Skanska (SKA) Q2 2026 earnings summary

Executive summary

• Strong second quarter with record Construction order intake, high operating margin, and robust financial position; Commercial Property Development impacted by US asset impairments but completed two project divestments.

• Residential Development performed well in Central Europe but was weak in the Nordics due to low volumes, provisions, and restructuring costs.

• Investment Properties delivered stable results and cash flow, including the divestment of the PPP asset I-4 Ultimate in the US.

• Major project wins included the appointment as master developer for the Penn Station Transformation in New York City.

• Carbon emissions (scope 1 and 2) reduced by 64% since 2015 baseline.

Financial highlights

• Group operating income rose to SEK 2.1 billion (1.8 billion), with EPS at SEK 4.27 (3.69) and strong operating cash flow of SEK 7.1 billion.

• Construction revenue stable at SEK 43.0 billion, operating income SEK 1.8 billion, margin 4.3% (3.9%), and record order bookings of SEK 68.0 billion.

• Residential Development revenue SEK 1.7 billion, operating income SEK 25 million, margin 1.5%, impacted by low volumes and restructuring in Nordics.

• Commercial Property Development operating income SEK -170 million due to SEK 464 million in US asset writedowns, offset by SEK 217 million gain on sales.

• Investment Properties operating income SEK 85 million, occupancy rate 83%, return on capital employed 4.8%.

Outlook and guidance

• Construction market outlook mostly stable, with robust demand in civil segments and improving building market, especially in Sweden and Finland.

• Central European residential market remains strong with positive price momentum; Nordic recovery slow but showing signs of improvement in Sweden.

• US commercial property market stable but transaction activity constrained by high interest rates and macro uncertainty; stable transaction activity in Nordics and Central Europe.

• Investment Properties market competitive, with strong demand for high-quality space and stable rents expected.