AFRY AB is a Swedish engineering, project management and advisory group with its head office in Stockholm and a visiting address at Frösundaleden 2 in Solna, registered under corporate identity number 556120-6474. It employs about 18,000 experts and is divided into three divisions: Energy, Industry and Transportation & Places. Linda Pålsson became president and chief executive on 12 January 2025, and Tom Erixon chairs the board.
From steam boiler inspection to an engineering group
The company's roots lie in industrial safety. Södra Sveriges Ångpanneförening, the Southern Swedish Steam Generator Association, was founded in Malmö on 23 February 1895 as the first Swedish association of its kind, set up to carry out regular safety inspections of steam boilers and pressure vessels. A northern counterpart was formed in Stockholm in 1897, and both began offering consultancy alongside inspection before expanding into electrical engineering in 1910. The two merged in 1964 as Ångpanneföreningen, known as ÅF, covering the whole Swedish market. The modern group took shape through the combination of ÅF with the Finnish consultancy Pöyry, and AFRY marked 130 years of continuous operation in 2025.
Strategy and reporting
The 2025 annual and sustainability report, published on 18 March 2026, set out a new strategy called Unlocking AFRY and was the first in which the group prepared its sustainability disclosure under the EU Corporate Sustainability Reporting Directive. The report tracks progress towards net zero carbon dioxide emissions by 2040, the reshaping of the client and project portfolio around the climate transition, and employer commitments. The 2026 annual general meeting, held on 28 April, re-elected Viveka Beckeman, Jan Berntsson, Tom Erixon, Magnus Heimburg, Jenny Larsson, Neil McArthur, Åsa Pettersson and Kristina Schauman to the board.
Financial performance
Full-year 2025 net sales fell 5.2% to SEK 25,758 million, with organic growth adjusted for calendar effects at minus 2.8%. EBITA excluding items affecting comparability was SEK 1,867 million, a margin of 7.2% against 7.8% a year earlier, while reported EBITA was SEK 1,554 million at a 6.0% margin and EBIT was SEK 1,387 million. The fourth quarter of 2025 was stronger, with an EBITA margin excluding comparability items of 8.7% on net sales of SEK 6,647 million.
Trading remained soft in 2026. First-quarter net sales were down 6.3%, and in the half year to June net sales fell 4.4% to SEK 12,836 million, with organic growth adjusted for calendar effects at minus 4.8%. The second quarter brought net sales of SEK 6,511 million, down 2.4%, EBITA excluding comparability items of SEK 434 million and a 6.7% margin, reported EBITA of SEK 379 million and earnings per share of SEK 1.71. The order backlog at the end of June was SEK 22.4 billion against SEK 20.7 billion a year earlier, and the utilisation rate was 73.5%. Management summarised the half year as continued progress with the profitability uplift still ahead.
Energy and industrial project work
AFRY's 2026 announcements illustrate the mix of work. It was selected to lead engineering for Uniper's NorthStarH2 e-methanol plant, awarded a design contract for an LNG-to-power project in Vietnam, and appointed to a hydropower project in Himachal Pradesh, India. The group also won the detailed design assignment for renovation of the Liljeholmen bridge, appointed Stefan Cartling to develop its data centre business, and strengthened its life science presence in Germany. Electricity grids are a stated growth area, with AFRY positioning itself around reinforcement of strained power systems while they remain in operation.
The general enquiry address published in the group's regulatory releases is [email protected], with investor relations handled by Johanna Hallstedt and the switchboard on +46 10 505 00 00.