Skanska (SKA) Q3 2026 earnings summary

Executive summary

• Construction delivered a 5.0% operating margin and record SEK 328.3bn backlog; Project Development earnings were weighed down by impairments.

• Segment revenue rose 12% excluding currency effects and segment operating income increased 52% to SEK 2.072bn; profit was SEK 1.730bn and EPS SEK 4.14.

• Operating cash flow was SEK 2.8bn; adjusted interest-bearing net receivables were SEK 11.6bn at quarter-end.

Financial highlights

• Segment revenue was SEK 49.377bn versus SEK 43.674bn, up 12% excluding currency effects.

• Segment operating income rose 52% to SEK 2.072bn; profit for the period was SEK 1.730bn and segment EPS SEK 4.14.

• IFRS revenue was SEK 46.409bn, operating income SEK 1.482bn, profit SEK 1.284bn and EPS SEK 3.06.

• Operating cash flow was SEK 2.8bn; cash flow before changes in interest-bearing receivables and liabilities was SEK 2.6bn.

Outlook and guidance

• Construction markets in selected home markets are expected to offer good opportunities over the next 12 months; civil demand is solid, while building demand is more cautious.

• Central European housing is expected to remain solid; Nordic new-build recovery may take time amid macro uncertainty and interest-rate expectations.

• Central European leasing demand and limited supply support rents; Nordic and US occupier activity is mostly stable, while US core-property investor activity remains low.

• Investment Property rents are expected to remain mostly stable in a competitive market.

• Targets: Construction margin 4.5% vs. ≥4%; ROE 11.4% vs. ≥18%; Project Development ROCE 1.6% vs. ≥10%; climate reduction 65% vs. 70% by 2030.