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AFRY (AF) investor relations material
AFRY CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary4 Nov, 2025
Strategic direction and transformation
Launched the 'Unlocking AFRY' strategy, focusing on profitable growth, global expansion, and prioritizing segments with large transformation needs, replacing previous targets and structures.
Portfolio review narrowed focus to core segments, phasing out non-core activities and reducing the long tail of small customers, targeting 10% of 2024 revenues for repositioning or divestment.
Shift from a decentralized, complex organization to a leaner, segment-driven, harmonized operating model with unified global delivery and streamlined costs.
Emphasis on building recurring projects, leveraging sector expertise, expanding lifecycle offerings, and deepening partnerships with leading clients.
Strategy execution is phased: initial focus on margin improvement and organic growth, followed by increased M&A and global scaling.
Financial targets and guidance
2028 targets: SEK 35 billion net sales, 10% EBITDA/EBITA margin, SEK 30 billion order backlog, 74% utilization rate, and net debt/EBITDA of 2.5x.
Replaces prior targets of 10% annual sales growth and 10% EBITA margin over a business cycle.
Supporting KPIs include improving order backlog quality and resource management.
Selective, focused M&A to complement organic growth, with strict criteria, full integration, and a disciplined capital allocation policy.
Restructuring costs of SEK 200–300 million are expected, mainly related to redundancies, with payback anticipated within a year.
Business model and operational improvements
Transitioning to a project-based delivery model, increasing advisory and project management services, and leveraging AI and digitalization for efficiency.
Streamlining support structures, optimizing fixed costs (IT and facilities), and harmonizing incentive and performance management systems.
No material increase in CapEx expected for system and process improvements; investments to remain at historical levels.
Non-core business (10% of 2024 revenues) being phased out or repositioned, with a focus on reskilling and redeploying resources.
Technology and AI are integrated into both client delivery and internal operations, supporting efficiency and margin expansion.
How will global delivery model scale capabilities?
Why replace previous sales growth target?
How to increase advisory services share?
Non-core revenue: method and timeline for exit
Rationale for project-based delivery model shift
Incentive structure harmonization: timeline and benefits
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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.
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