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Skanska
Quarterly Report • Nov 6, 2025
2972_10-q_2025-11-06_cf96c5f2-aa46-41d2-b5c4-2e4483891d78.pdf
Quarterly Report
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Interim report, third quarter 2025
Highlights according to segment reporting
- — Revenue amounted to SEK 43.7 billion (42.8); adjusted for currency effects, revenue increased 8 percent.
- — Operating income amounted to SEK 1.4 billion (1.3); adjusted for currency effects, operating income increased 13 percent.
- — Earnings per share amounted to SEK 3.07 (2.28).
- — Operating cash flow from operations amounted to SEK 0.0 billion (6.2) for the period according to IFRS, following net investments in operations of SEK -1.3 billion (1.4).
- — Adjusted interest-bearing net receivables(+)/net debt(-) totaled SEK 9.3 billion (Jun 30, 2025: 9.7).
- — Order bookings in Construction amounted to SEK 39.9 billion (50.8). Adjusted for currency effects, order bookings quarter over quarter decreased 17 percent from a strong comparable quarter. The rolling 12-month book-to-build ratio was 106 percent (124).
- — Operating income in Construction amounted to SEK 1.8 billion (1.5), representing an operating margin of 4.2 percent (3.6). The rolling 12-month operating margin was 3.9 percent.
- — Operating income in Project Development amounted to SEK -0.3 billion (-0.3), including property asset impairment charges of SEK -0.7 billion.
- — Return on capital employed in Project Development was 1.4 percent (-0.4).
- — Return on equity was 10.0 percent (7.9).
Performance analysis
Tables referring to segment reporting are in shaded background. For more information see page 17. For definitions of non-IFRS financial measures see pages 18-20.
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|
| Revenue | ||||
| Construction | 42,232 | 41,784 | 174,182 | 168,554 |
| Residential Development | 1,757 | 1,682 | 7,693 | 8,302 |
| Commercial Property Development | 1,745 | 994 | 6,710 | 11,225 |
| Investment Properties | 120 | 108 | 467 | 363 |
| Central and Eliminations | -2,182 | -1,769 | -7,865 | -11,237 |
| Total | 43,674 | 42,799 | 181,186 | 177,208 |
| Operating income | ||||
| Construction | 1,766 | 1,517 | 6,743 | 5,854 |
| Residential Development | 131 | -154 | 615 | 53 |
| Commercial Property Development | -397 | -113 | -79 | 1,120 |
| Investment Properties | 143 | 79 | 377 | 311 |
| Central | -58 | -94 | -559 | -440 |
| Eliminations | -221 | 26 | -87 | 188 |
| Operating income | 1,363 | 1,261 | 7,010 | 7,087 |
| Net financial items | 164 | 114 | 722 | 661 |
| Income after financial items | 1,527 | 1,375 | 7,732 | 7,748 |
| Income taxes | -220 | -413 | -1,626 | -1,913 |
| Profit for the period | 1,308 | 962 | 6,106 | 5,835 |
| Earnings for the period per share, SEK | 3.07 | 2.28 | 14.69 | 14.12 |
| Revenue for the period according to IFRS | 42,294 | 44,349 | 182,606 | 176,481 |
| Operating income for the period according to IFRS | 1,099 | 1,400 | 7,195 | 6,748 |
| Earnings for the period per share according to IFRS, SEK | 2.58 | 2.56 | 15.03 | 13.51 |
| Operating cash flow from operations | 40 | 6,188 | 6,162 | 6,745 |
| Interest-bearing net receivables(+)/net debt(-) | 13,001 | 9,121 | 15,353 | |
| Return on capital employed in Project Development, % ¹ | 1.4 | -0.4 | 1.4 | 2.6 |
| Return on capital employed in Investment Properties, % ¹ | 4.7 | 1.8 | 4.7 | 4.6 |
| Adjusted interest-bearing net receivables(+)/net debt(-) | 9,336 | 6,492 | 11,976 | |
| Return on equity, % ¹ | 10.0 | 7.9 | 10.0 | 10.0 |
1 Rolling 12 months.
Operating income
Operating income per segment Sep 30, 2025 R-12
Operating cash flow from operations
CEO comment
Strong Construction performance and a robust financial position contributed to a solid delivery in the third quarter. We are developing an attractive pipeline in Project Development and starting projects on a selective basis in gradually improving markets.
Construction delivered strong margins in the third quarter. Performance is the result of having a quality backlog that has been bid and won with the right conditions and executed by a highly competent organization. All main geographies contributed to the margin delivery in the quarter and the rolling 12-month period. Order intake varies between quarters and was solid for the Group in the third quarter. Markets remain competitive, but bookings have increased in the Nordics and Europe. The Group order backlog is strong, corresponding to 19 months of production, and we have got a robust project pipeline.
In Residential Development, we started two projects with good presales in Central Europe, delivering solid volumes and strong results in the third quarter. The Nordic operations are impacted by adverse market conditions, resulting in weak sales and profitability. We are focused on strengthening the Nordic business cases and developing the pipeline. In the quarter, we started projects in Norway and Sweden.
Commercial Property Development divested three projects in the quarter, both in Poland and Sweden. One of these was handed over to its buyer. Three projects were started, the largest being the second phase of Solna Link in Stockholm. We recognized impairments on a few of the US properties, resulting in negative operating income for the business stream in the quarter. Markets are improving in Central Europe and the Nordics. During the quarter two large leases were signed, one for the entire H2Offices building in Budapest and one for the first phase of Solna Link.
Investment Properties delivered solid results. A reassessment of the value of one of our properties strengthened results for the third quarter.
Reducing carbon emissions in our operations and supply chain remains a key focus. Our scope 1 and 2 emissions declined during the quarter and were 64 percent below our benchmark year of 2015.
Performance stability and quality remain our priorities. Competitiveness stems from our organization's ability to deliver high-quality complex projects with a focus on cost management. We benefit from the strength of being present in the entire value chain of our industry. Group capital turnover is impacted by low activity in real estate transaction markets but over the past couple of years we have taken measures to right-size the business and have been selective with project starts. The quality of our properties together with our financial strength puts us in a good position for market recovery.
Along with my Group Leadership Team, I will be sharing more information on our strategy and commercial direction going forward at our Capital Markets Day on November 18th. We are hosting the event in Seattle, Washington, in the USA. The afternoon will provide an opportunity to meet our US management and discover how we deliver value for our customers on some of our most interesting projects. I look forward to seeing you at the upcoming event.
Anders Danielsson
President and Chief Executive Officer
Skanska target performance (rolling 12-month basis)
Operating margin – Construction Return on capital employed –
3.9% 1.4% 4.7%
Target ≥3.5% Target ≥10% Target ≥6%
Project Development
Return on equity Adjusted net debt(-)/net cash(+) Climate target (scope 1 and 2)
10.0% +9.3 SEK bn -64%
Return on capital employed – Investment Properties
Reduction of CO2 compared with 2015
Target ≥18% Limit SEK -10 bn Target -70% (scope 1 and 2) by 2030
Market outlook, next 12 months
The market outlook aims to describe the situation in markets that are relevant for our operations. This applies to segments, sectors and geographies.
- Weaker outlook compared to previous quarter Unchanged outlook compared to previous quarter Improved outlook compared to the previous quarter.
-
Very strong market coming 12m Strong market coming 12m Stable market coming 12m
-
- Weak market coming 12m Very weak market coming 12m
Construction
Construction market outlook remains largely unchanged. The US civil infrastructure market is strong, with a well-funded project pipeline. The building market outlook is scattered, but our broad footprint provides stability. We continue to monitor the impact of policy and legislation on the economy and industry. For Europe and the Nordics, civil markets are more active than building, and we are expecting investments in infrastructure, industry and defense to provide market opportunities over time.
| Building | Civil | |
|---|---|---|
| Nordics | ||
| Sweden | ||
| Norway | ||
| Finland | ||
| Europe | ||
| Central Europe | ||
| United Kingdom | ||
| USA | ||
| USA |
Residential Development
We are experiencing good conditions for residential development in the Polish and Czech housing markets, supported by growing economies, low unemployment and lower interest rates. The Nordic housing markets remain subdued and while recovery is expected, the pace might be different in the three countries we are active in.
| Nordics | |
|---|---|
| of which Sweden | |
| Europe |
Commercial Property Development
The Central European market is showing clear signs of market improvement, both in leasing and transactions market. Capital cities are moving first, with reduced vacancy rates and higher transaction volumes. The Nordics are gradually improving, access to funding is good and costs are coming down. The leasing market is held back by the economic cycle but is expected to gradually improve. The US market is lagging, with muted transaction markets, but the underlying back-to-office trend is positive for the top tier properties in our portfolio. Tenants are focused on modern, flexible and amenitized spaces to attract employees back to the office.
| Nordics | |
|---|---|
| Europe | |
| USA |
Investment Properties
Demand for quality space in buildings with high sustainability standards is good although the market is competitive. Tenants are prioritizing flexibility and move-in ready offices.
| Nordics | |
|---|---|
| Sweden |
Performance analysis
Group
Revenue and operating income, rolling 12 months
Revenue and earnings
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 43,674 | 42,799 | 181,186 | 177,208 |
| Operating income ¹ | 1,363 | 1,261 | 7,010 | 7,087 |
| Net financial items | 164 | 114 | 722 | 661 |
| Income after financial items | 1,527 | 1,375 | 7,732 | 7,748 |
| Income taxes | -220 | -413 | -1,626 | -1,913 |
| Profit for the period | 1,308 | 962 | 6,106 | 5,835 |
| Earnings for the period per share, SEK ² | 3.07 | 2.28 | 14.69 | 14.12 |
| Earnings for the period per share according to IFRS, SEK ² |
2.58 | 2.56 | 15.03 | 13.51 |
1 Including Central and Eliminations.
2 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding.
Changes and currency rate effects
| Change in SEK | Change in local currency | Currency effect | |
|---|---|---|---|
| Jul-Sep 2025 / Jul-Sep 2024 | |||
| Revenue | 2% | 8% | -6% |
| Operating income | 8% | 13% | -5% |
| Rolling 12 months 2025 / Rolling 12 months 2024 | |||
| Revenue | 8% | 10% | -3% |
| Operating income | 32% | 36% | -4% |
Revenue increased 2 percent and amounted to SEK 43.7 billion (42.8); adjusted for currency effects, revenue increased 8 percent. Operating income increased 8 percent and amounted to SEK 1,363 M (1,261), adjusted for currency effects, operating income increased 13 percent.
Operating income in Central stream totaled SEK -58 M (-94), of which SEK 101 M (56) relates to the PPP portfolio and BoKlok UK. Release of provision for milestone achievements and risk reduction positively impacted the result in the PPP portfolio. Eliminations totaled SEK -221 M (26), explained by a SEK 234 M gain on an internal land transfer.
Revenue per segment, rolling 12 months
Operating income per segment, rolling 12 months
Net financial items amounted to SEK 164 M (114).
Income taxes for the period amounted to SEK -220 M (-413). The effective tax rate in the third quarter amounted to 14 percent (30). The change is mainly explained by revaluation of deferred tax balances and higher proportion of income in countries with lower tax rates.
Cash flow
Group
Operating cash flow from operations
Operating cash flow
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Cash flow from business operations | 2,130 | 1,685 | 7,497 | 6,309 |
| Change in working capital | -161 | 3,623 | -2,405 | 517 |
| Net divestments(+)/investments(-) | -1,314 | 1,397 | 2,547 | 1,516 |
| Cash flow adjustment | -372 | -103 | -384 | 279 |
| Cash flow from business operations before taxes paid |
283 | 6,601 | 7,255 | 8,621 |
| Taxes paid in business operations | -28 | -309 | -645 | -1,712 |
| Cash flow from financing activities | -215 | -104 | -448 | -164 |
| Operating cash flow from operations | 40 | 6,188 | 6,162 | 6,745 |
| Strategic net divestments(+)/investments(-) | - | 2 | 30 | 2 |
| Dividend etc. | -25 | -52 | -3,453 | -2,493 |
| Cash flow before change in interest bearing receivables and liabilities |
16 | 6,138 | 2,739 | 4,254 |
| Change in interest-bearing receivables and liabilities excluding lease liabilities |
-367 | -2,628 | -6,398 | -3,752 |
| Cash flow for the period | -351 | 3,510 | -3,658 | 502 |
Operating cash flow from operations for the period amounted to SEK 40 M (6,188); the change from the comparable period is mainly explained by changes in working capital and net investments in Project Development. The comparable quarter includes a strong increase in the negative working capital in Construction partly explained by advance payments in early project stages. Taxes paid in business operations amounted to SEK -28 M (-309) for the period.
Commercial Property Development assets sold but not transferred will have a positive effect on cash flow of SEK 5.0 billion during the years 2026-2027.
Free working capital in Construction
Free working capital in Construction amounted to SEK 30.1 billion (Jun 30, 2025: 29.9). Average free working capital in relation to Construction revenue over the past 12 months was 18.2 percent (17.4). Focus remains on cash generation and positive cash flow profiles in projects in the Construction stream.
Financial position
Adjusted interest-bearing net receivables(+)/net debt(-)
Balance sheet - Summary
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| SEK bn | 2025 | 2024 | 2024 |
| Total assets | 160.8 | 162.0 | 171.2 |
| Total equity | 60.7 | 58.1 | 62.6 |
| Interest-bearing net receivables (+)/net debt (-) | 13.0 | 9.1 | 15.4 |
| Adjusted interest-bearing net receivables(+)/net debt(-) | 9.3 | 6.5 | 12.0 |
| Capital employed, closing balance | 80.2 | 80.2 | 84.4 |
| Equity/assets ratio, % | 37.7 | 35.9 | 36.6 |
Change in interest-bearing net receivables/net liabilities
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | 2024 |
| Opening balance interest-bearing net receivables(+)/net debt(-) |
12,025 | 3,243 | 15,353 | 9,037 | 9,037 |
| Cash flow for the period | -351 | 3,510 | -6,981 | -2,820 | 502 |
| Less change in interest-bearing receivables and liabilities |
367 | 2,628 | 4,694 | 2,048 | 3,752 |
| Cash flow before change in interest bearing receivables and liabilities |
16 | 6,138 | -2,288 | -773 | 4,254 |
| Translation differences, net receivables/net debt |
-73 | -415 | -1,006 | -369 | 173 |
| Remeasurements of pension asset/liability | 715 | -145 | 398 | 565 | 960 |
| Interest-bearing liabilities acquired/divested |
- | -2 | - | -2 | -2 |
| Other changes, interest-bearing net receivables/net debt |
319 | 302 | 544 | 663 | 931 |
| Change in net interest-bearing receivables and liabilities (cash and cash equivalents included) |
976 | 5,878 | -2,352 | 84 | 6,316 |
| Closing balance interest-bearing net receivables(+)/net debt(-) |
13,001 | 9,121 | 13,001 | 9,121 | 15,353 |
| Restricted cash | -8,667 | -8,820 | -8,667 | -8,820 | -9,394 |
| Pension asset(-)/liability(+), net | -1,576 | -709 | -1,576 | -709 | -1,114 |
| Lease liabilities | 6,578 | 6,900 | 6,578 | 6,900 | 7,130 |
| Closing balance adjusted interest-bearing net receivables(+)/net debt(-) |
9,336 | 6,492 | 9,336 | 6,492 | 11,976 |
Adjusted interest-bearing net receivables (+)/net debt (-) amounted to SEK 9.3 billion (Jun 30, 2025: 9.7). Interest-bearing net receivables amounted to SEK 13.0 billion (Jun 30, 2025: 12.0) and include SEK 6.6 billion in interest-bearing lease liabilities according to IFRS 16.
At the end of the quarter, cash, cash equivalents, short-term investments and committed unutilized credit facilities amounted to SEK 27.6 billion (Jun 30, 2025: 28.1), of which SEK 18.2 billion (Jun 30, 2025: 18.4) is available within one week. The Group central loan portfolio amounted to SEK 8.7 billion (Jun 30, 2025: 8.7) consisting of SEK 5.3 billion in Medium-Term Notes (MTN) with an average maturity of 1.8 years and SEK 3.4 billion in bilateral loans with an average maturity of 2.9 years. On Sep 30, 2025, the Group's unutilized credit facilities amounted to SEK 9.8 billion. The central loan portfolio, including committed unutilized credit facilities, had an average maturity of 2.6 years (Jun 30, 2025: 2.9).
At the end of the quarter, capital employed amounted to SEK 80.2 billion (Jun 30, 2025: 79.0).
Equity
Changes in equity
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | 2024 |
| Opening balance | 59,010 | 58,251 | 62,617 | 56,347 | 56,347 |
| Dividend to the parent company´s shareholders | 0 | -0 | -3,295 | -2,257 | -2,257 |
| Other changes in equity not included in total comprehensive income for the period |
47 | 28 | 103 | 82 | 126 |
| Profit for the period | 1,107 | 1,075 | 3,917 | 3,256 | 5,584 |
| Other comprehensive income | |||||
| Translation differences | -169 | -1,057 | -3,039 | 220 | 1,852 |
| Effects of remeasurements of pensions | 682 | -175 | 392 | 481 | 936 |
| Effects of cash flow hedges | -2 | 11 | -20 | 5 | 29 |
| Closing balance | 60,675 | 58,133 | 60,675 | 58,133 | 62,617 |
Adjusted equity
| SEK bn | Sep 30, 2025 |
Sep 30, 2024 |
Dec 31, 2024 |
|---|---|---|---|
| Equity attributable to the parent company´s equity holders | 60.5 | 58.0 | 62.5 |
| Unrealized surplus value in Residential Development | 2.8 | 3.0 | 3.0 |
| Unrealized development gains in Commercial Property Development |
4.5 | 3.7 | 4.0 |
| Effect on unrealized equity in PPP portfolio | 0.7 | 0.9 | 0.7 |
| Adjusted equity | 68.6 | 65.7 | 70.2 |
The Group's equity amounted to SEK 60.7 billion (58.1), resulting in an equity/assets ratio of 37.7 percent (35.9). The net receivable position results in a negative net debt/equity ratio of -0.2 (-0.2). Translation differences for the period amounted to SEK -169 M (-1,057). The effects of remeasurements of pensions amounted to SEK 682 M (-175). This is mainly explained by higher interest rates.
Total adjusted equity amounted to SEK 68.6 billion (65.7), resulting in adjusted equity per share of SEK 165.92 (159.69). Unrealized surplus values in Project Development including the PPP portfolio amounted to SEK 9.0 billion, of which SEK 1.0 billion was realized according to segment reporting. Corresponding amounts less standard tax were SEK 8.1 billion and SEK 0.9 billion.
Investments and divestments
Investments and divestments
The Group's investments amounted to SEK -2,563 M (-2,592), while divestments amounted to SEK 1,250 M (3,991), resulting in net investments of SEK -1,314 M (1,399).
In Construction, investments totaled SEK -773 M (-473). These investments mainly relate to property, plant and equipment for the Group's own operations. Net investments in Construction amounted to SEK -727 M (-431). Depreciation of property, plant and equipment including right-of-use assets amounted to SEK -653 M (-604).
In Residential Development, investments totaled SEK -1,338 M (-901). Divestments amounted to SEK 656 M (2,390). Net investments in Residential Development amounted to SEK -683 M (1,489).
In Commercial Property Development, investments totaled SEK -1,035 M (-1,203). Divestments amounted to SEK 947 M (1,545), with one completed project handed over in the period. Net investments in Commercial Property Development amounted to SEK -88 M (342).
In Investment Properties, net investments totaled SEK -16 M (-13).
Investments, divestments and net divestments(+)/ investments(-)
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Investments | ||||
| Construction | -773 | -473 | -2,812 | -2,632 |
| Residential Development | -1,338 | -901 | -4,780 | -4,577 |
| Commercial Property Development | -1,035 | -1,203 | -4,320 | -6,167 |
| Investment Properties | -16 | -13 | -431 | -2,968 |
| Other | 598 | -2 | 1,016 | 2,891 |
| Total | -2,563 | -2,592 | -11,327 | -13,452 |
| Divestments | ||||
| Construction | 46 | 42 | 293 | 327 |
| Residential Development | 656 | 2,390 | 6,943 | 9,770 |
| Commercial Property Development | 947 | 1,545 | 7,108 | 7,773 |
| Investment Properties | - | - | - | - |
| Other | -399 | 14 | -439 | -2,899 |
| Total | 1,250 | 3,991 | 13,904 | 14,970 |
| Net divestments(+)/investments(-) | ||||
| Construction | -727 | -431 | -2,519 | -2,305 |
| Residential Development | -683 | 1,489 | 2,162 | 5,193 |
| Commercial Property Development | -88 | 342 | 2,788 | 1,606 |
| Investment Properties | -16 | -13 | -431 | -2,968 |
| Other | 199 | 11 | 577 | -8 |
| Total | -1,314 | 1,399 | 2,577 | 1,518 |
| Of which strategic | - | 2 | 30 | 2 |
Capital employed in Project Development and Investment Properties
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Residential Development | 13,469 | 14,132 | 13,601 |
| Commercial Property Development | 40,929 | 42,478 | 44,076 |
| Investment Properties | 8,146 | 7,675 | 8,364 |
| Total in Project Development and Investment Properties | 62,544 | 64,284 | 66,041 |
Investment: Awangarda Mogilska, Krakow, Poland Divestment: Brama Miasta, Łódź, Poland
Performance analysis, business streams
Construction – Order situation
Order backlog, revenue and order bookings
Order bookings and order backlog in Construction
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK bn | 2025 | 2024 | months | 2024 |
| Order bookings | 39.9 | 50.8 | 185.5 | 207.9 |
| Order backlog ¹ | 264.4 | 267.0 | 285.0 |
1 Refers to the end of each period.
Order bookings amounted to SEK 39.9 billion (50.8); adjusted for currency effects, order bookings decreased 17 percent, on a strong comparable period. On a rolling 12-month basis the book-to-build ratio was 106 percent (Jun 30, 2025: 113). For more information, see page 29.
The order backlog is high, amounting to SEK 264.4 billion (Jun 30, 2025: 268.3); adjusted for currency effects, the order backlog decreased by 1 percent. The order backlog corresponds to 19 months of production (Jun 30, 2025: 19).
Changes and currency rate effects
| Change in SEK | Change in local currency | Currency effect | |||
|---|---|---|---|---|---|
| Jul-Sep 2025 / Jul-Sep 2024 | |||||
| Order bookings | -21% | -17% | -4% | ||
| Sep 30 2025 / Jun 30, 2025 | |||||
| Order backlog | -1.4% | -0.7% | -0.7% |
Major orders in the quarter
| Geography | Contract | Amount SEK M | Client |
|---|---|---|---|
| Europe | Highway | 2,900 | National Motorway Company |
| USA | Bridge | 2,500 Metropolitan Transportation Authority | |
| Europe | Highway | 2,000 | National Highways |
| USA | Roadways | 1,800 | Los Angeles World Airports |
| USA | Power generation facility |
1,500 Passaic Valley Sewerage Commission |
Construction revenue from internal Project Development contracts on a rolling 12-month basis amounted to:
6.8 SEK bn
Thickthorn road, East Anglia region, UK
Construction
Revenue and operating margin, rolling 12 months
Revenue and earnings
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | ||
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 | |
| Revenue | 42,232 | 41,784 | 174,182 | 168,554 | |
| Gross income | 3,392 | 3,055 | 13,264 | 12,378 | |
| Selling and administrative expenses | -1,637 | -1,539 | -6,546 | -6,538 | |
| Income from joint ventures and associated companies |
10 | 2 | 25 | 14 | |
| Operating income | 1,766 | 1,517 | 6,743 | 5,854 | |
| Gross margin, % | 8.0 | 7.3 | 7.6 | 7.3 | |
| Selling and administrative expenses, % | -3.9 | -3.7 | -3.8 | -3.9 | |
| Operating margin, % | 4.2 | 3.6 | 3.9 | 3.5 |
Changes and currency rate effects
| Change in SEK | Change in local currency | Currency effect | ||||
|---|---|---|---|---|---|---|
| Jul-Sep 2025 / Jul-Sep 2024 | ||||||
| Revenue | 1% | 7% | -6% | |||
| Operating income | 16% | 22% | -6% | |||
| Rolling 12 months 2025 / Rolling 12 months 2024 | ||||||
| Revenue | 7% | 10% | -3% | |||
| Operating income | 21% | 24% | -3% |
Revenue in the Construction business stream increased 1 percent and amounted to SEK 42.2 billion (41.8); adjusted for currency effects, revenue increased by 7 percent. Operating income increased by 16 percent and amounted to SEK 1,766 M (1,517); adjusted for currency effects, operating income increased by 22 percent. The operating margin was 4.2 percent (3.6) with strong contributions from all main geographies.
The rolling 12-month operating margin was 3.9 percent (Jun 30, 2025: 3.7).
Residential Development
Revenue and operating margin, rolling 12 months 1
1 Including residential rentals until Q4 2020.
Revenue and earnings
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 1,757 | 1,682 | 7,693 | 8,302 |
| Gross income | 249 | 12 | 1,091 | 658 |
| Selling and administrative expenses | -118 | -166 | -475 | -605 |
| Operating income | 131 | -154 | 615 | 53 |
| Gross margin, % | 14.2 | 0.7 | 14.2 | 7.9 |
| Selling and administrative expenses, % | -6.7 | -9.9 | -6.2 | -7.3 |
| Operating margin, % | 7.4 | -9.2 | 8.0 | 0.6 |
| Return on capital employed, % ² | 5.9 | -3.1 | 5.9 | 1.6 |
2 Rolling 12 months. For definition see page 19.
Revenue in the Residential Development business stream amounted to SEK 1,757 M (1,682). Operating income for the business stream amounted to SEK 131 M (-154). Strong sales and profits were recognized in Central Europe. The Nordic business recorded a small loss, mainly explained by low volumes and sales in weaker margin projects. The trend of buyers wanting to buy close to completion continues. Operating margin for the business stream was 7.4 percent (-9.2). Return on capital employed was 5.9 percent (-3.1).
Homes sold and started, rolling 12 months 3
3 Including residential rentals until Q4 2020.
Homes sold and started
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| 2025 | 2024 | months | 2024 | |
| Homes sold ⁴ | 383 | 458 | 1,730 | 2,056 |
| Homes started | 572 | 186 | 1,815 | 1,302 |
4 Net homes sold, including cancellations.
Homes under construction and unsold 5
Homes under construction and unsold
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Homes under construction | 2,895 | 2,917 | 2,918 |
| of which sold, % | 51 | 52 | 52 |
| Completed unsold, number of homes | 486 | 454 | 477 |
In the third quarter, the number of homes sold was 383 (458) and construction started on 572 (186). At the end of the quarter, 2,895 homes (Jun 30, 2025: 2,509) were under construction. The sales rate was 51 percent (Jun 30, 2025: 52) by the end of the quarter. The number of completed unsold homes amounted to 486 (Jun 30, 2025: 516). During the quarter 186 (634) homes were completed.
Breakdown of carrying amounts
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Completed projects | 2,215 | 1,743 | 2,567 |
| Ongoing projects | 4,393 | 5,861 | 4,760 |
| Undeveloped land and development properties | 9,349 | 10,240 | 9,799 |
| Total | 15,956 | 17,844 | 17,126 |
A breakdown of the carrying amounts for Residential Development is presented in the table above. The estimated unrealized surplus value, pretax, in unsold homes under construction and undeveloped land and development properties amounted to SEK 3.2 billion (SEK 2.8 billion post standard tax).
The undeveloped land and development properties correspond to Skanskaowned building rights for 24,008 homes. Additionally, we hold 2,185 building rights through joint ventures and, subject to certain conditions, we have the right to purchase 7,031 building rights.
Commercial Property Development
Revenue and operating income from property divestments1
1 Including residential rentals as of Q1 2021.
Revenue and earnings
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 1,745 | 994 | 6,710 | 11,225 |
| of which from divestment of properties | 1,383 | 706 | 5,360 | 10,055 |
| Gross income | -242 | 110 | 648 | 1,959 |
| Selling and administrative expenses | -151 | -222 | -725 | -836 |
| Income from joint ventures and associated companies |
-3 | -1 | -3 | -3 |
| Operating income | -397 | -113 | -79 | 1,120 |
| of which from divestment of properties | 377 | 185 | 1,182 | 2,064 |
| Return on capital employed, % ² | -0.0 | 0.5 | -0.0 | 3.0 |
2 Rolling 12 months. For definition see page 19.
In the Commercial Property Development business stream, three project divestments and one sale of land were recorded in the third quarter. Revenue amounted to SEK 1,745 M (994). Operating income was SEK -397 M (-113), of which asset impairments on a few US properties amounted to SEK -658 M, corresponding to 3.4 percent of the total commercial property development portfolio in the USA. Development gains from divested properties amounted to SEK 377 M (185), of which SEK 234 M came from an internal transfer of land to the European Residential Development business. Return on capital employed was 0.0 percent (0.5).
Breakdown of investment value and market value
| SEK M | Investment value, end of period |
Investment value upon |
completion Market value ³ ⁴ Unrealized gains ⁹ | |
|---|---|---|---|---|
| Ongoing projects ⁵ | 8,884 | 15,029 | 18,008 | 2,979 |
| Completed projects ⁶ ⁷ | 17,917 | 17,917 | 18,890 | 973 |
| Undeveloped land and development properties |
10,835 | 10,835 | 11,908 | 1,072 |
| Total | 37,637 | 43,781 | 48,806 | 5,025 |
| of which carrying amount ⁸ | 37,637 | 43,781 | - | - |
| of which completed projects sold according to segment reporting |
- | - | - | - |
| of which ongoing projects sold according to segment reporting |
2,606 | 3,943 | 4,963 | 1,020 |
- 3 Market value according to appraisal on September 30, 2025.
- 5 Including tenant improvement and leasing commissions in CDUS amounting to SEK 0 M.
- 6 Including tenant improvement and leasing commissions in CDUS amounting to SEK 2,346 M.
- 7 Skanska's share of total production cost in JVs is SEK 0 M at the end of the period and upon completion.
- 8 Includes Skanska's total equity investment in JV of SEK 0 M. 9 Market value less investment value upon completion.
4 Ongoing projects - estimated market value at completion fully leased.
Unrealized and realized gains, segment reporting 10
10 Including residential rentals as of Q1 2021.
Commercial properties, leasing, and degree of completion11
11 Leasing including residential rentals in the USA and Denmark until Q4 2020.
Estimated market value at completion for the Commercial Property Development portfolio amounted to SEK 48.8 billion at the end of the third quarter, corresponding to an unrealized gain of SEK 5.0 billion.
Three new projects were started in the quarter, with the second phase of Solna Link representing the largest investment. No projects were completed. One completed project was handed over to an external buyer and a land plot was transferred to the European Residential Development business. Assets sold but not transferred will have a positive effect on cash flow of SEK 5.0 billion during the years 2026 to 2027.
At the end of the quarter, 15 projects with a total leasable area of 262,000 sq m were ongoing. Of these, 13 were commercial office properties and two were residential rental. The commercial properties were on average 64 percent leased and 55 percent completed. The portfolio of completed projects includes 22 properties with a total leasable area of 505,000 sq m. This portfolio was 77 percent let by the end of the quarter.
Third-quarter leasing came in at 77,000 sq m (34,000), of which residential rentals accounted for 6,000 sq m (13,000). Over a rolling 12-month period, leasing amounted to 172,000 sq m (227,000), of which residential rentals accounted for 29,000 sq m (67,000).
Accumulated eliminations of intra-Group Construction profits amounted to SEK -380 M, reducing the carrying amount for current asset properties in Commercial Property Development. These eliminations are released at the Group level as each project is divested.
Investment Properties
Revenue and earnings
| Jul-Sep | Jul-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 120 | 108 | 467 | 363 |
| Operating net | 92 | 81 | 335 | 264 |
| Selling and administrative expenses | -1 | -2 | -15 | -14 |
| Change in property value | 53 | - | 57 | 61 |
| Operating income | 143 | 79 | 377 | 311 |
| Investments | -16 | -13 | -431 | -2,968 |
| Divestments | - | - | - | - |
| Net divestments(+)/investments(-) | -16 | -13 | -431 | -2,968 |
| Capital employed | 8,146 | 7,675 | 8,364 | |
| Property value | 8,242 | 7,754 | 8,154 | |
| Return on capital employed, % ¹ | 4.7 | 1.8 | 4.7 | 4.6 |
| Net leasing | 1 | -4 | -21 | -7 |
| Economic occupancy rate, % | 83 | 89 | 87 | |
| Surplus ratio, % | 76 | 75 | 72 | 73 |
1 Rolling 12 months. For definition see page 19.
Revenue in the Investment Properties business stream amounted to SEK 120 M (108). Operating income amounted to SEK 143 M (79), strengthened by reassessment of the value of one property amounting to SEK 53 M. Average valuation yield in the portfolio at the end of the third quarter was 4.7 percent (Jun 30, 2025: 4.7) and the economic occupancy rate was unchanged at 83 percent (Jun 30, 2025: 83).
At the end of the quarter, total property value of the Investment Properties portfolio amounted to SEK 8.2 billion. We will continue to build the Investment Properties asset portfolio with high-quality sustainable office properties in attractive locations in Sweden's three largest cities, targeting a total value of SEK 12-18 billion.
Sustainability information
Climate data
| Jul-Sep 2025 | Jul-Sep 2024 | Rolling 12 months | Jan-Dec 2024 | |
|---|---|---|---|---|
| Scope 1 and 2 (tonnes CO₂e) ¹ | 38,000 | 47,000 | 143,000 | 155,000 |
| Carbon intensity ² | 0.97 | 1.10 | 0.79 | 0.88 |
| Renewable fuels, % ³ | 34 | 29 | 34 | 26 |
| Renewable electricity, % ³ | 98 | 87 | 98 | 99 |
1 Scope 1 and 2 (market-based).
Combined scope 1 and 2 emissions totaled 38,000 tonnes (47,000) for the third quarter. On a rolling 12-month basis, combined scope 1 and 2 emissions totaled 143,000 tonnes, 64 percent below our 2015 baseline. The carbon intensity in the third quarter stands at 0.97 (1.10), compared to 2.60 in 2015.
Scope 1 emissions are driven by the use of fuels. Group-wide use of renewable fuels continues to increase. On a rolling 12-month basis the share was 34 percent.
Scope 2 emissions are primarily driven by the use of electricity. Group-wide share of renewable electricity was 98 percent on a rolling 12-month basis.
Skanska's own emissions (scope 1 and 2)
Health and Safety data
| Jul-Sep 2025 | Jul-Sep 2024 | Rolling 12 months | Jan-Dec 2024 | |
|---|---|---|---|---|
| Lost time accident rate (LTAR) ¹ | 2.2 | 2.0 | 2.1 | 2.2 |
| Executive Site Safety Visits (ESSV) ¹ | 1,871 | 1,876 | 7,410 | 7,575 |
1 For definitions see page 20.
Lost time accident rate (LTAR) is an indicator for monitoring safety performance. On a rolling 12-month basis, LTAR was 2.1 (2024: 2.2).
Executive Site Safety Visits (ESSV) promote clear and visible leadership for enhanced safety performance. In the third quarter, 1,871 ESSV (1,876) were conducted.
2 Scope 1 and 2 (market-based)/ SEK M revenue, according to segment reporting.
3 Rolling 12 months.
Personnel
Year to date, the average number of employees in the Group was 25,738 (26,279). At the end of the quarter, the number of employees totaled 26,206 people (Jun 30, 2025: 26,240).
Transactions with related parties
There were no significant new transactions during the quarter.
Material risks and uncertainties
For information about risks and a description of key estimates and judgments, see the Annual and Sustainability Report 2024, pages 85-91, Note 2 and 6, as well as the section on market outlook included in this report.
Other matters
Nothing to report.
Events after the end of the report period
There were no significant events after the end of the reporting period.
Financial reports for 2025 and 2026
Skanska's interim reports and year-end report are available for download on Skanska's website, www.group.skanska.com/investors.
The Group's interim reports for 2025 and 2026 will be published on the following dates:
February 6, 2026 Year-end report 2025
May 7, 2026 Interim report first quarter 2026 July 17, 2026 Interim report second quarter 2026 November 5, 2026 Interim report third quarter 2026
Stockholm, November 6, 2025
Anders Danielsson
President and Chief Executive Officer
Auditors' Review Report concerning this interim report
Introduction
We have reviewed the condensed interim report for Skanska AB (publ.) as of September 30, 2025, and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to draw a conclusion on this interim report based on our review.
Scope of the review
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of people responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the parent company.
Stockholm, November 6, 2025 Ernst & Young AB
Rickard Andersson Authorized public accountant
Accounting Principles
For the Group, this interim report has been prepared in compliance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Securities Market Act. The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. For the parent company, the interim report has been prepared in compliance with the Annual Accounts Act, the Securities Market Act, and Swedish Financial Reporting Board's Recommendation RFR 2.
Relation between consolidated operating cash flow statement and consolidated cash flow statement
The difference between the operating cash flow statement and the summary cash flow statement in compliance with IAS 7 Cash flow Statements is presented in the Annual and Sustainability Report 2024, Note 35.
Segment and IFRS reporting
Skanska's business streams Construction, Residential Development, Commercial Property Development and Investment Properties represent the Group's operating segments. Tables in this report that refer to segment reporting are shown with a shaded background. In certain cases, the segment reporting differs from the consolidated results presented in accordance with International Financial Reporting Standards, IFRS.
Construction includes both building construction and civil construction. Revenue and earnings are reported over time for both segment and IFRS reporting.
Residential Development develops residential projects for immediate sale. Homes are adapted to selected customer categories. The units are responsible for planning and selling the projects. The related construction assignments are performed by Skanska's construction units in the Construction segment in each market. In the segment reporting, Residential Development recognizes revenue and earnings when contracts are signed for the sale of homes. In the IFRS reporting, revenue is instead recognized when the buyer takes possession of the home.
Commercial Property Development initiates, develops, leases and divests commercial property projects. In most markets the construction assignments are performed by Skanska's Construction segment. In the segment reporting, Commercial Property Development recognizes revenue and earnings when contracts are signed for the sale of the properties. In the IFRS reporting, revenue is instead recognized when the buyer takes possession of the property.
Investment Properties owns properties for the purpose of earning rentals and for capital appreciation. Rental revenue is recognized on a straight-line basis over the lease term. Change in value on investment properties is recognized each quarter both according to segment reporting and IFRS.
Joint ventures are reported under the proportional method in the segment reporting of Residential Development, whereas all other streams/operating segments apply the equity method.
Intra-Group pricing between operating segments occurs on market terms.
The parent company in a Swedish group prepares its accounts in compliance with the Swedish Financial Reporting Board's Recommendation RFR 2 Accounting for Legal Entities ("RFR 2"). According to RFR 2, the annual accounts of the legal entity must apply to IFRS as far as possible within the framework of the Annual Accounts Act and considering the connection between accounting and taxation.
News
As of 2025, financial investments with a maturity between 3 and 12 months at the time of acquisition are reported as short-term investments instead of as previously current financial assets. Comparatives have been adjusted accordingly.
Definitions
The following measures are viewed as the best and most accurate ways to measure Skanska's operations, reflecting its business model and strategy, and thereby assisting investors and management in analyzing trends and performance in Skanska. For further definitions, see the Annual and Sustainability Report 2024, Note 44.
| Non-IFRS financial Measures |
Definition | Reason for use | |
|---|---|---|---|
| Revenue, Segment | Revenue segment is the same as Revenue, IFRS in all business streams except for Residential Development and Commercial Property Development, where revenue is recognized when a binding contract is signed for the sale of homes and properties. As segment reporting of joint ventures in Residential Development applies the proportional method, this also affects Revenue, segment. |
Measures revenue generated in current market environment. |
|
| Gross income | Revenue minus cost of sales. | Measures profit generated from projects. | |
| Gross margin, % | Gross income as a percentage of revenue. | Measures profitability in projects. | |
| Operating net | Rental income minus operating costs for investment properties (that is, operating expenses, costs for repair and maintenance, property administration and property tax). |
Measures earnings from property management. | |
| Selling and administrative expenses, % |
Selling and administrative expenses as a percentage of revenue. | Measures cost efficiency in selling and administrative expenses. |
|
| Operating income | Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies. |
Measures profit generated from operations. | |
| Operating income segment | Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies, according to segment reporting, and where Residential Development applies the proportional method for reporting of joint ventures. |
Measures profit generated from operations in current market environment. |
|
| Operating income rolling 12 months |
Revenue minus cost of sales, selling and administrative expenses, change in value of investment properties, and income from joint ventures and associated companies, over a rolling 12-month period. |
Measures profit generated from operations. | |
| Operating margin, % | Operating income as a percentage of revenue. | Measures profitability in operations. | |
| Net financial items | The net of interest income, financial net pension cost, interest expense, capitalized interest expense, change in fair value and other net financial items. |
Measures total net for financial activities. | |
| Income after financial Items |
Operating income minus net financial items. | Measures profit generated before taxes. | |
| Earnings per share, segment, SEK |
Profit for the period, segment, attributable to the parent company's equity holders divided by the average number of shares outstanding. |
Measures earnings per share, segment. | |
| Book-to-build, R-12m, % | Order bookings divided by construction revenue, rolling 12 months. | Measures to which extent new orders are replacing work put in place. |
|
| Unrealized gains, Commercial Property Development (CD) |
Market value minus investment value upon completion for ongoing projects, completed projects, and undeveloped land and development properties. Excludes projects sold according to segment reporting. |
Measures potential realization of future gains in Commercial Property Development. |
|
| Capital employed, Group | Total assets minus non-interest-bearing liabilities. | Measures capital usage and efficiency. | |
| Capital employed, Stream |
Total assets less tax assets, deposits in Skanska's internal bank and pension receivable minus non-interest-bearing liabilities excluding tax liabilities. Capitalized interest expense is removed from total assets for the Residential Development and Commercial Property Development segments. |
Measures capital usage and efficiency in a Stream. | |
| Capital employed Residential Development (RD) SEK M |
Total assets - tax assets - deposits in internal bank - pension receivable - non-interest-bearing liabilities (excluding tax liabilities) - capitalized interest expense |
18,644 -173 -175 -67 -4,616 -144 13,469 |
Measures capital usage and efficiency in Residential Development. |
| Capital employed Commercial Property Development (CD) SEK M |
Total assets - tax assets - deposits in internal bank - pension receivable - non-interest-bearing liabilities (excluding tax liabilities) - capitalized interest expense |
46,849 -1,826 -47 - -3,109 -938 40,929 |
Measures capital usage and efficiency in Commercial Property Development. |
| - deposits in internal bank - non-interest-bearing liabilities (excluding tax liabilities) Calculated on the basis of five measuring points; see below. Operating income, segment + capitalized interest expense +/- financial income and other financial items - interest income from internal bank Capital employed average* |
8,393 -39 - -208 8,146 |
Measures capital usage and efficiency in Investment Properties. |
|||
|---|---|---|---|---|---|
| 615 | Measures performance (profitability and capital efficiency) in RD. |
||||
| 140 | |||||
| 30 | |||||
| -14 | |||||
| 772 | |||||
| 13,047 | |||||
| 5.9% | |||||
| * Average Capital employed | |||||
| 13,469 | x 0,5 | 6,735 | |||
| 12,340 | 12,340 | ||||
| 12,446 | 12,446 | ||||
| 13,601 | 13,601 | ||||
| 14,132 | x 0,5 | 7,066 | |||
| 52,189 /4 | 13,047 | ||||
| Operating income, segment | -79 | Measures performance (profitability and capital | |||
| + capitalized interest expense | 71 | efficiency) in CD. | |||
| +/- financial income and other financial items | 5 | ||||
| - interest income from internal bank | 0 | ||||
| -3 | |||||
| Capital employed average* | 42,200 | ||||
| -0.0% | |||||
| * Average Capital employed | |||||
| 40,929 | x 0,5 | 20,465 | |||
| 40,715 | 40,715 | ||||
| 42,305 | 42,305 | ||||
| 44,076 42,478 |
x 0,5 | 44,076 21,239 |
|||
| 168,800 /4 | 42,200 | ||||
| Operating income | 377 | Measures performance (profitability and capital | |||
| +/- financial income and other financial items | 1 | efficiency) in IP. | |||
| - interest income from internal bank | - | ||||
| 378 | |||||
| Capital employed average* | 8,115 | ||||
| 4.7% | |||||
| * Average Capital employed | |||||
| 8,146 | x 0,5 | 4,073 | |||
| 8,094 | 8,094 | ||||
| 8,093 | 8,093 | ||||
| 8,364 | 8,364 | ||||
| 7,675 | x 0,5 | 3,837 | |||
| 32,460 /4 | 8,115 | ||||
| Calculated as the sum of the adjusted profit in RD and CD divided by the aggregate amount of capital employed, average, for RD and CD. |
Measures the performance (profitability and capital efficiency) in Project Development. |
||||
| ROCE | |||||
| 5.9% | |||||
| -0.0% | |||||
| 1.4% | |||||
| Measures profitability on invested equity. | |||||
| Adjusted profit 772 -3 768 |
CE avg 13,047 42,200 55,247 |
Profit attributable to the parent company's equity holders as a percentage of average |
| Non-IFRS financial Measures |
Definition | Reason for use |
|---|---|---|
| Equity average attributable to the parent company's equity holders SEK M |
Calculated on the basis of five measuring points. Q3 2025 60,495 x 0,5 30,248 Q2 2025 58,848 58,848 Q1 2025 61,620 61,620 Q4 2024 62,466 62,466 Q3 2024 57,987 x 0,5 28,993 242,176 /4 60,544 |
|
| Operating cash flow from Operations |
Cash flow from business operations including taxes paid and cash flow from financing operations. |
Measures total cash flow generated from operations. |
| Net divestments/investment | Total investments minus total divestments. | Measures the balance between investments and divestments. |
| Free working capital | Non-interest-bearing receivables minus non-interest-bearing liabilities excluding taxes. Measures the funding stemming from the negative | working capital. |
| Average free working capital in Construction SEK M |
Calculated on the basis of five measuring points. Q3 2025 -30,068 x 0,5 -15,034 Q2 2025 -29,864 -29,864 Q1 2025 -31,909 -31,909 Q4 2024 -34,497 -34,497 Q3 2024 -30,974 x 0,5 -15,487 -126,791 /4 -31,698 |
Measures the funding stemming from the negative working capital generated in Construction. |
| Interest-bearing net receivables/ net debt |
Interest-bearing assets minus interest-bearing liabilities. | Measures financial position. |
| Adjusted interest-bearing net receivables/net debt |
Interest-bearing net receivables/net debt excluding cash and cash equivalents with restrictions, lease liabilities and interest-bearing net pension assets or liabilities. |
Measures financial position and investment capacity. The latter is derived by comparing adjusted interest-bearing net receivables/net debt to limits set by the Board of Directors. |
| Short-term investments | Financial investments with a maturity of more than 3 months and less than 12 months at the time of acquisition. |
Measures interest-bearing assets that can be converted into cash or can be sold within a short period of time. Short-term investments are included in the Group's total available funds. |
| Equity/assets ratio, % | Equity including non-controlling interest as a percentage of total assets. | Measures financial position. |
| Net debt/equity ratio | Interest-bearing net debt divided by equity including non-controlling interest. | Measures leverage of financial position. |
| Adjusted equity attributable to the parent company's equity holders SEK bn |
Equity attributable to the parent company´s equity holders 60.5 Unrealized surplus value in RD 3.2 Unrealized development gains in CD 5.0 Effect on unrealized equity in PPP portfolio 0.8 Less standard corporate tax, 10% -0.9 Adjusted equity 68.6 |
Measures financial position adjusted for surplus values in Project Development net of taxes. The standard corporate tax represents an approximation of the average corporate income tax within the Group. |
| Net leasing | Annual rent including supplements of new leases minus annual rent including supplements for agreements that have been served a notice of termination. |
|
| Economic occupancy rate, % | Contracted rental income including supplements less discounts for the period divided by total rental value for properties owned at the end of the period. Properties owned at the end of the period are restated as if they have been owned during the whole period, while disposed properties are excluded entirely. |
Measures the efficiency of leasing activity. |
| Surplus ratio, % | Operating net for Investment Properties stream as a percentage of rental income. | Measures the efficiency of property management. |
| Leasable area, sq m | Leasable area including garage. | |
| Rental value | Rental income including supplements for the period plus market rent for vacant premises. |
Indicates total potential rental income for fully leased properties. |
| Environmental certification, % | Share of Investment Properties' portfolio being certified according to minimum LEED Gold or similar. |
Measures the sustainability quality of the property portfolio. |
| Lost time accident rate (LTAR) | Number of employee and subcontractor lost time accidents multiplied by 1,000,000 hours and divided by total labor hours. |
Indicator for monitoring safety performance. |
| Executive Site Safety Visits (ESSV) |
Site safety visits performed by senior managers. | Promotes clear and visible leadership for enhanced safety performance. |
Reconciliation between segment reporting and IFRS
| External revenue | Intra-Group revenue | Total revenue | Operating income | |||||
|---|---|---|---|---|---|---|---|---|
| Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | |
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Construction ¹ | 122,244 | 115,383 | 4,955 | 6,189 | 127,199 | 121,571 | 4,617 | 3,728 |
| Residential Development | 5,250 | 5,859 | - | - | 5,250 | 5,859 | 420 | -142 |
| Commercial Property Development | 2,577 | 5,092 | 557 | 2,558 | 3,134 | 7,649 | -411 | 788 |
| Investment Properties | 316 | 226 | 38 | 24 | 354 | 250 | 303 | 236 |
| Total operating segments | 130,388 | 126,560 | 5,549 | 8,770 | 135,937 | 135,330 | 4,928 | 4,610 |
| Central | 158 | 7 | 0 | - | 158 | 7 | -432 | -312 |
| Eliminations | - | - | -5,549 | -8,770 | -5,549 | -8,770 | -236 | 39 |
| Total Group | 130,545 | 126,567 | - | - | 130,545 | 126,567 | 4,260 | 4,337 |
| Reconciliation to IFRS ² | 1,660 | -487 | - | - | 1,660 | -487 | 111 | -414 |
| Total IFRS | 132,205 | 126,080 | - | - | 132,205 | 126,080 | 4,371 | 3,923 |
| 1 Of which external revenue from joint ventures in PPP portfolio | 15 | 133 | - | - | - | - | - | - |
| 2 Of which effect from joint ventures in Residential Development proportionally | -98 | -345 | - | - | - | - | 1 | -20 |
| Of which effect of different revenue recognition principles | 1,758 | -142 | - | - | - | - | 109 | -394 |
Revenue by geographical area (IFRS)
| Construction | Residential Development | Commercial Property Development |
Investment Properties | Central and Eliminations | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | |
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Nordics | 41,800 | 41,175 | 3,034 | 5,896 | 3,312 | 3,729 | 354 | 250 | -2,434 | -5,683 | 46,066 | 45,367 |
| of which Sweden | 21,823 | 21,222 | 1,319 | 2,621 | 1,335 | 2,925 | 354 | 250 | -1,563 | -4,414 | 23,269 | 22,604 |
| Europe | 20,413 | 17,501 | 1,016 | 987 | 1,728 | 2,121 | - | - | -1,424 | -1,112 | 21,733 | 19,497 |
| USA | 64,987 | 62,895 | - | - | 613 | 289 | - | - | -1,193 | -1,968 | 64,406 | 61,216 |
| Total operating segments | 127,199 | 121,571 | 4,050 | 6,883 | 5,653 | 6,139 | 354 | 250 | -5,051 | -8,763 | 132,205 | 126,080 |
| Segment | IFRS | Segment | IFRS | Segment | IFRS | Segment | IFRS | |
|---|---|---|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Sep | Jan-Sep | |
| SEK M | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Revenue | ||||||||
| Construction | 42,232 | 42,232 | 41,784 | 41,784 | 127,199 | 127,199 | 121,571 | 121,571 |
| Residential Development | 1,757 | 674 | 1,682 | 2,391 | 5,250 | 4,050 | 5,859 | 6,883 |
| Commercial Property Development | 1,745 | 1,309 | 994 | 1,834 | 3,134 | 5,653 | 7,649 | 6,139 |
| Investment Properties | 120 | 121 | 108 | 108 | 354 | 354 | 250 | 250 |
| Central and Eliminations | -2,182 | -2,043 | -1,769 | -1,769 | -5,392 | -5,051 | -8,763 | -8,763 |
| Skanska Group | 43,674 | 42,294 | 42,799 | 44,349 | 130,545 | 132,205 | 126,567 | 126,080 |
| Operating income | ||||||||
| Construction | 1,766 | 1,766 | 1,517 | 1,517 | 4,617 | 4,617 | 3,728 | 3,728 |
| Residential Development | 131 | -65 | -154 | -113 | 420 | 151 | -142 | -78 |
| Commercial Property Development ¹ | -397 | -471 | -113 | -17 | -411 | -30 | 788 | 345 |
| Investment Properties | 143 | 143 | 79 | 79 | 303 | 303 | 236 | 236 |
| Central | -58 | -59 | -94 | -94 | -432 | -434 | -312 | -312 |
| of which PPP portfolio | 111 | 111 | 56 | 56 | 210 | 210 | 188 | 188 |
| Eliminations ¹ | -221 | -215 | 26 | 27 | -236 | -235 | 39 | 5 |
| Operating income | 1,363 | 1,099 | 1,261 | 1,400 | 4,260 | 4,371 | 4,337 | 3,923 |
| Net financial items | 164 | 163 | 114 | 117 | 545 | 548 | 485 | 492 |
| Income after financial items | 1,527 | 1,261 | 1,375 | 1,517 | 4,805 | 4,919 | 4,822 | 4,415 |
| Income taxes | -220 | -155 | -413 | -442 | -979 | -1,002 | -1,266 | -1,159 |
| Profit for the period | 1,308 | 1,107 | 962 | 1,075 | 3,826 | 3,917 | 3,556 | 3,256 |
| Earnings for the period per share, SEK ² | 3.07 | 2.28 | 9.15 | 8.59 | ||||
| Earnings for the period per share according to IFRS, SEK ² | 2.58 | 2.56 | 9.37 | 7.86 | ||||
| 1 Of which gains from divestments of commercial properties reported in: | ||||||||
| Commercial Property Development | 377 | 302 | 185 | 281 | 620 | 1,002 | 1,503 | 1,059 |
| Eliminations | 6 | 29 | 47 | 54 | 47 | 46 | 72 | 49 |
2 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding.
The Skanska Group
Condensed income statement (IFRS)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 42,294 | 44,349 | 132,205 | 126,080 | 182,606 | 176,481 |
| Cost of sales | -39,280 | -40,899 | -121,842 | -116,638 | -167,205 | -162,001 |
| Gross income | 3,014 | 3,450 | 10,363 | 9,443 | 15,401 | 14,480 |
| Selling and administrative expenses | -2,087 | -2,104 | -6,265 | -6,386 | -8,603 | -8,724 |
| Change in value, investment properties | 53 | 0 | 53 | 681 | 109 | 737 |
| Income from joint ventures and associated companies | 119 | 54 | 219 | 186 | 287 | 253 |
| Operating income | 1,099 | 1,400 | 4,371 | 3,923 | 7,195 | 6,748 |
| Financial income | 276 | 301 | 876 | 872 | 1,188 | 1,185 |
| Financial expenses | -113 | -184 | -328 | -380 | -464 | -517 |
| Net financial items ¹ | 163 | 117 | 548 | 492 | 724 | 667 |
| Income after financial items | 1,261 | 1,517 | 4,919 | 4,415 | 7,919 | 7,415 |
| Income taxes | -155 | -442 | -1,002 | -1,159 | -1,674 | -1,831 |
| Profit for the period | 1,107 | 1,075 | 3,917 | 3,256 | 6,245 | 5,584 |
| 1 Of which | ||||||
| Interest income | 265 | 296 | 782 | 814 | 1,099 | 1,131 |
| Financial net pension costs | 15 | 5 | 52 | 16 | 58 | 22 |
| Interest expenses | -115 | -221 | -411 | -556 | -613 | -758 |
| Interest expenses from lease liabilities | -69 | -67 | -209 | -201 | -285 | -277 |
| Capitalized interest expenses | 87 | 148 | 336 | 487 | 477 | 628 |
| Net interest items | 183 | 161 | 549 | 559 | 736 | 746 |
| Change in fair value | 0 | 1 | 4 | -22 | 3 | -23 |
| Other net financial items | -20 | -45 | -5 | -46 | -15 | -56 |
| Net financial items | 163 | 117 | 548 | 492 | 724 | 667 |
| Profit for the period attributable to: | ||||||
| the parent company´s equity holders | 1,065 | 1,051 | 3,863 | 3,226 | 6,189 | 5,552 |
| non-controlling interests | 41 | 25 | 54 | 30 | 56 | 32 |
| Earnings per share, SEK ² | 2.58 | 2.56 | 9.37 | 7.86 | 15.03 | 13.51 |
| Earnings per share after dilution, SEK ³ | 2.57 | 2.53 | 9.31 | 7.79 | 14.93 | 13.40 |
2 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding.
Statement of profit or loss and other comprehensive income (IFRS)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Profit for the period | 1,107 | 1,075 | 3,917 | 3,256 | 6,245 | 5,584 |
| Other comprehensive income | ||||||
| Items that will not be reclassified to profit and loss for the period | ||||||
| Remeasurements of defined-benefit pension plans | 862 | -215 | 493 | 622 | 1,042 | 1,171 |
| Tax related to items that will not be reclassified to profit and loss for the period |
-180 | 39 | -101 | -141 | -195 | -236 |
| 682 | -175 | 392 | 481 | 847 | 936 | |
| Items that have been or will be reclassified to profit and loss for the period |
||||||
| Translation differences attributable to the parent company´s equity holders |
-168 | -1,032 | -2,981 | 218 | -1,382 | 1,816 |
| Translation differences attributable to non-controlling interests | 1 | -2 | -1 | 0 | 2 | 2 |
| Hedging of exchange rate risk in foreign operations | -2 | -23 | -58 | 2 | -26 | 34 |
| Effects of cash flow hedges ¹ | -14 | 29 | -34 | 13 | -33 | 14 |
| Share of other comprehensive income of joint ventures and associated companies ² |
10 | -16 | 4 | -1 | 27 | 22 |
| Tax related to items that have been or will be reclassified to profit and loss for the period |
2 | -1 | 10 | -7 | 10 | -7 |
| -171 | -1,046 | -3,059 | 224 | -1,402 | 1,881 | |
| Other comprehensive income after tax | 511 | -1,221 | -2,667 | 705 | -556 | 2,817 |
| Total comprehensive income | 1,618 | -146 | 1,250 | 3,961 | 5,690 | 8,401 |
| Total comprehensive income for the period attributable to | ||||||
| the parent company´s equity holders | 1,575 | -168 | 1,196 | 3,931 | 5,632 | 8,367 |
| non-controlling interests | 42 | 23 | 54 | 30 | 58 | 34 |
| 1 Of which transferred to income statement | -1 | 0 | -7 | 6 | -6 | 7 |
| 2 Of which transferred to income statement | 7 | 2 | 20 | 2 | 24 | 6 |
3 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding after dilution.
Condensed statement of financial position (IFRS)
| SEK M | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Investment Properties | 8,242 | 7,754 | 8,154 |
| Property, plant and equipment | 9,069 | 8,414 | 9,061 |
| Property, plant and equipment right-of-use assets | 2,631 | 2,891 | 2,977 |
| Goodwill | 3,825 | 3,986 | 4,082 |
| Other intangible assets | 191 | 270 | 256 |
| Investments in joint ventures and associated companies | 2,212 | 1,995 | 2,214 |
| Non-current financial assets ¹ ³ | 6,322 | 5,230 | 4,987 |
| Deferred tax assets | 2,350 | 2,549 | 2,230 |
| Total non-current assets | 34,841 | 33,088 | 33,961 |
| Current assets | |||
| Current-asset properties ² | 51,247 | 56,532 | 56,914 |
| Current-asset properties right-of-use land | 3,354 | 3,641 | 3,771 |
| Inventories | 1,035 | 1,151 | 1,064 |
| Tax assets | 1,216 | 1,626 | 1,371 |
| Contract assets | 9,807 | 7,511 | 7,769 |
| Trade and other receivables | 32,948 | 32,253 | 34,073 |
| Current financial assets ³ | 8,557 | 9,945 | 10,247 |
| Short-term investments | 6,594 | 1,270 | 3,613 |
| Cash and cash equivalents | 11,246 | 14,964 | 18,426 |
| Total current assets | 126,005 | 128,892 | 137,246 |
| TOTAL ASSETS | 160,846 | 161,981 | 171,207 |
| of which interest-bearing non-current financial assets | 6,187 | 5,092 | 4,917 |
| of which interest-bearing current assets | 26,309 | 26,101 | 32,202 |
| Total interest-bearing assets | 32,497 | 31,193 | 37,119 |
| EQUITY | |||
| Equity attributable to the parent company´s equity holders | 60,495 | 57,987 | 62,466 |
| Non-controlling interests | 180 | 147 | 151 |
| Total equity | 60,675 | 58,133 | 62,617 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current financial liabilities ³ | 7,544 | 9,309 | 8,790 |
| Lease liabilities | 5,383 | 5,922 | 6,123 |
| Pensions | 2,279 | 3,186 | 2,603 |
| Deferred tax liabilities | 3,148 | 2,256 | 2,424 |
| Total non-current liabilities | 18,354 | 20,673 | 19,940 |
| Current liabilities | |||
| Current financial liabilities ³ | 3,163 | 2,747 | 3,291 |
| Lease liabilities | 1,195 | 978 | 1,007 |
| Tax liabilities | 393 | 469 | 685 |
| Current provisions | 9,918 | 10,537 | 10,959 |
| Contract liabilities | 25,112 | 25,077 | 26,807 |
| Trade and other payables | 42,036 | 43,366 | 45,900 |
| Total current liabilities | 81,817 | 83,174 | 88,650 |
| TOTAL EQUITY AND LIABILITIES | 160,846 | 161,981 | 171,207 |
| of which interest-bearing financial liabilities | 17,216 | 18,886 | 19,163 |
| of which interest-bearing pensions and provisions | 2,279 | 3,186 | 2,603 |
| Total interest-bearing liabilities | 19,495 | 22,072 | 21,766 |
| 1 Of which shares and participations | 38 | 38 | 39 |
| 2 Current-asset properties | |||
| Commercial Property Development | 35,291 | 38,688 | 39,788 |
| Residential Development 3 Items regarding non-interest-bearing unrealized changes in derivatives/financial instruments are included in the following amounts: |
15,956 | 17,844 | 17,126 |
| Non-current financial assets | 96 | 99 | 32 |
| Current financial assets | 88 | 78 | 83 |
| Non-current financial liabilities | 2 | 4 | 1 |
Contingent liabilities, excluding partners' share in joint operations, as of Sep 30, 2025 amounted to SEK 1.2 bn (Dec 31, 2024: 1.4). Skanska's obligations for partners' share of future performance in joint operations amounted to SEK 24.6 bn (Dec 31, 2024: 24.4). In the event that Skanska takes over part of the performance, Skanska's order backlog will increase accordingly. For more information see Annual and Sustainability Report 2024, Note 20B, 20C and 33.
Condensed statement of changes in equity (IFRS)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Opening balance | 59,010 | 58,251 | 62,617 | 56,347 | 56,347 |
| of which non-controlling interests | 162 | 123 | 151 | 146 | 146 |
| Dividend to the parent company´s shareholders | 0 | -0 | -3,295 | -2,257 | -2,257 |
| Dividend to non-controlling interests | -25 | 1 | -25 | -29 | -29 |
| Effects of share-based payments | 72 | 80 | 217 | 274 | 362 |
| Repurchase of Class B shares | - | -52 | -89 | -163 | -207 |
| Total comprehensive income for the period attributable to | |||||
| the parent company´s equity holders | 1,575 | -168 | 1,196 | 3,931 | 8,367 |
| non-controlling interests | 42 | 23 | 54 | 30 | 34 |
| Closing balance | 60,675 | 58,133 | 60,675 | 58,133 | 62,617 |
| of which non-controlling interests | 180 | 147 | 180 | 147 | 151 |
Condensed consolidated cash flow statement (IAS 7) (IFRS)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before change in working capital, according to IAS 7 |
2,006 | 1,276 | 4,345 | 2,084 | 6,575 | 4,314 |
| Cash flow from change in working capital, according to IAS 7 | -989 | 5,549 | -922 | 876 | 3,001 | 4,799 |
| Net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
-774 | -491 | -1,942 | -1,648 | -2,786 | -2,492 |
| Cash flow adjustment investments/divestments in shares, property, plant and equipment and intangible assets (including investment properties) |
- | - | - | 590 | - | 590 |
| Capitalized interest paid and dividend received from joint ventures and associated companies |
12 | -43 | -53 | -176 | -179 | -302 |
| Cash flow from business operations including taxes paid according to operating cash flow |
255 | 6,292 | 1,428 | 1,727 | 6,610 | 6,910 |
| Less net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
774 | 491 | 1,942 | 1,648 | 2,786 | 2,492 |
| Less cash flow adjustment investments/divestments in shares, property, plant and equipment and intangible assets (including investment properties) |
- | - | - | -590 | - | -590 |
| Less capitalized interest paid and dividend received from joint ventures and associated companies |
-12 | 43 | 53 | 176 | 179 | 302 |
| Cash flow from operating activities, according to IAS 7 | 1,017 | 6,825 | 3,423 | 2,961 | 9,576 | 9,113 |
| Cash flow from strategic net divestments(+)/ investments(-) according to operating cash flow |
- | 2 | 30 | 2 | 30 | 2 |
| Net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
-774 | -491 | -1,942 | -1,648 | -2,786 | -2,492 |
| Cash flow adjustment investments/divestments in shares, property, plant and equipment and intangible assets (including investment properties) |
- | - | - | 590 | - | 590 |
| Interest and dividend received | 360 | 395 | 1,077 | 1,117 | 1,404 | 1,444 |
| Increase and decrease in interest-bearing receivables | -722 | -2,235 | -3,657 | -3,686 | -5,282 | -5,312 |
| Cash flow from investing activities, according to IAS 7 | -1,137 | -2,329 | -4,492 | -3,625 | -6,635 | -5,767 |
| Cash flow from financing activities according to operating cash-flow statement |
-215 | -104 | -337 | -53 | -448 | -164 |
| Capitalized interest paid | -83 | -142 | -321 | -450 | -457 | -585 |
| Less interest and other dividend received | -264 | -295 | -809 | -843 | -1,127 | -1,160 |
| Change in interest-bearing receivables and liabilities excluding lease liabilities |
-367 | -2,628 | -4,694 | -2,048 | -6,398 | -3,752 |
| Less increase and decrease in interest-bearing receivables | 722 | 2,235 | 3,657 | 3,686 | 5,282 | 5,312 |
| Dividend etc. ¹ | -25 | -52 | -3,409 | -2,449 | -3,453 | -2,493 |
| Cash flow from financing activities, according to IAS 7 | -232 | -986 | -5,912 | -2,156 | -6,599 | -2,843 |
| Cash flow for the period | -351 | 3,510 | -6,981 | -2,820 | -3,658 | 502 |
| 1 Of which repurchase of Class B shares | - | -52 | -89 | -163 | -133 | -207 |
Operating cash flow (IFRS), supplementary information
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Construction | ||||||
| Cash flow from business operations | 2,346 | 2,079 | 6,502 | 5,447 | 9,118 | 8,062 |
| Change in working capital | 558 | 3,884 | -1,105 | 1,820 | 1,027 | 3,952 |
| Net divestments(+)/investments(-) | -727 | -431 | -1,782 | -1,538 | -2,549 | -2,305 |
| Cash flow adjustment | - | - | - | - | - | - |
| Total Construction | 2,177 | 5,532 | 3,615 | 5,729 | 7,595 | 9,709 |
| Residential Development | ||||||
| Cash flow from business operations | -126 | -229 | -386 | -706 | -685 | -1,005 |
| Change in working capital | -319 | -43 | -409 | -2,165 | -874 | -2,630 |
| Net divestments(+)/investments(-) | -683 | 1,489 | 620 | 3,651 | 2,162 | 5,193 |
| Cash flow adjustment | -39 | -59 | -39 | -59 | -39 | -59 |
| Total Residential Development | -1,167 | 1,157 | -213 | 722 | 565 | 1,500 |
| Commercial Property Development | ||||||
| Cash flow from business operations | -29 | -172 | -270 | -407 | -433 | -570 |
| Change in working capital | -581 | -291 | -2,257 | -648 | -2,593 | -984 |
| Net divestments(+)/investments(-) | -88 | 342 | 1,602 | 419 | 2,788 | 1,606 |
| Cash flow adjustment | -333 | -45 | -391 | -296 | -345 | -250 |
| Total Commercial Property Development | -1,031 | -166 | -1,317 | -932 | -583 | -198 |
| Investment Properties | ||||||
| Cash flow from business operations | 90 | 79 | 250 | 179 | 321 | 250 |
| Change in working capital | 17 | 4 | 17 | 33 | 17 | 32 |
| Net divestments(+)/investments(-) | -16 | -13 | -35 | -2,572 | -431 | -2,968 |
| Cash flow adjustment | - | 1 | - | -3 | 0 | -2 |
| Total Investment Properties | 91 | 71 | 232 | -2,363 | -93 | -2,688 |
| Central and Eliminations | ||||||
| Cash flow from business operations | -151 | -72 | -637 | -241 | -825 | -428 |
| Change in working capital | 164 | 70 | -3 | 125 | 19 | 147 |
| Net divestments(+)/investments(-) | 199 | 9 | 596 | 9 | 577 | -10 |
| of which PPP-portfolio | 13 | 12 | 25 | 23 | 25 | 23 |
| Cash flow adjustment | - | - | - | 590 | - | 590 |
| Total Central and Eliminations | 213 | 7 | -44 | 484 | -229 | 299 |
| Total cash flow from business operations | 2,130 | 1,685 | 5,459 | 4,271 | 7,497 | 6,309 |
| Total change in working capital | -161 | 3,623 | -3,756 | -834 | -2,405 | 517 |
| Total net divestments(+)/investments(-) | -1,314 | 1,397 | 1,001 | -30 | 2,547 | 1,516 |
| Total cash flow adjustment | -372 | -103 | -430 | 233 | -384 | 279 |
| Cash flow from business operations before taxes paid | 283 | 6,601 | 2,274 | 3,640 | 7,255 | 8,621 |
| Taxes paid in business operations | -28 | -309 | -846 | -1,913 | -645 | -1,712 |
| Cash flow from business operations including taxes paid | 255 | 6,292 | 1,428 | 1,727 | 6,610 | 6,910 |
| Net interest items, other net financial items and amortization of lease | ||||||
| liabilities | -215 | -104 | -337 | -53 | -448 | -164 |
| Cash flow from financing activities | -215 | -104 | -337 | -53 | -448 | -164 |
| Operating cash flow from operations | 40 | 6,188 | 1,091 | 1,675 | 6,162 | 6,745 |
| Strategic net divestments(+)/investments(-) | - | 2 | 30 | 2 | 30 | 2 |
| Dividend etc. ¹ | -25 | -52 | -3,409 | -2,449 | -3,453 | -2,493 |
| Cash flow before change in interest-bearing receivables and liabilities | 16 | 6,138 | -2,288 | -773 | 2,739 | 4,254 |
| Change in interest-bearing receivables and liabilities excluding lease | -367 | -2,628 | -4,694 | -2,048 | -6,398 | -3,752 |
| liabilities | ||||||
| Cash flow for the period | -351 | 3,510 | -6,981 | -2,820 | -3,658 | 502 |
| Cash and cash equivalents at the beginning of the period | 11,585 | 11,544 | 18,426 | 17,912 | 14,964 | 17,912 |
| Exchange rate differences in cash and cash equivalents | 13 | -90 | -198 | -127 | -60 | 11 |
| Cash and cash equivalents at the end of the period | 11,246 | 14,964 | 11,246 | 14,964 | 11,246 | 18,426 |
| 1 Of which repurchase of Class B shares | - | -52 | -89 | -163 | -133 | -207 |
Group net divestments(+)/investments (-) (IFRS)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| OPERATIONS - INVESTMENTS | ||||||
| Investment Properties | -16 | -13 | -35 | -32 | -47 | -44 |
| Intangible assets | -0 | -1 | -14 | -7 | -18 | -11 |
| Property, plant and equipment | -772 | -481 | -1,979 | -1,814 | -2,831 | -2,666 |
| Shares and participations | -45 | -50 | -117 | -60 | -186 | -129 |
| Current-asset properties | -1,731 | -2,047 | -5,566 | -7,927 | -8,242 | -10,602 |
| of which Residential Development | -760 | -849 | -2,731 | -3,104 | -4,089 | -4,463 |
| of which Commercial Property Development | -970 | -1,198 | -2,836 | -4,822 | -4,153 | -6,139 |
| Investments in operations | -2,563 | -2,592 | -7,711 | -9,839 | -11,324 | -13,452 |
| STRATEGIC INVESTMENTS | ||||||
| Businesses | - | - | -3 | - | -3 | - |
| Strategic investments | - | - | -3 | - | -3 | - |
| Total investments | -2,563 | -2,592 | -7,714 | -9,839 | -11,327 | -13,452 |
| OPERATIONS - DIVESTMENTS | ||||||
| Intangible assets | - | 4 | - | 5 | -1 | 4 |
| Property, plant and equipment | 41 | 38 | 170 | 237 | 256 | 323 |
| Shares and participations | 18 | 12 | 33 | 23 | 41 | 31 |
| Current-asset properties | 1,191 | 3,935 | 8,510 | 9,545 | 13,575 | 14,610 |
| of which Residential Development | 794 | 2,390 | 4,461 | 6,822 | 7,401 | 9,762 |
| of which Commercial Property Development | 397 | 1,545 | 4,049 | 2,722 | 6,175 | 4,848 |
| Divestments in operation | 1,250 | 3,989 | 8,712 | 9,810 | 13,871 | 14,968 |
| STRATEGIC DIVESTMENTS | ||||||
| Businesses | - | 2 | 33 | 2 | 33 | 2 |
| Strategic divestments | - | 2 | 33 | 2 | 33 | 2 |
| Total divestments | 1,250 | 3,991 | 8,745 | 9,812 | 13,904 | 14,970 |
| TOTAL NET DIVESTMENTS(+)/INVESTMENTS(-) | -1,314 | 1,399 | 1,031 | -28 | 2,577 | 1,518 |
| Depreciation, non-current assets | -714 | -674 | -2,085 | -2,045 | -2,753 | -2,712 |
| SEK M | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| Residential Development | 13,469 | 14,132 | 13,601 |
| Commercial Property Development | 40,929 | 42,478 | 44,076 |
| Investment Properties | 8,146 | 7,675 | 8,364 |
| Total in Project Development and Investment Properties | 62,544 | 64,284 | 66,041 |
Parent company 1
The parent company's revenue consists mainly of amounts billed to Group companies. The balance sheet consists mainly of shares in Group companies, intra-Group receivables and equity. The parent company does not report any significant events during the period.
Condensed income statement (RFR2)
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 |
|---|---|---|---|---|
| Revenue | 297 | 280 | 984 | 914 |
| Selling and administrative expenses | -307 | -300 | -998 | -866 |
| Operating income | -11 | -20 | -14 | 48 |
| Net financial items | 171 | 249 | 4,905 | 6,809 |
| Income after financial items | 160 | 229 | 4,891 | 6,857 |
| Income taxes | -33 | -47 | -101 | -143 |
| Profit for the period | 127 | 182 | 4,790 | 6,714 |
| Total comprehensive income | 127 | 182 | 4,790 | 6,714 |
Condensed balance sheet (RFR2)
| SEK M | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current intangible assets | 4 | 6 | 5 |
| Property, plant and equipment | 39 | 24 | 24 |
| Non-current financial assets ² | 37,606 | 35,506 | 36,490 |
| Total non-current assets | 37,650 | 35,536 | 36,519 |
| Current receivables | 334 | 297 | 391 |
| Total current assets | 334 | 297 | 391 |
| TOTAL ASSETS | 37,984 | 35,833 | 36,910 |
| EQUITY AND LIABILITIES | |||
| Equity ³ | 37,519 | 35,303 | 36,108 |
| Provisions | 193 | 176 | 204 |
| Non-current interest-bearing liabilities ² | - | 3 | 3 |
| Current liabilities | 272 | 351 | 595 |
| TOTAL EQUITY AND LIABILITIES | 37,984 | 35,833 | 36,910 |
1 As a parent company in an IFRS group, Skanska AB applies RFR2 in its accounting.
The parent company's contingent liabilities totaled SEK 182.3 bn on Sep 30, 2025 (Dec 31, 2024: 184.5), of which SEK 173.6 bn (Dec 31, 2024: 177.3) were related to obligations on behalf of Group companies. Other obligations, SEK 8.8 bn (Dec 31, 2024: 7.2), were related to commitments to outside parties of which SEK 6.1 bn (Dec 31, 2024: 3.9) relates to partners' future performance in the Group's joint operations.
2 Of which SEK 12,899 M (Dec 31, 2024: 12,971) were shares in Group companies, SEK 24,547 M (Dec 31, 2024: 23,356), intra-Group receivables and SEK 0 M (Dec 31, 2024: 3) intra-Group liabilities. 3 During the year SEK 4,400 M (Dec 31, 2024: 6,150) in dividend has been received from Group company.
Share data
| Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Jan-Dec 2024 | |
|---|---|---|---|---|---|
| Earnings per share according to segment reporting, SEK ¹ | 3.07 | 2.28 | 9.15 | 8.59 | 14.12 |
| Earnings per share, SEK ¹ | 2.58 | 2.56 | 9.37 | 7.86 | 13.51 |
| Earnings per share after dilution, SEK ² | 2.57 | 2.53 | 9.31 | 7.79 | 13.40 |
| Equity per share, SEK ³ | 146.40 | 141.05 | 146.40 | 141.05 | 151.79 |
| Adjusted equity per share, SEK ⁴ | 165.92 | 159.69 | 165.92 | 159.69 | 170.50 |
| Average number of shares outstanding | 412,886,551 | 411,001,879 | 412,302,873 | 410,663,160 | 410,828,510 |
| Average number of shares outstanding after dilution | 415,288,904 | 414,695,353 | 414,705,225 | 414,356,634 | 414,305,022 |
| Average dilution, % | -0.15 | 0.01 | 0.58 | 0.89 | 0.84 |
| Number of shares, at balance sheet date | 419,903,072 | 419,903,072 | 419,903,072 | 419,903,072 | 419,903,072 |
| Average price, repurchased Class B shares, SEK | - | 205.18 | 239.54 | 193.49 | 199.53 |
| Number of Class B shares repurchased | 35,787,271 | 35,220,728 | 35,787,271 | 35,220,728 | 35,417,271 |
| of which Class B shares repurchased during the period | - | 250,000 | 370,000 | 840,000 | 1,036,543 |
| Number of Class B shares in Skanska's own custody | 6,693,333 | 8,787,456 | 6,693,333 | 8,787,456 | 8,381,408 |
| Number of shares outstanding | 413,209,739 | 411,115,616 | 413,209,739 | 411,115,616 | 411,521,664 |
1 Earnings for the period attributable to equity holders divided by the average number of shares outstanding.
Five-year Group financial summary
| SEK M | Rolling 12 months | Jan-Dec 2024 | Jan-Dec 2023 | Jan-Dec 2022 | Jan-Dec 2021 |
|---|---|---|---|---|---|
| Revenue | 181,186 | 177,208 | 157,052 | 161,602 | 147,576 |
| Operating income | 7,010 | 7,087 | 3,231 | 9,297 | 9,832 |
| Profit for the period | 6,106 | 5,835 | 3,272 | 7,702 | 8,188 |
| Earnings per share, SEK | 14.69 | 14.12 | 7.89 | 18.62 | 19.80 |
| Return on capital employed, % | 10.0 | 10.3 | 5.4 | 14.1 | 15.9 |
| Return on equity, % | 10.0 | 10.0 | 5.8 | 15.8 | 20.1 |
| Operating margin, % | 3.9 | 4.0 | 2.1 | 5.8 | 6.7 |
| Return on capital employed accoding to IFRS, % | 10.2 | 9.9 | 8.2 | 15.2 | 13.5 |
| Cash flow per share according to IFRS, SEK ¹ | 6.69 | 10.36 | -5.90 | -16.29 | 1.81 |
1 Cash flow before change in interest-bearing receivables and liabilities divided by the average number of shares outstanding.
Exchange rates for the most important currencies
| Average exchange rates | Exchange rates on the closing day | |||||
|---|---|---|---|---|---|---|
| SEK | Jan-Sep 2025 | Jan-Sep 2024 | Jan-Dec 2024 | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 |
| US dollar | 9.95 | 10.50 | 10.57 | 9.42 | 10.11 | 10.99 |
| British pound | 13.05 | 13.41 | 13.51 | 12.66 | 13.55 | 13.85 |
| Norwegian krone | 0.95 | 0.99 | 0.98 | 0.94 | 0.96 | 0.97 |
| Euro | 11.10 | 11.41 | 11.44 | 11.06 | 11.31 | 11.49 |
| Czech koruna | 0.45 | 0.46 | 0.46 | 0.45 | 0.45 | 0.46 |
| Polish zloty | 2.62 | 2.65 | 2.66 | 2.59 | 2.64 | 2.69 |
2 Earnings for the period attributable to equity holders divided by the average number of shares outstanding after dilution.
3 Equity attributable to equity holders divided by the number of shares outstanding.
4 Adjusted equity divided by the number of shares outstanding.
Construction
Revenue and earnings
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 42,232 | 41,784 | 127,199 | 121,571 | 174,182 | 168,554 |
| Gross income | 3,392 | 3,055 | 9,429 | 8,543 | 13,264 | 12,378 |
| Selling and administrative expenses | -1,637 | -1,539 | -4,819 | -4,811 | -6,546 | -6,538 |
| Income from joint ventures and associated companies | 10 | 2 | 7 | -3 | 25 | 14 |
| Operating income | 1,766 | 1,517 | 4,617 | 3,728 | 6,743 | 5,854 |
| Investments | -773 | -473 | -1,960 | -1,780 | -2,812 | -2,632 |
| Divestments | 46 | 42 | 207 | 242 | 293 | 327 |
| Net divestments(+)/investments(-) | -727 | -431 | -1,752 | -1,538 | -2,519 | -2,305 |
| Gross margin, % | 8.0 | 7.3 | 7.4 | 7.0 | 7.6 | 7.3 |
| Selling and administrative expenses, % | -3.9 | -3.7 | -3.8 | -4.0 | -3.8 | -3.9 |
| Operating margin, % | 4.2 | 3.6 | 3.6 | 3.1 | 3.9 | 3.5 |
| Order bookings, SEK bn | 39.9 | 50.8 | 135.9 | 158.3 | 185.5 | 207.9 |
| Order backlog, SEK bn | 264.4 | 267.0 | 264.4 | 267.0 | 285.0 | |
| Average number of employees | 24,746 | 25,124 | 25,140 |
Revenue
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Nordics | 13,981 | 12,975 | 41,714 | 41,104 | 57,613 | 57,002 |
| of which Sweden | 7,307 | 6,790 | 21,699 | 21,008 | 30,591 | 29,900 |
| Europe | 7,886 | 6,410 | 20,498 | 17,573 | 27,422 | 24,497 |
| USA | 20,366 | 22,400 | 64,987 | 62,895 | 89,147 | 87,055 |
| Total | 42,232 | 41,784 | 127,199 | 121,571 | 174,182 | 168,554 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | 590 | 420 | 1,564 | 1,332 | 2,258 | 2,025 |
| of which Sweden | 359 | 237 | 839 | 693 | 1,258 | 1,112 |
| Europe | 323 | 253 | 631 | 150 | 923 | 442 |
| USA | 852 | 844 | 2,421 | 2,246 | 3,562 | 3,387 |
| Total | 1,766 | 1,517 | 4,617 | 3,728 | 6,743 | 5,854 |
Operating income Operating margin, %
| Jul-Sep 2025 |
Jul-Sep 2024 |
Jan-Sep 2025 |
Jan-Sep 2024 |
Rolling 12 months |
Jan-Dec 2024 |
|---|---|---|---|---|---|
| 4.2 | 3.2 | 3.8 | 3.2 | 3.9 | 3.6 |
| 4.9 | 3.5 | 3.9 | 3.3 | 4.1 | 3.7 |
| 4.1 | 3.9 | 3.1 | 0.9 | 3.4 | 1.8 |
| 4.2 | 3.8 | 3.7 | 3.6 | 4.0 | 3.9 |
| 4.2 | 3.6 | 3.6 | 3.1 | 3.9 | 3.5 |
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Nordics | 74,488 | 68,089 | 68,646 |
| of which Sweden | 32,248 | 30,311 | 29,715 |
| Europe | 38,139 | 34,633 | 35,001 |
| USA | 151,775 | 164,311 | 181,350 |
| Total | 264,402 | 267,033 | 284,998 |
Order backlog Order bookings
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| 14,295 | 10,055 | 48,727 | 36,982 | 64,746 | 53,001 |
| 7,176 | 7,492 | 24,230 | 22,559 | 32,524 | 30,853 |
| 10,961 | 8,688 | 26,019 | 16,193 | 32,543 | 22,717 |
| 14,656 | 32,016 | 61,160 | 105,163 | 88,173 | 132,176 |
| 39,913 | 50,760 | 135,906 | 158,339 | 185,462 | 207,895 |
Book-to-build, R-12, %
| Sep 30, | Sep 30, | Dec 31, |
|---|---|---|
| 2025 | 2024 | 2024 |
| 112 | 84 | 93 |
| 106 | 97 | 103 |
| 119 | 93 | 93 |
| 99 | 160 | 152 |
| 106 | 124 | 123 |
Residential Development
Revenue and earnings
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 1,757 | 1,682 | 5,250 | 5,859 | 7,693 | 8,302 |
| Gross income | 249 | 12 | 757 | 324 | 1,091 | 658 |
| Selling and administrative expenses | -118 | -166 | -337 | -466 | -475 | -605 |
| Operating income | 131 | -154 | 420 | -142 | 615 | 53 |
| Operating margin, % | 7.4 | -9.2 | 8.0 | -2.4 | 8.0 | 0.6 |
| Investments | -1,338 | -901 | -3,375 | -3,171 | -4,780 | -4,577 |
| Divestments | 656 | 2,390 | 3,995 | 6,822 | 6,943 | 9,770 |
| Net divestments(+)/investments(-) | -683 | 1,489 | 620 | 3,651 | 2,162 | 5,193 |
| Capital employed, SEK bn | 13.5 | 14.1 | 13.5 | 14.1 | 13.6 | |
| Return on capital employed, % ¹ | 5.9 | -3.1 | 5.9 | -3.1 | 5.9 | 1.6 |
| Average number of employees | 275 | 449 | 421 |
1 Rolling 12 months. For definition see page 19.
Revenue
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Nordics | 850 | 1,325 | 2,732 | 4,510 | 4,038 | 5,816 |
| of which Sweden | 390 | 874 | 1,446 | 2,346 | 2,291 | 3,191 |
| Europe | 907 | 357 | 2,517 | 1,349 | 3,655 | 2,487 |
| Total | 1,757 | 1,682 | 5,250 | 5,859 | 7,693 | 8,302 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | -28 | -118 | -22 | -105 | 48 | -35 |
| of which Sweden | -9 | -115 | -7 | -196 | -13 | -202 |
| Europe | 159 | -36 | 442 | -37 | 567 | 88 |
| Total | 131 | -154 | 420 | -142 | 615 | 53 |
1 Development gain only. Construction margin reported under Construction.
Operating income 1 Operating margin, % 1
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| -3.3 | -8.9 | -0.8 | -2.3 | 1.2 | -0.6 |
| -2.3 | -13.2 | -0.5 | -8.4 | -0.6 | -6.3 |
| 17.5 | -10.2 | 17.5 | -2.8 | 15.5 | 3.6 |
| 7.4 | -9.2 | 8.0 | -2.4 | 8.0 | 0.6 |
Homes started Homes sold
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | 142 | 43 | 320 | 162 | 747 | 588 |
| of which Sweden | 56 | - | 188 | 20 | 505 | 337 |
| Europe | 430 | 143 | 875 | 520 | 1,069 | 714 |
| Total | 572 | 186 | 1,195 | 682 | 1,815 | 1,302 |
| Jan-dec | Rullande 12 | Jan-sep | Jan-sep | Jul-sep | Jul-sep |
|---|---|---|---|---|---|
| 2024 | månader | 2024 | 2025 | 2024 | 2025 |
| 1,393 | 810 | 1,105 | 522 | 346 | 143 |
| 900 | 513 | 702 | 315 | 278 | 81 |
| 663 | 920 | 378 | 635 | 112 | 240 |
| 2,056 | 1,730 | 1,483 | 1,157 | 458 | 383 |
Homes under construction
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Nordics | 1,092 | 1,643 | 1,661 |
| of which Sweden | 653 | 631 | 894 |
| Europe | 1,803 | 1,274 | 1,257 |
| Total | 2,895 | 2,917 | 2,918 |
Completed unsold, number of homes
| Sep 30, | Sep 30, | Dec 31, |
|---|---|---|
| 2025 | 2024 | 2024 |
| 477 | 419 | 456 |
| 260 | 324 | 244 |
| 9 | 35 | 21 |
| 486 | 454 | 477 |
Homes under construction of which sold, %
| Sep 30, | Sep 30, | Dec 31, |
|---|---|---|
| 2025 | 2024 | 2024 |
| 34 | 49 | 43 |
| 24 | 30 | 29 |
| 61 | 56 | 65 |
| 51 | 52 | 52 |
Commercial Property Development
Revenue and earnings
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 1,745 | 994 | 3,134 | 7,649 | 6,710 | 11,225 |
| of which from divestment of properties | 1,383 | 706 | 2,079 | 6,774 | 5,360 | 10,055 |
| Gross income | -242 | 110 | 89 | 1,399 | 648 | 1,959 |
| Selling and administrative expenses | -151 | -222 | -497 | -608 | -725 | -836 |
| Income from joint ventures and associated companies | -3 | -1 | -3 | -4 | -3 | -3 |
| Operating income | -397 | -113 | -411 | 788 | -79 | 1,120 |
| of which from divestment of properties ¹ | 377 | 185 | 620 | 1,503 | 1,182 | 2,064 |
| of which writedowns/reversal of writedowns of properties | -668 | -121 | -668 | -344 | -669 | -345 |
| 1 Additional gains of intra-Group construction profits included in Eliminations | 6 | 47 | 47 | 72 | 81 | 106 |
| Investments | -1,035 | -1,203 | -2,997 | -4,843 | -4,320 | -6,167 |
| Divestments | 947 | 1,545 | 4,598 | 5,263 | 7,108 | 7,773 |
| Net divestments(+)/investments(-) | -88 | 342 | 1,602 | 419 | 2,788 | 1,606 |
| Capital employed, SEK bn | 40.9 | 42.5 | 40.9 | 42.5 | 44.1 | |
| Return on capital employed, % ² | -0.0 | 0.5 | -0.0 | 0.5 | -0.0 | 3.0 |
| Average number of employees | 321 | 345 | 347 |
2 Rolling 12 months. For definition see page 19.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | 546 | 780 | 794 | 5,241 | 2,911 | 7,358 |
| Europe | 971 | 100 | 1,728 | 2,120 | 2,966 | 3,358 |
| USA | 228 | 114 | 613 | 289 | 832 | 509 |
| Total | 1,745 | 994 | 3,134 | 7,649 | 6,710 | 11,225 |
Revenue of which from divestments
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| 494 | 703 | 610 | 4,956 | 2,655 | 7,001 |
| 889 | 3 | 1,469 | 1,818 | 2,607 | 2,956 |
| - | - | - | - | 97 | 97 |
| 1,383 | 706 | 2,079 | 6,774 | 5,360 | 10,055 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | 55 | 64 | 89 | 1,025 | 425 | 1,362 |
| Europe | 202 | -19 | 240 | 255 | 334 | 349 |
| USA | -654 | -158 | -740 | -493 | -838 | -591 |
| Total | -397 | -113 | -411 | 788 | -79 | 1,120 |
Operating income of which from divestments
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| 99 | 111 | 252 | 1,121 | 662 | 1,532 |
| 278 | 74 | 369 | 382 | 520 | 532 |
| - | - | - | - | - | - |
| 377 | 185 | 620 | 1,503 | 1,182 | 2,064 |
Homes for rent started Homes for rent sold
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | - | - | - | - | 139 | 139 |
| USA | - | - | - | - | - | - |
| Total | - | - | - | - | 139 | 139 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| - | - | - | 264 | 295 | 559 |
| - | - | - | - | - | - |
| - | - | - | 264 | 295 | 559 |
Homes for rent under construction
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Nordics | 139 | 565 | 548 |
| USA | 324 | 599 | 324 |
| Total | 463 | 1,164 | 872 |
Capital employed
| Sep 30, | Sep 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Nordics | 11,664 | 12,836 | 12,568 |
| Europe | 8,000 | 9,089 | 8,441 |
| USA | 21,265 | 20,553 | 23,066 |
| Total | 40,929 | 42,478 | 44,076 |
Investment Properties
Revenue and earnings
| SEK M | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 120 | 108 | 354 | 250 | 467 | 363 |
| Operating net | 92 | 81 | 258 | 187 | 335 | 264 |
| Selling and administrative expenses | -1 | -2 | -9 | -7 | -15 | -14 |
| Change in property value | 53 | - | 53 | 58 | 57 | 61 |
| Operating income | 143 | 79 | 303 | 236 | 377 | 311 |
| Investments | -16 | -13 | -35 | -2,572 | -431 | -2,968 |
| Divestments | - | - | - | - | - | - |
| Net divestments(+)/investments(-) | -16 | -13 | -35 | -2,572 | -431 | -2,968 |
| Capital employed | 8,146 | 7,675 | 8,146 | 7,675 | 8,364 | |
| Property value | 8,242 | 7,754 | 8,242 | 7,754 | 8,154 | |
| Return on capital employed, % ¹ | 4.7 | 1.8 | 4.7 | 1.8 | 4.7 | 4.6 |
| Economic occupancy rate, % | 83 | 89 | 83 | 89 | 87 | |
| Average valuation yield, % | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 |
1 Rolling 12 months. For definition see page 19.
Properties
| Location | Leasable area, sqm | Annual rental value, SEK M | Economic occupancy rate, % | Property value, SEK M | Environmental certification, % |
|---|---|---|---|---|---|
| Malmö | 47,009 | 169 | 92 | 2,518 | 100 |
| Stockholm | 42,962 | 184 | 81 | 3,073 | 100 |
| Gothenburg | 50,291 | 180 | 79 | 2,651 | 100 |
| Total | 140,262 | 532 | 83 | 8,242 | 100 |
PPP portfolio value
Unrealized development gain in PPP portfolio
| SEK bn | Sep 30, 2025 | Sep 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| Present value of cash flow from projects | 1.7 | 1.9 | 1.8 |
| Present value of remaining investments | - | - | - |
| Net present value of projects | 1.7 | 1.9 | 1.8 |
| Carrying amount before Cash flow hedge / Carrying amount | -1.0 | -1.0 | -1.1 |
| Unrealized development gain | 0.7 | 0.9 | 0.7 |
| Cash flow hedge | 0.1 | 0.1 | 0.1 |
| Effect in unrealized equity ¹ | 0.8 | 1.0 | 0.8 |
1 Tax effects not included.
About Skanska
We are one of the world's largest construction and project development companies. We operate across select markets in the Nordics, Europe and the USA. Together with our customers and the collective expertise of our 26,300 employees, we create innovative and sustainable solutions that support healthy living beyond our lifetime.
Skanska's home markets
The Eight, Bellevue, WA, USA
The office property, the Eight, is the largest single investment in Skanska's commercial development portfolio. The 25-story, 67,800 square-meter office tower is located in downtown Bellevue in Seattle, USA and includes retail space and tenant parking. To date, it is more than 80 percent leased. This modern, sustainable, and health-focused Class A+ office building has achieved multiple certifications, including LEED Platinum, Fitwel Level 2, WiredScore, and SmartScore. Developed and constructed by Skanska, The Eight was completed in 2024. It represents Skanska's sixth commercial development project in the greater Seattle area and the company's second in Bellevue since launching its commercial development operations in Washington State in 2011.
Skanska AB
www.group.skanska.com/investors
For further information, please contact:
Jonas Rickberg, EVP and CFO, Skanska AB, tel +46 10 448 8900 Antonia Junelind, Senior Vice President, Investor Relations, Skanska AB, tel +46 10 448 6261 Karolina Cederhage, Senior Vice President, Communications, Skanska AB, tel +46 10 448 0880 Jacob Birkeland, Head of Media Relations and Public Affairs, Skanska AB, tel +46 10 449 1957
This report will also be presented at a webcast and audio conference at 10:00 CET on November 6, 2025. The audio conference will be webcast live at www.skanska.com/investors, where a recording of the conference will also be available later. Participate in the audio conference, with the possibility to ask questions. Preferred connection (web link), for best audio quality, please join the call from your phone via the HD Audio web link here: HD Audio link. If you need to call in via telephone line, please dial +46 (0) 8 5051 0031; +44 (0)207 107 06 13 or +1 (1) 631 570 56 13. This and previous releases can also be found at www.group.skanska.com/investors.
This is information that Skanska AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the Senior Vice President Investor Relations set out above, at 07:30 CET on November 6, 2025.
This is a copy of the original version of Skanska interim report third quarter 2025, which is prepared in Swedish.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.