January-March 2025

• Net sales increased to SEK 8,066 million (7,720)
• EBITA increased to SEK 900 million (793), margin 11.2 per cent (10.3)
• EBITA increased 10 per cent year-on-year after adjustment for the positive calendar effect in the quarter
• EBIT increased to SEK 891 million (778), margin 11.0 per cent (10.1)
• Net debt/EBITDA decreased to 0.5x (1.1)
• Net debt decreased to SEK 1,607 million (3,118)
• Profit for the period increased to SEK 644 million (558) 
• Earnings per share increased to SEK 1.79 (1.55) and diluted earnings per share increased to SEK 1.78 (1.55)

Comments from President and CEO Åsa Bergman:

"A solid start to the year
Sweco reports a solid first quarter, with stable growth and continued margin improvement. Net sales grew 4 per cent and EBITA increased 10 per cent, adjusted for calendar effects. The EBITA margin increased to 11.2 per cent.

We have sustained our positive operational trend with continued price increases, a higher billing ratio and cost control measures. 

With some variation between geographies, the overall demand remained consistent with previous quarters, with good demand within energy, water, infrastructure, security and defence. However, demand remained weaker in parts of the buildings and industry segments. We noted a healthy order inflow and an order backlog growing in line with sales.

Financial performance
Net sales increased to SEK 8,066 million (7,720) and EBITA increased to SEK 900 million (793), corresponding to an EBITA margin of 11.2 per cent. Adjusted for the positive calendar effect of SEK 27 million in the quarter, EBITA increased 10 per cent. The organic growth rate was 4 per cent. The EBITA improvement was mainly driven by higher average fees and a higher billing ratio, while a negative effect arose from higher personnel expenses. 

Six out of eight business areas reported an improved EBITA adjusted for calendar effects. Sweco Denmark and Belgium continued to perform well with solid growth and strong margins. The Netherlands delivered the greatest improvement, driven by higher average fees. Sweden, Finland and Norway reported stable quarters in a mixed market and are introducing additional efficiency improvement measures. Sweco UK continues to improve its performance, while Germany & Central Europe performed in line with last year.

New projects and acquisitions 
The green transition of European industries and energy systems continues to drive demand for Sweco's services. In the quarter, Sweco won a SEK 580 million five-year contract to support the expansion of the electricity grid in Eastern Denmark as part of the country's climate agenda. We were also commissioned by Swedish metals and mining company Boliden, to undertake a project to replace one of its oil-fired boilers with two electric steam boilers, thereby supporting the company's efforts to transition to fossil-free copper production.

We are experiencing continued good demand in transportation services, driven by investments in infrastructure and sustainable transport. In the Baltics, Sweco will be part of a project alliance to design and construct the first phase of a high-speed rail link connecting the Baltic States with the rest of Europe. 

We are also proud to have been chosen as the project manager for the new Oslo Spektrum Arena in Norway. This project aims to establish Oslo as the leading event capital in the Nordics. The expansion of the existing arena will include a new convention centre, cultural stage, city hall, and over 1,000 office spaces. 

Acquisitions are a key growth driver for Sweco, and we aim to increase the pace of acquisitions throughout the year. As previously communicated, we made one acquisition in the first quarter, Finnish Sipti Consulting with some 50 experts. This will strengthen Sweco's position in geotechnical and environmental services. 

Priorities going forward
We continue to execute on the priorities communicated over the past quarters, delivering solid growth and improved profitability. The stable performance and the results from the first quarter prove the strength of Sweco's well-diversified business and operating model. In light of the recent global political turbulence, these strengths enables us to maintain close relationships with our clients and be ready to act on opportunities and mitigate challenges. The underlying trends supporting Sweco's business remain strong, and we are well-positioned in emerging growth areas as European countries are investing in a safer, greener and more competitive future."

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 Olof Stålnacke, 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 photo
Åsa Bergman, President and CEO of Sweco, free use. Please credit photographer: Tobias Regell.