Sweco (SWEC) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 rose 5% year-over-year to SEK 7,138 million, with organic growth of 4% and acquired growth of 3%.

• EBITA/EBITDA increased 19% to SEK 702 million, with a margin of 9.8%, driven by higher average fees, improved billing ratio, and realized M&A synergies.

• Seven out of eight business areas reported positive organic growth and EBITA/EBITDA improvements, led by Germany and Central Europe.

• Five acquisitions were completed in Q3, with three more added in October, and the Czech operations were divested.

• Profit for the period reached SEK 424 million in Q3, with EPS at SEK 1.18.

Financial highlights

• Net sales: SEK 7,138 million (up from SEK 6,779 million year-over-year).

• EBITA: SEK 702 million (up from SEK 588 million), a 19% increase.

• Net debt/EBITDA improved to 0.9x from 1.1x year-over-year; net debt decreased to SEK 3,124 million.

• Billing ratio increased to 74.0% in Q3.

• Cash flow from operating activities for the nine months was SEK 1,353 million, impacted by M&A outflows and dividend payments.

Outlook and guidance

• Focus remains on improving efficiency, margins, and capturing growth opportunities in a mixed market.

• Integration of recent acquisitions, especially Projektengagemang, is expected to yield synergies starting in 2026.

• Market uncertainty remains high due to geopolitical instability and a weak general economy, but demand is strong in energy, infrastructure, water, environment, and security/defense sectors.