Sweco (SWEC) Q2 2026 earnings summary

Executive summary

• Net sales rose 9% year-over-year in Q2 2026 to SEK 8,567 million, with organic growth in 7 of 8 business areas and EBITA up 7% to SEK 864 million, driven by higher fees, improved billing ratio, and acquisitions.

• EBITA margin improved to 10.1% from 9.6% year-over-year.

• Order backlog and orders received increased, reflecting strong demand in energy, infrastructure, water, and environment segments.

• Five acquisitions completed year-to-date, including Platom, Sitowise Sverige AB, and STEIN Ingenieure, expanding expertise in nuclear, infrastructure, and buildings.

• Major project wins in railways, healthcare, flood protection, and cross-border logistics.

Financial highlights

• Q2 net sales: SEK 8,567 million (up from 7,834 million year-over-year); EBITA: SEK 864 million (up from 750 million), margin 10.1% (9.6%).

• Net debt/EBITDA stable at 0.8x; cash flow from operating activities: SEK 911 million (up from 680 million year-over-year).

• Billing ratio improved to 75.9% in Q2 (75.2% prior year).

• Dividends paid: SEK 1,335 million; M&A cash outflows: SEK 176 million.

• Return on equity at 18.8%; equity/assets ratio 43.6%.

Outlook and guidance

• Focus on attractive growth segments, operational efficiency, and margin improvement, with continued execution of AI strategy and active M&A agenda.

• Market demand expected to remain mixed, with strength in energy, infrastructure, water, and environment, but weakness in residential and commercial real estate.

• Market uncertainty persists due to geopolitical instability, trade conflicts, commodity price volatility, and a weak economy.

• Calendar effect for 2026 expected to add seven more working hours vs. 2025.

• No formal forecasts provided; focus remains on growth segments, efficiency, and M&A execution.