AFRY AB: Interim report January-June 2025

Navigating a challenging market while positioning for profitable growth

Second quarter 2025

- Net sales decreased by 7.2 percent to SEK 6,674 million (7,191)

- Organic growth adjusted for calendar effects was -2.5 percent

- Calendar effects had an impact of SEK -134 million on net sales and SEK -104 million on EBITA

- EBITA excluding items affecting comparability amounted to SEK 438 million (572) with a corresponding EBITA margin of 6.6 percent (8.0)

- EBITA amounted to SEK 347 million (572), with an EBITA margin of 5.2 percent (8.0)

- EBIT amounted to SEK 308 million (541)

- Earnings per share amounted to SEK 1.71 (3.33)

January-June 2025

- Net sales decreased by 4.7 percent to SEK 13,423 million (14,082)

- Organic growth adjusted for calendar effects was -1.7 percent

- Calendar effects had an impact of SEK -179 million on net sales and SEK -141 million on EBITA

- EBITA excluding items affecting comparability amounted to SEK 928 million (1,162) with a corresponding EBITA margin of 6.9 percent (8.3)

- EBITA amounted to SEK 806 million (1,154), with an EBITA margin of 6.0 percent (8.2)

- EBIT amounted to SEK 724 million (1,082)

- Earnings per share amounted to SEK 3.92 (6.46)

Comments from the CEO Linda Pålsson:

"The second quarter was marked by a continued cautious market and a weak calendar. This was reflected in AFRY's results, with a decline in net sales and a calendar-adjusted EBITA margin in line with last year. While the global economy is recovering more slowly than expected, our order backlog increased during the quarter.

Our strategic efforts during the quarter focused on implementing the new Group structure that came into effect on July 1, 2025. This has entailed a comprehensive restructuring of the organization, including support functions, to streamline operations and enable us to address our cost base going forward. This has resulted in redundancies with related restructuring costs during the quarter. As we continue to optimize the portfolio and address our cost base, we expect further restructuring costs in the range of SEK 200-300 million over the next 12 months. We are expecting the payback time of these restructuring efforts to be on average one year.

With the new Group structure, we have laid the foundations for focused strategic development in our core segments. I look forward to presenting our updated strategy and plan for profitable growth at AFRY's Capital Markets Day on November 4, 2025."

Webcast

A presentation of AFRY's Q2 report 2025 will begin at 10:00 CET.

Webcast link: https://www.youtube.com/live/KXb5tNyyhuE

Teams link: Click here to join the meeting

For further information:

Linda Pålsson, President and CEO
Bo Sandström, CFO

Johanna Hallstedt, Investor Relations
[phone]
[e-mail]

Head Office: AFRY AB, SE-169 99 Stockholm, Sweden
Visiting address: Frösundaleden 2, Solna, Sweden
Tel: [phone]
www.afry.com / [e-mail]
Corp. ID no 556120-6474

This report has not been subject to review by the company's auditors.

This information fulfils the disclosure requirements of AFRY AB (publ) under the provisions of the EU Market Abuse Regulation and the Securities Market Act. The information was released, through the agency of the above-mentioned contact person, for publication on July 15, 2025 at 07:00 CET.

All forward-looking statements in this report are based on the company's best assessment at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to risks and uncertainties, which may mean that the actual outcome differs from the anticipated result.

This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.

The full report is available for download.

Link to press images:
https://afry.com/en/newsroom/press-images-logo