October-December 2025

• Net sales increased to SEK 8,548 million (8,100)
• EBITA increased to SEK 979 million (901), margin 11.5 per cent (11.1)
• EBITA increased 7 per cent year-on-year after adjustment for the positive calendar effect
• EBIT increased to SEK 948 million (885), margin 11.1 per cent (10.9)
• Profit for the period increased to SEK 662 million (597)
• Earnings per share increased to SEK 1.84 (1.66) and diluted earnings per share increased to SEK 1.84 (1.65)
   

January-December 2025

• Net sales increased to SEK 31,586 million (30,676)
• EBITA increased to SEK 3,332 million (3,076), margin 10.5 per cent (10.0)
• EBITA increased 12 per cent year-on-year after adjustment for the negative calendar effect
• EBIT increased to SEK 3,203 million (3,015), margin 10.1 per cent (9.8) 
• Net debt/EBITDA was stable at 0.4x (0.4)
• Net debt decreased to SEK 1,386 million (1,521)
• Profit for the period increased to SEK 2,226 million (2,072)
• Earnings per share increased to SEK 6.18 (5.76) and diluted earnings per share increased to SEK 6.16 (5.75)
• The Board of Directors proposes a dividend distribution of SEK 3.70 per share (3.30)

Comments from President and CEO Åsa Bergman:
 

"A solid end to a strong year

Sweco ended the year with a solid fourth quarter, delivering stable organic growth, a higher margin and strong cash flow. Net sales grew 6 per cent, and EBITA increased 7 per cent adjusted for calendar effects.

We continued to navigate the mixed market well and  maintained a stable order backlog. Markets were broadly unchanged, with solid demand in energy, water, environment, infrastructure as well as security and defence. Demand remained weak in residential and commercial buildings. 

Looking back at 2025, we have solidified Sweco's position as Europe's leading architecture and engineering consultancy by strengthening our position in core segments and effectively addressing new growth opportunities and innovative AI solutions. We have improved our margins and efficiency, while concurrently accelerating our M&A activity. Altogether, we enter 2026 from a strong platform. 
 

Financial performance

Net sales increased to SEK 8,548 million (8,100), with an organic growth rate of 5 per cent. EBITA increased to SEK 979 million (901), corresponding to an EBITA margin of 11.5 per cent (11.1). EBITA increased 7 per cent or SEK 65 million, adjusted for calendar effects. The positive result was mainly driven by higher average fees, FTE growth, and a higher billing ratio. 

Sweco Germany & Central Europe and Belgium were the main contributors to the EBITA improvement, which was driven by operational improvements. Sweco Germany had a one-time positive effect on net sales and EBITA of SEK 49 million. The result was also attributable to profitability improvements in Sweco Norway and continued progress in the UK. 

Increased M&A activity affected result both through costs and through gradual positive contributions. In the quarter, Sweco Sweden's result was impacted by SEK 35 million in costs related to accelerated integration activities in Projektengagemang, and we expect positive synergies to materialise gradually during 2026. 
 

New projects and acquisitions 

During the quarter we added four new acquisitions: Fimpec Group in Finland, assar architects in Belgium; and MuConsult and VHGM in the Netherlands. In total, we completed 13 acquisitions in 2025, adding approximately SEK 2.1 billion in annual net sales and more than 1,500 experts to Sweco. 

The transformation of Europe's energy production and infrastructure remains a key growth opportunity for Sweco and, during the quarter, we extended our long-term collaboration with Swedish energy company Vattenfall. In a new framework agreement, Sweco will deliver technical consultancy services across wind, hydro, thermal and nuclear power. We also won a project for Sibelga, Brussel's gas and electricity grid operator, to develop district heat planning. 

Water is one of our core segments with increasing growth potential, and Sweco was awarded a multidisciplinary engineering project in Norway to support improved water quality in local watercourses and the Oslo Fjord. 

We also demonstrated our broad expertise, multidisciplinary offering and market leading position in transportation infrastructure services. During the quarter, we won a framework agreement to develop electrified mobility infrastructure in Denmark, a location study for new railway tracks in southern Sweden, development of the Roeselare-Leie Canal in the Netherlands and our architects delivered an award-winning design for a part of Germany's largest subway project.
 

Priorities going forward

With our well-positioned offering built around strong client focus on local European markets, I see substantial business opportunities for Sweco as Europe continues to invest in its competitiveness and resilience.

Looking ahead, we will remain focused on these business opportunities while continue to pursue an active M&A agenda and at the same time further developing our operational excellence. 

Finally, I want to thank all colleagues, clients and partners for a great collaboration throughout 2025."


Information meeting

A web cast and telephone conference will be held today, following the release of the results, starting at 09.00 CET. Åsa Bergman, President and CEO, and Jan Allde, CFO will comment on the report.

• Webcast registration: Click here
• Conference call registration: Click here 

Slides used in the presentation and the report will be available at the Group's web site.

Press photos

• Åsa Bergman, President and CEO of Sweco, with Sweco logotype. Free use, please credit photographer Måns Berg
• Åsa Bergman, President and CEO of Sweco, abstract/no background. Free use, please credit photographer Tobias Regell