Sweco (SWEC) Q2 2025 earnings summary

Executive summary

• Delivered stable Q2 performance with net sales of SEK 7,834 million, 2% organic growth (calendar adjusted), and a 15% year-over-year EBITA increase (calendar adjusted), despite significant negative calendar and currency effects.

• Accelerated M&A activity with several acquisitions in the Netherlands, Luxembourg, and Sweden, strengthening market presence and expertise.

• Order intake and backlog increased, supported by strong operational trends and efficiency improvements.

• Most business areas saw strong demand in energy, infrastructure, water, environment, security, and defense, while buildings and real estate remained weak.

• Strong financial position with net debt/EBITDA at 0.8x and available liquid assets of SEK 3,976 million.

Financial highlights

• Net sales reached SEK 7,834 million, down 3% year-over-year due to negative FX and calendar effects; organic growth was 2% when adjusted for calendar.

• EBITA was SEK 750 million, up 15% year-over-year when adjusted for calendar effects, with a margin of 9.6%.

• Excluding calendar effects, EBITA margin would have been 11.4%, a 1.6 percentage point improvement versus Q2 last year.

• Cash flow from operating activities was SEK 922 million, and available liquid assets totaled SEK 3,976 million.

• Dividend payout totaled SEK 1,187 million, up from SEK 1,059 million.

Outlook and guidance

• Limited calendar effects expected for the remainder of the year; full-year impact is minor.

• Focus remains on capturing growth opportunities, integrating recent acquisitions, and further improving efficiency and margins.

• Continued active M&A agenda to support future growth and strengthen core market positions.

• Market uncertainty remains high due to trade conflicts, geopolitical instability, and a weak economy.