Rejlers AB Class B (REJL.B) AI Stock Analysis

• Market Cap: kr3.52B
• Dividend Yield: 2.68%
• Average Volume (3M): 18.59K
• Price to Earnings (P/E): 16.4
• Beta (1Y): 0.57
• Revenue Growth: 7.23%
• EPS Growth: 1.27%
• Country: SE
• Employees: 3,282
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): 4.62
• Shares Outstanding: 21,086,317
• 10 Day Avg. Volume: 24,386
• 30 Day Avg. Volume: 18,585
• PEG Ratio: -1.76
• Price to Book (P/B): 2.03
• Price to Sales (P/S): 0.90
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 13.7
• Revenue Forecast (FY): kr5.17B

• Rating: 56 Neutral
• Price Target: kr160.00 ▼(-17.36% Downside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven mainly by mixed fundamentals: strong growth and manageable leverage are outweighed by a sharp 2025 drop in free cash flow and weaker gross margin. Technicals are also a headwind with the stock trading below key moving averages and negative momentum indicators, while valuation is only moderately supportive due to a mid-teens-to-20s P/E and a ~2.9% yield.

Positive Factors

Multi-year revenue growth

Sustained top-line growth across 2020–2025 indicates persistent customer demand and successful commercial execution. A growing revenue base supports scale, improves utilization leverage, and provides a foundation for investment in capabilities and long-term client relationships that bolster recurring project flow.

Manageable leverage

Relatively low debt-to-equity provides financial flexibility to invest in bids, absorb project timing swings, and fund working-capital needs without excessive interest strain. This conservative capital structure supports resilience through industry cycles and underpins capacity to pursue growth or M&A when opportunities arise.

Diversified service mix across resilient sectors

A business model spanning energy, industrial and infrastructure consulting with time-and-materials, fixed-price and framework contracts spreads demand risk. Sector diversity and recurring framework agreements help smooth utilization, support steady billing, and reduce dependence on any single cyclical end-market over the medium term.

Negative Factors

Free cash flow collapse (2025)

A collapse of FCF in 2025 signals weakened cash conversion from operations, likely from working-capital swings or higher investments. Persistent cash weakness would constrain dividends, capex funding, and debt repayment, raising financing risk and limiting strategic flexibility until conversion normalizes.

Sharp gross margin decline (2025)

A structural decline in gross margin implies cost pressures, adverse project mix, or pricing erosion. Lower gross margins compress operating profitability in a consulting model reliant on billable efficiency, reducing ability to invest in talent or bid competitively without sacrificing long-term returns.

Increased debt in 2025

Rising leverage alongside weakening cash metrics tightens financial headroom. Higher debt raises fixed costs and reduces tolerance for project delays or margin pressure, increasing refinancing and liquidity risk and limiting the firm's ability to pursue opportunistic investments in a downturn.

Rejlers AB Class B Business Overview & Revenue Model

Company Description

Rejlers AB (publ) provides technical and engineering consultancy services in Sweden, Finland, Norway, and the United Arab Emirates. It serves energy, buildings, industry, telecom, and infrastructure sectors. The company was formerly known as Rejlerkoncernen AB and changed its name to Rejlers AB (publ) in July 2013. Rejlers AB (publ) was founded in 1942 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Rejlers primarily makes money by selling engineering and technical consulting services on a project and assignment basis. Revenue is typically generated from billable hours (time-and-materials consulting), fixed-price project deliveries, and framework/service agreements where Rejlers provides ongoing specialist resources to clients. Key revenue streams generally come from consulting and engineering work tied to customers’ investment and maintenance needs in areas such as energy systems (e.g., grid/power-related engineering and advisory), industrial projects (process/production engineering, technical project support), and infrastructure/buildings (engineering design and coordination). Earnings are influenced by utilization rates of consultants (billable share of working time), pricing per hour or per project, the mix of fixed-price versus time-based assignments, and the volume of contracted work under longer-term agreements. Specific material partnerships or customer concentration details are null.

Rejlers AB Class B Financial Statement Overview

Summary

Strong multi-year revenue growth and a reasonably conservative balance sheet are positives, but the 2025 cash-flow deterioration (free cash flow falling to zero) and the sharp drop in gross margin reduce confidence in earnings quality and near-term durability.

Income Statement

Revenue has grown strongly over the multi-year period (from 2020 to 2025), with 2025 showing a very large step-up versus 2024. Profitability is steady but not outstanding for a consulting business: EBITDA margin has been consistently around the low-teens, while net margin has generally stayed in the mid-single-digits. A key watch-out is 2025’s sharp drop in gross margin versus prior years, which suggests either cost pressure, mix shift, or data volatility—despite EBIT and net income remaining positive.

Balance Sheet

Leverage looks manageable: debt sits at roughly 0.34–0.41x equity across 2021–2025, which is reasonable for the sector. Equity has expanded over time, supporting balance sheet resilience. Returns on equity are solid but not consistently high (generally around ~9–13% in recent years, peaking earlier), indicating decent profitability without being best-in-class. Debt increased in 2025 versus 2024, which slightly reduces flexibility if operating performance softens.

Cash Flow

Cash generation was healthy through 2021–2024, with free cash flow closely tracking net income and improving meaningfully in 2024. However, 2025 is a major deterioration: free cash flow falls to zero and free cash flow growth drops sharply, even though operating cash flow remains positive. This raises questions about working-capital swing and/or higher investment needs, and it makes near-term earnings quality less convincing until cash conversion stabilizes.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.74B	4.43B	4.09B	3.51B	2.90B
Gross Profit	299.00M	2.33B	1.44B	1.37B	1.10B
EBITDA	574.70M	538.60M	457.20M	432.40M	258.60M
Net Income	197.40M	221.80M	185.40M	196.40M	110.20M
Balance Sheet
Total Assets	3.97B	3.70B	3.65B	2.98B	2.35B
Cash, Cash Equivalents and Short-Term Investments	66.90M	68.60M	59.20M	144.80M	151.90M
Total Debt	856.80M	665.40M	681.60M	528.00M	424.90M
Total Liabilities	1.87B	1.76B	1.85B	1.50B	1.13B
Stockholders Equity	2.10B	1.94B	1.80B	1.49B	1.22B
Cash Flow
Free Cash Flow	0.00	387.40M	245.30M	254.00M	147.00M
Operating Cash Flow	312.80M	407.70M	265.90M	275.20M	170.00M
Investing Cash Flow	-141.30M	-107.70M	-551.70M	-245.60M	-132.40M
Financing Cash Flow	-197.90M	-291.80M	203.10M	-40.40M	-223.50M

Rejlers AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 193.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:REJL.B, the sentiment is Negative. The current price of 193.6 is above the 20-day moving average (MA) of 160.45, above the 50-day MA of 171.11, and above the 200-day MA of 188.74, indicating a bearish trend. The MACD of -3.78 indicates Negative momentum. The RSI at 34.23 is Neutral, neither overbought nor oversold. The STOCH value of 19.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:REJL.B.

Rejlers AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SWEC.B	65 Neutral	kr47.99B	24.43	18.52%	2.20%	2.79%	14.00%
COOR	64 Neutral	kr5.59B	21.43	10.13%	3.29%	-0.69%	-14.04%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AFRY	59 Neutral	kr13.69B	21.23	6.31%	4.09%	-3.73%	-22.34%
REJL.B	56 Neutral	kr3.52B	16.44	10.98%	2.68%	7.23%	1.27%
VESTUM	51 Neutral	kr3.19B	-24.33	-3.72%	―	-27.41%	49.11%
ELTEL	48 Neutral	kr1.33B	58.96	0.72%	―	-6.38%	―

Rejlers AB Class B Corporate Events

Rejlers Norway to Acquire Future Technology and Expand Advisory Capabilities

Rejlers Norway has agreed to acquire all shares in Future Technology AS, a Norwegian consultancy specializing in electrical engineering, power systems, technical safety, project management and health and safety services across infrastructure, industrial and energy markets. The deal brings 72 employees and NOK 119 million in 2025 sales into Rejlers Norway, boosting its competence profile and reinforcing its positioning as a leading adviser to key public and industrial clients.

Future Technology will continue to operate as a separate limited company under the Rejlers umbrella to preserve impartiality while leveraging closer integration, joint development and economies of scale. Led by CEO Marianne Ask, who will also join Rejlers Norway’s management team, the combined Norwegian operations will total 265 employees and nearly NOK 500 million in revenue, strengthening Rejlers’ role in the energy transition and industrial transformation, with consolidation effective from 1 April 2026.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK179.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers boosts Finnish infrastructure offering with acquisition of SGM Consulting

Rejlers has acquired Finland-based SGM Consulting, a leading provider of measurement and geotechnical investigation services, to broaden its capabilities in the infrastructure sector. The deal brings around 50 specialists and approximately EUR 7 million in annual sales into Rejlers Finland’s Infrastructure division, with consolidation effective 1 March 2026.

By expanding into the early stages of project development through SGM’s base data surveys, geotechnical and environmental investigations, quality assurance and laboratory services, Rejlers strengthens its end-to-end project lifecycle offering. The acquisition supports Rejlers’ growth strategy, enhances its ability to handle more complex projects, and aims to create long-term value in the built environment while advancing the shift toward a more sustainable society.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK179.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Adjusts Share Capital Following Acquisition-Linked New Issue

Rejlers AB has updated its share capital structure following a directed non-cash issue linked to its acquisition strategy. As of 27 February 2026, the company has 22,835,567 shares outstanding, divided into 1,749,250 class A shares and 21,086,317 class B shares, corresponding to a total of 38,578,817 votes.

The change results from the issuance of 257,240 new class B shares, executed under a board authorization granted at the 2025 annual general meeting in connection with the acquisition of Ingenjörsfirman Rörkraft AB. The adjustment underscores Rejlers’ continued use of share-based consideration to support expansion and integrate specialized engineering capabilities into its Nordic and international operations.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK179.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Delivers Record 2025 Results and Ramps Up Nordic Expansion

Rejlers reported record sales and earnings for both the fourth quarter and full year 2025, with annual net sales rising 7.0% to SEK 4.74 billion and EBITA climbing to a record SEK 377.7 million, while maintaining an 8.0% EBITA margin despite fewer working days and a weaker macroeconomic backdrop. Organic growth remained strong at 6.5%, driven largely by fee increases, and the group highlighted robust demand in energy and infrastructure as well as a turnaround in its Norwegian operations and strong profitability in Finland. The company is pursuing significant organic expansion, including hiring more than 75 specialists in northern Sweden and acquiring engineering consultancy Rörkraft AB with a strong water infrastructure focus, and the board has proposed a higher dividend of SEK 5.25 per share, underscoring confidence in its long-term profit growth trajectory and ambition to expand towards SEK 8 billion in revenue by 2030.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK199.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Extends Telia Towers Finland Partnership to Bolster Telecom Infrastructure Services

Rejlers will extend its multi-year partnership with Telia Towers Finland to handle site acquisition, permitting, construction oversight, maintenance and safety coordination for telecommunications towers and related infrastructure, reinforcing Rejlers’ role as a trusted Finnish telecom services expert. The renewed agreement underscores Telia Towers’ reliance on Rejlers’ expertise to maintain high-quality tower networks and signals continued demand for Rejlers’ infrastructure capabilities, supporting the company’s competitive positioning in the Nordic communications market.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK199.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Buys Rörkraft to Bolster Water Infrastructure and Industrial Expertise

Rejlers has acquired Ingenjörsfirman Rörkraft, a Swedish engineering consulting firm specialising in water treatment, energy transition, defence, industry and environmental projects, thereby significantly strengthening its capabilities in critical water infrastructure and industrial services. The deal, aligned with Rejlers’ growth strategy, targets technology areas vital for societal resilience at a time when Sweden’s water and wastewater sector faces long-term investments estimated at SEK 560 billion through 2040; Rörkraft’s 80-strong team and strong profitability will form a separate business area within Rejlers Sweden’s Industry division, continuing under its current brand, while the partly share-financed purchase introduces modest dilution of about 1.1% of Rejlers’ total shares and 0.7% of voting rights.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK199.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Wins Major Engineering Role in Oriola’s New High-Tech Distribution Hub

Rejlers has been awarded a significant technical consultancy contract by Oriola to support the construction of a new, highly automated pharmaceutical distribution centre in Järvenpää, Finland, a key logistics hub in the Nordic healthcare supply chain. The project, backed by Oriola’s EUR 110–120 million investment, will see Rejlers deliver multidisciplinary engineering services spanning HSE, architectural, structural, electrical and ICT design, HVAC and fire safety, energy and lifecycle consulting, and geotechnical engineering, with the 30,000-square-metre facility designed to meet BREEAM Excellent standards and achieve about 50% higher energy efficiency than conventional buildings. The contract strengthens Rejlers’ position in high-tech, sustainability-focused logistics infrastructure, showcasing its capability in complex, mission-critical projects, while supporting Oriola’s efforts to boost operational efficiency, advance its sustainability agenda and reinforce reliable pharmaceutical distribution in Finland and Sweden.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK199.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.