AFRYNasdaq StockholmIndustrialsIFRS · SEK

AFRY

AFRY is a global engineering, design, and advisory company that supports the energy and industrial transition towards sustainability. With a workforce of 18,000 experts, AFRY operates across multiple sectors, providing services that include project management, engineering, and strategic advisory. The company is structured into global divisions focusing on energy, industry, and transportation, enabling it to tackle complex challenges and deliver innovative solutions worldwide. AFRY's mission is to unlock transitions towards a sustainable and resilient society, leveraging its deep sector knowledge and local insights.

Revenue25.8bn SEK
−5.2 %y/y
Operating profit (EBIT)1,941m SEK
+0.0 %y/y
EBIT margin7.5%
+0.4 ppy/y
Net income804m SEK
−34.9 %y/y
Free cash flow2,132m SEK
+13.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0102030bn SEK2021: 20.1 bn SEK2021: EBIT 1.5 bn SEK20212022: 23.6 bn SEK2022: EBIT 1.4 bn SEK20222023: 27.0 bn SEK2023: EBIT 1.8 bn SEK20232024: 27.2 bn SEK2024: EBIT 1.9 bn SEK20242025: 25.8 bn SEK2025: EBIT 1.9 bn SEK2025TTM 2026: EBIT 1.5 bn SEKTTM1.5
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Energy21 %

Includes engineering and advisory for energy production, distribution, and storage.

Industry44 %

Encompasses engineering and advisory for process and manufacturing industries.

Transportation & Places35 %

Covers engineering services for road, rail, and public places.

Customers

AFRY serves a diverse range of clients across the energy, industrial, and infrastructure sectors. Its customers include major energy companies, industrial manufacturers, and public sector organizations seeking to transition to more sustainable operations. Clients rely on AFRY for its expertise in managing complex projects and delivering innovative solutions that enhance operational efficiency and sustainability. The company's global reach and local insights make it a preferred partner for organizations looking to navigate the challenges of energy and industrial transitions.

Energy Companies

They buy engineering and advisory services for energy transition.

Industrial Manufacturers

They seek process optimization and project management services.

Public Sector

They require infrastructure development and sustainability solutions.

Strategy

AFRY's strategic priorities focus on driving profitable growth through a simplified group structure and harmonized operations. The company aims to achieve net sales of SEK 35 billion by 2028, with an EBITA margin of 10%. Key strategic initiatives include expanding its service offerings in energy transition and industrial optimization, and enhancing operational efficiency. AFRY is also committed to sustainability, aligning its business model with global environmental goals to strengthen its competitive position.

Simplified Group StructureShort term

To enhance operational efficiency and profitability.

Energy Transition ExpansionMedium term

To capitalize on growing demand for sustainable solutions.

Sustainability CommitmentLong term

To align with global environmental goals and enhance market position.

Geography

AFRY has a strong presence in the Nordics, accounting for 72% of its sales, with additional operations across Europe, Asia, and the Americas. The company operates in over 50 countries, leveraging its global reach to provide localized solutions. Key markets include Sweden, Finland, and Norway, where AFRY's expertise in energy and industrial projects is highly sought after. This geographic diversity allows AFRY to mitigate risks associated with regional economic fluctuations and tap into emerging markets.

Risks

AFRY faces several risks, including geopolitical tensions and macroeconomic uncertainties that may delay project decisions and launches. The company is also exposed to strategic risks related to market dynamics and acquisitions, as well as operational risks in project execution and talent retention. Financial risks, such as currency fluctuations and interest rate changes, also pose challenges. AFRY's global operations help mitigate some risks, but regional variations in demand can impact performance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical Tensions1Macroeconomic Uncertainties2Currency Fluctuations3
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. Geopolitical TensionsImpact: HighLikelihood: High

    They can delay decision processes and project launches.

  2. Macroeconomic UncertaintiesImpact: MediumLikelihood: High

    They affect market conditions and demand.

  3. Currency FluctuationsImpact: MediumLikelihood: High

    They impact financial performance due to global operations.

Accounting

Judgemental items
Revenue Recognition

Timing affects financial results and comparability.

Currency Fluctuations

They impact financial performance due to global operations.

Hedge Accounting

Used to manage financial risks related to interest rates and foreign exchange.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

AFRY Revenue, Earnings & Financials 2025 – Clarifo