Recent Insider Transactions • Jul 17
Independent Director recently bought kr202k worth of stock On the 15th of July, Jenny Larsson bought around 2k shares on-market at roughly kr101 per share. This transaction increased Jenny's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr2.3m. Insiders have collectively bought kr12m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 16
Second quarter 2026 earnings released: EPS: kr1.71 (vs kr1.70 in 2Q 2025) Second quarter 2026 results: EPS: kr1.71 (up from kr1.70 in 2Q 2025). Revenue: kr6.51b (down 2.4% from 2Q 2025). Net income: kr194.0m (flat on 2Q 2025). Profit margin: 3.0% (in line with 2Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Recent Insider Transactions • May 20
Independent Chairman of the Board recently bought kr2.2m worth of stock On the 18th of May, Tom Erixon bought around 20k shares on-market at roughly kr108 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr2.3m. Tom has been a buyer over the last 12 months, purchasing a net total of kr11m worth in shares. Recent Insider Transactions • May 06
Independent Chairman of the Board recently bought kr2.3m worth of stock On the 4th of May, Tom Erixon bought around 20k shares on-market at roughly kr114 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tom has been a buyer over the last 12 months, purchasing a net total of kr9.2m worth in shares. New Risk • Apr 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.1% Last year net profit margin: 4.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: kr2.12 (vs kr2.21 in 1Q 2025) First quarter 2026 results: EPS: kr2.12 (down from kr2.21 in 1Q 2025). Revenue: kr6.33b (down 6.3% from 1Q 2025). Net income: kr240.0m (down 4.0% from 1Q 2025). Profit margin: 3.8% (up from 3.7% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Apr 22
Upcoming dividend of kr6.00 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 06 May 2026. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: kr7.06 (vs kr10.85 in FY 2024) Full year 2025 results: EPS: kr7.06 (down from kr10.85 in FY 2024). Revenue: kr25.8b (down 5.2% from FY 2024). Net income: kr800.0m (down 35% from FY 2024). Profit margin: 3.1% (down from 4.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Annonce • Feb 17
Afry AB (OM:AFRY) entered into an agreement to acquire AMC Consultants Pty Ltd. Afry AB (OM:AFRY) entered into an agreement to acquire AMC Consultants Pty Ltd. on February 16, 2026.
For the period ending December 31, 2025, AMC Consultants Pty Ltd. reported total revenue of approximately AUD 57 million.
The transaction is subject to approval of offer by acquirer shareholders, subject to court approval and customary closing conditions. The expected completion of the transaction is mid-second quarter of 2026. Recent Insider Transactions • Feb 08
Director recently bought kr1.4m worth of stock On the 6th of February, Magnus Heimburg bought around 10k shares on-market at roughly kr136 per share. This transaction increased Magnus' direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr3.8m. Insiders have collectively bought kr15m more in shares than they have sold in the last 12 months. Declared Dividend • Feb 07
Dividend of kr6.00 announced Dividend of kr6.00 is the same as last year. Ex-date: 29th April 2026 Payment date: 6th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 06
Full year 2025 earnings released: EPS: kr7.06 (vs kr10.85 in FY 2024) Full year 2025 results: EPS: kr7.06 (down from kr10.85 in FY 2024). Revenue: kr25.8b (down 5.2% from FY 2024). Net income: kr800.0m (down 35% from FY 2024). Profit margin: 3.1% (down from 4.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Annonce • Feb 06
Afry AB announces Annual dividend, payable on May 06, 2026 Afry AB announced Annual dividend of SEK 6.0000 per share payable on May 06, 2026, ex-date on April 29, 2026 and record date on April 30, 2026. Annonce • Feb 05
Afry AB to Report Q4, 2026 Results on Feb 04, 2027 Afry AB announced that they will report Q4, 2026 results on Feb 04, 2027 Recent Insider Transactions • Dec 07
Chairman of the Board recently bought kr3.8m worth of stock On the 4th of December, Tom Erixon bought around 25k shares on-market at roughly kr153 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tom has been a buyer over the last 12 months, purchasing a net total of kr9.3m worth in shares. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: kr1.21 (vs kr1.32 in 3Q 2024) Third quarter 2025 results: EPS: kr1.21 (down from kr1.32 in 3Q 2024). Revenue: kr5.69b (down 5.1% from 3Q 2024). Net income: kr137.0m (down 8.1% from 3Q 2024). Profit margin: 2.4% (down from 2.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Annonce • Oct 22
Afry AB, Annual General Meeting, Apr 28, 2026 Afry AB, Annual General Meeting, Apr 28, 2026. Location: solna Sweden Recent Insider Transactions • Sep 08
President & CEO recently bought kr602k worth of stock On the 5th of September, Linda Palsson bought around 4k shares on-market at roughly kr149 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr3.1m. Linda has been a buyer over the last 12 months, purchasing a net total of kr12m worth in shares. Recent Insider Transactions • Jul 18
Chairman of the Board recently bought kr3.1m worth of stock On the 16th of July, Tom Erixon bought around 20k shares on-market at roughly kr156 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tom has been a buyer over the last 12 months, purchasing a net total of kr5.5m worth in shares. Reported Earnings • Jul 16
Second quarter 2025 earnings released: EPS: kr1.70 (vs kr3.33 in 2Q 2024) Second quarter 2025 results: EPS: kr1.70 (down from kr3.33 in 2Q 2024). Revenue: kr6.67b (down 7.2% from 2Q 2024). Net income: kr193.0m (down 49% from 2Q 2024). Profit margin: 2.9% (down from 5.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Annonce • Jul 15
Afry AB (OM:AFRY) entered into an agreement to acquire Reta Engenharia Ltda. Afry AB (OM:AFRY) entered into an agreement to acquire Reta Engenharia Ltda. on July 14, 2025. For the period ending December 31, 2024, Reta Engenharia Ltda. reported total revenue of SEK 135 million. The acquisition is subject to operational closing conditions and is expected to close during Q3 2025. Annonce • Jul 02
Afry Announces Robert Larsson EVP Head of Global Division Transportation and Places Decides to Take on A New Role Outside of the Company Afry announced that After 7 years at AFRY Robert Larsson has decided to take on a new role outside of the company. Currently he has the position as EVP Head of Global Division Transportation and Places. A recruitment process to find a successor will start immediately. The recruitment process will look internally and externally for candidates. Robert Larsson will remain in his current role until a successor has been appointed or at the latest until the end of December 2025 to ensure a smooth transition. Recent Insider Transactions • Jun 05
President & CEO recently bought kr491k worth of stock On the 2nd of June, Linda Palsson bought around 3k shares on-market at roughly kr169 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr2.4m. Linda has been a buyer over the last 12 months, purchasing a net total of kr11m worth in shares. Recent Insider Transactions • May 26
Group General Counsel recently bought kr224k worth of stock On the 23rd of May, Susan Gustafsson bought around 1k shares on-market at roughly kr166 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr2.4m. Insiders have collectively bought kr17m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 30
Chairman of the Board recently bought kr2.4m worth of stock On the 28th of April, Tom Erixon bought around 15k shares on-market at roughly kr160 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr10m. This was Tom's only on-market trade for the last 12 months. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: kr2.21 (vs kr3.14 in 1Q 2024) First quarter 2025 results: EPS: kr2.21 (down from kr3.14 in 1Q 2024). Revenue: kr6.75b (down 2.1% from 1Q 2024). Net income: kr250.0m (down 30% from 1Q 2024). Profit margin: 3.7% (down from 5.2% in 1Q 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 19
Upcoming dividend of kr6.00 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: kr10.85 (vs kr9.71 in FY 2023) Full year 2024 results: EPS: kr10.85 (up from kr9.71 in FY 2023). Revenue: kr27.2b (flat on FY 2023). Net income: kr1.23b (up 12% from FY 2023). Profit margin: 4.5% (up from 4.1% in FY 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Feb 21
Dividend increased to kr6.00 Dividend of kr6.00 is 9.1% higher than last year. Ex-date: 25th April 2025 Payment date: 2nd May 2025 Dividend yield will be 3.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 6.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Feb 20
Afry AB announces Annual dividend, payable on May 02, 2025 Afry AB announced Annual dividend of SEK 6.0000 per share payable on May 02, 2025, ex-date on April 25, 2025 and record date on April 28, 2025. Annonce • Feb 17
AFRY AB (publ) Announces Management Changes AFRY AB (publ) announced that Elon Hägg has been appointed Executive Vice President and Head of the Energy Division at AFRY, thereby joining the Group Executive Management. He succeeds Linda Pålsson, who was appointed President and CEO of AFRY earlier this year. Elon Hägg will take on his new role on March 1, 2025. Elon Hägg is currently Vice President and Global Head of Hydro, leading AFRY's global hydropower business and strategy. With nearly 14 years in senior leadership roles within the company, Elon has successfully managed both international operations and local teams, driving profitable growth and development in the sector. Previously, he served as Head of Hydropower business in Sweden. Prior to joining AFRY, Elon worked at Fortum, managing the Dam Safety Management unit. Elon holds a Master of Science in Environmental and Water Engineering from Uppsala University and is based in Stockholm. Recent Insider Transactions • Feb 10
President & CEO recently bought kr10m worth of stock On the 7th of February, Linda Palsson bought around 52k shares on-market at roughly kr196 per share. This transaction increased Linda's direct individual holding by 13x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Linda's only on-market trade for the last 12 months. Annonce • Feb 09
Afry AB Proposes Dividend for 2024 Afry AB proposed a dividend for 2024 of SEK 6.00 per share against SEK 5.50 per share a year ago. Annonce • Feb 08
Afry AB, Annual General Meeting, Apr 24, 2025 Afry AB, Annual General Meeting, Apr 24, 2025. Reported Earnings • Feb 07
Full year 2024 earnings released: EPS: kr10.85 (vs kr9.71 in FY 2023) Full year 2024 results: EPS: kr10.85 (up from kr9.71 in FY 2023). Revenue: kr27.2b (flat on FY 2023). Net income: kr1.23b (up 12% from FY 2023). Profit margin: 4.5% (up from 4.1% in FY 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Jan 15
Afry AB Announces Executive Changes The AFRY Board of Directors has on January 12, 2025 appointed Linda Pålsson as President. Linda takes on the position immediately and succeeds the former CEO Jonas Gustavsson who is leaving the company. AFRY’s Board of Directors has been working on the recruitment process of a new CEO since 9 September 2024. Linda Pålsson has extensive experience from senior positions both inside and outside AFRY. Linda is the Executive Vice President and Head of the Energy Division and has previously held several roles at AFRY such as Vice President Hydro Global & Energy Nordics, Business Area Manager Energy Projects and Market Area Manager Transmission & Distribution. Linda has also been CEO of Triventus Windpower AB and Regional Manager of Infratek. Linda was born in 1974 and holds a degree in Electrical Engineering from Chalmers University of Technology in Gothenburg, Sweden. Annonce • Jan 14
Afry AB Announces CEO Changes The AFRY Board of Directors has on January 12, 2025 appointed Linda Pålsson as CEO. Linda takes on the position immediately and succeeds the former CEO Jonas Gustavsson who is leaving the company. AFRY’s Board of Directors has been working on the recruitment process of a new CEO since 9 September 2024. Linda Pålsson has extensive experience from senior positions both inside and outside AFRY. Linda is the Executive Vice President and Head of the Energy Division and has previously held several roles at AFRY such as Vice President Hydro Global & Energy Nordics, Business Area Manager Energy Projects and Market Area Manager Transmission & Distribution. Linda has also been CEO of Triventus Windpower AB and Regional Manager of Infratek. Linda was born in 1974 and holds a degree in Electrical Engineering from Chalmers University of Technology in Gothenburg, Sweden. New Risk • Oct 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr1.32 (vs kr1.32 in 3Q 2023) Third quarter 2024 results: EPS: kr1.32 (in line with 3Q 2023). Revenue: kr5.99b (down 1.1% from 3Q 2023). Net income: kr149.0m (flat on 3Q 2023). Profit margin: 2.5% (in line with 3Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annonce • Oct 07
Afry AB Appoints Nomination Committee Members for 2025 Annual General Meeting AFRY AB has appointed its Nomination Committee members following the Annual General Meeting's procedure. The committee includes Anders Snell (Chairman), Caroline Sjösten, Elisabet Jamal Bergström, Lilian Fossum Biner, Jan Särlvik, and Tom Erixon. Reported Earnings • Jul 17
Second quarter 2024 earnings released: EPS: kr3.33 (vs kr1.78 in 2Q 2023) Second quarter 2024 results: EPS: kr3.33 (up from kr1.78 in 2Q 2023). Revenue: kr7.19b (up 4.7% from 2Q 2023). Net income: kr377.0m (up 88% from 2Q 2023). Profit margin: 5.2% (up from 2.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 28
Executive VP recently bought kr333k worth of stock On the 25th of April, Henrik Tegner bought around 2k shares on-market at roughly kr167 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr11m more in shares than they have sold in the last 12 months. Upcoming Dividend • Apr 17
Upcoming dividend of kr5.50 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: kr9.71 (vs kr8.60 in FY 2022) Full year 2023 results: EPS: kr9.71 (up from kr8.60 in FY 2022). Revenue: kr27.0b (up 14% from FY 2022). Net income: kr1.10b (up 13% from FY 2022). Profit margin: 4.1% (in line with FY 2022). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Annonce • Mar 20
Afry AB Proposes Dividend, Payable on 30 April 2024 Afry AB announced that at its Annual General Meeting to be held on 23 April 2024, the Board of Directors proposed a dividend of SEK 5.50 per share. The Board of Directors proposed 25 April 2024 as the record date for payment of the dividend. If the AGM resolves in accordance with the Board of Directors' proposal, the dividend is expected to be paid out via Euroclear Sweden on 30 April 2024. Declared Dividend • Feb 11
Dividend of kr5.50 announced Dividend of kr5.50 is the same as last year. Ex-date: 24th April 2024 Payment date: 30th April 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: kr9.71 (vs kr8.60 in FY 2022) Full year 2023 results: EPS: kr9.71 (up from kr8.60 in FY 2022). Revenue: kr27.0b (up 14% from FY 2022). Net income: kr1.10b (up 13% from FY 2022). Profit margin: 4.1% (in line with FY 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Dec 28
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Employee Representative Deputy Director Fredrik Sundin was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 22
Afry AB (OM:AFRY) entered into an agreement to acquire Som System Mérnöki Iroda Korlátolt Felelosségu Társaság and Ttsa Mérnökiroda Korlátolt Felelosségu Társa. Afry AB (OM:AFRY) entered into an agreement to acquire Som System Mérnöki Iroda Korlátolt Felelosségu Társaság and Ttsa Mérnökiroda Korlátolt Felelosségu Társa on November 20, 2023. SOM has annual net sales of approximately SEK 30-40 million and 20 employees based in Budaörs (Budapest) and Paks. The closing of the acquisition is subject to regulatory approvals and is assumed to close early 2024. Upon a successful close, SOM is assumed to be consolidated into AFRY as of February 2024. Annonce • Oct 13
Afry AB Appoints Nomination Committee Afry AB appointed to Nomination Committee. Anders Snell, (Chairman of the Nomination Committee) appointed by Stiftelsen ÅForsk. Elisabet Jamal Bergström, appointed by SEB Investment Management. Lilian Fossum Biner, appointed by Handelsbanken Fonder. Caroline Sjösten, appointed by Swedbank Robur Fonder. Rickard Wilson, appointed by EQT. Tom Erixon, Chairman of the Board. Annonce • Aug 15
Afry AB Announces Management Changes, Effective September 1, 2023 AFRY is making changes to the Group Executive Management team to strengthen profitability in line with the company's business strategy and financial targets. Robert Larsson becomes EVP and Head of Division Infrastructure and Martin Öman EVP and Head of Division Industrial & Digital Solutions. The changes will take effect on September 1, 2023. Robert Larsson has been appointed as EVP and Head of Division Infrastructure to increase profitability and develop the business in the division. Robert has been a member of AFRY's Group Executive Management and Head of Division Industrial & Digital Solutions since 2018. Robert has with clear leadership driven an active change agenda at AFRY. He has more than 25 years of experience in business and change management in global industrial operations with senior positions at ABB. Malin Frenning, current Head of Division Infrastructure will leave AFRY for a new position outside the company. Martin Öman has been appointed as EVP and Head of Division Industrial & Digital Solutions. Martin has successfully developed AFRY's business primarily within the automotive industry, and in recent years, he has served as the VP and Head of Product & Software Engineering. Martin has over 20 years of experience in leadership roles within the industry, including positions at Saab Automobile/General Motors, LeanNova Engineering, and he has been working as a Business Area Manager at AFRY since 2015. Martin holds a M.Sc. in Mechanical Engineering and a M.Sc. in Technology Management from Chalmers University of Technology. The changes will take effect on September 1, 2023. New Risk • Jul 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr6.87b (up 15% from 2Q 2022). Net income: kr201.0m (up 16% from 2Q 2022). Profit margin: 2.9% (in line with 2Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in the United Kingdom. Annonce • Jul 18
Afry AB to Report Q4, 2023 Results on Feb 02, 2024 Afry AB announced that they will report Q4, 2023 results on Feb 02, 2024 Annonce • May 10
Afry AB (OM:AFRY) agreed to acquire KSH Solutions, Inc. Afry AB (OM:AFRY) agreed to acquire KSH Solutions, Inc. on May 9, 2023. KSH Solutions, Inc. reported revenue of SEK 180 million. The transaction is expected to close in May 2023. Reported Earnings • Apr 28
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr6.92b (up 22% from 1Q 2022). Net income: kr436.0m (up 96% from 1Q 2022). Profit margin: 6.3% (up from 3.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Upcoming Dividend • Apr 21
Upcoming dividend of kr5.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.3%). Annonce • Feb 17
Afry AB (OM:AFRY) acquired Blix Consultancy B.V. Afry AB (OM:AFRY) acquired Blix Consultancy B.V. on February 16, 2023. Blix will be consolidated into Afry as of March 2023. Blix has annual net sales of approximately SEK 50 million.Afry AB (OM:AFRY) completed the acquisition of Blix Consultancy B.V. on February 16, 2023. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr8.60 (vs kr9.97 in FY 2021) Full year 2022 results: EPS: kr8.60 (down from kr9.97 in FY 2021). Revenue: kr23.6b (up 17% from FY 2021). Net income: kr974.0m (down 14% from FY 2021). Profit margin: 4.1% (down from 5.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Feb 10
Afry AB Proposes Dividend for 2022 Afry AB announced that Board of Directors proposes a dividend for 2022 of SEK 5.50 against SEK 5.50 per share paid for the same period a year ago. Board Change • Dec 28
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Henrik Ehrnrooth was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Jul 16
Second quarter 2022 earnings released: EPS: kr1.53 (vs kr2.57 in 2Q 2021) Second quarter 2022 results: EPS: kr1.53 (down from kr2.57 in 2Q 2021). Revenue: kr5.98b (up 15% from 2Q 2021). Net income: kr173.0m (down 41% from 2Q 2021). Profit margin: 2.9% (down from 5.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.6%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • May 15
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Henrik Ehrnrooth was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • May 05
Chief Financial Officer recently bought kr196k worth of stock On the 29th of April, Juuso Pajunen bought around 1k shares on-market at roughly kr164 per share. This was the largest purchase by an insider in the last 3 months. Juuso has been a buyer over the last 12 months, purchasing a net total of kr375k worth in shares. Board Change • May 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Henrik Ehrnrooth was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 30
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr5.67b (up 13% from 1Q 2021). Net income: kr223.0m (down 26% from 1Q 2021). Profit margin: 3.9% (down from 6.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.4%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Henrik Ehrnrooth was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Apr 22
Upcoming dividend of kr5.50 per share Eligible shareholders must have bought the stock before 29 April 2022. Payment date: 05 May 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (1.9%). Reported Earnings • Apr 08
Full year 2021 earnings released: EPS: kr9.97 (vs kr8.29 in FY 2020) Full year 2021 results: EPS: kr9.97 (up from kr8.29 in FY 2020). Revenue: kr20.1b (up 5.9% from FY 2020). Net income: kr1.13b (up 21% from FY 2020). Profit margin: 5.6% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 17% share price gain to kr185, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 23x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 10% over the past three years. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr9.98 (up from kr8.81 in FY 2020). Revenue: kr20.1b (up 5.9% from FY 2020). Net income: kr1.13b (up 14% from FY 2020). Profit margin: 5.6% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.7%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 31
President & CEO recently bought kr503k worth of stock On the 29th of October, Jonas Gustavsson bought around 2k shares on-market at roughly kr256 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Jonas has been a net seller over the last 12 months, reducing personal holdings by kr3.9m. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS kr2.20 (vs kr1.29 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr4.42b (up 9.9% from 3Q 2020). Net income: kr249.0m (up 72% from 3Q 2020). Profit margin: 5.6% (up from 3.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Recent Insider Transactions • Aug 04
President & CEO recently sold kr4.4m worth of stock On the 30th of July, Jonas Gustavsson sold around 15k shares on-market at roughly kr294 per share. This was the largest sale by an insider in the last 3 months. This was Jonas' only on-market trade for the last 12 months. Reported Earnings • Jul 16
Second quarter 2021 earnings released: EPS kr2.60 (vs kr1.88 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr5.18b (up 7.7% from 2Q 2020). Net income: kr295.0m (up 40% from 2Q 2020). Profit margin: 5.7% (up from 4.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Executive Departure • Jun 10
Independent Director Salla Pöyry has left the company On the 3rd of June, Salla Pöyry's tenure as Independent Director ended after 2.1 years in the role. We don't have any record of a personal shareholding under Salla's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.88 years. 
