Skanska (SKA) Q4 2025 earnings summary

Executive summary

• Construction achieved record-high operating income and margins in Q4 and for the full year, with strong performance across all geographies and a Q4 margin of 5.6%.

• Commercial Property Development had one of its best quarters for divestments, with eight projects divested in Q4 and a high leasing ratio.

• Residential Development showed mixed results: strong in Central Europe, weak in the Nordics, with reduced unsold inventory.

• Investment Properties delivered solid performance, with an 85% occupancy rate and stable portfolio value.

• Board proposed a total dividend of SEK 14 per share (SEK 8.50 ordinary, SEK 5.50 extra), up from SEK 8.00 last year.

Financial highlights

• Q4 revenue was SEK 43.9 billion, with full-year revenue up to SEK 179.3 billion, and Q4 operating income at SEK 3.0 billion.

• Full-year operating margin reached 4.1%, and Construction operating margin was 5.6% in Q4.

• EPS for the full year was SEK 15.09, and net cash position was SEK 11.5 billion.

• Return on equity was 10.2% (rolling 12 months), and equity-to-asset ratio improved to 39.9%.

• Commercial Property Development Q4 operating income was SEK 670 million, with gains on sale of SEK 758 million.

Outlook and guidance

• US civil market remains strong and well-funded, while the US building market is fragmented and competitive.

• Civil and infrastructure demand is robust in Europe and Nordics, supported by energy and defense projects.

• Residential Development expected to remain strong in Central Europe, with gradual recovery in the Nordics as interest rates ease.

• Commercial Property Development activity is increasing in Central Europe and Nordics, but US recovery lags.

• Investment Properties see stable demand for high-quality, sustainable office space.