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Skanska Interim / Quarterly Report 2025
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Interim / Quarterly Report
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Q 2 202 5
S T
y
Press release, July 18, 202 5, 7:30 a.m. CE
We build for a better societ
Nasdaq MarketSite NYC USA
Interim report, second quarter 2025
Highlights according to segment reporting
- — Revenue amounted to SEK 44.6 billion (47.4); adjusted for currency effects, revenue development was flat.
- — Operating income amounted to SEK 1.8 billion (2.6); adjusted for currency effects, operating income decreased 26 percent. The comparable period includes five property divestments in Commercial Property Development.
- — Earnings per share amounted to SEK 3.69 (5.03).
- — Operating cash flow from operations amounted to SEK 1.3 billion (0.3) for the period according to IFRS.
- — Adjusted interest-bearing net receivables(+)/net debt(-) totaled SEK 9.7 billion (Mar 31, 2025: 11.6).
- — Order bookings in Construction amounted to SEK 56.7 billion (60.7). Adjusted for currency effects, order bookings quarter over quarter decreased 1 percent on a strong comparable quarter. The rolling 12-month book-to-build ratio was 113 percent (114).
- — Operating income in Construction amounted to SEK 1.7 billion (1.5), representing an operating margin of 3.9 percent (3.5). The rolling 12-month operating margin was 3.7 percent.
- — Operating income in Project Development amounted to SEK 0.3 billion (1.1).
- — Return on capital employed in Project Development was 1.4 percent (-1.3).
- — Return on equity was 9.5 percent (7.3).
Performance analysis
1 Rolling 12 months.
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 | Apr-Jun 2025 | Apr-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|
| Revenue | ||||
| Construction | 43,125 | 43,589 | 173,734 | 168,554 |
| Residential Development | 2,006 | 2,150 | 7,618 | 8,302 |
| Commercial Property Development | 1,043 | 6,293 | 5,958 | 11,225 |
| Investment Properties | 118 | 72 | 455 | 363 |
| Central and Eliminations | -1,741 | -4,725 | -7,452 | -11,237 |
| Total | 44,551 | 47,378 | 180,312 | 177,208 |
| Operating income | ||||
| Construction | 1,672 | 1,542 | 6,495 | 5,854 |
| Residential Development | 226 | -11 | 331 | 53 |
| Commercial Property Development | 86 | 1,067 | 204 | 1,120 |
| Investment Properties | 80 | 108 | 313 | 311 |
| Central | -270 | -159 | -595 | -440 |
| Eliminations | 19 | 33 | 160 | 188 |
| Operating income | 1,813 | 2,580 | 6,907 | 7,087 |
| Net financial items | 130 | 146 | 672 | 661 |
| Income after financial items | 1,942 | 2,725 | 7,579 | 7,748 |
| Income taxes | -414 | -656 | -1,819 | -1,913 |
| Profit for the period | 1,528 | 2,069 | 5,760 | 5,835 |
| Earnings for the period per share, SEK | 3.69 | 5.03 | 13.90 | 14.12 |
| Revenue for the period according to IFRS | 46,158 | 45,051 | 184,661 | 176,481 |
| Operating income for the period according to IFRS | 2,001 | 2,093 | 7,496 | 6,748 |
| Earnings for the period per share according to IFRS, SEK | 4.05 | 4.13 | 15.01 | 13.51 |
| Operating cash flow from operations | 1,300 | 342 | 12,310 | 6,745 |
| Interest-bearing net receivables(+)/net debt(-) | 12,025 | 3,243 | 15,353 | |
| Return on capital employed in Project Development, % ¹ | 1.4 | -1.3 | 1.4 | 2.6 |
| Return on capital employed in Investment Properties, % ¹ | 3.9 | 1.2 | 3.9 | 4.6 |
| Adjusted interest-bearing net receivables(+)/net debt(-) | 9,651 | 1,838 | 11,976 | |
| Return on equity, % ¹ | 9.5 | 7.3 | 9.5 | 10.0 |
Operating income per segment Jun 30, 2025 R-12
Operating cash flow from operations
CEO comment
To summarize the second quarter, Construction operations delivered strong results, high operating margins and good order intake. In Project Development, transaction volumes were mostly subdued, with Central Europe being the most active region. Investment Properties' performance was stable.
The Construction project portfolio generated strong results, and we have maintained good cost control, resulting in yet another quarter with robust margin delivery. We remain disciplined in our bidding activities, focusing on segments and sectors where we have a competitive advantage. Order bookings for the second quarter were strong. The Nordics and Europe are improving intake compared to the same period last year and our US operations recorded solid bookings in the quarter.
In Residential Development, Central Europe generated strong results, while the Nordic operations were impacted by weak markets. Reduced uncertainty and macroeconomic growth are required for activity in the Nordic housing market to return to normal levels. Four projects were started in the quarter, two large projects in Czechia and two smaller ones in Sweden and Finland.
Commercial Property Development divested one project in Bucharest in the second quarter, and an additional four previously sold properties were handed over to their buyers. The flight-toquality trend continues, with higher demand and lower vacancies for prime products. This is a good fit with our modern and sustainable portfolio, and we are experiencing good tenant traction for our recently started projects.
The Investment Properties portfolio delivered solid results in the second quarter.
Reducing carbon emissions in our operations and supply chain remains a priority. Our scope 1 and 2 emissions declined during the quarter and were 62 percent below our benchmark year of 2015.
I am pleased with the performance of our Construction business, which generated strong results and successfully secured new work in the quarter. The order backlog remains at a historically high level. In Project Development we are exposed to market cyclicality and the recovery of markets is sensitive to overall macroeconomic development, geopolitical uncertainties and interest rate levels. Our diversification strategy, operating across several geographies, segments and sectors, creates resiliency. We are committed to long-term value creation and new projects are started on solid business cases. Our financial strength and activity throughout the entire value chain make us a trusted partner for our customers.
Anders Danielsson President and Chief Executive Officer
Skanska target performance (rolling 12-month basis)
Operating margin – Construction Return on capital employed –
3.7% 1.4% 3.9%
Project Development
Target ≥3.5% Target ≥10% Target ≥6%
Return on equity Adjusted net debt(-)/net cash(+) Climate target (scope 1 and 2)
Return on capital employed – Investment Properties
Reduction of CO2 compared with 2015
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 visibility is improving but we continue to monitor the impact of geopolitical policy and legislation on the economy and our industry. The US civil infrastructure market is strong with a well-funded pipeline and we are cautiously optimistic about the development of the US building market. In Europe and the Nordics, the civil market is more active than the building market. We are expecting the Swedish civil market to gradually grow stronger with increased investments in defense, energy and water treatment facilities.
Residential Development
Activity is high in the Polish and Czech housing markets, and we are therefore raising our market expectations for the Central European market to strong. We are seeing good opportunities for property development in this region. For the Nordic countries, macroeconomic uncertainty and low consumer confidence have kept the residential markets subdued despite interest rate cuts. Recovery is expected to take time.
Commercial Property Development
Transaction market volumes in the Nordics and Central Europe are gradually improving from low levels, but local variations are significant. Domestic buyers are more active but international interest is expected to increase. US transaction volumes are low, uncertainty is elevated, and the investor market outlook remains weak. For the leasing market, European occupier activity is mostly stable, while the return-to-office is slowly increasing in the USA. Tenants are focused on modern, flexible and amenitized space 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.
Performance analysis
Group
Revenue and operating income, rolling 12 months
Revenue per segment, rolling 12 months
Construction, 93% Residential Development, 4% Commercial Property Development, 3% Investment Properties, 0%
Revenue and earnings
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 44,551 | 47,378 | 180,312 | 177,208 |
| Operating income ¹ | 1,813 | 2,580 | 6,907 | 7,087 |
| Net financial items | 130 | 146 | 672 | 661 |
| Income after financial items | 1,942 | 2,725 | 7,579 | 7,748 |
| Income taxes | -414 | -656 | -1,819 | -1,913 |
| Profit for the period | 1,528 | 2,069 | 5,760 | 5,835 |
| Earnings for the period per share, SEK ² | 3.69 | 5.03 | 13.90 | 14.12 |
| Earnings for the period per share according to IFRS, SEK ² |
4.05 | 4.13 | 15.01 | 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 | ||
|---|---|---|---|---|
| Apr-Jun 2025 / Apr-Jun 2024 | ||||
| Revenue | -6% | 0% | -6% | |
| Operating income | -30% | -26% | -4% | |
| Rolling 12 months 2025 / Rolling 12 months 2024 | ||||
| Revenue | 9% | 11% | -2% | |
| Operating income | 51% | 48% | 3% |
Revenue amounted to SEK 44.6 billion (47.4), down 6 percent; adjusted for currency effects, revenue development was flat. Operating income was SEK 1,813 M (2,580), down 30 percent; adjusted for currency effects, operating income decreased 26 percent. The comparable period includes five property divestments in Commercial Property Development.
The Central stream totaled SEK -270 M (-159), of which SEK 36 M (55) relates to the PPP portfolio and BoKlok UK. Increased costs are mainly related to IT, including IT transformation, amounting to SEK 43 M. Costs vary between quarters.
Operating income per segment, rolling 12 months
Investment Properties
Net financial items amounted to SEK 130 M (146).
Income taxes for the period amounted to SEK -414 M (-656). The effective tax rate in the second quarter amounted to 21 percent (24).
Cash flow
Group
Operating cash flow from operations
Operating cash flow
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Cash flow from business operations | 1,819 | 1,638 | 7,051 | 6,309 |
| Change in working capital | -1,854 | -372 | 1,379 | 517 |
| Net divestments(+)/investments(-) | 1,585 | -421 | 5,258 | 1,516 |
| Cash flow adjustment | 73 | 176 | -116 | 279 |
| Cash flow from business operations before taxes paid |
1,623 | 1,022 | 13,572 | 8,621 |
| Taxes paid in business operations | -320 | -375 | -926 | -1,712 |
| Cash flow from financing activities | -2 | -305 | -337 | -164 |
| Operating cash flow from operations | 1,300 | 342 | 12,310 | 6,745 |
| Strategic net divestments(+)/investments(-) | 1 | - | 32 | 2 |
| Dividend etc. | -3,335 | -2,327 | -3,480 | -2,493 |
| Cash flow before change in interest bearing receivables and liabilities |
-2,034 | -1,985 | 8,862 | 4,254 |
| Change in interest-bearing receivables and liabilities excluding lease liabilities |
-2,725 | 1,164 | -8,659 | -3,752 |
| Cash flow for the period | -4,759 | -821 | 203 | 502 |
Operating cash flow from operations for the period amounted to SEK 1,300 M (342); the change to the comparable period is mainly explained by changes in working capital and net divestments in Project Development. Taxes paid in business operations amounted to SEK -320 M (-375) for the period. The dividend that was approved at the Annual General Meeting in April was distributed during the second quarter.
Commercial Property Development assets sold but not transferred will have a positive effect on cash flow of SEK 4.5 billion during the years 2026-2027.
Free working capital in Construction
Free working capital in Construction amounted to SEK 29.9 billion (Mar 31, 2025: 31.9). Change in working capital in Construction compared to end of first quarter is partly explained by cash flow, amounting to SEK -1,156 M and partly by currency effects. Average free working capital in relation to Construction revenue over the past 12 months was 18.2 percent (17.3), explained by positive cash flow profiles in several projects and continued focus on cash generation in the Construction stream.
Financial position
Adjusted interest-bearing net receivables(+)/net debt(-)
Balance sheet - Summary
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| SEK bn | 2025 | 2024 | 2024 |
| Total assets | 161.7 | 161.5 | 171.2 |
| Total equity | 59.0 | 58.3 | 62.6 |
| Interest-bearing net receivables (+)/net debt (-) | 12.0 | 3.2 | 15.4 |
| Adjusted interest-bearing net receivables(+)/net debt(-) | 9.7 | 1.8 | 12.0 |
| Capital employed, closing balance | 79.0 | 81.1 | 84.4 |
| Equity/assets ratio, % | 36.5 | 36.1 | 36.6 |
Change in interest-bearing net receivables/net liabilities
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | 2024 |
| Opening balance interest-bearing net receivables(+)/net debt(-) |
15,019 | 4,886 | 15,353 | 9,037 | 9,037 |
| Cash flow for the period | -4,759 | -821 | -6,630 | -6,330 | 502 |
| Less change in interest-bearing receivables and liabilities |
2,725 | -1,164 | 4,327 | -580 | 3,752 |
| Cash flow before change in interest bearing receivables and liabilities |
-2,034 | -1,985 | -2,303 | -6,911 | 4,254 |
| Translation differences, net receivables/net debt |
-696 | 221 | -933 | 46 | 173 |
| Remeasurements of pension liabilities | -525 | -93 | -318 | 710 | 960 |
| Interest-bearing liabilities acquired/divested |
- | - | - | - | -2 |
| Other changes, interest-bearing net receivables/net debt |
261 | 213 | 225 | 360 | 931 |
| Change in net interest-bearing receivables and liabilities |
-2,994 | -1,643 | -3,328 | -5,794 | 6,316 |
| Closing balance interest-bearing net receivables(+)/net debt(-) |
12,025 | 3,243 | 12,025 | 3,243 | 15,353 |
| Restricted cash | -8,326 | -7,710 | -8,326 | -7,710 | -9,394 |
| Pension liability, net | -836 | -927 | -836 | -927 | -1,114 |
| Lease liabilities | 6,788 | 7,232 | 6,788 | 7,232 | 7,130 |
| Closing balance adjusted interest-bearing net receivables(+)/net debt(-) |
9,651 | 1,838 | 9,651 | 1,838 | 11,976 |
Adjusted interest-bearing net receivables (+)/net debt (-) amounted to SEK 9.7 billion (Mar 31, 2025: 11.6). Interest-bearing net receivables amounted to SEK 12.0 billion (Mar 31, 2025: 15.0) and include SEK 6.8 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 28.1 billion (Mar 31, 2025: 29.8), of which SEK 18.4 billion (Mar 31, 2025: 19.1) is available within one week. The Group central loan portfolio amounted to SEK 8.7 billion (Mar 31, 2025: 9.7) consisting of SEK 5.4 billion in Medium-Term Notes (MTN) with an average maturity of 2.0 years and SEK 3.4 billion in bilateral loans with an average maturity of 3.1 years. On June 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 2.9 years (Mar 31, 2025: 3.0).
At the end of the quarter, capital employed amounted to SEK 79.0 billion (Mar 31, 2025: 81.9).
Equity
Changes in equity
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | 2024 |
| Opening balance | 61,768 | 56,657 | 62,617 | 56,347 | 56,347 |
| Dividend to the parent company´s shareholders | -3,295 | 0 | -3,295 | -2,257 | -2,257 |
| Other changes in equity not included in total comprehensive income for the period |
29 | 18 | 56 | 54 | 126 |
| Profit for the period | 1,680 | 1,701 | 2,810 | 2,181 | 5,584 |
| Other comprehensive income | |||||
| Translation differences | -700 | -8 | -2,870 | 1,277 | 1,852 |
| Effects of remeasurements of pensions | -502 | -119 | -290 | 656 | 936 |
| Effects of cash flow hedges | 30 | 3 | -18 | -6 | 29 |
| Closing balance | 59,010 | 58,251 | 59,010 | 58,251 | 62,617 |
Adjusted equity
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| SEK bn | 2025 | 2024 | 2024 |
| Equity attributable to the parent company´s equity holders | 58.8 | 58.1 | 62.5 |
| Unrealized surplus value in Residential Development | 2.8 | 3.1 | 3.0 |
| Unrealized development gains in Commercial Property Development |
4.0 | 4.0 | 4.0 |
| Effect on unrealized equity in PPP portfolio | 0.7 | 0.8 | 0.7 |
| Adjusted equity | 66.3 | 66.1 | 70.2 |
The Group's equity amounted to SEK 59.0 billion (58.3), resulting in an equity/assets ratio of 36.5 percent (36.1). The net receivable position results in a negative net debt/equity ratio of -0.2 (-0.1). Translation differences for the period amounted to SEK -700 M (-8), mostly explained by a weaker US dollar. The effects of remeasurements of pensions amounted to SEK -502 M (-119). This is mainly explained by lower interest rates.
Total adjusted equity amounted to SEK 66.3 billion (66.1), resulting in adjusted equity per share of SEK 160.71 (160.87). Unrealized surplus values in Project Development including the PPP portfolio amounted to SEK 8.3 billion, of which SEK 1.0 billion was realized according to segment reporting. Corresponding amounts less standard tax were SEK 7.4 billion and SEK 0.9 billion.
Investments and divestments
Investments and divestments
The Group's investments amounted to SEK -2,771 M (-3,709), while divestments amounted to SEK 4,357 M (3,288), resulting in net divestments of SEK 1,586 M (-421).
Divestments, quarterly Investments, quarterly Net divestments/investments, rolling 12 months
In Construction, investments totaled SEK -617 M (-661). These investments mainly relate to property, plant and equipment for the Group's own operations. Net investments in Construction amounted to SEK -538 M (-597). Depreciation of property, plant and equipment including right-of-use assets amounted to SEK-619 M (-631).
In Residential Development, investments totaled SEK -1,159 M (-1,140). Divestments amounted to SEK 1,369 M (2,346). Net divestments in Residential Development amounted to SEK 210 M (1,206).
In Commercial Property Development, investments totaled SEK -1,024 M (-1,898). Divestments amounted to SEK 2,853 M (3,419), with five properties handed over in the period. Net divestments in Commercial Property Development amounted to SEK 1,829 M (1,521).
In Investment Properties, net investments totaled SEK -12 M (-2,548), relating to tenant adjustments for premises that have been leased out. The comparable period includes the acquisition of the Citygate property.
Investments, divestments and net divestments(+)/ investments(-)
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Investments | ||||
| Construction | -617 | -661 | -2,512 | -2,632 |
| Residential Development | -1,159 | -1,140 | -4,343 | -4,577 |
| Commercial Property Development | -1,024 | -1,898 | -4,488 | -6,167 |
| Investment Properties | -12 | -2,548 | -428 | -2,968 |
| Other | 40 | 2,538 | 416 | 2,891 |
| Total | -2,771 | -3,709 | -11,356 | -13,452 |
| Divestments | ||||
| Construction | 79 | 64 | 289 | 327 |
| Residential Development | 1,369 | 2,346 | 8,677 | 9,770 |
| Commercial Property Development | 2,853 | 3,419 | 7,706 | 7,773 |
| Investment Properties | - | - | - | - |
| Other | 57 | -2,540 | -27 | -2,899 |
| Total | 4,357 | 3,288 | 16,646 | 14,970 |
| Net divestments(+)/investments(-) | ||||
| Construction | -538 | -597 | -2,223 | -2,305 |
| Residential Development | 210 | 1,206 | 4,334 | 5,193 |
| Commercial Property Development | 1,829 | 1,521 | 3,217 | 1,606 |
| Investment Properties | -12 | -2,548 | -428 | -2,968 |
| Other | 96 | -2 | 389 | -8 |
| Total | 1,586 | -421 | 5,290 | 1,518 |
| Of which strategic | 1 | - | 32 | 2 |
Capital employed in Project Development and Investment Properties
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Residential Development | 12,340 | 15,387 | 13,601 |
| Commercial Property Development | 40,715 | 43,493 | 44,076 |
| Investment Properties | 8,094 | 7,671 | 8,364 |
| Total in Project Development and Investment Properties | 61,149 | 66,551 | 66,041 |
Investment: Habitat, Prague, Czechia Divestment: Equilibrium, Bucharest, Romania
Performance analysis, business streams
Construction – Order situation
Order backlog, revenue and order bookings
Order bookings and order backlog in Construction
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK bn | 2025 | 2024 | months | 2024 |
| Order bookings | 56.7 | 60.7 | 196.3 | 207.9 |
| Order backlog ¹ | 268.3 | 267.6 | 285.0 |
1 Refers to the end of each period.
Order bookings amounted to SEK 56.7 billion (60.7); adjusted for currency effects, order bookings decreased 1 percent, on a strong comparable period. Second quarter order bookings were strong with solid contribution from all main geographies. On a rolling 12-month basis the book-to-build ratio was 113 percent (Mar 31, 2025: 115). For more information, see page 29.
Construction revenue from internal Project Development contracts on a rolling 12-month basis amounted to:
7.0 SEK bn
The order backlog is high, amounting to SEK 268.3 billion (Mar 31, 2025: 263.6); adjusted for currency effects, the order backlog increased by 5 percent. The order backlog corresponds to 19 months of production (Mar 31, 2025: 19).
Changes and currency rate effects
| Change in SEK | Change in local currency | Currency effect | |||
|---|---|---|---|---|---|
| Apr-Jun 2025 / Apr-Jun 2024 | |||||
| Order bookings | -7% | -1% | -5% | ||
| Jun 30 2025 / Mar 31, 2025 | |||||
| Order backlog | 2% | 5% | -3% | ||
Major orders in the quarter
| Geography | Contract | Amount SEK M | Client |
|---|---|---|---|
| USA | Bridge | 6,700 | Virginia Passenger Rail Authority |
| Nordics | Highway | 4,200 | The Norwegian Road Authority |
| USA | Bridge | 2,800 | Massachusetts Department of Transportation |
| Europe | Commercial office development |
2,600 | Railpen |
| USA | Engineering facility | 2,500 | Virginia Tech |
Botanical Place, Cambridge, UK
Construction
Revenue and operating margin, rolling 12 months
Revenue and earnings
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 43,125 | 43,589 | 173,734 | 168,554 |
| Gross income | 3,191 | 3,257 | 12,927 | 12,378 |
| Selling and administrative expenses | -1,526 | -1,722 | -6,449 | -6,538 |
| Income from joint ventures and associated companies |
8 | 7 | 16 | 14 |
| Operating income | 1,672 | 1,542 | 6,495 | 5,854 |
| Gross margin, % | 7.4 | 7.5 | 7.4 | 7.3 |
| Selling and administrative expenses, % | -3.5 | -4.0 | -3.7 | -3.9 |
| Operating margin, % | 3.9 | 3.5 | 3.7 | 3.5 |
Changes and currency rate effects
| Change in SEK | Change in local currency | Currency effect | |||
|---|---|---|---|---|---|
| Apr-Jun 2025 / Apr-Jun 2024 | |||||
| Revenue | -1% | 6% | -7% | ||
| Operating income | 8% | 15% | -6% | ||
| Rolling 12 months 2025 / Rolling 12 months 2024 | |||||
| Revenue | 7% | 9% | -2% | ||
| Operating income | 20% | 17% | 2% |
Revenue in the Construction business stream decreased 1 percent and amounted to SEK 43.1 billion (43.6); adjusted for currency effects, revenue increased by 6 percent. Operating income increased by 8 percent and amounted to SEK 1,672 M (1,542); adjusted for currency effects, operating income increased by 15 percent. The operating margin was 3.9 percent (3.5) with strong contribution from all main geographies.
The rolling 12-month operating margin was 3.7 percent (Mar 31, 2025: 3.7).
Residential Development
Revenue and operating margin, rolling 12 months 1
Revenue and earnings
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 2,006 | 2,150 | 7,618 | 8,302 |
| Gross income | 333 | 147 | 854 | 658 |
| Selling and administrative expenses | -107 | -158 | -523 | -605 |
| Operating income | 226 | -11 | 331 | 53 |
| Gross margin, % | 16.6 | 6.9 | 11.2 | 7.9 |
| Selling and administrative expenses, % | -5.3 | -7.4 | -6.9 | -7.3 |
| Operating margin, % | 11.3 | -0.5 | 4.3 | 0.6 |
| Return on capital employed, % ² | 3.6 | -5.2 | 3.6 | 1.6 |
2 Rolling 12 months. For definition see page 19.
Revenue in the Residential Development business stream amounted to SEK 2,006 M (2,150). Operating income for the business stream amounted to SEK 226 M (-11). Strong sales and profits were recognized in Central Europe. The Nordic results were negatively impacted by low volumes and sales in weaker margin projects. The trend of buyers wanting to buy close to completion continues. The overall operating margin for the business stream was 11.3 percent (-0.5). A large portion of the income in the quarter came from Central Europe, where margin delivery was strong and sales of nonstrategic land and release of provisions had an added positive effect of SEK 44 M on operating income. Return on capital employed was 3.6 percent (-5.2).
Homes sold and started, rolling 12 months 3
3 Including residential rentals until Q4 2020.
Homes sold and started
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| 2025 | 2024 | months | 2024 | |
| Homes sold ⁴ | 409 | 515 | 1,804 | 2,056 |
| Homes started | 420 | 37 | 1,429 | 1,302 |
4 Net homes sold, including cancellations.
Homes under construction and unsold 5
Homes under construction and unsold
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Homes under construction | 2,509 | 3,365 | 2,918 |
| of which sold, % | 52 | 57 | 52 |
| Completed unsold, number of homes | 516 | 671 | 477 |
In the second quarter, the number of homes sold was 409 (515) and construction started on 420 (37). At the end of the quarter, 2,509 homes (Mar 31, 2025: 2,470) were under construction. The sales rate was 52 percent (Mar 31, 2025: 49) by the end of the quarter. The number of completed unsold homes amounted to 516 (Mar 31, 2025: 457). During the quarter 381 (403) homes were completed.
Breakdown of carrying amounts
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Completed projects | 2,399 | 2,352 | 2,567 |
| Ongoing projects | 3,737 | 6,797 | 4,760 |
| Undeveloped land and development properties | 9,489 | 10,292 | 9,799 |
| Total | 15,625 | 19,441 | 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 3.1 billion (SEK 2.8 billion post standard tax).
The undeveloped land and development properties correspond to Skanskaowned building rights for 24,590 homes. Additionally, we hold 2,185 building rights through joint ventures and, subject to certain conditions, we have the right to purchase 7,114 building rights.
Commercial Property Development
Revenue and operating income from property divestments1
1 Including residential rentals as of Q1 2021. Revenue and earnings
Apr-Jun Apr-Jun Rolling 12 Jan-Dec SEK M 2025 2024 months 2024 Revenue 1,043 6,293 5,958 11,225 of which from divestment of properties 672 5,969 4,682 10,055 Gross income 250 1,259 1,000 1,959 Selling and administrative expenses -165 -190 -796 -836 Income from joint ventures and associated companies - -1 -1 -3 Operating income 86 1,067 204 1,120 of which from divestment of properties 215 1,191 989 2,064 Return on capital employed, % ² 0.7 0.1 0.7 3.0
2 Rolling 12 months. For definition see page 19.
In the Commercial Property Development business stream, one divestment was recorded in the second quarter. Revenue amounted to SEK 1,043 M (6,293). Operating income was SEK 86 M (1,067). Development gains from divested properties amounted to SEK 215 M (1,191), including release of provisions from previously sold projects and sale of non-strategic land totaling SEK 139 M. Sales vary between quarters and the comparable period includes divestment of several properties. Return on capital employed was 0.7 percent (0.1).
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 | 8,120 | 13,754 | 16,272 | 2,518 |
| Completed projects ⁶ ⁷ | 17,973 | 17,973 | 19,053 | 1,080 |
| Undeveloped land and development properties |
11,786 | 11,786 | 12,634 | 848 |
| Total | 37,879 | 43,513 | 47,959 | 4,445 |
| of which carrying amount ⁸ | 37,879 | 43,513 | - | - |
| of which completed projects sold according to segment reporting |
- | - | - | - |
| of which ongoing projects sold according to segment reporting |
2,316 | 3,553 | 4,521 | 968 |
3 Market value according to appraisal on June 30, 2025.
4 Ongoing projects - estimated market value at completion fully leased.
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 2,131 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.
Unrealized and realized gains, segment reporting 10
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 48.0 billion at the end of the second quarter, corresponding to an unrealized gain of SEK 4.4 billion.
No project starts or completions were recorded in the second quarter. Five projects were handed over to their buyers, including Equilibrium 1, which was sold in the second quarter. Assets sold but not transferred will have a positive effect on cash flow of SEK 4.5 billion during the years 2026 to 2027.
At the end of the quarter, 12 projects with a total leasable area of 207,000 sq m were ongoing. Of these, 10 were commercial office properties and two were residential rental. The commercial properties were on average 50 percent leased and 54 percent completed. The portfolio of completed projects includes 23 properties with a total leasable area of 521,000 sq m. This portfolio was 74 percent let by the end of the quarter.
Second-quarter leasing came in at 22,000 sq m (61,000), of which residential rentals accounted for 8,000 sq m (33,000). Over a rolling 12 month period, leasing amounted to 129,000 sq m (224,000), of which residential rentals accounted for 37,000 sq m (69,000).
Accumulated eliminations of intra-Group Construction profits amounted to SEK -403 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
| Apr-Jun | Apr-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|
| SEK M | 2025 | 2024 | months | 2024 |
| Revenue | 118 | 72 | 455 | 363 |
| Operating net | 85 | 54 | 325 | 264 |
| Selling and administrative expenses | -5 | -4 | -15 | -14 |
| Change in property value | - | 58 | 4 | 61 |
| Operating income | 80 | 108 | 313 | 311 |
| Investments | -12 | -2,548 | -428 | -2,968 |
| Divestments | - | - | - | - |
| Net divestments(+)/investments(-) | -12 | -2,548 | -428 | -2,968 |
| Capital employed | 8,094 | 7,671 | 8,364 | |
| Property value | 8,173 | 7,742 | 8,154 | |
| Return on capital employed, % ¹ | 3.9 | 1.2 | 3.9 | 4.6 |
| Net leasing | -1 | 0 | -26 | -7 |
| Economic occupancy rate, % | 83 | 87 | 87 | |
| Surplus ratio, % | 72 | 75 | 71 | 73 |
1 Rolling 12 months. For definition see page 19.
Revenue in the Investment Properties business stream amounted to SEK 118 M (72), increasing as a result of the property portfolio growing compared to the same period last year. Operating income amounted to SEK 80 M (108). Average valuation yield in the portfolio at the end of the second quarter was 4.7 percent (Mar 31, 2025: 4.7) and the economic occupancy rate was 83 percent (Mar 31, 2025: 84).
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, targeting a total value of SEK 12-18 billion.
Sthlm 04, Stockholm, Sweden
Sustainability information
Climate data
| Apr-Jun 2025 | Apr-Jun 2024 | Rolling 12 months | Jan-Dec 2024 | |
|---|---|---|---|---|
| Scope 1 and 2 (tonnes CO₂e) ¹ | 44,000 | 42,000 | 152,000 | 155,000 |
| Carbon intensity ² | 0.99 | 0.89 | 0.84 | 0.88 |
| Renewable fuels, % ³ | 32 | 20 | 32 | 26 |
| Renewable electricity, % ³ | 95 | 87 | 95 | 99 |
1 Scope 1 and 2 (market-based). 2 Scope 1 and 2 (market-based)/ SEK M revenue, according to segment reporting.
3 Rolling 12 months.
Combined scope 1 and 2 emissions totaled 44,000 tonnes (42,000) for the second quarter. On a rolling 12-month basis, combined scope 1 and 2 emissions totaled 152,000 tonnes, 62 percent below our 2015 baseline. The carbon intensity in the second quarter stands at 0.99 (0.89), 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 32 percent.
Scope 2 emissions are primarily driven by the use of electricity. Group-wide share of renewable electricity was 95 percent on a rolling 12-month basis.
Skanska's own emissions (scope 1 and 2)
Tonnes CO₂e
Tonnes Co₂e/ SEK M revenue
Scope 1 Scope 2 Carbon intensity (tonnes Co₂e/SEK M
revenue)
Health and Safety data
| Apr-Jun 2025 | Apr-Jun 2024 | Rolling 12 months | Jan-Dec 2024 | |
|---|---|---|---|---|
| Lost time accident rate (LTAR) ¹ | 2.1 | 2.3 | 2.0 | 2.2 |
| Executive Site Safety Visits (ESSV) ¹ | 2,065 | 2,062 | 7,415 | 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 2.0 (Dec 31, 2024: 2.2).
Executive Site Safety Visits (ESSV) promote clear and visible leadership for enhanced safety performance. In the second quarter, 2,065 ESSV (2,062) were conducted.
Personnel
Year to date, the average number of employees in the Group was 25,819 (26,148). At the end of the quarter, the number of employees totaled 26,240 people (Mar 31, 2025: 25,929).
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
Events after the end of the report period
There were no significant events after the end of the reporting period.
Financial reports for 2025
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 will be published on the following dates:
November 6, 2025 Interim report third quarter 2025 February 6, 2026 Year-end report 2025
16 Skanska interim report second quarter 2025
Certification
The Board of Directors and the President and CEO certify that this Six-month report provides a true and fair overview of the performance of the business, position and earnings of the Parent Company and the Group, and describes the principal risks and uncertainties faced by the Parent Company and the companies in the Skanska Group.
Stockholm July 18 2025
Hans Biörck Chairman
Pär Boman Board member
Martin Lindqvist Board member
Mats Hederos Board member
Jayne McGivern Board member
Henrik Sjölund Board member Yvonne Stenman Board member
Richard Hörstedt Board member
Catherine Marcus Board member
Åsa Söderström Winberg Board member
Anders Rättgård Board member
Anders Danielsson President and Chief Executive Officer
This report has not been subject to review by the Company's auditors.
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. As of 2023, residential rental projects in Sweden have been reallocated and included in the multifamily rental portfolio in the Commercial Property Development business stream. Historical financial information from 2021 and 2022 has been restated to reflect this reallocation.
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.
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 17,758 - tax assets -176 - deposits in internal bank -174 - pension receivable -67 - non-interest-bearing liabilities (excluding tax liabilities) -4,880 - capitalized interest expense -120 12,340 |
Measures capital usage and efficiency in Residential Development. |
||||
| Capital employed Commercial Property Development (CD) SEK M |
Total assets 46,138 - tax assets -1,459 - deposits in internal bank -26 - pension receivable - - non-interest-bearing liabilities (excluding tax liabilities) -3,027 - capitalized interest expense -911 40,715 |
Measures capital usage and efficiency in Commercial Property Development. |
| Non-IFRS financial Measures |
Definition | Reason for use | ||||||
|---|---|---|---|---|---|---|---|---|
| Capital employed Investment Properties (IP) SEK M |
Total assets - tax assets |
- deposits in internal bank | 8,333 -30 - |
Measures capital usage and efficiency in Investment Properties. |
||||
| - non-interest-bearing liabilities (excluding tax liabilities) | -209 8,094 |
|||||||
| Capital employed average | Calculated on the basis of five measuring points; see below. | |||||||
| ROCE in RD segment, rolling 12 months, % |
Operating income, segment + capitalized interest expense +/- financial income and other financial items - interest income from internal bank Adjusted profit |
Measures performance (profitability and capital efficiency) in RD. |
||||||
| ROCE RD Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 |
Capital employed average Average Capital employed |
12,340 12,446 13,601 14,132 15,387 |
x 0,5 x 0,5 |
6,170 12,446 13,601 14,132 7,694 54,043 /4 |
13,511 3.6% 13,511 |
|||
| ROCE in CD segment, rolling 12 months, % |
Adjusted profit ROCE CD Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 |
Operating income, segment + capitalized interest expense +/- financial income and other financial items - interest income from internal bank Capital employed average Average Capital employed |
40,715 42,305 44,076 42,478 43,493 |
x 0,5 x 0,5 |
20,357 42,305 44,076 42,478 21,747 170,963 /4 |
42,741 0.7% |
204 70 26 0 301 42,741 |
Measures performance (profitability and capital efficiency) in CD. |
| ROCE in IP segment, rolling 12 months, % |
Operating income Adjusted profit ROCE IP Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 |
+/- financial income and other financial items - interest income from internal bank Capital employed average Average Capital employed |
8,094 8,093 8,364 7,675 7,671 |
x 0,5 x 0,5 |
4,047 8,093 8,364 7,675 3,836 32,014 /4 |
8,004 3.9% |
313 1 - 313 8,004 |
Measures performance (profitability and capital efficiency) in IP. |
| ROCE in Project Development, segment, rolling 12 months, % |
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. Adjusted profit RD 480 CD 301 |
CE avg ROCE 13,511 3.6% 42,741 0.7% |
Measures the performance (profitability and capital efficiency) in Project Development. |
|||||
| Return on equity segment, rolling 12 months, % |
5,720 / 60,140 = | Profit attributable to the parent company's equity holders as a percentage of average equity attributable to equity holders. |
781 | 56,251 | 1.4% 9.5 |
Measures profitability on invested equity. |
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. Q2 2025 58,848 x 0,5 29,424 Q1 2025 61,620 61,620 Q4 2024 62,466 62,466 Q3 2024 57,987 57,987 Q2 2024 58,128 x 0,5 29,064 240,561 /4 60,140 |
|||
| 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. Q2 2025 -29,864 x 0,5 -14,932 Q1 2025 -31,909 -31,909 Q4 2024 -34,497 -34,497 Q3 2024 -30,974 -30,974 Q2 2024 -27,990 x 0,5 -13,995 -126,307 /4 -31,577 |
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 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 58.8 Unrealized surplus value in RD 3.1 Unrealized development gains in CD 4.4 Effect on unrealized equity in PPP portfolio 0.7 Less standard corporate tax, 10% -0.8 Adjusted equity 66.3 |
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-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | |
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Construction ¹ | 81,644 | 75,355 | 3,323 | 4,432 | 84,967 | 79,787 | 2,851 | 2,211 |
| Residential Development | 3,493 | 4,177 | - | - | 3,493 | 4,177 | 289 | 12 |
| Commercial Property Development | 1,384 | 4,099 | 5 | 2,556 | 1,389 | 6,656 | -15 | 901 |
| Investment Properties | 208 | 131 | 25 | 11 | 233 | 142 | 160 | 158 |
| Total operating segments | 86,728 | 83,763 | 3,353 | 6,999 | 90,081 | 90,762 | 3,285 | 3,282 |
| Central | 143 | 4 | 1 | - | 144 | 4 | -374 | -219 |
| Eliminations | - | - | -3,354 | -6,999 | -3,354 | -6,999 | -15 | 13 |
| Total Group | 86,872 | 83,768 | - | - | 86,872 | 83,768 | 2,896 | 3,076 |
| Reconciliation to IFRS ² | 3,039 | -2,036 | - | - | 3,039 | -2,036 | 376 | -553 |
| Total IFRS | 89,911 | 81,732 | - | - | 89,911 | 81,732 | 3,272 | 2,523 |
| 1 Of which external revenue from joint ventures in PPP portfolio | 19 | 110 | - | - | - | - | - | - |
| 2 Of which effect from joint ventures in Residential Development proportionally | -64 | -263 | - | - | - | - | 2 | -9 |
| Of which effect of different revenue recognition principles | 3,103 | -1,773 | - | - | - | - | 374 | -544 |
Revenue by geographical area (IFRS)
| Commercial Property | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Construction | Residential Development | Development | Investment Properties | Central and Eliminations | Total | |||||||
| Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | |
| SEK M | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Nordics | 27,795 | 28,142 | 2,631 | 3,612 | 3,202 | 3,046 | 233 | 142 | -1,690 | -4,799 | 32,171 | 30,144 |
| of which Sweden | 14,479 | 14,318 | 1,057 | 1,659 | 1,271 | 2,905 | 233 | 142 | -1,067 | -3,912 | 15,973 | 15,112 |
| Europe | 12,550 | 11,150 | 745 | 880 | 757 | 1,084 | - | - | -502 | -765 | 13,551 | 12,349 |
| USA | 44,621 | 40,495 | - | - | 384 | 175 | - | - | -816 | -1,431 | 44,190 | 39,239 |
| Total operating segments | 84,967 | 79,787 | 3,376 | 4,492 | 4,343 | 4,305 | 233 | 142 | -3,008 | -6,994 | 89,911 | 81,732 |
| Segment | IFRS | Segment | IFRS | Segment | IFRS | Segment | IFRS | |
|---|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | |
| SEK M | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Revenue | ||||||||
| Construction | 43,125 | 43,125 | 43,589 | 43,589 | 84,967 | 84,967 | 79,787 | 79,787 |
| Residential Development | 2,006 | 1,376 | 2,150 | 2,373 | 3,493 | 3,376 | 4,177 | 4,492 |
| Commercial Property Development | 1,043 | 3,224 | 6,293 | 3,742 | 1,389 | 4,343 | 6,656 | 4,305 |
| Investment Properties | 118 | 118 | 72 | 72 | 233 | 233 | 142 | 142 |
| Central and Eliminations | -1,741 | -1,684 | -4,725 | -4,725 | -3,210 | -3,008 | -6,994 | -6,994 |
| Skanska Group | 44,551 | 46,158 | 47,378 | 45,051 | 86,872 | 89,911 | 83,768 | 81,732 |
| Operating income | ||||||||
| Construction | 1,672 | 1,672 | 1,542 | 1,542 | 2,851 | 2,851 | 2,211 | 2,211 |
| Residential Development | 226 | 78 | -11 | 22 | 289 | 216 | 12 | 34 |
| Commercial Property Development ¹ | 86 | 419 | 1,067 | 611 | -15 | 441 | 901 | 361 |
| Investment Properties | 80 | 80 | 108 | 108 | 160 | 160 | 158 | 158 |
| Central | -270 | -270 | -159 | -159 | -374 | -375 | -219 | -219 |
| of which PPP portfolio | 49 | 49 | 55 | 55 | 99 | 99 | 132 | 132 |
| Eliminations ¹ | 19 | 22 | 33 | -31 | -15 | -20 | 13 | -22 |
| Operating income | 1,813 | 2,001 | 2,580 | 2,093 | 2,896 | 3,272 | 3,076 | 2,523 |
| Net financial items | 130 | 133 | 146 | 146 | 381 | 385 | 371 | 375 |
| Income after financial items | 1,942 | 2,133 | 2,725 | 2,238 | 3,278 | 3,657 | 3,447 | 2,898 |
| Income taxes | -414 | -454 | -656 | -537 | -759 | -847 | -853 | -717 |
| Profit for the period | 1,528 | 1,680 | 2,069 | 1,701 | 2,519 | 2,810 | 2,594 | 2,181 |
| Earnings for the period per share, SEK ² | 3.69 | 5.03 | 6.08 | 6.31 | ||||
| Earnings for the period per share according to IFRS, SEK ² | 4.05 | 4.13 | 6.79 | 5.30 | ||||
| 1 Of which gains from divestments of commercial properties reported in: | ||||||||
| Commercial Property Development | 215 | 548 | 1,191 | 735 | 243 | 699 | 1,318 | 778 |
| Eliminations | 33 | 17 | 15 | 12 | 40 | 17 | 24 | -5 |
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 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 46,158 | 45,051 | 89,911 | 81,732 | 184,661 | 176,481 |
| Cost of sales | -42,135 | -41,426 | -82,561 | -75,739 | -168,823 | -162,001 |
| Gross income | 4,023 | 3,625 | 7,350 | 5,993 | 15,837 | 14,480 |
| Selling and administrative expenses | -2,080 | -2,275 | -4,178 | -4,282 | -8,620 | -8,724 |
| Change in value, investment properties | - | 681 | - | 681 | 56 | 737 |
| Income from joint ventures and associated companies | 58 | 62 | 101 | 131 | 223 | 253 |
| Operating income | 2,001 | 2,093 | 3,272 | 2,523 | 7,496 | 6,748 |
| Financial income | 243 | 232 | 600 | 571 | 1,213 | 1,185 |
| Financial expenses | -111 | -86 | -215 | -197 | -535 | -517 |
| Net financial items ¹ | 133 | 146 | 385 | 375 | 678 | 667 |
| Income after financial items | 2,133 | 2,238 | 3,657 | 2,898 | 8,174 | 7,415 |
| Income taxes | -454 | -537 | -847 | -717 | -1,961 | -1,831 |
| Profit for the period | 1,680 | 1,701 | 2,810 | 2,181 | 6,214 | 5,584 |
| 1 Of which | ||||||
| Interest income | 243 | 227 | 517 | 518 | 1,130 | 1,131 |
| Financial net pension costs | 18 | 7 | 38 | 11 | 48 | 22 |
| Interest expenses | -156 | -163 | -296 | -336 | -718 | -758 |
| Interest expenses from lease liabilities | -70 | -68 | -140 | -134 | -283 | -277 |
| Capitalized interest expenses | 121 | 167 | 248 | 339 | 537 | 628 |
| Net interest items | 156 | 170 | 367 | 399 | 714 | 746 |
| Change in fair value | 5 | -2 | 4 | -23 | 4 | -23 |
| Other net financial items | -28 | -23 | 15 | -1 | -40 | -56 |
| Net financial items | 133 | 146 | 385 | 375 | 678 | 667 |
| Profit for the period attributable to: | ||||||
| the parent company´s equity holders | 1,671 | 1,696 | 2,797 | 2,175 | 6,174 | 5,552 |
| non-controlling interests | 9 | 5 | 13 | 5 | 40 | 32 |
| Earnings per share, SEK ² | 4.05 | 4.13 | 6.79 | 5.30 | 15.01 | 13.51 |
| Earnings per share after dilution, SEK ³ | 4.03 | 4.10 | 6.74 | 5.25 | 14.89 | 13.40 |
2 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding.
3 Earnings for the period attributable to the parent company´s equity holders divided by the average number of shares outstanding after dilution.
Statement of profit or loss and other comprehensive income (IFRS)
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Profit for the period | 1,680 | 1,701 | 2,810 | 2,181 | 6,214 | 5,584 |
| Other comprehensive income | ||||||
| Items that will not be reclassified to profit and loss for the period | ||||||
| Remeasurements of defined-benefit pension plans | -636 | -144 | -370 | 837 | -35 | 1,171 |
| Tax related to items that will not be reclassified to profit and loss for the period |
134 | 25 | 80 | -181 | 25 | -236 |
| -502 | -119 | -290 | 656 | -10 | 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 |
-689 | 4 | -2,813 | 1,250 | -2,247 | 1,816 |
| Translation differences attributable to non-controlling interests | 6 | -0 | -2 | 2 | -1 | 2 |
| Hedging of exchange rate risk in foreign operations | -17 | -12 | -55 | 25 | -46 | 34 |
| Effects of cash flow hedges ¹ | 47 | 7 | -20 | -16 | 10 | 14 |
| Share of other comprehensive income of joint ventures and associated companies ² |
-15 | -3 | -6 | 15 | 1 | 22 |
| Tax related to items that have been or will be reclassified to profit and loss for the period |
-2 | -2 | 7 | -5 | 6 | -7 |
| -670 | -6 | -2,888 | 1,270 | -2,277 | 1,881 | |
| Other comprehensive income after tax | -1,172 | -125 | -3,178 | 1,927 | -2,288 | 2,817 |
| Total comprehensive income | 508 | 1,576 | -368 | 4,107 | 3,926 | 8,401 |
| Total comprehensive income for the period attributable to | ||||||
| the parent company´s equity holders | 493 | 1,571 | -379 | 4,100 | 3,888 | 8,367 |
| non-controlling interests | 14 | 4 | 11 | 8 | 38 | 34 |
| 1 Of which transferred to income statement | -6 | 4 | -6 | 5 | -5 | 7 |
| 2 Of which transferred to income statement | 7 | 0 | 13 | 1 | 18 | 6 |
Condensed statement of financial position (IFRS)
| SEK M | Jun 30, 2025 | Jun 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Investment Properties | 8,173 | 7,742 | 8,154 |
| Property, plant and equipment | 8,763 | 8,595 | 9,061 |
| Property, plant and equipment right-of-use assets | 2,808 | 3,082 | 2,977 |
| Goodwill | 3,877 | 4,050 | 4,082 |
| Other intangible assets | 227 | 298 | 256 |
| Investments in joint ventures and associated companies | 2,214 | 2,056 | 2,214 |
| Non-current financial assets ¹ ³ | 5,806 | 5,695 | 4,987 |
| Deferred tax assets | 2,095 | 2,641 | 2,230 |
| Total non-current assets | 33,963 | 34,158 | 33,961 |
| Current assets | |||
| Current-asset properties ² | 51,374 | 59,240 | 56,914 |
| Current-asset properties right-of-use land | 3,387 | 3,790 | 3,771 |
| Inventories | 1,105 | 1,229 | 1,064 |
| Tax assets | 1,626 | 1,537 | 1,371 |
| Contract assets | 9,410 | 9,180 | 7,769 |
| Trade and other receivables | 34,452 | 31,766 | 34,073 |
| Current financial assets ³ | 8,120 | 8,980 | 10,247 |
| Short-term investments | 6,711 | 99 | 3,613 |
| Cash and cash equivalents | 11,585 | 11,544 | 18,426 |
| Total current assets | 127,769 | 127,365 | 137,246 |
| TOTAL ASSETS | 161,733 | 161,524 | 171,207 |
| of which interest-bearing non-current financial assets | 5,689 | 5,597 | 4,917 |
| of which interest-bearing current assets | 26,336 | 20,498 | 32,202 |
| Total interest-bearing assets | 32,025 | 26,095 | 37,119 |
| EQUITY | |||
| Equity attributable to the parent company´s equity holders | 58,848 | 58,128 | 62,466 |
| Non-controlling interests | 162 | 123 | 151 |
| Total equity | 59,010 | 58,251 | 62,617 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current financial liabilities ³ | 7,570 | 9,481 | 8,790 |
| Lease liabilities | 5,766 | 6,356 | 6,123 |
| Pensions | 2,803 | 2,903 | 2,603 |
| Deferred tax liabilities | 2,865 | 2,385 | 2,424 |
| Total non-current liabilities | 19,004 | 21,125 | 19,940 |
| Current liabilities | |||
| Current financial liabilities ³ | 3,002 | 3,310 | 3,291 |
| Lease liabilities | 1,022 | 875 | 1,007 |
| Tax liabilities | 510 | 293 | 685 |
| Current provisions | 10,061 | 10,350 | 10,959 |
| Contract liabilities | 24,981 | 23,294 | 26,807 |
| Trade and other payables | 44,141 | 44,025 | 45,900 |
| Total current liabilities | 83,718 | 82,147 | 88,650 |
| TOTAL EQUITY AND LIABILITIES | 161,733 | 161,524 | 171,207 |
| of which interest-bearing financial liabilities | 17,197 | 19,949 | 19,163 |
| of which interest-bearing pensions and provisions | 2,803 | 2,903 | 2,603 |
| Total interest-bearing liabilities | 20,000 | 22,852 | 21,766 |
| 1 Of which shares and participations | 38 | 39 | 39 |
| 2 Current-asset properties | |||
| Commercial Property Development | 35,748 | 39,799 | 39,788 |
| Residential Development | 15,625 | 19,441 | 17,126 |
| 3 Items regarding non-interest-bearing unrealized changes in derivatives/financial instruments are included in the following amounts: Non-current financial assets |
80 | 59 | 32 |
| Current financial assets | 80 | 125 | 83 |
| Non-current financial liabilities | 1 | 1 | 1 |
| Current financial liabilities | 162 | 72 | 48 |
Contingent liabilities, excluding partners' share in joint operations, as of Jun 30, 2025 amounted to SEK 1.3 bn (Dec 31, 2024: 1.4). Skanska's obligations for partners' share of future performance in joint operations amounted to SEK 21.5 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 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Opening balance | 61,768 | 56,657 | 62,617 | 56,347 | 56,347 |
| of which non-controlling interests | 148 | 149 | 151 | 146 | 146 |
| Dividend to the parent company´s shareholders | -3,295 | 0 | -3,295 | -2,257 | -2,257 |
| Dividend to non-controlling interests | -0 | -30 | - | -30 | -29 |
| Effects of share-based payments | 69 | 88 | 145 | 194 | 362 |
| Repurchase of Class B shares | -40 | -40 | -89 | -111 | -207 |
| Total comprehensive income for the period attributable to | |||||
| the parent company´s equity holders | 493 | 1,571 | -379 | 4,100 | 8,367 |
| non-controlling interests | 14 | 4 | 11 | 8 | 34 |
| Closing balance | 59,010 | 58,251 | 59,010 | 58,251 | 62,617 |
| of which non-controlling interests | 162 | 123 | 162 | 123 | 151 |
Condensed consolidated cash flow statement (IAS 7) (IFRS)
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before change in working capital, according to IAS 7 |
1,486 | 1,261 | 2,339 | 809 | 5,844 | 4,314 |
| Cash flow from change in working capital, according to IAS 7 | 500 | 158 | 67 | -4,673 | 9,539 | 4,799 |
| Net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
-581 | -622 | -1,168 | -1,157 | -2,503 | -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 |
-102 | -150 | -66 | -133 | -234 | -302 |
| Cash flow from business operations including taxes paid according to operating cash flow |
1,302 | 646 | 1,172 | -4,564 | 12,646 | 6,910 |
| Less net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
581 | 622 | 1,168 | 1,157 | 2,503 | 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 |
102 | 150 | 66 | 133 | 234 | 302 |
| Cash flow from operating activities, according to IAS 7 | 1,986 | 1,419 | 2,406 | -3,864 | 15,383 | 9,113 |
| Cash flow from strategic net divestments(+)/ investments(-) according to operating cash flow |
1 | - | 30 | - | 32 | 2 |
| Net investments in shares, property, plant and equipment and intangible assets (including investment properties) |
-581 | -622 | -1,168 | -1,157 | -2,503 | -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 | 255 | 229 | 717 | 722 | 1,440 | 1,444 |
| Increase and decrease in interest-bearing receivables | -2,156 | 130 | -2,934 | -1,451 | -6,795 | -5,312 |
| Cash flow from investing activities, according to IAS 7 | -2,481 | -263 | -3,355 | -1,296 | -7,826 | -5,767 |
| Cash flow from financing activities according to operating cash-flow statement |
-2 | -305 | -121 | 51 | -337 | -164 |
| Capitalized interest paid | -115 | -152 | -237 | -307 | -516 | -585 |
| Less interest and other dividend received | -243 | -228 | -546 | -548 | -1,158 | -1,160 |
| Change in interest-bearing receivables and liabilities excluding lease liabilities |
-2,725 | 1,164 | -4,327 | 580 | -8,659 | -3,752 |
| Less increase and decrease in interest-bearing receivables | 2,156 | -130 | 2,934 | 1,451 | 6,795 | 5,312 |
| Dividend etc. ¹ | -3,335 | -2,327 | -3,384 | -2,397 | -3,480 | -2,493 |
| Cash flow from financing activities, according to IAS 7 | -4,264 | -1,976 | -5,681 | -1,170 | -7,354 | -2,843 |
| Cash flow for the period | -4,759 | -821 | -6,630 | -6,330 | 203 | 502 |
| 1 Of which repurchase of Class B shares | -40 | -40 | -89 | -111 | -185 | -207 |
Operating cash flow (IFRS), supplementary information
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Construction | ||||||
| Cash flow from business operations | 2,385 | 2,122 | 4,156 | 3,368 | 8,851 | 8,062 |
| Change in working capital | -1,156 | 588 | -1,663 | -2,063 | 4,352 | 3,952 |
| Net divestments(+)/investments(-) | -539 | -597 | -1,055 | -1,107 | -2,253 | -2,305 |
| Cash flow adjustment | - | - | - | - | - | - |
| Total Construction | 690 | 2,113 | 1,439 | 197 | 10,951 | 9,709 |
| Residential Development | ||||||
| Cash flow from business operations | -121 | -213 | -260 | -476 | -788 | -1,005 |
| Change in working capital | 249 | -993 | -90 | -2,121 | -598 | -2,630 |
| Net divestments(+)/investments(-) | 210 | 1,206 | 1,303 | 2,162 | 4,334 | 5,193 |
| Cash flow adjustment | - | - | - | - | -59 | -59 |
| Total Residential Development | 337 | 0 | 954 | -435 | 2,889 | 1,500 |
| Commercial Property Development | ||||||
| Cash flow from business operations | -127 | -119 | -241 | -235 | -575 | -570 |
| Change in working capital | -676 | -13 | -1,677 | -357 | -2,303 | -984 |
| Net divestments(+)/investments(-) | 1,829 | 1,521 | 1,689 | 77 | 3,217 | 1,606 |
| Cash flow adjustment | 52 | 177 | -58 | -251 | -58 | -250 |
| Total Commercial Property Development | 1,078 | 1,566 | -286 | -766 | 281 | -198 |
| Investment Properties | ||||||
| Cash flow from business operations | 80 | 50 | 160 | 100 | 309 | 250 |
| Change in working capital | 11 | 61 | 1 | 29 | 4 | 32 |
| Net divestments(+)/investments(-) | -12 | -2,548 | -19 | -2,559 | -428 | -2,968 |
| Cash flow adjustment | -1 | -1 | - | -3 | 1 | -2 |
| Total Investment Properties | 79 | -2,437 | 141 | -2,433 | -114 | -2,688 |
| Central and Eliminations | ||||||
| Cash flow from business operations | -398 | -203 | -487 | -169 | -746 | -428 |
| Change in working capital | -282 | -15 | -167 | 56 | -76 | 147 |
| Net divestments(+)/investments(-) | 96 | -2 | 397 | 0 | 387 | -10 |
| of which PPP-portfolio | - | - | 12 | 11 | 24 | 23 |
| Cash flow adjustment | 22 | - | - | 590 | - | 590 |
| Total Central and Eliminations | -562 | -220 | -257 | 477 | -435 | 299 |
| Total cash flow from business operations | 1,819 | 1,638 | 3,329 | 2,587 | 7,051 | 6,309 |
| Total change in working capital | -1,854 | -372 | -3,595 | -4,457 | 1,379 | 517 |
| Total net divestments(+)/investments(-) | 1,585 | -421 | 2,315 | -1,427 | 5,258 | 1,516 |
| Total cash flow adjustment | 73 | 176 | -58 | 336 | -116 | 279 |
| Cash flow from business operations before taxes paid | 1,623 | 1,022 | 1,991 | -2,960 | 13,572 | 8,621 |
| Taxes paid in business operations | -320 | -375 | -818 | -1,604 | -926 | -1,712 |
| Cash flow from business operations including taxes paid | 1,302 | 646 | 1,172 | -4,564 | 12,646 | 6,910 |
| Net interest items, other net financial items and amortization of lease | ||||||
| liabilities | -2 | -305 | -121 | 51 | -337 | -164 |
| Cash flow from financing activities | -2 | -305 | -121 | 51 | -337 | -164 |
| Operating cash flow from operations | 1,300 | 342 | 1,051 | -4,513 | 12,310 | 6,745 |
| Strategic net divestments(+)/investments(-) | 1 | - | 30 | - | 32 | 2 |
| Dividend etc. ¹ | -3,335 | -2,327 | -3,384 | -2,397 | -3,480 | -2,493 |
| Cash flow before change in interest-bearing receivables and liabilities | -2,034 | -1,985 | -2,303 | -6,911 | 8,862 | 4,254 |
| Change in interest-bearing receivables and liabilities excluding lease liabilities |
-2,725 | 1,164 | -4,327 | 580 | -8,659 | -3,752 |
| Cash flow for the period | -4,759 | -821 | -6,630 | -6,330 | 203 | 502 |
| Cash and cash equivalents at the beginning of the period | 16,650 | 12,097 | 18,426 | 17,912 | 11,544 | 17,912 |
| Exchange rate differences in cash and cash equivalents | -306 | 268 | -211 | -38 | -162 | 11 |
| Cash and cash equivalents at the end of the period | 11,585 | 11,544 | 11,585 | 11,544 | 11,585 | 18,426 |
| 1 Of which repurchase of Class B shares | -40 | -40 | -89 | -111 | -185 | -207 |
Group net divestments(+)/investments (-) (IFRS)
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| OPERATIONS - INVESTMENTS | ||||||
| Investment Properties | -12 | -8 | -19 | -19 | -44 | -44 |
| Intangible assets | -9 | -3 | -14 | -6 | -19 | -11 |
| Property, plant and equipment | -614 | -669 | -1,208 | -1,333 | -2,541 | -2,666 |
| Shares and participations | -27 | -2 | -72 | -10 | -191 | -129 |
| Current-asset properties | -2,109 | -3,027 | -3,836 | -5,879 | -8,559 | -10,602 |
| of which Residential Development | -1,111 | -1,141 | -1,970 | -2,255 | -4,178 | -4,463 |
| of which Commercial Property Development | -998 | -1,886 | -1,866 | -3,625 | -4,381 | -6,139 |
| Investments in operations | -2,770 | -3,709 | -5,148 | -7,247 | -11,353 | -13,452 |
| STRATEGIC INVESTMENTS | ||||||
| Businesses | -1 | - | -3 | - | -3 | - |
| Strategic investments | -1 | - | -3 | - | -3 | - |
| Total investments | -2,771 | -3,709 | -5,151 | -7,247 | -11,356 | -13,452 |
| OPERATIONS - DIVESTMENTS | ||||||
| Intangible assets | - | 0 | - | 0 | 4 | 4 |
| Property, plant and equipment | 77 | 60 | 129 | 199 | 253 | 323 |
| Shares and participations | 3 | -0 | 15 | 11 | 35 | 31 |
| Current-asset properties | 4,275 | 3,229 | 7,319 | 5,610 | 16,319 | 14,610 |
| of which Residential Development | 1,422 | 2,350 | 3,667 | 4,432 | 8,997 | 9,762 |
| of which Commercial Property Development | 2,853 | 878 | 3,651 | 1,178 | 7,322 | 4,848 |
| Divestments in operation | 4,355 | 3,288 | 7,463 | 5,821 | 16,611 | 14,968 |
| STRATEGIC DIVESTMENTS | ||||||
| Businesses | 2 | - | 33 | - | 35 | 2 |
| Strategic divestments | 2 | - | 33 | - | 35 | 2 |
| Total divestments | 4,357 | 3,288 | 7,496 | 5,821 | 16,646 | 14,970 |
| TOTAL NET DIVESTMENTS(+)/INVESTMENTS(-) | 1,586 | -421 | 2,345 | -1,427 | 5,290 | 1,518 |
| Depreciation, non-current assets | -678 | -701 | -1,372 | -1,371 | -2,713 | -2,712 |
Capital employed in Project Development and Investment Properties (IFRS)
| SEK M | Jun 30, 2025 | Jun 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| Residential Development | 12,340 | 15,387 | 13,601 |
| Commercial Property Development | 40,715 | 43,493 | 44,076 |
| Investment Properties | 8,094 | 7,671 | 8,364 |
| Total in Project Development and Investment Properties | 61,149 | 66,551 | 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 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| Revenue | 375 | 346 | 687 | 634 |
| Selling and administrative expenses | -403 | -321 | -691 | -566 |
| Operating income | -28 | 25 | -4 | 68 |
| Net financial items | 4,555 | 6,360 | 4,734 | 6,560 |
| Income after financial items | 4,528 | 6,385 | 4,730 | 6,628 |
| Income taxes | -26 | -45 | -68 | -96 |
| Profit for the period | 4,502 | 6,340 | 4,662 | 6,532 |
| Total comprehensive income | 4,502 | 6,340 | 4,662 | 6,532 |
Condensed balance sheet (RFR2)
| SEK M | Jun 30, 2025 | Jun 30, 2024 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current intangible assets | 5 | 7 | 5 |
| Property, plant and equipment | 42 | 25 | 24 |
| Non-current financial assets ² | 37,549 | 35,212 | 36,490 |
| Total non-current assets | 37,596 | 35,244 | 36,519 |
| Current receivables | 282 | 370 | 391 |
| Total current assets | 282 | 370 | 391 |
| TOTAL ASSETS | 37,878 | 35,614 | 36,910 |
| EQUITY AND LIABILITIES | |||
| Equity ³ | 37,391 | 35,168 | 36,108 |
| Provisions | 180 | 166 | 204 |
| Non-current interest-bearing liabilities ² | 3 | 5 | 3 |
| Current liabilities | 305 | 275 | 595 |
| TOTAL EQUITY AND LIABILITIES | 37,878 | 35,614 | 36,910 |
1 As a parent company in an IFRS group, Skanska AB applies RFR2 in its accounting.
2 Of which SEK 12,899 M (Dec 31, 2024:12,971) were shares in Group companies, SEK 24,489 M (Dec 31, 2024: 23,356), intra-Group receivables and SEK 64 M (Dec 31, 2024: 64) intra-Group liabilities.
3 During the year SEK 4,400 M (Dec 31, 2024: 6,150) in dividend has been received from Group company.
The parent company's contingent liabilities totaled SEK 189.8 bn on Jun 30, 2025 (Dec 31, 2024:184.5), of which SEK 180.3 bn (Dec 31, 2024: 177.3) were related to obligations on behalf of Group companies. Other obligations, SEK 9.5 bn (Dec 31, 2024: 7.2), were related to commitments to outside parties of which SEK 6.4 bn (Dec 31, 2024: 3.9) relates to partners' future performance in the Group's joint operations.
Share data
| Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 | |
|---|---|---|---|---|---|
| Earnings per share according to segment reporting, SEK ¹ | 3.69 | 5.03 | 6.08 | 6.31 | 14.12 |
| Earnings per share, SEK ¹ | 4.05 | 4.13 | 6.79 | 5.30 | 13.51 |
| Earnings per share after dilution, SEK ² | 4.03 | 4.10 | 6.74 | 5.25 | 13.40 |
| Equity per share, SEK ³ | 142.68 | 141.50 | 142.68 | 141.50 | 151.79 |
| Adjusted equity per share, SEK ⁴ | 160.71 | 160.87 | 160.71 | 160.87 | 170.50 |
| Average number of shares outstanding | 412,205,874 | 410,638,540 | 411,988,584 | 410,480,773 | 410,828,510 |
| Average number of shares outstanding after dilution | 415,234,354 | 414,290,914 | 415,017,065 | 414,133,147 | 414,305,022 |
| Average dilution, % | -0.12 | -0.09 | 0.73 | 0.88 | 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 | 229.67 | 190.68 | 239.54 | 188.53 | 199.53 |
| Number of Class B shares repurchased | 35,787,271 | 34,970,728 | 35,787,271 | 34,970,728 | 35,417,271 |
| of which Class B shares repurchased during the period | 170,000 | 210,000 | 370,000 | 590,000 | 1,036,543 |
| Number of Class B shares in Skanska's own custody | 7,461,318 | 9,116,467 | 7,461,318 | 9,116,467 | 8,381,408 |
| Number of shares outstanding | 412,441,754 | 410,786,605 | 412,441,754 | 410,786,605 | 411,521,664 |
1 Earnings for the period attributable to equity holders divided by the average number of shares outstanding.
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.
Five-year Group financial summary
| SEK M | Rolling 12 months | Jan-Dec 2024 | Jan-Dec 2023 | Jan-Dec 2022 | Jan-Dec 2021 |
|---|---|---|---|---|---|
| Revenue | 180,312 | 177,208 | 157,052 | 161,602 | 147,576 |
| Operating income | 6,907 | 7,087 | 3,231 | 9,297 | 9,832 |
| Profit for the period | 5,760 | 5,835 | 3,272 | 7,702 | 8,188 |
| Earnings per share, SEK | 13.90 | 14.12 | 7.89 | 18.62 | 19.80 |
| Return on capital employed, % | 9.9 | 10.3 | 5.4 | 14.1 | 15.9 |
| Return on equity, % | 9.5 | 10.0 | 5.8 | 15.8 | 20.1 |
| Operating margin, % | 3.8 | 4.0 | 2.1 | 5.8 | 6.7 |
| Return on capital employed accoding to IFRS, % | 10.6 | 9.9 | 8.2 | 15.2 | 13.5 |
| Cash flow per share according to IFRS, SEK ¹ | 21.60 | 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-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 | Jun 30, 2025 | Jun 30, 2024 | Dec 31, 2024 | ||
| US dollar | 10.16 | 10.54 | 10.57 | 9.49 | 10.64 | 10.99 | ||
| British pound | 13.17 | 13.33 | 13.51 | 13.00 | 13.44 | 13.85 | ||
| Norwegian krone | 0.95 | 0.99 | 0.98 | 0.94 | 1.00 | 0.97 | ||
| Euro | 11.09 | 11.40 | 11.44 | 11.13 | 11.38 | 11.49 | ||
| Czech koruna | 0.44 | 0.46 | 0.46 | 0.45 | 0.45 | 0.46 | ||
| Polish zloty | 2.62 | 2.64 | 2.66 | 2.62 | 2.64 | 2.69 |
Construction
Revenue and earnings
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 43,125 | 43,589 | 84,967 | 79,787 | 173,734 | 168,554 |
| Gross income | 3,191 | 3,257 | 6,036 | 5,488 | 12,927 | 12,378 |
| Selling and administrative expenses | -1,526 | -1,722 | -3,182 | -3,272 | -6,449 | -6,538 |
| Income from joint ventures and associated companies | 8 | 7 | -4 | -6 | 16 | 14 |
| Operating income | 1,672 | 1,542 | 2,851 | 2,211 | 6,495 | 5,854 |
| Investments | -617 | -661 | -1,187 | -1,307 | -2,512 | -2,632 |
| Divestments | 79 | 64 | 162 | 199 | 289 | 327 |
| Net divestments(+)/investments(-) | -538 | -597 | -1,025 | -1,107 | -2,223 | -2,305 |
| Gross margin, % | 7.4 | 7.5 | 7.1 | 6.9 | 7.4 | 7.3 |
| Selling and administrative expenses, % | -3.5 | -4.0 | -3.7 | -4.1 | -3.7 | -3.9 |
| Operating margin, % | 3.9 | 3.5 | 3.4 | 2.8 | 3.7 | 3.5 |
| Order bookings, SEK bn | 56.7 | 60.7 | 96.0 | 107.6 | 196.3 | 207.9 |
| Order backlog, SEK bn | 268.3 | 267.6 | 268.3 | 267.6 | 285.0 | |
| Average number of employees | 24,830 | 25,007 | 25,140 |
Revenue
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Nordics | 14,352 | 15,036 | 27,733 | 28,129 | 56,606 | 57,002 |
| of which Sweden | 7,811 | 7,777 | 14,392 | 14,218 | 30,074 | 29,900 |
| Europe | 6,914 | 6,080 | 12,613 | 11,163 | 25,946 | 24,497 |
| USA | 21,858 | 22,473 | 44,621 | 40,495 | 91,181 | 87,055 |
| Total | 43,125 | 43,589 | 84,967 | 79,787 | 173,734 | 168,554 |
Operating income Operating margin, %
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | 597 | 496 | 975 | 912 | 2,088 | 2,025 | 4.2 | 3.3 | 3.5 | 3.2 | 3.7 | 3.6 |
| of which Sweden | 326 | 309 | 480 | 456 | 1,136 | 1,112 | 4.2 | 4.0 | 3.3 | 3.2 | 3.8 | 3.7 |
| Europe | 276 | 231 | 308 | -103 | 853 | 442 | 4.0 | 3.8 | 2.4 | -0.9 | 3.3 | 1.8 |
| USA | 798 | 814 | 1,568 | 1,402 | 3,553 | 3,387 | 3.7 | 3.6 | 3.5 | 3.5 | 3.9 | 3.9 |
| Total | 1,672 | 1,542 | 2,851 | 2,211 | 6,495 | 5,854 | 3.9 | 3.5 | 3.4 | 2.8 | 3.7 | 3.5 |
| Order backlog | Order bookings | R-12, % | Book-to-build, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, | Jun 30, | Dec 31, | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | Jun 30, | Jun 30, | Dec 31, | |
| SEK M | 2025 | 2024 | 2024 | 2025 | 2024 | 2025 | 2024 | months | 2024 | 2025 | 2024 | 2024 |
| Nordics | 74,195 | 72,364 | 68,646 | 19,705 | 14,026 | 34,432 | 26,927 | 60,506 | 53,001 | 107 | 82 | 93 |
| of which Sweden | 32,378 | 29,636 | 29,715 | 9,587 | 8,484 | 17,054 | 15,067 | 32,840 | 30,853 | 109 | 89 | 103 |
| Europe | 35,705 | 32,208 | 35,001 | 10,473 | 4,499 | 15,058 | 7,505 | 30,270 | 22,717 | 117 | 68 | 93 |
| USA | 158,357 | 163,020 | 181,350 | 26,546 | 42,143 | 46,503 | 73,147 | 105,532 | 132,176 | 116 | 151 | 152 |
| Total | 268,257 | 267,592 | 284,998 | 56,724 | 60,669 | 95,994 | 107,579 | 196,309 | 207,895 | 113 | 114 | 123 |
Residential Development
Revenue and earnings
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 2,006 | 2,150 | 3,493 | 4,177 | 7,618 | 8,302 |
| Gross income | 333 | 147 | 508 | 313 | 854 | 658 |
| Selling and administrative expenses | -107 | -158 | -219 | -301 | -523 | -605 |
| Operating income | 226 | -11 | 289 | 12 | 331 | 53 |
| Operating margin, % | 11.3 | -0.5 | 8.3 | 0.3 | 4.3 | 0.6 |
| Investments | -1,159 | -1,140 | -2,037 | -2,270 | -4,343 | -4,577 |
| Divestments | 1,369 | 2,346 | 3,340 | 4,432 | 8,677 | 9,770 |
| Net divestments(+)/investments(-) | 210 | 1,206 | 1,303 | 2,162 | 4,334 | 5,193 |
| Capital employed, SEK bn | 12.3 | 15.4 | 12.3 | 15.4 | 13.6 | |
| Return on capital employed, % ¹ | 3.6 | -5.2 | 3.6 | -5.2 | 3.6 | 1.6 |
| Average number of employees | 274 | 431 | 421 |
1 Rolling 12 months. For definition see page 19.
Revenue
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Nordics | 917 | 1,738 | 1,882 | 3,185 | 4,513 | 5,816 |
| of which Sweden | 588 | 766 | 1,056 | 1,472 | 2,775 | 3,191 |
| Europe | 1,089 | 412 | 1,610 | 992 | 3,105 | 2,487 |
| Total | 2,006 | 2,150 | 3,493 | 4,177 | 7,618 | 8,302 |
| Operating income 1 | Operating margin, % 1 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | ||
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 | 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | 10 | -0 | 6 | 13 | -42 | -35 | 1.1 | -0.0 | 0.3 | 0.4 | -0.9 | -0.6 | |
| of which Sweden | -2 | -51 | 2 | -81 | -119 | -202 | -0.3 | -6.7 | 0.2 | -5.5 | -4.3 | -6.3 | |
| Europe | 216 | -10 | 283 | -1 | 373 | 88 | 19.8 | -2.5 | 17.6 | -0.1 | 12.0 | 3.6 | |
| Total | 226 | -11 | 289 | 12 | 331 | 53 | 11.3 | -0.5 | 8.3 | 0.3 | 4.3 | 0.6 |
1 Development gain only. Construction margin reported under Construction.
Homes started Homes sold
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | 109 | 37 | 178 | 119 | 648 | 588 |
| of which Sweden | 63 | - | 132 | 20 | 449 | 337 |
| Europe | 311 | - | 445 | 377 | 782 | 714 |
| Total | 420 | 37 | 623 | 496 | 1,429 | 1,302 |
| Jan-Dec | Rolling 12 | Jan-Jun | Jan-Jun | Apr-Jun | Apr-Jun |
|---|---|---|---|---|---|
| 2024 | months | 2024 | 2025 | 2024 | 2025 |
| 1,393 | 1,013 | 760 | 379 | 425 | 153 |
| 900 | 710 | 424 | 234 | 223 | 104 |
| 663 | 792 | 266 | 395 | 90 | 256 |
| 2,056 | 1,804 | 1,026 | 774 | 515 | 409 |
Homes under construction
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Nordics | 1,136 | 1,854 | 1,661 |
| of which Sweden | 662 | 791 | 894 |
| Europe | 1,373 | 1,511 | 1,257 |
| Total | 2,509 | 3,365 | 2,918 |
Completed unsold, number of
| homes | ||
|---|---|---|
| Jun 30, | Jun 30, | Dec 31, |
| 2025 | 2024 | 2024 |
| 501 | 642 | 456 |
| 291 | 528 | 244 |
| 15 | 29 | 21 |
| 516 | 671 | 477 |
Homes under construction of which sold, %
| Jun 30, | Jun 30, | Dec 31, |
|---|---|---|
| 2025 | 2024 | 2024 |
| 38 | 50 | 43 |
| 26 | 35 | 29 |
| 63 | 65 | 65 |
| 52 | 57 | 52 |
Commercial Property Development
Revenue and earnings
| 6,293 5,969 1,259 -190 -1 1,067 |
1,389 697 331 -346 - -15 |
6,656 6,069 1,289 -386 -2 901 |
5,958 4,682 1,000 -796 -1 204 |
11,225 10,055 1,959 -836 -3 1,120 |
|---|---|---|---|---|
| 243 | 1,318 | 989 | 2,064 | |
| -69 | - | -222 | -122 | -345 |
| 15 | 40 | 24 | 122 | 106 |
| -1,898 | -1,962 | -3,641 | -4,488 | -6,167 |
| 3,419 | 3,651 | 3,718 | 7,706 | 7,773 |
| 1,521 | 1,689 | 77 | 3,217 | 1,606 |
| 43.5 | 40.7 | 43.5 | 44.1 | |
| 0.1 | 0.7 | 0.1 | 0.7 | 3.0 |
| 319 | 347 | 347 | ||
| 1,191 |
| Revenue | of which from divestments | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | ||
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 | 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | 168 | 4,265 | 248 | 4,461 | 3,145 | 7,358 | 91 | 4,153 | 116 | 4,253 | 2,864 | 7,001 | |
| Europe | 665 | 1,931 | 757 | 2,020 | 2,095 | 3,358 | 581 | 1,816 | 581 | 1,816 | 1,721 | 2,956 | |
| USA | 210 | 96 | 384 | 175 | 718 | 509 | - | - | - | - | 97 | 97 | |
| Total | 1,043 | 6,293 | 1,389 | 6,656 | 5,958 | 11,225 | 672 | 5,969 | 697 | 6,069 | 4,682 | 10,055 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2025 | 2024 | months | 2024 |
| Nordics | 70 | 878 | 34 | 961 | 435 | 1,362 |
| Europe | 77 | 308 | 38 | 274 | 113 | 349 |
| USA | -61 | -119 | -86 | -334 | -343 | -591 |
| Total | 86 | 1,067 | -15 | 901 | 204 | 1,120 |
Operating income of which from divestments
| Jan-Dec | Rolling 12 | Jan-Jun | Jan-Jun | Apr-Jun | Apr-Jun |
|---|---|---|---|---|---|
| 2024 | months | 2024 | 2025 | 2024 | 2025 |
| 1,532 | 675 | 1,010 | 153 | 886 | 125 |
| 532 | 315 | 308 | 90 | 305 | 90 |
| - | - | - | - | - | - |
| 2,064 | 989 | 1,318 | 243 | 1,191 | 215 |
Homes for rent started Homes for rent sold
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec | |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 | |
| Nordics | - | - | - | - | 139 | 139 |
| USA | - | - | - | - | - | - |
| Total | - | - | - | - | 139 | 139 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Rolling 12 | Jan-Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | months | 2024 |
| - | 264 | - | 264 | 295 | 559 |
| - | - | - | - | - | - |
| - | 264 | - | 264 | 295 | 559 |
Homes for rent under construction
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Nordics | 139 | 565 | 548 |
| USA | 324 | 599 | 324 |
| Total | 463 | 1,164 | 872 |
Capital employed
| Jun 30, | Jun 30, | Dec 31, | |
|---|---|---|---|
| SEK M | 2025 | 2024 | 2024 |
| Nordics | 11,143 | 12,763 | 12,568 |
| Europe | 8,188 | 9,751 | 8,441 |
| USA | 21,384 | 20,979 | 23,066 |
| Total | 40,715 | 43,493 | 44,076 |
Investment Properties
Revenue and earnings
| SEK M | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Rolling 12 months | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Revenue | 118 | 72 | 233 | 142 | 455 | 363 |
| Operating net | 85 | 54 | 167 | 106 | 325 | 264 |
| Selling and administrative expenses | -5 | -4 | -7 | -5 | -15 | -14 |
| Change in property value | - | 58 | - | 58 | 4 | 61 |
| Operating income | 80 | 108 | 160 | 158 | 313 | 311 |
| Investments | -12 | -2,548 | -19 | -2,559 | -428 | -2,968 |
| Divestments | - | - | - | - | - | - |
| Net divestments(+)/investments(-) | -12 | -2,548 | -19 | -2,559 | -428 | -2,968 |
| Capital employed | 8,094 | 7,671 | 8,094 | 7,671 | 8,364 | |
| Property value | 8,173 | 7,742 | 8,173 | 7,742 | 8,154 | |
| Return on capital employed, % ¹ | 3.9 | 1.2 | 3.9 | 1.2 | 3.9 | 4.6 |
| Economic occupancy rate, % | 83 | 87 | 83 | 87 | 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 | 91 | 2,505 | 100 |
| Stockholm | 42,962 | 182 | 78 | 3,070 | 100 |
| Gothenburg | 50,291 | 180 | 82 | 2,598 | 100 |
| Total | 140,262 | 531 | 83 | 8,173 | 100 |
PPP portfolio value
Unrealized development gain in PPP portfolio
| SEK bn | Jun 30, 2025 | Jun 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 | -1.1 | -1.1 |
| Unrealized development gain | 0.7 | 0.8 | 0.7 |
| Cash flow hedge | 0.1 | 0.1 | 0.1 |
| Effect in unrealized equity ¹ | 0.7 | 0.9 | 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
Nasdaq MarketSite, NYC, USA
June 9, 2025, marked Skanska's 60th anniversary as a listed company on Nasdaq Stockholm – a milestone on the journey that began with our foundation in 1887. To celebrate this special occasion, Skanska was invited to Nasdaq Stockholm. This was also showcased in New York at Nasdaq MarketSite's media center and its iconic 1,000 square meter (11,000-SF) LED display, which Skanska constructed for Nasdaq, as part of the renovation of Times Square in 1999.
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 telephone conference at 10:00 CEST on July 18, 2025. The telephone conference will be webcast live at www.skanska.com/investors, where a recording of the conference will also be available later. Participate in the telephone 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 and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the Senior Vice President Investor Relations set out above, at 07:30 CEST on July 18, 2025.
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.