Sweco (NASDAQ: SWEC-B) reports a stable first quarter with positive organic growth, increased fees and increased billing ratio, as well as continued acquisitions. Net sales increased to SEK 8,3 billion. EBITA amounted to SEK 869 million, corresponding to a margin of 10.4 per cent. EBITA increased 5 per cent, adjusted for calendar effects. Overall demand was broadly unchanged from the previous quarter, with solid demand in infrastructure, water, environment, energy, and security and defence.
January-March 2026
- Net sales increased to SEK 8,334 million (8,066)
- EBITA amounted to SEK 869 million (900), margin 10.4 per cent (11.2)
- EBITA increased 5 per cent year-on-year after adjustment for the negative calendar effect in the quarter
- EBIT amounted to SEK 837 million (891), margin 10.0 per cent (11.0)
- Net debt/EBITDA was stable at 0.5x (0.5)
- Net debt increased to SEK 1,879 million (1,607)
- Profit for the period decreased to SEK 591 million (644)
- Earnings per share decreased to SEK 1.64 (1.79) and diluted earnings per share decreased to SEK 1.63 (1.78)
Comments from President and CEO Åsa Bergman:
"Stable quarter in a mixed market
Sweco reported a stable first quarter of 2026. We delivered a positive organic growth and increased our fees as well as the billing ratio. We navigated the mixed market well and increased our orderbook. Our acquisition activity continued.
Most business areas performed well during the quarter, with an overall organic growth rate of 3 per cent driven by higher average fees and a higher billing ratio. EBITA increased 5 per cent, adjusted for calendar effects, with a strong contribution from Sweco Sweden, while the result in Finland affected negatively.
Markets were broadly unchanged, with solid demand in infrastructure, water, environment, energy, and security and defence. Demand remained weak in residential and commercial buildings as well as in parts of the industry segment.
Financial performance
Net sales increased to SEK 8,334 million (8,066), with an organic growth rate of 3 per cent adjusted for calendar effects. EBITA amounted to SEK 869 million (900), corresponding to an EBITA margin of 10.4 per cent (11.2). EBITA increased 5 per cent or SEK 43 million, adjusted for calendar effects. Higher average fees and a higher billing ratio as well as recent acquisitions contributed positively to the result, while restructuring and integration costs as well as higher personnel expenses had a negative impact.
Sweco Sweden delivered a strong first quarter, with solid organic growth and positive EBITA development, partly supported by effective integration of the Projektengagemang acquisition. Sweco Netherlands and Norway also reported good first quarters, Belgium continued to deliver strong margins, and the UK continued to improve its result.
Sweco's performance in the quarter was negatively affected by the results in Sweco Finland, Denmark and Germany & Central Europe. The lower result in Finland was due to negative project adjustments as well as restructuring and integration costs.
New projects and acquisitions
Last year, we acquired 13 companies that are now being integrated into our offering across several business areas.
In the first quarter we announced the acquisition of Belgian firm CONIX RDBM Architects, a renowned and award-winning practice with 50 experts that will further strengthen Sweco's position in large-scale urban development projects. Adding to this we also made two smaller acquisitions in Finland and Belgium. Maisema-arkkitehtitoimisto Näkymä, is a Finnish architecture firm with 20 experts specialising in the design of historically and culturally significant sites and a-tract architecture is a Belgian architecture firm with 10 experts specialising in sustainable and forward-thinking architecture.
Demand remained healthy in the energy and transportation segments, which was reflected in several significant project awards during the quarter. In Norway, Sweco was appointed lead consultant by Å Energi to support the development of the Åseral South hydropower project, strengthening renewable power generation through cross-border collaboration and digital delivery.
In addition, Sweco won contracts to support public transport operators across Europe in developing the infrastructure required for electrification, including next-generation electric bus depots in Luxembourg and Belgium, enabling low-emission public transport and future-ready mobility systems.
Sweco UK continued to build on its strong offering in the commercial buildings segment and was, during the quarter, awarded a major office development project in the City of London. Commissioned by Brockton Everlast, Sweco will deliver technical and sustainability services for the Dovetail Building, including life-cycle carbon analysis.
Priorities going forward
Remaining active and agile is essential for operating in a continued mixed market, with increasing geopolitical uncertainty. Sweco's decentralised operating model helps us stay close to client needs and enables us to quickly respond to changing market conditions. Going forward, we will remain responsive to market movements while maintaining a clear focus on growth opportunities, internal efficiency, AI development and our M&A agenda."
Information meeting
A web cast and telephone conference will be held following the release of the results, starting at 09.00 CET. Åsa Bergman, President and CEO, and Jan Allde, CFO will comment on the report.
- Webcast registration: Click here
- Conference call registration: Click here
Slides used in the presentation and the report will be available at the Group's web site.
Press photos
- Åsa Bergman, President and CEO of Sweco. Free use, please credit photographer Tobias Regell
This disclosure contains information that SWECO is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 28-04-2026 07:20 CET.
For additional information, please contact:
Anna E Olsson, Head of Press, Sweco Group, +4670 557 33 26, anna.e.olsson@sweco.se
Sweco plans and designs tomorrow's sustainable communities and cities. With the collective knowledge of our 23,000 architects, engineers and other experts we work together with our clients to facilitate the green transition, maximise the potential of digitalisation and to strengthen Europe's competitiveness and resilience. Sweco is Europe's leading architecture and engineering consultancy, with sales of approximately SEK 32 billion (EUR 2.9 billion) in 2025. The company is listed on Nasdaq Stockholm. www.swecogroup.com
