Sweco Q3 Net Sales Rise 7% as EBITA Margin Reaches 10.3%

Sweco AB reported third-quarter net sales of 7,606 million Swedish kronor (SEK) and EBITA of SEK 786 million on 29 October 2026, as the Nasdaq Stockholm-listed architecture and engineering consultancy published its interim report for January–September 2026. The EBITA margin improved to 10.3 per cent from 9.8 per cent a year earlier, a result President and CEO Åsa Bergman described as the group’s strongest third quarter to date. The information was submitted for publication under the EU Market Abuse Regulation at 07:20 CET.

Net sales rose 7 per cent from SEK 7,138 million in the third quarter of 2025. Organic growth amounted to 2 per cent after adjustment for calendar effects, acquired growth contributed 3 per cent and currency effects added 1 per cent. EBITA (earnings before interest, taxes and acquisition-related items, Sweco’s key operating metric) increased 10 per cent year-on-year, or SEK 72 million, after adjustment for a small positive calendar effect of one additional working hour, which corresponded to approximately SEK 13 million on net sales and EBITA. EBIT increased to SEK 752 million from SEK 643 million, an EBIT margin of 9.9 per cent against 9.0 per cent, while profit for the period rose to SEK 521 million from SEK 424 million and earnings per share increased to SEK 1.44 from SEK 1.18. The billing ratio improved to 75.1 per cent from 74.0 per cent. Integration and acquisition costs amounted to SEK 10 million, down from SEK 33 million a year earlier, and restructuring costs were SEK 7 million against zero.

For the first nine months of 2026, net sales increased 6 per cent to SEK 24,508 million from SEK 23,038 million, with organic growth of 3 per cent adjusted for calendar effects, acquired growth of 5 per cent and a negative currency effect of 1 per cent. EBITA rose to SEK 2,519 million from SEK 2,352 million, a margin of 10.3 per cent against 10.2 per cent, and increased 7 per cent, or SEK 168 million, after calendar adjustment. EBIT increased to SEK 2,433 million from SEK 2,254 million, profit for the period rose to SEK 1,713 million from SEK 1,563 million and earnings per share increased to SEK 4.74 from SEK 4.34. Restructuring costs had a net negative impact of SEK 30 million for the period, with costs of SEK 62 million in 2026 against SEK 32 million in 2025.

Cash flow from operating activities totalled SEK 1,121 million for the nine months, down from SEK 1,353 million, and was negatively impacted by a seasonal increase in working capital, according to the full interim report. Net debt increased to SEK 3,160 million from SEK 3,124 million, while the net debt to EBITDA ratio decreased to 0.8x from 0.9x. Cash and cash equivalents stood at SEK 634 million and unutilised credit facilities at SEK 4,246 million, up from SEK 3,061 million. The equity/assets ratio was 46.1 per cent against 41.6 per cent, return on equity was unchanged at 18.7 per cent and the number of full-time employees increased to 21,714 from 21,107. Dividends paid during the period totalled SEK 1,335 million against SEK 1,187 million, and investments in equipment, primarily attributable to IT, amounted to SEK 342 million against SEK 296 million. Rolling 12-month net sales stood at SEK 33,055 million with EBITA of SEK 3,499 million, a 10.6 per cent margin.

Business Area Performance

Sweco operates through eight geographical business areas. Sweco Sweden increased third-quarter net sales 6 per cent to SEK 2,071 million and EBITA 39 per cent to SEK 183 million, lifting the margin to 8.9 per cent from 6.7 per cent, an improvement the report attributed mainly to a higher billing ratio and higher average fees. Sweco Norway increased net sales 15 per cent to SEK 845 million, to a large extent on currency effects of 9 per cent, and the EBITA margin improved to 6.9 per cent from 4.7 per cent. Sweco Finland increased net sales 17 per cent to SEK 911 million, with acquired growth of 12 per cent from the Fimpec, Näkymä and Platom acquisitions, and EBITA rose 29 per cent to SEK 91 million, a 10.0 per cent margin against 9.1 per cent.

Sweco Denmark’s net sales fell to SEK 729 million from SEK 782 million and EBITA decreased 18 per cent to SEK 111 million, with negative organic growth of 7 per cent reflecting lower activity in the pharmaceutical industry, while the margin was 15.2 per cent against 17.3 per cent. Sweco Netherlands increased net sales 5 per cent to SEK 925 million and EBITA 16 per cent to SEK 82 million, an 8.9 per cent margin against 8.1 per cent. Sweco Belgium increased net sales 8 per cent to SEK 1,000 million, while EBITA decreased 9 per cent after adjustment for calendar effects; reported EBITA was SEK 128 million against SEK 127 million and the margin was 12.8 per cent against 13.6 per cent, which the report attributed to higher absence and higher other operating expenses. Sweco UK’s net sales decreased 2 per cent to SEK 397 million while EBITA increased 17 per cent to SEK 34 million, an 8.6 per cent margin against 7.2 per cent. Sweco Germany & Central Europe increased net sales 7 per cent to SEK 822 million with 8 per cent organic growth, while EBITA rose 1 per cent to SEK 114 million, a 13.9 per cent margin against 14.6 per cent.

Acquisitions, New Assignments and Events After the Quarter

Sweco completed four acquisitions during the quarter. On 14 July 2026 it acquired German engineering consultancy STEIN Ingenieure GmbH, which has approximately 60 experts and 2025 net sales of SEK 67 million. On 31 July 2026 it acquired Sitowise Sverige AB, a Swedish buildings and infrastructure advisor with 257 experts across 15 locations and 2025 net sales of SEK 296 million. On 4 August 2026 it acquired Belgian environmental sampling company All Soil Assistance, with 16 experts and 2025 net sales of SEK 20 million, and on 30 September 2026 it acquired the Technocon structural engineering operations in Belgium, with 12 experts and annual net sales of approximately SEK 19 million.

The eight acquisitions consolidated during January–September added an estimated SEK 569 million in annual net sales and 443 employees. Purchase considerations, including adjustments to previous years’ acquisitions, totalled SEK 360 million and reduced cash and cash equivalents by SEK 310 million, while the acquired companies and operations contributed SEK 125 million in net sales and a negative SEK 2 million in EBITA during the period. After the quarter ended, on 12 October 2026, Sweco completed the acquisition of Stendess, a Belgian consultancy specialising in complex steel structures with 15 senior experts, bringing the total number of acquisitions closed in 2026 to nine across four business areas. Stendess is consolidated into Sweco Belgium as of October 2026.

Among new assignments, Swedish state-owned property company Specialfastigheter awarded Sweco three framework agreements covering investigations, design, project management and construction management for high-security facilities, with an estimated combined order value of approximately SEK 500 million. The report notes that the agreements do not guarantee any volume of work; they run from January 2027 to January 2029 with options to extend by a further two years, one year at a time. In Belgium, Sweco entered a framework agreement with national railway company NMBS/SNCB to supervise and quality-control infrastructure works at stations across the country, with an order value of SEK 214 million, running from September 2026 to 2029 with an option to extend by two years. In Denmark, Sweco was appointed sole consultant to utility Aalborg Forsyning under a framework agreement with a maximum value of SEK 182 million, running two years from September 2026 with options to extend by up to two years. In Norway, Lillestrøm Municipality and several partner municipalities awarded Sweco a framework agreement valued at SEK 136 million, running from October 2026 to October 2028. In Finland, e-methane producer Nordic Ren-Gas selected Sweco as its engineering, procurement and construction management partner for an industrial-scale plant in Tampere, with a project timeframe of 2026 to 2029.

“Sweco delivered its strongest third quarter results to date and a double-digit margin in a seasonally challenging quarter,” Bergman said, attributing the improvement mainly to a strong billing ratio and higher average fees. She said market conditions remained broadly unchanged from previous quarters, with solid demand in the energy, water, environment and transport infrastructure segments, improvement in public and commercial buildings driven by investments in hospitals, security and defence, and data centres, and continued weakness in residential. She described an AI strategy built on three pillars: improving individual productivity, automating core processes and accelerating digital innovation. The report states that the vast majority of Sweco’s workforce uses AI across multiple applications and that the company is moving to redesign entire end-to-end workflows around AI through an AI Development Platform.

The report’s outlook cites sustainability, demographic shifts, digitalisation and AI, and security and defence as societal trends driving demand for Sweco’s consulting services, while noting that market uncertainty remains high, driven by political instability, potential trade conflicts, increased volatility in commodity prices and the relatively weak economy. Sweco states that it does not provide forecasts.

On 2 October 2026, after the quarter ended, Sweco announced that Bergman had resigned as President and CEO after 35 years with the company. The Board has initiated recruitment of a successor, and Bergman will remain in her role until a successor is in place. She signed the report in Stockholm on 29 October 2026 and was scheduled to comment on it together with CFO Jan Allde in a webcast and telephone conference at 09:00 CET the same day.

Ernst & Young AB’s review report, dated Stockholm 28 October 2026 and signed by authorised public accountant Jonas Svensson, concluded that nothing had come to its attention that caused it to believe the interim report was not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act. Sweco also states that it is preparing for IFRS 18, which applies from 1 January 2027 and is expected to result in notable presentation changes to the group’s external financial reporting without affecting underlying economic performance or cash flows.

The Sweco Class B share closed the period at SEK 129.20, an increase of 2 per cent during the quarter, while the Nasdaq Stockholm OMXSPI index rose 2 per cent over the same period. Sweco will publish its year-end report for 2026 on 11 February 2027 and its January–March 2027 interim report on 27 April 2027.