AFRY AB Class B (SE:AFRY)
:AFRY
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AFRY AB Class B
(AFRY)
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Rating:59Neutral
Price Target:
kr117.00
▼(-11.23% Downside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by solid cash flow and manageable balance-sheet risk, supported by earnings-call indicators of operational stabilization (margin improvement and stronger backlog). These positives are tempered by a clearly weak technical trend and recent fundamental softness (declining revenue/net income) alongside ongoing restructuring and headwinds.
Positive Factors
Cash generation
AFRY has produced positive free cash flow consistently and saw improvement in 2025, with free cash flow close to net income. This indicates earnings are largely cash-backed, supporting reinvestment, dividends and debt reduction. Such cash conversion underpins financial flexibility over multiple quarters and reduces reliance on external funding while enabling funding of restructuring and strategic bids.
Negative Factors
Declining top-line momentum
AFRY experienced negative organic growth and reported sales declines, reflecting market weakness and capacity adjustments. Persistent top-line contraction pressures revenue visibility and weakens operating leverage, making it harder to restore margins quickly. If market demand remains soft, revenue recovery may lag and constrain medium-term profit expansion and ROE recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
AFRY has produced positive free cash flow consistently and saw improvement in 2025, with free cash flow close to net income. This indicates earnings are largely cash-backed, supporting reinvestment, dividends and debt reduction. Such cash conversion underpins financial flexibility over multiple quarters and reduces reliance on external funding while enabling funding of restructuring and strategic bids.
Read all positive factors
AFRY AB Class B (AFRY) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr12.63B
Dividend Yield4.09%
Average Volume (3M)228.53K
Price to Earnings (P/E)19.3
Beta (1Y)0.78
Revenue Growth-6.24%
EPS Growth-29.72%
CountrySE
Employees18,091
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.44
Shares Outstanding108,961,400
10 Day Avg. Volume124,467
30 Day Avg. Volume228,528
Financial Highlights & Ratios
PEG Ratio-0.61
Price to Book (P/B)1.34
Price to Sales (P/S)0.66
P/FCF Ratio7.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr210.00Price Target Upside59.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)12.03
Revenue Forecast (FY)kr25.96B
AFRY AB Class B Business Overview & Revenue Model
Company Description
Afry AB provides engineering, design, and advisory services for the infrastructure, industry, energy, and digitalization sectors in Sweden, Finland, Norway, Switzerland, Denmark, Germany, and internationally. The company operates through five divi...
How the Company Makes Money
AFRY primarily makes money by selling professional services—engineering, consulting, design, and project services—under client contracts. Revenue is mainly generated from (1) time-and-materials consulting assignments where clients pay based on bil...
AFRY AB Class B Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call presented a balanced but improving picture: clear operational and financial stabilization indicators (backlog growth +5.4% currency-adjusted, improved EBITA margin to 8.7%, utilization rebound to 72.8%, strong cash flow, deleveraging and an unchanged dividend) alongside material near-term challenges (negative organic growth -4.3%, total growth -6.2%, sizeable FX and calendar headwinds, and restructuring costs). Management emphasized that restructuring benefits and margin improvements will materialize further in 2026, and strategic wins and strong backlog provide momentum. On balance, the positive operational progress, strengthened balance sheet and validated market positions outweigh the current headwinds and near-term costs.Positive Updates
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.
Negative Updates
Negative Organic and Reported Sales Growth
Adjusted organic growth in Q4 was negative 4.3% and total reported growth was -6.2% (Q4 net sales SEK 6.6 billion), reflecting capacity adjustments and continued market pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Guidance from the call highlighted that AFRY expects total restructuring costs to land at the upper end of its SEK 200–300m guidance (Q4 restructuring SEK 161m; total to date SEK 192m; two quarters remaining), with run‑rate savings largely personnel‑related and an expected ~12‑month payback; the company estimates the 2026 calendar will have a small positive effect on EBITA (notably in Q4 2026) after a SEK 128m negative calendar effect in 2025, and cited full‑year 2025 currency/calendar headwinds of ~SEK 700m on net sales and ~SEK 190m on EBITA (Q4 currency impact ~SEK 20m on EBITA); reported operating metrics: Q4 net sales SEK 6.6bn, EBITA excl. IAC SEK 577m (EBITA margin 8.7% vs 8.3% LY), rolling 12‑month net sales SEK 25.8bn and EBITA just under SEK 1.9bn, order backlog SEK 20.4bn (currency‑adjusted +5.4% y/y), Q4 utilization 72.8% (+0.5 pp y/y) with a 2028 target of 74% full‑year utilization (~+2 pp from mid‑2025), and a strong balance sheet (available liquidity SEK 4.4bn, net debt <SEK 4bn, leverage 2.5x) while the Board proposes an unchanged dividend of SEK 6 per share.AFRY AB Class B Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.76B | 27.16B | 26.98B | 23.55B | 20.10B |
| Gross Profit | 1.65B | 21.46B | 5.08B | 18.66B | 16.19B |
| EBITDA | 2.50B | 2.92B | 2.79B | 2.26B | 2.37B |
| Net Income | 800.00M | 1.23B | 1.10B | 974.00M | 1.13B |
Balance Sheet | |||||
| Total Assets | 27.04B | 28.30B | 28.17B | 28.00B | 25.91B |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 1.27B | 1.17B | 1.09B | 2.11B |
| Total Debt | 6.61B | 7.25B | 7.86B | 7.80B | 7.65B |
| Total Liabilities | 14.36B | 15.15B | 15.72B | 15.82B | 14.92B |
| Stockholders Equity | 12.68B | 13.13B | 12.45B | 12.18B | 10.99B |
Cash Flow | |||||
| Free Cash Flow | 2.13B | 1.86B | 1.62B | 891.00M | 1.38B |
| Operating Cash Flow | 2.22B | 1.99B | 1.79B | 1.04B | 1.50B |
| Investing Cash Flow | -329.00M | -383.00M | -756.00M | -873.00M | -1.21B |
| Financing Cash Flow | -1.68B | -1.47B | -942.00M | -1.01B | -12.00M |
AFRY AB Class B Technical Analysis
Neutral
131.80
Price Trends
128.97
Positive
139.45
Negative
148.60
Negative
Market Momentum
0.39
Negative
63.70
Neutral
89.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AFRY, the sentiment is Neutral. The current price of 131.8 is above the 20-day moving average (MA) of 125.67, above the 50-day MA of 128.97, and below the 200-day MA of 148.60, indicating a neutral trend. The MACD of 0.39 indicates Negative momentum. The RSI at 63.70 is Neutral, neither overbought nor oversold. The STOCH value of 89.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:AFRY.
AFRY AB Class B Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr101.65B | 18.26 | 10.45% | 3.18% | 0.10% | 2.25% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | kr45.18B | 24.43 | 18.52% | 2.20% | 2.68% | 0.49% | |
61 Neutral | kr26.12B | 7.31 | 10.55% | 3.26% | -4.41% | -43.08% | |
59 Neutral | kr12.63B | 19.30 | 6.31% | 4.09% | -6.24% | -29.72% | |
57 Neutral | kr19.19B | 14.91 | ― | 4.22% | -4.87% | 16.68% | |
54 Neutral | kr17.88B | 151.66 | 1.79% | 4.17% | -9.56% | -90.96% |
* Industrials Sector Average
SE:AFRY
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AFRY AB Class B Corporate Events
AFRY AGM Backs Board, Confirms Dividend and New Long-Term Incentive Plan
Apr 28, 2026
AFRY AB’s 2026 Annual General Meeting in Solna approved all proposals from the Board and Nomination Committee, confirming the company’s existing governance structure and strategic direction. The meeting re-elected the full board, with ...
AFRY Holds Margins as Sales Dip but Order Backlog Hits SEK 21.5 Billion
Apr 28, 2026
AFRY reported a softer start to 2026 with first-quarter net sales down 6.3 percent to SEK 6.3 billion and organic growth, adjusted for calendar effects, at -4.3 percent. Profitability held up relatively well as EBITA excluding items affecting comp...
AFRY Schedules Q1 2026 Earnings Presentation for April 28
Apr 14, 2026
AFRY will present its first‑quarter 2026 report on Tuesday, April 28, with President and CEO Linda Pålsson and CFO Bo Sandström hosting a live briefing for investors, analysts, and media at 12:00 CET, one hour after the report is p...
AFRY Sets 2026 AGM to Decide on Governance, Dividend and New Share Mandate
Mar 23, 2026
AFRY AB has convened its 2026 Annual General Meeting for 28 April at its Solna head office, giving shareholders the option to participate either in person, by proxy, or via postal voting in line with its Articles of Association. Shareholders must ...
AFRY Highlights Sustainability Focus in 2025 Annual and Sustainability Report
Mar 18, 2026
AFRY has released its Annual and Sustainability Report 2025, emphasizing its promise to unlock transitions toward a more sustainable and resilient society. The report underlines AFRY’s role in delivering long-lasting solutions that support g...
AFRY Holds Dividend Steady Despite Lower 2025 Sales and Earnings
Feb 5, 2026
AFRY AB reported weaker financial results for the fourth quarter and full year 2025, with net sales falling 6.2% in the quarter and 5.2% for the year, and negative organic growth after calendar adjustments. Profitability softened year-on-year, as ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.