Sweco (SWEC) Q1 2026 earnings summary

Executive summary

• Net sales rose 3% year-over-year to SEK 8,334 million, with organic growth at 3% adjusted for calendar effects and acquired growth at 5%.

• EBITA reached SEK 869 million, up 5% year-over-year when adjusted for calendar effects, though the margin declined to 10.4% from 11.2%.

• Five out of eight business areas achieved positive organic growth and EBITA improvements, with Sweden performing strongly and Finland underperforming due to project adjustments and restructuring costs.

• Order backlog increased, reflecting resilience and effective market navigation.

• Three acquisitions were completed in Q1 2026, expanding expertise in Finland and Belgium.

Financial highlights

• Net sales: SEK 8,334 million (up from SEK 8,066 million year-over-year), with organic growth at 3% and acquired growth at 5%.

• EBITA: SEK 869 million (down from SEK 900 million year-over-year, but up 5% adjusted for calendar effects), margin 10.4%.

• Net debt increased to SEK 1,879 million, mainly due to higher working capital; Net debt/EBITDA stable at 0.5x.

• Cash flow from operating activities was SEK -65 million (down from SEK 242 million year-over-year), impacted by seasonal working capital increase.

• Cash and cash equivalents at period end were SEK 553 million, with unutilized credit facilities of SEK 4,454 million.

Outlook and guidance

• Market demand remains consistent with previous quarters, strong in energy, water, environment, infrastructure, and security/defense, but weak in residential, commercial buildings, and parts of industry.

• Focus remains on internal efficiency, margin improvement, AI capability development, and disciplined M&A agenda.

• Market uncertainty remains high due to geopolitical instability, potential trade conflicts, and weak economic conditions.

• Long-term trends in sustainability, demographics, and digitalisation continue to drive demand.

• No formal forecasts provided.