Sweco (SWEC) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 exceeded SEK 31.5 billion, with organic growth of 4% and acquired growth of 2%, and EBITA increased 12% year-over-year to SEK 3,332 million, with a margin of 10.5%.

• 13 acquisitions in 2025 contributed over SEK 2 billion in annual net sales and added more than 1,500 experts.

• The Board proposed a dividend of SEK 3.70 per share, up from SEK 3.30, with a payout ratio of 60%.

• Profit for the period reached SEK 2,226 million, with EPS of SEK 6.18 for the year.

Financial highlights

• Q4 net sales rose 6% year-over-year to SEK 8,548 million, with 5% organic growth and 4% acquired growth, offset by -4% FX impact.

• Q4 EBITA was SEK 979 million, up 7% year-over-year, with a margin of 11.5%.

• Full-year EBITDA/EBITA reached SEK 3.3 billion, with a margin of 10.5%.

• Cash flow from operating activities for 2025 was SEK 4,011 million; net debt/EBITDA at 0.4, unchanged from last year.

Outlook and guidance

• Entering 2026 with a strong financial and market position, focused on efficiency, pricing, and active M&A, despite high market uncertainty from geopolitical and economic factors.

• Long-term trends in sustainability, resilience, and digitalisation are expected to drive demand.

• Calendar effect for 2026: 7 more working hours expected versus 2025, but Q1 2026 will have 5 fewer hours than Q1 2025.