Improved EBITA Margin and Q4 Profitability
EBITA excluding items affecting comparability improved to 8.7% in Q4 2025 (up from 8.3% year-over-year). Q4 EBITA excl. IAC totaled SEK 577 million.
Stronger Order Backlog
Order backlog reached SEK 20.4 billion and improved 5.4% adjusted for currency versus last year, indicating stronger near-term revenue visibility across all three divisions.
Utilization Rate Rebound
Utilization increased to 72.8% in Q4 (an improvement of 0.5 percentage points year-over-year) — the first year-over-year utilization increase in 14 quarters and a supporting KPI in the 2028 targets (aiming for full-year 74%).
Solid Cash Flow and Strengthened Balance Sheet
Q4 operating cash flow was in line with record Q4 2024. Available liquidity increased to SEK 4.4 billion, net debt fell below SEK 4 billion and leverage (net debt/EBITDA) was 2.5x, supporting financial flexibility.
Full Year Revenue and EBITA Levels
Rolling 12-month net sales closed at SEK 25.8 billion and EBITA remained just below SEK 1.9 billion, demonstrating sizeable scale despite headwinds.
Strategic Wins and Market Recognition
Won notable client contracts (MEPCO paper machine project, framework agreement with Vattenfall for nuclear/hydro/wind services, Lotschberg railway tunnel). ENR 2025 rankings: #6 in overall industry and energy, #3 in hydro, top-10 entry in solar and continued market-leading position in pulp & paper.
Progress on Restructuring and Operational Efficiency
Launched and advanced a high-paced restructuring agenda and simplified group structure; management reports early signs of improved operational efficiency and better utilization driven by planning, resource management and rightsizing.
Employee Reputation and Attrition Trend
Recognized by Universum as one of Sweden's most attractive employers. Group attrition has declined since 2022 and remained stable during the transformation, supporting talent retention.
Dividend Policy Maintained
Board proposed an unchanged dividend of SEK 6 per share for 2025, signaling confidence in the financial position.