INFREANasdaq StockholmIndustrialsIFRS · SEK

Infrea

Infrea is a Swedish industrial group focused on infrastructure services through its operating businesses in earthworks and civil engineering, and paving. The group owns and develops locally rooted subsidiaries that carry out projects and maintenance work across large parts of Sweden, with a concentration in metropolitan regions.

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Revenue2,069m SEK
−1.0 %y/y
Operating profit (EBIT)26.5m SEK
+79.1 %y/y
EBIT margin1.3%
+0.6 ppy/y
Net income63.0m SEK
+887.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

05001,0001,5002,0002,500m SEK2021: 1,279 m SEK2021: EBIT 20 m SEK20212022: 2,114 m SEK2022: EBIT 94 m SEK20222023: 2,041 m SEK2023: EBIT 13 m SEK20232024: 2,090 m SEK2024: EBIT 15 m SEK20242025: 2,069 m SEK2025: EBIT 27 m SEK2025TTM 2026: EBIT 27 m SEKTTM27
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Mark & Anläggning55 %

Earthworks, site preparation, foundations, and civil engineering projects for infrastructure.

Beläggning45 %

Paving, resurfacing, and related road-surface works for public and private infrastructure.

Customers

Infrea sells mainly to public-sector and infrastructure-related buyers that need roads, sites, and civil works built or maintained. Its customer base also includes contractors and other project owners that outsource specialized paving and earthworks to local operating companies.

Public infrastructure authorities

Municipalities and other public buyers that commission roads, streets, and local infrastructure works.

Transport and road project owners

Customers that buy paving, resurfacing, and road-related construction services.

Industrial and commercial developers

Owners of sites and facilities that need earthworks, foundations, and site preparation.

General contractors

Contractors that subcontract specialized infrastructure and paving execution.

Strategy

Infrea’s strategy centers on improving profitability while maintaining growth opportunities and a prudent level of leverage. The group also emphasizes a decentralized model, acquisition-led development, and stronger internal capabilities across financial, operational, and structural areas.

Acquisition-led expansionMedium term

Adds local businesses and broadens the infrastructure platform.

Decentralized subsidiary modelLong term

Preserves entrepreneurial drive and local customer relationships.

Operational and financial strengtheningShort term

Supports execution quality and creates room for growth with controlled leverage.

Geography

Infrea’s business is concentrated in Sweden, where it says it covers large parts of the country with a focus on metropolitan regions. Its local operating model matters because infrastructure work is typically won and executed close to the customer and project site, making regional presence a competitive advantage.

Risks

Infrea is exposed to cyclical infrastructure demand, project execution risk, and competitive pressure in a market where pricing and contract terms matter. Its acquisition model also creates integration and due-diligence risk, while the decentralized structure depends on retaining skilled managers and project personnel.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Weak infrastructure investment demand1Project and contract execution risk2Acquisition and integration risk3Talent retention and leadership continuity4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Weak infrastructure investment demandImpact: HighLikelihood: High

    Economic uncertainty, inflation, and higher rates can reduce customer willingness to start projects.

    Exposure: Order intake and project volumes

  2. Project and contract execution riskImpact: HighLikelihood: Medium

    Infrastructure contracts can create losses if scope, pricing, or cost assumptions prove wrong.

    Exposure: Project margins and write-downs

  3. Acquisition and integration riskImpact: HighLikelihood: Low

    Growth depends partly on buying and integrating local businesses successfully.

    ExposureGoodwillControlOperating performance
  4. Talent retention and leadership continuityImpact: MediumLikelihood: Low

    Local autonomy and project delivery depend on retaining skilled managers and key staff.

    Exposure: Execution quality and subsidiary performance

  5. Customer disputes and receivables collectionImpact: Medium

    The business can be involved in material disputes and delayed payments on projects.

    Exposure: Cash conversion and legal costs

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Accounting

Judgemental items
Revenue recognition on entreprenadkontrakt

Reported revenue depends on progress measurement and contract estimates, which can shift earnings between periods.

Impact: Project timing and margin volatility

Project loss provisions and contract estimates

Unfavorable contracts or execution issues can require write-downs or provisions.

Impact: Operating profit and balance-sheet reserves

Goodwill from acquisitions

The acquisition strategy creates goodwill that must be tested for impairment.

Impact: Equity and reported earnings

Contingent liabilities and disputes

Material project disputes can create uncertain liabilities and collection risk.

Impact: Cash flow and provisions

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Last updated: 24/09/2026

Infrea Revenue, Earnings & Financials 2025 – Clarifo