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Investing.com -- Afry reported third-quarter results slightly below expectations, though resilient margins and a growing order backlog helped offset weaker demand across industrial markets.
Still shares in the company fell more than 2% in Stockholm trading.
The Swedish engineering and consulting group posted net sales of 5.69 billion Swedish kronor, down 5.1% year-on-year and 3.7% on an organic basis.
Adjusted EBITA slipped 0.8% to 362 million kronor, giving a 6.4% margin compared with 6.1% a year earlier. Jefferies said results came in around 2% below consensus on both revenue and EBITA but noted that “underlying profitability was resilient due to cost actions.”
By segment, the Industry unit fell 8.3% organically amid persistent weakness in automotive, pulp and paper, and other manufacturing segments.
The Energy business declined 2.2% organically, while Transportation & Places grew 2.7% on the back of strong infrastructure demand, even as real estate markets stayed subdued. Capacity utilization edged down to 72%, from 72.2% a year earlier.
Order backlog increased 3.6% to 20.4 billion kronor, supported by activity in infrastructure and energy transition projects.
Afry said it continues to execute its restructuring program, maintaining expected related costs of 200–300 million kronor between the third quarter of 2025 and the second quarter of 2026.
Jefferies analyst Adela Dashian described the quarter as “slightly below expectations” but highlighted that “margins were resilient and backlog growth supports visibility.”
"Backlog growth and exposure to key segments are supportive," she noted.