFRYQ3 2024
- Q2 2024 saw higher sales and margins, with energy and infrastructure driving growth.AFRYQ2 2024
- Profitability declined on lower sales, but Energy segment growth and restructuring support future gains.AFRYQ1 2025
- Profitability, cash flow, and order backlog improved in 2024, led by energy and infrastructure.AFRYQ4 2024
Next AFRY earnings date
Q4 20264 Feb, 2027
AFRY
Next AFRY earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Afry AB provides engineering, design, and advisory services for the infrastructure, industry, energy, and digitalization in Sweden, Finland, Norway, Switzerland, Denmark, and internationally. It offers transport solutions that include road and traffic planning; measurement and mapping; environmental assessment; simulation; traffic control systems; railway planning; rail projects; bus sector consulting services; analysis of systems for traffic guidance; road safety analyses; signalized intersections optimization; development of public transport plans and models for passenger flows; cycle planning related to railway stations design for good accessibility by bicycle.