First quarter 2025

- Net sales decreased by 2.1 percent to SEK 6,749 million (6,891)

- Organic growth adjusted for calendar effects was -0.9 percent

- Calendar effects had an impact of SEK -46 million on net sales and SEK -37 million on EBITA

- EBITA excluding items affecting comparability amounted to SEK 490 million (590) with a corresponding EBITA margin of 7.3 percent (8.6)

- EBITA amounted to SEK 459 million (582) with an EBITA margin of 6.8 percent (8.4)

- EBIT (operating profit) amounted to SEK 416 million (541)

- Earnings per share amounted to SEK 2.21 (3.13)

Comments from CEO Linda Pålsson

"In the first quarter, AFRY maintained a solid order backlog and recorded a slight decline in net sales. Profitability was pressured by a slow ramp-up in the beginning of the quarter as well as ongoing actions to mitigate weak market conditions in some segments. The macroeconomic environment was marked by increased uncertainty due to global tariffs, and while these have a limited direct impact on AFRY, we are closely monitoring the situation. We are continuing our efforts to pave the way for profitable growth and today we announce a new Group structure and changes to the Executive Team.

After my first quarter as CEO of AFRY, I have a clear understanding of our challenges while I am even more confident in our potential. We are firmly committed to creating profitable growth by focusing AFRY's core business as well as defining a fit-for-purpose operational structure. The new Group structure, coming into effect on 1 July 2025, will be simplified and client-focused with three global divisions: Energy, Industry and Transportation & Places. The divisions represent segments and industries with a clear need for transition and where AFRY is in a strong position. The new structure will enable us to structurally address our cost base over time and improve profitability.

The new Executive Team is effective as of today, and with these initial actions we look forward to presenting our updated strategy in the second half of 2025."

Webcast

A presentation of AFRY's Q1 report 2025 will begin at 12.00 CET.

Webcast link: https://www.youtube.com/live/9BU3OSLYY4o

Teams link: Click here to join the meeting

For further information:

Linda Pålsson, President and CEO
Bo Sandström, CFO

Johanna Hallstedt, Investor Relations
+46 72 014 37 45
johanna.hallstedt@afry.com

Head Office: AFRY AB, SE-169 99 Stockholm, Sweden
Visiting address: Frösundaleden 2, Solna, Sweden
Tel: +46 10 505 00 00
www.afry.com / info@afry.com
Corp. ID no 556120-6474

This report has not been subject to review by the company's auditors.

This information fulfils the disclosure requirements of AFRY AB (publ) under the provisions of the EU Market Abuse Regulation. The information was released, through the agency of the above-mentioned contact person, for publication on 24 April 2025 at 11.00 CET.

All forward-looking statements in this report are based on the company's best assessment at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to risks and uncertainties, which may mean that the actual outcome differs from the anticipated result.

This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.

The full report is available for download.

Link to press images:
https://afry.com/en/newsroom/press-images-logo