AI Terminal
Sweco
Quarterly Report • Apr 29, 2025
2977_10-q_2025-04-29_68f349e6-9544-41f0-aca1-aeae0972b099.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
29 April 2025
A solid first quarter
January–March 2025
- Net sales increased to SEK 8,066 million (7,720)
- EBITA increased to SEK 900 million (793), margin 11.2 per cent (10.3)
- EBITA increased 10 per cent year-on-year after adjustment for the positive calendar effect in the quarter
- EBIT increased to SEK 891 million (778), margin 11.0 per cent (10.1)
- Net debt/EBITDA decreased to 0.5x (1.1)
- Net debt decreased to SEK 1,607 million (3,118)
- Profit for the period increased to SEK 644 million (558)
- Earnings per share increased to SEK 1.79 (1.55) and diluted earnings per share increased to SEK 1.78 (1.55)
Sweco plans and designs the sustainable communities and cities of the future. Together with our clients and the collective knowledge of our 22,000 architects, engineers and other specialists, we co-create solutions to address urbanisation, capture the power of digitalisation and make our societies more sustainable. Sweco is Europe's leading engineering and architecture consultancy, with sales of approximately SEK 31 billion (EUR 2.8 billion). The company is listed on Nasdaq Stockholm. This information is information that Sweco is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, at around 07:20 CEST on 29 April 2025.
CEO comment
A solid start to the year
Sweco reports a solid first quarter, with stable growth and continued margin improvement. Net sales grew 4 per cent and EBITA increased 10 per cent, adjusted for calendar effects. The EBITA margin increased to 11.2 per cent.
We have sustained our positive operational trend with continued price increases, a higher billing ratio and cost control measures.
With some variation between geographies, the overall demand remained consistent with previous quarters, with good demand within energy, water, infrastructure, security and defence. However, demand remained weaker in parts of the buildings and industry segments. We noted a healthy order inflow and an order backlog growing in line with sales.
Financial performance
Net sales increased to SEK 8,066 million (7,720) and EBITA increased to SEK 900 million (793), corresponding to an EBITA margin of 11.2 per cent. Adjusted for the positive calendar effect of SEK 27 million in the quarter, EBITA increased 10 per cent. The organic growth rate was 4 per cent. The EBITA improvement was mainly driven by higher average fees and a higher billing ratio, while a negative effect arose from higher personnel expenses.
Six out of eight business areas reported an improved EBITA adjusted for calendar effects. Sweco Denmark and Belgium continued to perform well with solid growth and strong margins. The Netherlands delivered the greatest improvement, driven by higher average fees. Sweden, Finland and Norway reported stable quarters in a mixed market and are introducing additional efficiency improvement measures. Sweco UK continues to improve its performance, while Germany & Central Europe performed in line with last year.
New projects and acquisitions
The green transition of European industries and energy systems continues to drive demand for Sweco's services. In the quarter, Sweco won a SEK 580 million five-year contract to support the expansion of the electricity grid in Eastern Denmark as part of the country's climate agenda. We were also commissioned by Swedish metals and mining company Boliden, to undertake a project to replace one of its oil-fired boilers with two electric steam boilers, thereby supporting the company's efforts to transition to fossil-free copper production.
We are experiencing continued good demand in transportation services, driven by investments in infrastructure and sustainable transport. In the Baltics, Sweco will be part of a project alliance to design and construct the first phase of a high-speed rail link connecting the Baltic States with the rest of Europe.
We are also proud to have been chosen as the project manager for the new Oslo Spektrum Arena in Norway. This project aims to establish Oslo as the leading event capital in the Nordics. The expansion of the existing arena will include a new convention centre, cultural stage, city hall, and over 1,000 office spaces.
Acquisitions are a key growth driver for Sweco, and we aim to increase the pace of acquisitions throughout the year. As previously communicated, we made one acquisition in the first quarter, Finnish Sipti Consulting with some 50 experts. This will strengthen Sweco's position in geotechnical and environmental services.
Priorities going forward
We continue to execute on the priorities communicated over the past quarters, delivering solid growth and improved profitability. The stable performance and the results from the first quarter prove the strength of Sweco's well-diversified business and operating model. In light of the recent global political turbulence, these strengths enables us to maintain close relationships with our clients and be ready to act on opportunities and mitigate challenges. The underlying trends supporting Sweco's business remain strong, and we are well-positioned in emerging growth areas as European countries are investing in a safer, greener and more competitive future.
Åsa Bergman President and CEO
Europe's leading architecture and engineering consultancy
Sweco operates at the centre of the green transition. With the collective knowledge of our more than 22,000 architects, engineers and other experts, we co-create solutions with our clients that transform societies. Our work approach enables us to offer a combination of global expertise together with local presence and understanding, and by this we are adapting to our clients' business and reality.
Key figures
| #1 In the European market |
8 Business Areas |
21,000 Full-time employees |
|---|---|---|
| SEK 31.0 bn Net sales R12 |
SEK 3.2 bn EBITA R12 |
10.3% EBITA margin R12 |
Group performance
The first quarter resulted in organic growth of 4 per cent, adjusted for the calendar effect, and acquired growth of 1 per cent. EBITA increased approximately 10 per cent or SEK 81 million year-on-year, after adjustment for calendar effects. EBIT increased in line with EBITA.
January–March
Net sales increased 4 per cent to SEK 8,066 million (7,720). Organic growth amounted to approximately 4 per cent, after adjustment for calendar effects. Acquired growth amounted to 1 per cent and currency effects were 0 per cent in the quarter.
Organic growth was mainly driven by higher average fees and a higher billing ratio.
There was a positive calendar effect in the quarter with two more working hours compared with the same period last year. This corresponded to a positive year-on-year impact of approximately SEK 27 million on net sales and EBITA. EBITA increased to SEK 900 million (793) and the EBITA margin increased to 11.2 per cent (10.3).
EBITA increased approximately 10 per cent or SEK 81 million year-on-year, adjusted for the calendar effect. The Netherlands, Belgium, the UK and Denmark delivered significant increases in EBITA, adjusted for calendar effects. An increase in EBITA was also achieved in Finland and Germany & Central Europe, while Sweden and Norway reported lower earnings, adjusted for calendar effects.
Overall for the Group, the EBITA increase was driven by higher average fees and a higher billing ratio, while higher personnel expenses, including restructuring costs, impacted negatively. Restructuring costs had a net negative impact of SEK 7 million in the quarter, with restructuring costs of SEK 20 million in 2025 and SEK 13 million in 2024.
Internal efficiency measures continued to have effect, with the billing ratio improving and other operating expenses decreasing as a share of net sales. The billing ratio increased to 73.6 per cent (72.7).
EBIT increased to SEK 891 million (778) and the EBIT margin increased to 11.0 per cent (10.1). The EBIT development was impacted by the same drivers as for EBITA.
Total net financial items improved to SEK -49 million (-65), primarily due to lower average net debt and lower interest rates. Higher lease liabilities had a negative impact.
Earnings per share increased to SEK 1.79 (1.55).
| KPIs | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| Net sales, SEK M | 8,066 | 7,720 | 31,023 | 30,676 |
| Organic growth, % | 4 | 2 | 5 | |
| Acquisition-related growth, % | 1 | 6 | 3 | |
| Currency effects, % | 0 | 0 | 0 | |
| Total growth, % | 4 | 8 | 8 | |
| Organic growth adj. for calendar effects, % | 4 | 4 | 5 | |
| EBITA, SEK M1 | 900 | 793 | 3,184 | 3,076 |
| Margin, % | 11.2 | 10.3 | 10.3 | 10.0 |
| EBIT, SEK M | 891 | 778 | 3,127 | 3,015 |
| Margin, % | 11.0 | 10.1 | 10.1 | 9.8 |
| Profit for the period, SEK M | 644 | 558 | 2,157 | 2,072 |
| Earnings per share, SEK | 1.79 | 1.55 | 6.00 | 5.76 |
| Number of full-time employees | 21,022 | 20,939 | 20,844 | 20,823 |
| Billing ratio, % | 73.6 | 72.7 | 74.1 | 73.9 |
| Normal working hours | 491 | 489 | 1,966 | 1,964 |
| Net debt/EBITDA, x2 | 0.5 | 1.1 | 0.4 |
1) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section on page 28.
2) Net debt/EBITDA is an alternative performance measure (APM). See definition of Net debt and EBITDA under Alternative performance measures section on page 28.
Parent Company, January–March 2025
Parent Company net sales totalled SEK 326 million (310) and were attributable to intra-group services. Profit after net financial items totalled SEK -81 million (-134). Investments in equipment totalled SEK 15 million (8). Cash and cash equivalents at the end of the period totalled SEK 404 million (0).
Employees
The number of full-time employees amounted to 21,022 (20,939) in the period.
Market
Most business areas experienced good demand for Sweco's services in the infrastructure, water, environment, energy segments as well as security and defense and parts of the industry segment. However, demand for services in parts of the building and real estate segments remained weak, with a negative impact primarily in residential and commercial real estate.
Outlook
Market uncertainty has increased further, with potential trade conflicts adding to geopolitical instability and the relatively weak economy in general. This uncertainty continues to impact Sweco's markets in various ways. While some of Sweco's market segments are negatively impacted, there is a concurrent increase in demand in other segments. Overall demand for Sweco's services normally follows the general macroeconomic trend, with some time lag.
Sweco does not provide forecasts.
Events during the quarter
On 9 January, Sweco announced the acquisition of Sipti Consulting in Finland, a specialist in geotechnical and environmental design and consulting.
Net sales by quarter and rolling 12 months
EBITA by quarter and rolling 12 months
SEK M
Sipti Consulting has around 50 experts and had a turnover of approximately SEK 71 million for the financial year that ended in July 2024. Sipti was consolidated into Sweco Finland as of January 2025.
Events after the quarter
On 9 April, Sweco appointed Jan Allde as new CFO and member of Sweco Group's Executive Team. Jan Allde will take office on 1 August 2025.
Cash flow and financial position
Group cash flow from operating activities totalled SEK 242 million (351) for the first quarter. Net debt decreased to SEK 1,607 million (3,118) due to good
cash flow from operations including improved working capital levels.
The Net debt/EBITDA ratio was 0.5x (1.1).
Available cash and cash equivalents, including unutilised credit lines, totalled SEK 4,848 million (3,829) at the end of the period.
Purchase considerations paid to acquire companies and operations had an impact of SEK -69 million (-101) on the Group's cash and cash equivalents. No divestments were made during the period. The same period last year, divestments of companies and operations had an impact of SEK 11 million on the Group's cash and cash equivalents.
No repurchases of Sweco shares were made during the period or during the same period last year.
Investments, January–March 2025
Investments in equipment totalled SEK 106 million (75) and were primarily attributable to IT investments. Depreciation of equipment amounted to SEK 70 million (65) and amortisation of intangible assets totalled SEK 42 million (48).
New projects
Energy
Sweco has been commissioned by a construction team, comprising the construction companies Jan De Nul and SPIE, to provide detailed engineering for two 380kV transmission substations or electrical hubs in Belgium. These substations, vital for Belgium's energy transmission infrastructure, support the European Fit-for-55 package. The work spans from 2025 to 2029, and will enhance Belgium's power grid, and supporting electrification and sustainability goals. The contract, valued at SEK 81 million, includes engineering services for high voltage systems, civil works and security.
Sweco has been selected as a key partner by Danish distribution system operators Cerius-Radius and Nexel to expand the electricity grid in Eastern Denmark. Sweco will provide services under an agreement running until 2030, with the possibility of three one-year extensions. The contract will support Denmark's climate goals by facilitating grid expansion and is valued at approximately SEK 580 million over five years.
Sweco has signed a contract with PGE Baltica, a subsidiary of the Polish energy company PGE Group, for the supervision and management of the "Design and construction of an opera-
tional and service base in the port of Ustka" project. This key project is integral to the development of the Baltica-2 offshore wind farms, which comprises part of PGE Baltica's effort to expand renewable energy. The contract's gross value is SEK 10 million.
Industry
Sweco has been commissioned to provide project and planning management services for Boliden Rönnskär's replacement of one of its oil-fired boilers with two electric steam boilers as part of Boliden's efforts to transition to fossil-free copper production. The move to fossil-free electricity is expected to reduce emissions by more than 7,000 tonnes per year. The new boilers are expected to be in operation in 2027.
Transportation
Sweco has been selected as part of a project alliance to design and construct section 1 of the Estonian Rail Baltica, an EU-funded high-speed rail link connecting the Baltic States with Europe. This major project includes 213 km of new European gauge railway track, with completion expected by 2030. Contract details will be finalised after the procurement process and standstill period. The estimated total cost of section 1 (Tallinn Ülemiste to Pärnu) is SEK 4,276 million, with Sweco's order value to be confirmed.
Norwegian state-owned railway company Bane NOR has commissioned Sweco to develop technical plans for upgrading Oslo S, Skøyen, and Asker stations to meet universal design guidelines. This project aligns with Norway's National Transport Plan (2018–2029), aiming for 44 per cent of boarding and alighting at universally designed stations. The upgrades will ensure access for all user groups, support sustainability and enhance public transport accessibility. The project, valued at SEK 57 million, started in January 2025 and supports the green transition.
The Flemish road agency AWV has commissioned Sweco to optimise the major road connection N8 between Ypres and Veurne, to improve traffic flow, safety and village liveability. Valued at SEK 23 million, the project will also address public transport, the cycle highway, and ecological and recreational connections. Sweco will deliver services including environmental management, spatial and infrastructure design, EIA and traffic modelling. The work, running from 2025 to 2028, contributes to the broader mobility vision for the Westhoek region in Belgium.
Sweco has been commissioned by the City of Friedberg, Germany, located in the Frankfurt Rhine-Main metropolitan region, to develop a Sustainable Urban Mobility Plan (SUMP). The project will span from 2025 to 2026. Sweco will identify and address the city's mobility needs, creating a sustainable transport infrastructure for the next 15 years. The plan will guide policymakers in decision-making, ensuring a sustainable and effective transport system for the city and its residents.
Perth and Kinross Council has appointed Sweco to provide design and consultancy support for the Bertha Park Link Road, a key part of the Perth
Transport Futures Project (PTFP) in Scotland, UK. The scope includes consulting services for highways, drainage, geotechnical, lighting, environmental and digital IM work. The project is set to begin in 2025 and be completed by spring 2027. The road aims to improve transport, reduce congestion and support sustainable travel options in and around Perth, thereby boosting economic growth in the region.
A framework agreement has been secured with ProRail, the Dutch national railway infrastructure manager, and Sweco in the Netherlands. Sweco will conduct integrated studies to explore sustainable energy generation, such as solar and wind, on land owned by ProRail. This initiative aims to make the railway sector more environmentally sustainable by harnessing renewable energy sources. The contract has a value of SEK 76 million and will span four to eight years.
Buildings and urban planning
Property investment and development company Hertshten Properties has appointed Sweco to provide building services, sustainability consultancy and vertical transportation design for the redevelopment of 85 Gracechurch Street, a prominent office building in London. Sweco's work includes incorporating the remains of London's first Roman Basilica, a 2,000-year-old building used for public gatherings and legal proceedings, into a public exhibition space. The project runs from February 2025 to October 2028, promoting sustainability and cultural heritage.
Angarde is a real estate developer focused on green urban development, which is dedicated to creating a sustainable and vibrant urban district at Spelhaugen in Bergen, Norway. Sweco has been appointed to conduct an impact assessment covering biodiversity, outdoor recreation, landscape, noise, soil contamination, greenhouse gas emissions, traffic and public health. This project, that runs from 2025 to April 2026, will support the green transition by transforming an industrial area while prioritising public health and reducing car usage.
Sweco has been chosen as the project manager for the new Oslo Spektrum Arena in Norway. This strategically important project aims to establish Oslo as the leading event capital in the Nordics. The expansion of the existing arena will include a new convention centre, cultural stage and city hall with dining options. Over 1,000 office spaces will also be created. The project features ambitious environmental goals, including extensive reuse of building materials and achieving Building Research Establishment Environmental Assessment Method (BREEAM) "Excellent" certification. The contract value for Sweco is approximately SEK 9 million, and the project will run from 2025 to 2028.
As global climate and biodiversity challenges intensify, the Nordic Council of Ministers has engaged Sweco to provide expert recommendations on accelerating waste prevention across the region. The project, which centres on municipal waste, was conducted by a team of Sweco experts from Finland, Sweden, Denmark and Norway. In the project's report, Sweco recommends the governments of Sweden, Denmark, Norway, Finland and Iceland as well as those of the Faroe Islands, Greenland and Åland, to implement more systematic waste prevention strategies to achieve regional and national sustainability goals.
Water management
Sweco has been commissioned by Aquafin, the Belgian company responsible for managing wastewater treatment infrastructure in the Flanders
region, to produce large, long-term studies within water management. Sweco will provide services including preliminary design for public wastewater treatment and pumping stations. The work spans from March 2025 to March 2029 and aims to ensure the qualitative execution of wastewater infrastructure investment projects across Belgium. The framework agreement is valued at SEK 92 million.
Sweco has been commissioned by governmental organisation Povodí Vltavy (Vltava Basin Directorate) to update sub-basin plans in the Czech Republic's Vltava and Danube water basins from 2025 to 2028. Services include GIS analyses, database work and an online application that supports effective water management and flood risk reduction. The project aims to comply with the EU Water Framework Directive, which seeks to protect and improve water quality across Europe. Sweco will also document 49 flood-risk areas as required by the EU Floods Directive. The value of the project is SEK 13 million.
Sweco is providing multi-disciplinary services to expand capacity at the Culham Wastewater Treatment Plant in the UK. The project, valued at SEK 10 million, aims to enhance wastewater treatment, thus improving water quality. The client, Kier Group, is a major UK contractor working with Thames Water which serves 16 million customers. The project has a fast-paced timeline with a deadline of November 2025. The work is crucial for improving the UK's water infrastructure and meeting growing environmental requirements.
Sweco has been selected as part of a project alliance to design and construct section 1 of the Estonian Rail Baltica, an EU-funded high-speed rail link connecting the Baltic States with Europe.
As part of Boliden's aim to achieve fossil-free copper production, Sweco is to provide project and planning management services for Rönnskär's replacement of one of its oil-fired boilers.
Business Area Overview
Sweco operates its business in and through eight geographical business areas: Sweden, Norway, Finland, Denmark, the Netherlands, Belgium, the UK, and Germany & Central Europe.
2) Part of Business Area Germany & Central Europe 3) Part of Business Area Belgium 4) Part of Business Area UK
Sweco's markets
Sweco is present in some 15 European markets and holds well-established positions in its business areas. It is primarily in these areas that the company will grow in the future. These markets are economically and politically stable, while also being close to each other geographically and culturally.
Sweco Sweden
Organic growth amounted to 2 per cent while EBITA decreased 8 per cent, partly driven by restructuring costs. The market was relatively stable, with the green transition driving demand in many segments, but with residential and commercial real estate as well as industry remaining weak.
Sales and profit, January–March
Net sales increased 2 per cent to SEK 2,346 million (2,295). Organic growth was 2 per cent and was mainly driven by higher average fees and a higher billing ratio. There was no year-on-year difference in the number of available working hours.
EBITA decreased 8 per cent, corresponding to SEK 23 million. Higher average fees and a higher billing ratio could not fully compensate for higher personnel expenses, including restructuring costs. The EBITA margin amounted to 11.3 per cent (12.6).
At the end of the quarter, Sweco Sweden concluded additional restructuring measures, affecting approximately 50 employees. Restructuring costs of SEK 20 million have been taken in the first quarter. Restructuring costs for the first quarter of 2024 were SEK 6 million.
Market
The Swedish market was relatively stable during the quarter, albeit with variations between the segments. The markets for energy investments and environmental services were good, partly driven by the green transition and climate adaptation services. The water sector remained good, even though financial challenges for municipalities are slowing investments. Demand for infrastructure services remained stable. The industry segment remained weak, although northern Sweden continued to show resilience, driven by large projects. In the real estate market, the weakness in the residential and commercial segments continued. The demand in the public buildings segment was stable.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 2,346 | 2,295 |
| Organic growth, % | 2 | 4 |
| Acquisition-related growth, % | 0 | 2 |
| Currency effects, % | 0 | 0 |
| Total growth, % | 2 | 5 |
| Organic growth adj. for calendar effects, % | 2 | 6 |
| EBITA, SEK M | 265 | 288 |
| EBITA margin, % | 11.3 | 12.6 |
| Number of full-time employees | 6,574 | 6,597 |
Sweco Norway
Organic growth amounted to 4 per cent and EBITA decreased 6 per cent, adjusted for calendar effects. Higher average fees had a positive impact, while higher personnel expenses impacted negatively. The market was overall stable, except for the residential and commercial buildings segments which remained weak.
Sales and profit, January–March
Net sales increased 7 per cent to SEK 970 million (905). Organic growth amounted to 4 per cent, adjusted for calendar effects, and was mainly driven by higher average fees and a higher number of employees.
The calendar effect from Easter falling in the second quarter instead of the first quarter is more significant in Norway than in the rest of the Group. The year-on-year calendar effect of 32 more hours had a positive impact of SEK 53 million on net sales and EBITA.
EBITA decreased 6 per cent, corresponding to SEK 4 million, adjusted for calendar effects. The EBITA decrease was mainly driven by higher personnel expenses and higher other operating expenses, while higher average fees impacted positively. The EBITA margin increased to 12.4 per cent (7.9).
Sweco Norway is taking targeted efficiency actions in the second quarter, primarily in the form of temporary lay-offs.
Market
The Norwegian market was stable during the quarter, albeit with variations between the different segments. The demand for services in the energy, environment and water markets was good, partly driven by the shift towards electrification. The demand for infrastructure services was stable. In the real estate market, the weakness in the residential and commercial segments continued, while the public buildings segment was stable.
Net sales & EBITA margin, rolling 12 months
| Net sales and profit | Jan–Mar 2025 |
Jan–Mar 2024 |
|---|---|---|
| Net sales, SEK M | 970 | 905 |
| Organic growth, % | 10 | -6 |
| Acquisition-related growth, % | 0 | 0 |
| Currency effects, % | -3 | -3 |
| Total growth, % | 7 | -9 |
| Organic growth adj. for calendar effects, % | 4 | 2 |
| EBITA, SEK M | 120 | 71 |
| EBITA margin, % | 12.4 | 7.9 |
| Number of full-time employees | 2,121 | 2,084 |
Sweco Finland
Organic growth amounted to negative 1 per cent. EBITA increased 5 per cent, adjusted for calendar effects, and was mainly driven by higher average fees. The market remained weak, with the exception of energy, infrastructure and segments related to the green transition.
Sales and profit, January–March
Net sales decreased to SEK 923 million (933). Organic growth amounted to a negative 1 per cent, adjusted for calendar effects. Higher average fees impacted organic growth positively, while a lower billing ratio and a lower number of employees due to personnel reductions last year impacted negatively. The year-on-year calendar effect of eight less hours had a negative impact of SEK 13 million on net sales and EBITA.
EBITA increased 5 per cent, corresponding to SEK 5 million, adjusted for calendar effects. The EBITA increase was mainly driven by higher average fees, while a lower billing ratio impacted negatively. The EBITA margin amounted to 9.0 per cent (9.9). Sweco Finland continues to utilise temporary lay-offs, at the end of the quarter affecting around 70 FTEs. In April 2025, Sweco Finland also concluded personnel reductions of around 40 FTEs. Redundancy costs of approximately SEK 13 million will be taken in the second quarter.
Market
Overall, the Finnish market remained weak during the quarter, but with large differences between segments. The energy market and the market for infrastructure-related services were good as was the demand in the segments related to the green transition. The market for industrial services was stable. The public buildings segment was stable, whereas the residential and commercial buildings segments remained challenging.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 923 | 933 |
| Organic growth, % | -2 | 2 |
| Acquisition-related growth, % | 1 | 1 |
| Currency effects, % | 0 | 1 |
| Total growth, % | -1 | 3 |
| Organic growth adj. for calendar effects, % | -1 | 3 |
| EBITA, SEK M | 83 | 92 |
| EBITA margin, % | 9.0 | 9.9 |
| Number of full-time employees | 2,886 | 2,886 |
Sweco Denmark
Organic growth amounted to 5 per cent and EBITA increased 13 per cent, adjusted for calendar effects, both mainly driven by higher average fees. The market was overall good, albeit with continued weakness in the private residential building segment.
Sales and profit, January–March
Net sales increased 6 per cent to SEK 884 million (836). Organic growth amounted to 5 per cent, adjusted for calendar effects, and was mainly driven by higher average fees and a higher number of employees. The year-on-year calendar effect of seven more hours had a positive impact of SEK 11 million on net sales and EBITA.
EBITA increased 13 per cent, corresponding to SEK 14 million, adjusted for calendar effects. The EBITA increase was mainly driven by higher average fees and lower other operating expenses, while higher personnel expenses impacted negatively. The EBITA margin increased to 16.0 per cent (13.8).
Market
The Danish market was overall good during the quarter. Activity within the public sector increased moderately, while most of the private sector remained stable. Demand was good within infrastructure, energy, water and environment. In addition, the industry market continued to note good demand, mainly driven by large investments in pharma. The weakness in the residential buildings segment continued, while the commercial and public buildings segments were stable.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 884 | 836 |
| Organic growth, % | 6 | 8 |
| Acquisition-related growth, % | 0 | 16 |
| Currency effects, % | -1 | 1 |
| Total growth, % | 6 | 24 |
| Organic growth adj. for calendar effects, % | 5 | 12 |
| EBITA, SEK M | 141 | 116 |
| EBITA margin, % | 16.0 | 13.8 |
| Number of full-time employees | 1,899 | 1,881 |
Sweco Netherlands
Organic growth was 12 per cent and acquisitions contributed 2 per cent to growth. EBITA increased 50 per cent, adjusted for calendar effects. Both revenue and earnings were mainly driven by higher average fees. While the market was overall stable, differences remained between segments.
Sales and profit, January–March
Net sales increased 12 per cent to SEK 870 million (775). Organic growth was 12 per cent, adjusted for calendar effects, and was mainly driven by higher average fees. Acquired growth contributed 2 per cent and was attributable to the acquisition of Bureau Valstar-Simonis. The year-on-year calendar effect of eight less hours had a negative impact of SEK 11 million on net sales and EBITA.
EBITA increased 50 per cent, corresponding to SEK 35 million, adjusted for calendar effects. The EBITA increase was mainly driven by higher average fees, while higher personnel expenses impacted negatively. The EBITA margin increased to 10.7 per cent (8.9).
Market
The Dutch market was overall stable in the quarter, albeit with differences between segments. The water and environment markets were stable. The energy market was good due to increased demand from the energy transition.
Demand in the infrastructure and buildings segments remained subdued caused by the so-called nitrogen issue, related to uncertainties around the impact from the EU regulation of nitrogen emissions in the Netherlands. Furthermore, the residential buildings segment remained weak.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 870 | 775 |
| Organic growth, % | 10 | -1 |
| Acquisition-related growth, % | 2 | 14 |
| Currency effects, % | 0 | 1 |
| Total growth, % | 12 | 13 |
| Organic growth adj. for calendar effects, % | 12 | 0 |
| EBITA, SEK M | 93 | 69 |
| EBITA margin, % | 10.7 | 8.9 |
| Number of full-time employees | 1,847 | 1,783 |
Sweco Belgium
Organic growth was 4 per cent and EBITA increased 22 per cent, adjusted for calendar effects, both mainly driven by higher average fees and a higher billing ratio. The market was stable overall with continued investments within infrastructure and the energy transition.
Sales and profit, January–March
Net sales increased 2 per cent to SEK 1,060 million (1,038). Organic growth was 4 per cent, adjusted for calendar effects, and was mainly driven by higher average fees and a higher billing ratio. The year-on-year calendar effect of eight less hours had a negative impact of SEK 13 million on net sales and EBITA.
EBITA increased 22 per cent, corresponding to SEK 30 million, adjusted for calendar effects. The EBITA increase was mainly driven by higher average fees and a higher billing ratio, while higher personnel expenses impacted negatively. The EBITA margin increased to 14.4 per cent (13.0).
Market
The Belgian market was overall stable during the quarter. The infrastructure market remained good. Demand in the energy segment was good, driven by the ongoing energy transition. The market for environmental services remained stable. Demand in the industry segment was subdued, impacted by the slowdown in the pharmaceutical and chemical industry segments.
In the buildings segment, investments in health care and public buildings were stable, while the slowdown in investments in residential, office and industrial buildings continued.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 1,060 | 1,038 |
| Organic growth, % | 3 | 7 |
| Acquisition-related growth, % | 0 | 24 |
| Currency effects, % | 0 | 1 |
| Total growth, % | 2 | 32 |
| Organic growth adj. for calendar effects, % | 4 | 7 |
| EBITA, SEK M | 152 | 135 |
| EBITA margin, % | 14.4 | 13.0 |
| Number of full-time employees | 2,185 | 2,169 |
Sweco UK
Organic growth was 4 per cent and EBITA increased significantly, both mainly driven by higher average fees and a higher billing ratio. The UK market was overall stable, with new investments schemes and energy security driving part of the demand.
Sales and profit, January–March
Net sales increased 6 per cent to SEK 389 million (368). Organic growth amounted to 4 per cent and was mainly driven by higher average fees and a higher billing ratio. There was no year-on-year difference in the number of available working hours.
EBITA increased 248 per cent, corresponding to SEK 18 million, and was mainly driven by higher average fees and a higher billing ratio. Last year was also negatively impacted by restructuring costs of SEK 7 million. The EBITA margin increased to 6.6 per cent (2.0).
Market
The UK market was overall stable in the quarter. The demand for services in the energy market was good, supported by the investment frameworks of the Transmission Operators and Government funding to tackle energy security.
The transport infrastructure segment remained cautious, awaiting the funding of the road investment announced by the Government.
The water market and environment markets were stable. Within the buildings segments, the data centre segment reported good demand, while the weakness in the residential segment remained. The commercial buildings segment improved driven by demand for refurbishments and sustainability measures.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 389 | 368 |
| Organic growth, % | 4 | -12 |
| Acquisition-related growth, % | 0 | 3 |
| Currency effects, % | 2 | 4 |
| Total growth, % | 6 | -5 |
| Organic growth adj. for calendar effects, % | 4 | -10 |
| EBITA, SEK M | 26 | 7 |
| EBITA margin, % | 6.6 | 2.0 |
| Number of full-time employees | 1,013 | 1,115 |
Sweco Germany & Central Europe
Organic growth amounted to 7 per cent and EBITA increased 1 per cent, adjusted for calendar effects, both impacted by a higher billing ratio. The market was stable, with good demand in the energy, environment, water and infrastructure segments.
Sales and profit, January–March
Net sales increased 8 per cent to SEK 702 million (653). Organic growth amounted to 7 per cent, adjusted for calendar effects, and was mainly driven by a higher billing ratio and a higher number of employees. Acquired growth contributed 1 per cent and was attributable to the acquisition of Frilling + Rolfs. The year-on-year calendar effect of one less hour had a negative impact of SEK 1 million on net sales and EBITA.
EBITA increased 1 per cent, corresponding to SEK 1 million, adjusted for calendar effects. The EBITA increase was driven by a higher billing ratio and a higher number of employees, while higher personnel expenses impacted negatively. The EBITA margin amounted to 7.3 per cent (7.9).
Market
Overall, the German market was stable in the quarter. The demand for services in the energy, environment and water markets was good, with energy transition and new regulation for waste water treatment driving demand. The demand for infrastructure services was good.
In the commercial real estate sector, and overall in the private sector, the weakness in demand continued, driven by market uncertainty and higher construction costs. The demand in the hospital building segment was good, supported by recent approval of the hospital reform.
Net sales & EBITA margin, rolling 12 months
| Jan–Mar | Jan–Mar | |
|---|---|---|
| Net sales and profit | 2025 | 2024 |
| Net sales, SEK M | 702 | 653 |
| Organic growth, % | 6 | 11 |
| Acquisition-related growth, % | 1 | 0 |
| Currency effects, % | 0 | 2 |
| Total growth, % | 8 | 13 |
| Organic growth adj. for calendar effects, % | 7 | 14 |
| EBITA, SEK M | 51 | 52 |
| EBITA margin, % | 7.3 | 7.9 |
| Number of full-time employees | 2,407 | 2,337 |
Other information
The interim report comprises pages 1–29; the interim financial information presented on pages 1–29 is therefore part of this financial report.
Board proposals to the AGM
The 2025 annual general meeting will be held on the same day as the release of this Q1 interim report. The Q1 interim report is released in the morning and the annual general meeting is held in the afternoon at 3:00 PM in Stockholm. As disclosed in the Year-end 2024 report, the Board of Directors proposes the following to the AGM:
Dividend: The Board of Directors proposes the dividend be increased to SEK 3.30 per share (2.95), with the total dividend limited to not more than SEK 1,199 million (1,059).
Share savings scheme 2025: The Board of Directors proposes that the 2025 AGM resolves to implement a long-term share savings scheme for up to 100 senior executives and other key employees within the Sweco Group. The proposed terms and conditions essentially correspond to those applicable in last year's proposal.
Share bonus scheme 2025: The Board of Directors also proposes that the 2025 AGM resolves to implement a sharebased incentive scheme for employees in Sweden. The proposal principally corresponds to the terms in last year's proposal.
Calendar effects
Year 2025
The number of normal working hours in 2025, based on the 12-month sales-weighted business mix as of September 2024, is broken down as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Quarter 1: | 491 | 489 | 2 |
| Quarter 2: | 464 | 475 | -11 |
| Quarter 3: | 516 | 516 | 0 |
| Quarter 4: | 485 | 484 | 1 |
| Total: | 1,956 | 1,964 | -8 |
Acquisition-related amortisation
Acquisition-related intangible assets and expensed costs for future services will be amortised pursuant to the following schedule, based on acquisitions to date:
| 2025 Estimate | SEK -153 million |
|---|---|
| 2026 Estimate | SEK -138 million |
| 2027 Estimate | SEK -96 million |
| 2028 Estimate | SEK -85 million |
The Sweco share
The Sweco share is listed on Nasdaq Stockholm. The share price of the Sweco Class B share was SEK 179.80 at the end of the period, representing an increase of 9 per cent during the quarter. Nasdaq Stockholm OMXSPI decreased 1 per cent over the same period.
The total number of shares at the end of the period was 363,251,457: 31,015,198 Class A shares and 332,236,259 Class B shares. The total number of shares outstanding at the end of the period was 359,825,244: 31,015,198 Class A shares and 328,810,046 Class B shares.
Stockholm, 29 April 2025
Åsa Bergman President and CEO, Member of the Board of Directors
KPIs
The definitions of the Key Performance Indicators (KPIs) are available on Sweco's website. More details regarding some of the KPIs can also be found under the Alternative performance measures section in this report.
| KPIs | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| Profitability | ||||
| EBITA margin, % | 11.2 | 10.3 | 10.3 | 10.0 |
| Operating margin (EBIT), % | 11.0 | 10.1 | 10.1 | 9.8 |
| Net sales growth | ||||
| Organic growth, % | 4 | 2 | 5 | |
| Acquisition-related growth, % | 1 | 6 | 3 | |
| Currency effects, % | 0 | 0 | 0 | |
| Total growth, % | 4 | 8 | 8 | |
| Organic growth adj. for calendar effects, % | 4 | 4 | 5 | |
| Employee data and other operational indicators | ||||
| Billing ratio, % | 73.6 | 72.7 | 74.1 | 73.9 |
| Number of full-time employees | 21,022 | 20,939 | 20,844 | 20,823 |
| Normal working hours | 491 | 489 | 1,966 | 1,964 |
| Debt | ||||
| Net debt, SEK M | 1,607 | 3,118 | 1,521 | |
| Interest-bearing debt, SEK M | 2,341 | 3,855 | 3,176 | |
| Financial strength | ||||
| Net debt/Equity, % | 13.3 | 27.4 | 12.8 | |
| Net debt/EBITDA, x | 0.5 | 1.1 | 0.4 | |
| Equity/Assets ratio, % | 44.1 | 42.5 | 42.1 | |
| Available cash and cash equivalents, SEK M | 4,848 | 3,829 | 5,294 | |
| – of which unutilised credit, SEK M | 4,115 | 3,093 | 3,640 | |
| Return | ||||
| Return on equity, % | 18.4 | 14.6 | 18.4 | |
| Return on capital employed, % | 17.6 | 13.6 | 17.1 | |
| Share data | ||||
| Earnings per share, SEK | 1.79 | 1.55 | 6.00 | 5.76 |
| Diluted earnings per share, SEK | 1.78 | 1.55 | 5.98 | 5.75 |
| Equity per share, SEK1 | 33.57 | 31.72 | 33.12 | |
| Diluted equity per share, SEK1 | 33.43 | 31.60 | 32.97 | |
| Number of shares outstanding at reporting date | 359,825,244 | 359,141,452 | 359,777,877 | |
| Number of repurchased Class B shares | 3,426,213 | 4,110,005 | 3,473,580 |
1) Refers to portion attributable to Parent Company shareholders.
Condensed consolidated income statement
| SEK M | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| Net sales | 8,066 | 7,720 | 31,023 | 30,676 |
| Other income | 6 | 8 | 31 | 32 |
| Other external expenses | -1,459 | -1,435 | -6,043 | -6,019 |
| Personnel expenses | -5,359 | -5,166 | -20,425 | -20,232 |
| Amortisation/depreciation and impairment, tangible and intangible fixed assets1 |
-79 | -76 | -311 | -308 |
| Depreciation and impairment, right-of-use assets | -246 | -237 | -975 | -967 |
| Acquisition-related items2 | -38 | -35 | -172 | -168 |
| Operating profit (EBIT) | 891 | 778 | 3,127 | 3,015 |
| Net financial items3 | -22 | -47 | -150 | -175 |
| Interest cost of leasing4 | -29 | -21 | -106 | -98 |
| Other financial items5 | 2 | 4 | 4 | 5 |
| Total net financial items | -49 | -65 | -252 | -268 |
| Profit before tax | 842 | 714 | 2,875 | 2,747 |
| Income tax | -198 | -155 | -718 | -675 |
| PROFIT FOR THE PERIOD | 644 | 558 | 2,157 | 2,072 |
| Attributable to: | ||||
| Parent Company shareholders | 644 | 558 | 2,157 | 2,071 |
| Non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share attributable to Parent Company shareholders, SEK |
1.79 | 1.55 | 6.00 | 5.76 |
| Diluted earnings per share attributable to Parent Company shareholders, SEK |
1.78 | 1.55 | 5.98 | 5.75 |
| Average number of shares outstanding | 359,809,455 | 359,141,452 | 359,732,736 | 359,565,735 |
| Dividend per share, SEK | 3.30 |
1) Includes tangible assets and intangible assets that are not acquisition-related.
2) Acquisition-related items consist of amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of purchase price, profit and losses on the divestment
of companies, operations, buildings and land, as well as costs for received future service. See page 28 for additional details.
3) Net financial items comprise interest expenses on credit facilities and costs related to credit facilities less interest income on cash and cash equivalents.
4) Interest cost of leasing comprises the interest cost of leasing pursuant to IFRS 16.
5) Other financial items: Result and distributions from participation in associated companies and other securities, result from sale of participations in associated companies and other securities, foreign exchange gains and losses on financial assets and liabilities, and other interest income and interest expenses.
Condensed consolidated statement of comprehensive income
| SEK M | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| Profit for the period | 644 | 558 | 2,157 | 2,072 |
| Items that will not be reversed in the income statement | ||||
| Revaluation of defined benefit pensions, net after tax1, 2 | – | – | 1 | 1 |
| Items that may subsequently be reversed in the income statement |
||||
| Translation differences, net after tax | -484 | 240 | -513 | 211 |
| COMPREHENSIVE INCOME FOR THE PERIOD | 160 | 799 | 1,645 | 2,283 |
| Attributable to: | ||||
| Parent Company shareholders | 160 | 798 | 1,645 | 2,283 |
| Non-controlling interests | 0 | 0 | 0 | 0 |
| 1) Tax on revaluation of defined benefit pensions | – | – | 0 | 0 |
2) Revalued annually. Reviewed quarterly in the event of material changes to actuarial assumptions.
Condensed consolidated balance sheet
| SEK M | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Goodwill | 10,470 | 10,778 | 10,835 |
| Intangible assets | 663 | 807 | 703 |
| Property, plant and equipment | 816 | 737 | 806 |
| Right-of-use assets | 3,331 | 3,038 | 3,528 |
| Financial assets | 199 | 271 | 229 |
| Total non-current assets | 15,478 | 15,631 | 16,101 |
| Current assets excl. cash and cash equivalents | 11,177 | 10,442 | 10,540 |
| Cash and cash equivalents | 734 | 737 | 1,654 |
| Total current assets | 11,911 | 11,178 | 12,194 |
| TOTAL ASSETS | 27,389 | 26,810 | 28,295 |
| Equity attributable to Parent Company shareholders | 12,080 | 11,390 | 11,918 |
| Non-controlling interests | 5 | 5 | 5 |
| Total equity | 12,085 | 11,395 | 11,923 |
| Non-current lease liabilities | 2,597 | 2,268 | 2,744 |
| Non-current interest-bearing liabilities | 1,087 | 2,358 | 2,004 |
| Other non-current liabilities | 962 | 961 | 957 |
| Total non-current liabilities | 4,646 | 5,587 | 5,706 |
| Current lease liabilities | 825 | 819 | 857 |
| Current interest-bearing liabilities | 1,254 | 1,497 | 1,171 |
| Other current liabilities | 8,579 | 7,511 | 8,639 |
| Total current liabilities | 10,658 | 9,827 | 10,666 |
| TOTAL EQUITY AND LIABILITIES | 27,389 | 26,810 | 28,295 |
Condensed consolidated cash flow statement
| Jan–Mar | Jan–Mar | Apr 2024– | Full-year | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Mar 2025 | 2024 |
| Profit before tax | 842 | 714 | 2,875 | 2,747 |
| Adjustment for non-cash items | ||||
| Amortisation/depreciation and impairment | 358 | 352 | 1,437 | 1,431 |
| Other non-cash items | 71 | 55 | 372 | 355 |
| Total non-cash items | 429 | 407 | 1,808 | 1,786 |
| Interest cost leasing | -29 | -21 | -106 | -98 |
| Net interest paid | -13 | -43 | -126 | -155 |
| Tax paid | -303 | -165 | -755 | -617 |
| Cash flow from operating activities before changes in working capital |
925 | 891 | 3,698 | 3,663 |
| Changes in working capital | -683 | -540 | 255 | 398 |
| Cash flow from operating activities | 242 | 351 | 3,953 | 4,062 |
| Acquisition and divestment of subsidiaries and operations | -69 | -90 | -150 | -170 |
| Purchase and disposal of intangible and tangible assets | -106 | -85 | -395 | -374 |
| Other investing activities | -1 | -3 | -3 | -5 |
| Cash flow from investing activities | -176 | -177 | -548 | -549 |
| Borrowings and repayment of borrowings | -796 | -297 | -1,463 | -964 |
| Principal elements of lease payments | -217 | -238 | -900 | -921 |
| Dividends paid | – | – | -1,059 | -1,059 |
| Cash flow from financing activities | -1,013 | -535 | -3,422 | -2,944 |
| CASH FLOW FOR THE PERIOD | -947 | -361 | -17 | 569 |
| Cash and cash equivalents at the beginning of the period | 1,654 | 1,103 | 737 | 1,103 |
| Foreign exchange differences in cash and cash equivalents | 26 | -5 | 14 | -18 |
| Cash and cash equivalents at the end of the period | 734 | 737 | 734 | 1,654 |
Condensed consolidated statement of changes in equity
| Jan–Mar 2025 | Jan–Mar 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| SEK M | Equity attributable to Parent Company shareholders |
Non controlling interests |
Total equity |
Equity attributable to Parent Company shareholders |
Non controlling interests |
Total equity |
||
| Equity, opening balance | 11,918 | 5 | 11,923 | 10,590 | 5 | 10,595 | ||
| Comprehensive income for the period | 160 | 0 | 160 | 798 | 0 | 799 | ||
| Share bonus scheme | 0 | – | 0 | 1 | – | 1 | ||
| Share savings schemes | 3 | – | 3 | 1 | – | 1 | ||
| Change in non-controlling interest | – | 0 | 0 | – | – | – | ||
| EQUITY, CLOSING BALANCE | 12,080 | 5 | 12,085 | 11,390 | 5 | 11,395 |
Accounting policies
Sweco complies with the IFRS Accounting standards, as adopted by the EU. This report was prepared in accordance with IAS 34, Interim Reporting; the Swedish Annual Accounts Act; and the Swedish Corporate Reporting Board RFR 2, Reporting for Legal Entities. The Group applies the same accounting and valuation policies as those described in Note 1 in the Annual Report for 2024.
In this report, amounts in brackets refer to the corresponding period of the previous year. Because table items are individually rounded off, table figures do not always tally.
Risks and uncertainties
Significant risks and uncertainties affecting the Sweco Group and the Parent Company include business risks associated with the general economic trend and investment level in various markets, the capacity to attract and retain skilled personnel, the effects of political decisions as well as risks and uncertainties related to geopolitical instability. The Group is also exposed to various types of financial risk, such as foreign currency, interest rate and credit risk. The risks to which Sweco is exposed are detailed in Sweco's 2024 Annual Report (pages 54–58, Risks and Risk Management).
Segment reporting
| January–March External sales, SEK M |
Internal sales, SEK M | Total net sales, SEK M | ||||
|---|---|---|---|---|---|---|
| Business Area | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Sweco Sweden | 2,335 | 2,277 | 11 | 18 | 2,346 | 2,295 |
| Sweco Norway | 962 | 900 | 8 | 6 | 970 | 905 |
| Sweco Finland | 906 | 918 | 17 | 16 | 923 | 933 |
| Sweco Denmark | 879 | 831 | 4 | 4 | 884 | 836 |
| Sweco Netherlands | 860 | 762 | 10 | 14 | 870 | 775 |
| Sweco Belgium | 1,055 | 1,035 | 5 | 3 | 1,060 | 1,038 |
| Sweco UK | 386 | 364 | 3 | 5 | 389 | 368 |
| Sweco Germany & Central Europe | 677 | 629 | 25 | 24 | 702 | 653 |
| Group-wide, Eliminations, etc.1 | 6 | 5 | -84 | -89 | -79 | -84 |
| TOTAL GROUP | 8,066 | 7,720 | – | – | 8,066 | 7,720 |
| January–March | EBITA, SEK M3 | EBITA margin, %3 | Number of full-time employees |
|||
|---|---|---|---|---|---|---|
| Business Area2 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Sweco Sweden | 265 | 288 | 11.3 | 12.6 | 6,574 | 6,597 |
| Sweco Norway | 120 | 71 | 12.4 | 7.9 | 2,121 | 2,084 |
| Sweco Finland | 83 | 92 | 9.0 | 9.9 | 2,886 | 2,886 |
| Sweco Denmark | 141 | 116 | 16.0 | 13.8 | 1,899 | 1,881 |
| Sweco Netherlands | 93 | 69 | 10.7 | 8.9 | 1,847 | 1,783 |
| Sweco Belgium | 152 | 135 | 14.4 | 13.0 | 2,185 | 2,169 |
| Sweco UK | 26 | 7 | 6.6 | 2.0 | 1,013 | 1,115 |
| Sweco Germany & Central Europe | 51 | 52 | 7.3 | 7.9 | 2,407 | 2,337 |
| Group-wide, Eliminations, etc.1 | -32 | -38 | – | – | 90 | 86 |
| TOTAL GROUP | 900 | 793 | 11.2 | 10.3 | 21,022 | 20,939 |
1) Group-wide, Eliminations, etc. includes Group functions, the Dutch real estate operations and Twinfinity AB.
2) Sweco is not applying IFRS 16 at the business area level.
3) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section.
Reconciliation of EBITA and the Group's profit before tax
| SEK M | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| EBITA | 900 | 793 | 3,184 | 3,076 |
| Acquisition-related items1 | -38 | -35 | -172 | -168 |
| Lease expenses2 | 274 | 258 | 1,090 | 1,073 |
| Depreciation and impairments, right-of-use assets | -246 | -237 | -975 | -967 |
| EBIT | 891 | 778 | 3,127 | 3,015 |
| Total net financial items | -49 | -65 | -252 | -268 |
| Profit before tax | 842 | 714 | 2,875 | 2,747 |
1) Acquisition-related items are defined as amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of purchase prices, and profit and loss on the divestment of companies, operations, buildings and land, as well as expensed cost for future service.
2) Lease expenses pertain to adjustments made in order to treat all leases as operating leases.
Quarterly review per business area
| 2025 Q1 |
2024 Q4 |
2024 Q3 |
2024 Q2 |
2024 Q1 |
2023 Q4 |
2023 Q3 |
2023 Q2 |
2023 Q1 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net sales, SEK M | |||||||||
| Sweco Sweden | 2,346 | 2,410 | 1,828 | 2,396 | 2,295 | 2,359 | 1,691 | 2,177 | 2,178 |
| Sweco Norway | 970 | 943 | 717 | 950 | 905 | 903 | 745 | 840 | 994 |
| Sweco Finland | 923 | 946 | 754 | 971 | 933 | 960 | 808 | 969 | 904 |
| Sweco Denmark | 884 | 888 | 785 | 939 | 836 | 825 | 636 | 683 | 674 |
| Sweco Netherlands | 870 | 879 | 767 | 816 | 775 | 726 | 686 | 701 | 686 |
| Sweco Belgium | 1,060 | 1,004 | 922 | 1,032 | 1,038 | 997 | 900 | 980 | 788 |
| Sweco UK | 389 | 385 | 383 | 383 | 368 | 321 | 398 | 375 | 386 |
| Sweco Germany & Central Europe | 702 | 760 | 705 | 695 | 653 | 727 | 631 | 607 | 577 |
| Group-wide, Eliminations, etc.1 | -79 | -115 | -82 | -104 | -84 | -102 | -78 | -81 | -49 |
| TOTAL NET SALES | 8,066 | 8,100 | 6,779 | 8,077 | 7,720 | 7,717 | 6,417 | 7,249 | 7,140 |
| EBITA, SEK M2 | |||||||||
| Sweco Sweden | 265 | 298 | 137 | 260 | 288 | 315 | 106 | 221 | 309 |
| Sweco Norway | 120 | 71 | 20 | 109 | 71 | 48 | 20 | 41 | 150 |
| Sweco Finland | 83 | 117 | 70 | 91 | 92 | 48 | 45 | 74 | 77 |
| Sweco Denmark | 141 | 105 | 112 | 123 | 116 | 90 | 93 | 66 | 100 |
| Sweco Netherlands | 93 | 100 | 60 | 68 | 69 | 75 | 61 | 48 | 74 |
| Sweco Belgium | 152 | 121 | 111 | 133 | 135 | 111 | 97 | 134 | 117 |
| Sweco UK | 26 | 23 | 22 | 1 | 7 | -73 | -6 | -3 | 27 |
| Sweco Germany & Central Europe | 51 | 100 | 73 | 44 | 52 | 71 | 54 | 16 | 19 |
| Group-wide, Eliminations, etc.1 | -32 | -34 | -16 | -35 | -38 | -31 | -6 | -34 | -23 |
| EBITA | 900 | 901 | 588 | 794 | 793 | 654 | 465 | 564 | 849 |
| EBITA margin, %2 | |||||||||
| Sweco Sweden | 11.3 | 12.4 | 7.5 | 10.8 | 12.6 | 13.4 | 6.3 | 10.2 | 14.2 |
| Sweco Norway | 12.4 | 7.5 | 2.7 | 11.5 | 7.9 | 5.3 | 2.7 | 4.8 | 15.1 |
| Sweco Finland | 9.0 | 12.3 | 9.2 | 9.4 | 9.9 | 5.0 | 5.5 | 7.6 | 8.5 |
| Sweco Denmark | 16.0 | 11.8 | 14.3 | 13.1 | 13.8 | 10.9 | 14.7 | 9.7 | 14.9 |
| Sweco Netherlands | 10.7 | 11.4 | 7.8 | 8.3 | 8.9 | 10.3 | 9.0 | 6.9 | 10.7 |
| Sweco Belgium | 14.4 | 12.1 | 12.0 | 12.9 | 13.0 | 11.1 | 10.8 | 13.7 | 14.8 |
| Sweco UK | 6.6 | 6.1 | 5.8 | 0.3 | 2.0 | -22.6 | -1.6 | -0.7 | 6.9 |
| Sweco Germany & Central Europe | 7.3 | 13.1 | 10.3 | 6.4 | 7.9 | 9.8 | 8.5 | 2.6 | 3.2 |
| EBITA margin | 11.2 | 11.1 | 8.7 | 9.8 | 10.3 | 8.5 | 7.2 | 7.8 | 11.9 |
| Billing ratio, % | 73.6 | 74.6 | 73.5 | 74.8 | 72.7 | 73.3 | 72.5 | 74.2 | 73.2 |
| Number of normal working hours | 491 | 484 | 516 | 475 | 489 | 487 | 508 | 462 | 504 |
| Number of full-time employees | 21,022 | 20,985 | 20,465 | 20,926 | 20,939 | 20,874 | 20,062 | 20,310 | 19,416 |
1) Group-wide, Eliminations, etc. includes Group functions, the Dutch real estate operations and Twinfinity AB.
2) EBITA is an Alternative performance measure (APM). See definition under Alternative performance measures section.
Acquisitions
The following acquisitions of companies and operations were completed during the period.
| Company | Included from |
Business area |
Acquired share, % |
Annual net sales in SEK M1 |
Number of employees (individuals) |
|---|---|---|---|---|---|
| Sipti Consulting | January | Finland | 100 | 71 | 50 |
| SDH Engineers, asset deal | March | Finland | 5 | 4 | |
| TOTAL | 76 | 54 |
1) Estimated annual net sales.
During the period, the acquired companies and operations contributed SEK 19 million in net sales, SEK 0 million in EBITA and SEK -1 million in operating profit (EBIT). If the companies and operations had been owned as of 1 January 2025, they would have contributed approximately SEK 20 million in net sales, about SEK 1 million in EBITA and about SEK -1 million in operating profit (EBIT). Transaction costs during this period and previous periods pertaining to this year's acquisitions totalled SEK 3 million.
The purchase consideration, for the acquisitions and some adjustments of previous years' acquisitions, totalled SEK 119 million and had a negative impact on cash and cash equivalents of SEK 69 million. The acquisition analyses during the period are preliminary. This year's acquisitions and some adjustments of previous years' acquisitions impacted the consolidated balance sheet as detailed in the table below.
| Acquisitions, SEK M | |
|---|---|
| Intangible assets | 99 |
| Property, plant and equipment | 4 |
| Right-of-use assets | 4 |
| Financial assets | 1 |
| Current assets | 46 |
| Non-current liabilities | -2 |
| Non-current lease liabilities | -2 |
| Deferred tax | -6 |
| Current lease liabilities | -2 |
| Other current liabilities | -22 |
| Total purchase consideration | 119 |
| Purchase price outstanding | -28 |
| Payment of deferred purchase price | 5 |
| Cash and cash equivalents in acquired companies | -28 |
| DECREASE IN GROUP CASH AND CASH EQUIVALENTS | 69 |
Fair value of financial instruments
The Group's financial instruments consist of shares, trade receivables, other receivables, cash and cash equivalents, trade payables, forward exchange contracts, interest bearing liabilities, other liabilities and contingent considerations. Descriptions of each category and valuation techniques for the different levels are shown below and in the 2024 Annual Report, Note 33 Financial instrument per category. No transfers between any of the levels took place during the period.
Forward exchange contracts are measured at fair value based on Level 2 inputs. As per 31 March 2025, forward contracts with a positive market value amounted to SEK 0 million compared with SEK 0 million as per 31 December 2024 and forward contracts with a negative market value amounted to SEK 0 million compared with SEK 1 million as per 31 December 2024.
Unlisted financial assets and contingent considerations are measured at fair value based on Level 3 inputs. The reconciliation between the opening and closing balances are presented in the table below.
| Financial | |||
|---|---|---|---|
| SEK M | investments | ||
| Opening carrying amount at January 2025 | 10 | ||
| Cost of acquisition | 0 | ||
| Disposal of financial investments | 0 | ||
| Foreign currency translation differences | 0 | ||
| CLOSING CARRYING AMOUNT AT 31 MARCH 2025 | 10 |
Other financial assets and liabilities are measured at accrued amortised cost. Accrued amortised cost is considered a good approximation of fair value since the fixed interest period for all loans is less than one year.
Contingent liabilities
The Group's contingent liabilites, mainly corporate guarantees and performance guarantees, amounted to SEK 1,283 million (1,286).
Condensed Parent Company income statement
| SEK M | Jan–Mar 2025 |
Jan–Mar 2024 |
Full-year 2024 |
|---|---|---|---|
| Net sales | 326 | 310 | 1,245 |
| Operating expenses | -350 | -344 | -1,345 |
| Operating loss | -25 | -34 | -100 |
| Net financial items | -56 | -99 | 1,055 |
| Profit/loss after net financial items | -81 | -134 | 954 |
| Appropriations | – | – | -32 |
| Profit/loss before tax | -81 | -134 | 922 |
| Tax | – | – | -129 |
| PROFIT/LOSS AFTER TAX1 | -81 | -134 | 793 |
1) Comprehensive income for the period corresponds to Profit/loss after tax.
Condensed Parent Company balance sheet
| 31 Mar | 31 Mar | 31 Dec | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Total intangible assets | 6 | 9 | 6 |
| Total property, pland and equipment | 98 | 99 | 93 |
| Total financial assets | 6,968 | 6,533 | 6,890 |
| Total current assets | 2,354 | 2,779 | 4,753 |
| TOTAL ASSETS | 9,424 | 9,420 | 11,742 |
| Restricted equity | 314 | 316 | 314 |
| Non-restricted equity | 3,830 | 3,946 | 3,887 |
| Total equity | 4,144 | 4,261 | 4,201 |
| Untaxed reserves | 927 | 895 | 927 |
| Total non-current liabilities | 1,009 | 698 | 1,843 |
| Total current liabilities | 3,345 | 3,566 | 4,771 |
| Total liabilities | 4,354 | 4,264 | 6,614 |
| TOTAL EQUITY AND LIABILITIES | 9,424 | 9,420 | 11,742 |
Alternative performance measures (APMs)
Sweco follows the guidelines from European Securities and Markets Authority (ESMA) regarding Alternative Performance Measures (APMs). In brief, these are measures of historical or ongoing operating results and financial performance that are not specified or defined in the IFRS Accounting standards. The presentation of non-IFRS financial measures is limited as an analytical tool and should not be used as a substitute for key performance indicators pursuant to IFRS Accounting standards. Sweco believes that the APMs will enhance investors' evaluation of our ongoing operating results, aid in forecasting future periods and facilitate meaningful comparison of results between periods. The non-IFRS financial measures presented in this report may differ from similarly titled measures used by other companies. A complete list of all Sweco's definitions can be found on our website: https://www.swecogroup.com/investor-relations/financial-information/definitions.
Sweco's main key financial metrics are EBITA and Net debt/EBITDA.
EBITA and EBITDA
EBITA is the Group's key metric for operational performance at Group and Business Area level. Sweco's EBITA measure is defined as Earnings Before Interest, Taxes and Acquisition-related items. Sweco's EBITDA measure is defined as Earnings Before Interest, Taxes, Depreciation & Amortisation and Acquisition-related items. All leases are treated as operating leases and the total cost of the lease affects EBITA and EBITDA. Operating lease treatment follows IAS 17 (the standard for leases applicable through 31 December 2018).
Reconciliation of EBIT and the APMs EBITA and EBITDA
| Jan–Mar | Jan–Mar | Apr 2024– | Full-year | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | Mar 2025 | 2024 |
| Operating profit (EBIT) | 891 | 778 | 3,127 | 3,015 |
| Acquisition-related items | 38 | 35 | 172 | 168 |
| Lease expenses | -274 | -258 | -1,090 | -1,073 |
| Depreciation and impairments, right-of-use assets | 246 | 237 | 975 | 967 |
| EBITA | 900 | 793 | 3,184 | 3,076 |
| Amortisation/depreciation and impairment, | ||||
| tangible and intangible fixed assets1 EBITDA |
79 980 |
76 868 |
311 3,495 |
308 3,384 |
1) Includes tangible assets and intangible assets that are not acquisition-related.
Acquisition-related items
| SEK M | Jan–Mar 2025 |
Jan–Mar 2024 |
Apr 2024– Mar 2025 |
Full-year 2024 |
|---|---|---|---|---|
| Amortisation of acquisition-related intangible assets | -33 | -39 | -150 | -157 |
| Revaluation of purchase price | – | – | 2 | 2 |
| Profit/loss on divestment of companies and operations | – | 10 | 0 | 11 |
| Profit/loss on real estate | 1 | – | 1 | 0 |
| Cost for received future service | -6 | -6 | -25 | -25 |
| ACQUISITION-RELATED ITEMS | -38 | -35 | -172 | -168 |
Net debt
Net debt/EBITDA is Sweco's key metric for financial strength. The definition remains essentially in line with the covenants defined in Sweco's bank financing agreements. Net debt is defined as financial debt (comprised almost exclusively of interest-bearing bank debt) less cash and cash equivalents and short-term investments. Lease liabilities are excluded from Net debt. As with the calculation of EBITA, when calculating EBITDA all leases are assumed to comprise operating leases pursuant to IAS 17.
| SEK M | 31 Mar 2025 |
31 Mar 2024 |
31 Dec 2024 |
|---|---|---|---|
| Non-current interest-bearing liabilities | 1,087 | 2,358 | 2,004 |
| Current interest-bearing liabilities | 1,254 | 1,497 | 1,171 |
| Cash and cash equivalents | -734 | -737 | -1,654 |
| NET DEBT | 1,607 | 3,118 | 1,521 |
Net sales growth
The table below shows the calculation of organic growth excluding calendar effects – i.e., net sales growth adjusted for the impact of acquisitions and divestments as well as the effect of foreign currency fluctuations and calendar effects.
| January–March | SEK M 2025 |
SEK M 2024 |
% 2025 |
% 2024 |
|---|---|---|---|---|
| Total growth | 346 | 580 | 4 | 8 |
| (-) Currency effects | -33 | 14 | 0 | 0 |
| (-) Acquisition-related growth | 39 | 442 | 1 | 6 |
| Organic growth | 341 | 124 | 4 | 2 |
| (-) Calendar effects | 27 | -195 | 0 | -3 |
| Organic growth adj. for calendar effects | 314 | 319 | 4 | 4 |
Forthcoming financial information
| Interim report January–June | 16 July 2025 |
|---|---|
| Interim report January–September | 29 October 2025 |
| Year-end report 2025 | 11 February 2026 |
For further information, please contact:
Olof Stålnacke, CFO
Phone +46 70 306 46 21 [email protected]
Marcela Sylvander, CCO
Phone +46 79 341 14 08 [email protected]
SWECO AB (publ) Org. nr. 556542-9841 Gjörwellsgatan 22, Box 34044, 100 26 Stockholm, Phone: +46 8 695 60 00
Email: [email protected] www.swecogroup.com
This report has not been subject to an audit or review.