Afry Future Growth

Future criteria checks 3/6

Afry is forecast to grow earnings and revenue by 28.4% and 3.1% per annum respectively. EPS is expected to grow by 26.6% per annum. Return on equity is forecast to be 11.4% in 3 years.

Key information

28.4%

Earnings growth rate

26.63%

EPS growth rate

Professional Services earnings growth	25.7%
Revenue growth rate	3.1%
Future return on equity	11.41%
Analyst coverage	Low
Last updated	02 Jan 2026

Recent future growth updates

Earnings Miss: Afry AB Missed EPS By 54% And Analysts Are Revising Their Forecasts

Jul 18

Earnings Miss: Afry AB Missed EPS By 35% And Analysts Are Revising Their Forecasts

Apr 27

Afry AB (STO:AFRY) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 12

kr219 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Jul 19

Recent updates

Earnings Miss: Afry AB Missed EPS By 54% And Analysts Are Revising Their Forecasts

Jul 18

The Returns At Afry (STO:AFRY) Aren't Growing

Jul 12

What Does Afry AB's (STO:AFRY) Share Price Indicate?

Jun 28

Does Afry (STO:AFRY) Have A Healthy Balance Sheet?

Jun 16

Earnings Miss: Afry AB Missed EPS By 35% And Analysts Are Revising Their Forecasts

Apr 27

Afry (STO:AFRY) Is Paying Out A Larger Dividend Than Last Year

Apr 25

Afry (STO:AFRY) Is Increasing Its Dividend To SEK6.00

Apr 10

Should You Be Adding Afry (STO:AFRY) To Your Watchlist Today?

Apr 01

Afry's (STO:AFRY) Dividend Will Be Increased To SEK6.00

Mar 20

Does Afry (STO:AFRY) Have A Healthy Balance Sheet?

Mar 12

What Is Afry AB's (STO:AFRY) Share Price Doing?

Feb 24

Afry AB (STO:AFRY) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 12

Industrial Investments In Energy Transition Will Create Future Project Opportunities

Feb 11 AFRY's growth in energy and infrastructure is driven by strategic investments and operational improvements, enhancing revenue and margin potential.

Afry AB (STO:AFRY) Held Back By Insufficient Growth Even After Shares Climb 28%

Feb 10

Afry's (STO:AFRY) Returns On Capital Are Heading Higher

Jan 19

Is Afry (STO:AFRY) A Risky Investment?

Dec 05

Should You Investigate Afry AB (STO:AFRY) At kr164?

Nov 11

These 4 Measures Indicate That Afry (STO:AFRY) Is Using Debt Reasonably Well

Sep 03

Benign Growth For Afry AB (STO:AFRY) Underpins Its Share Price

Aug 04

kr219 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Jul 19

Afry (STO:AFRY) Has Affirmed Its Dividend Of SEK5.50

Apr 17

Afry's (STO:AFRY) Dividend Will Be SEK5.50

Mar 20

Afry (STO:AFRY) Will Be Hoping To Turn Its Returns On Capital Around

Mar 19

Afry (STO:AFRY) Will Pay A Dividend Of SEK5.50

Mar 05

kr179 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Feb 07

Is Now The Time To Look At Buying Afry AB (STO:AFRY)?

Jan 25

There Are Reasons To Feel Uneasy About Afry's (STO:AFRY) Returns On Capital

Oct 03

Is There Now An Opportunity In Afry AB (STO:AFRY)?

Sep 01

These 4 Measures Indicate That Afry (STO:AFRY) Is Using Debt Reasonably Well

Jul 21

Earnings and Revenue Growth Forecasts

OM:AFRY - Analysts future estimates and past financials data (SEK Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2027	27,959	1,650	1,818	2,239	5
12/31/2026	26,481	1,301	1,510	1,919	5
12/31/2025	25,931	907	1,351	1,752	5
9/30/2025	26,195	928	2,091	2,191	N/A
6/30/2025	26,501	941	1,830	1,936	N/A
3/31/2025	27,018	1,124	1,879	2,003	N/A
12/31/2024	27,160	1,229	1,861	1,994	N/A
9/30/2024	27,211	1,195	1,506	1,648	N/A
6/30/2024	27,276	1,196	1,606	1,764	N/A
3/31/2024	26,953	1,019	1,683	1,848	N/A
12/31/2023	26,978	1,100	1,618	1,794	N/A
9/30/2023	26,452	1,184	965	1,237	N/A
6/30/2023	25,691	1,214	806	1,047	N/A
3/31/2023	24,798	1,187	672	833	N/A
12/31/2022	23,552	974	891	1,042	N/A
9/30/2022	22,451	877	1,443	1,565	N/A
6/30/2022	21,573	944	1,441	1,523	N/A
3/31/2022	20,775	1,062	1,565	1,708	N/A
12/31/2021	20,104	1,129	1,385	1,498	N/A
9/30/2021	19,503	1,127	1,178	1,255	N/A
6/30/2021	19,104	1,026	1,245	1,255	N/A
3/31/2021	18,735	945	1,610	1,687	N/A
12/31/2020	18,991	933	1,927	2,004	N/A
9/30/2020	19,531	816	2,198	2,401	N/A
6/30/2020	20,073	857	2,729	2,927	N/A
3/31/2020	20,658	914	1,910	2,071	N/A
12/31/2019	19,792	821	1,790	1,993	N/A
9/30/2019	18,302	859	1,149	1,274	N/A
6/30/2019	16,734	815	N/A	814	N/A
3/31/2019	14,949	807	N/A	945	N/A
12/31/2018	13,975	850	N/A	874	N/A
9/30/2018	13,518	883	N/A	852	N/A
6/30/2018	13,185	829	N/A	660	N/A
3/31/2018	12,808	766	N/A	712	N/A
12/31/2017	12,658	744	N/A	624	N/A
9/30/2017	12,295	713	N/A	492	N/A
6/30/2017	11,981	751	N/A	603	N/A
3/31/2017	11,692	769	N/A	677	N/A
12/31/2016	11,070	726	N/A	622	N/A
9/30/2016	10,651	695	N/A	686	N/A
6/30/2016	10,450	634	N/A	812	N/A
3/31/2016	10,097	617	N/A	642	N/A
12/31/2015	9,851	605	N/A	523	N/A
9/30/2015	9,509	585	N/A	577	N/A
6/30/2015	9,235	599	N/A	413	N/A
3/31/2015	8,927	556	N/A	523	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AFRY's forecast earnings growth (28.4% per year) is above the savings rate (1.7%).

Earnings vs Market: AFRY's earnings (28.4% per year) are forecast to grow faster than the Swedish market (13.2% per year).

High Growth Earnings: AFRY's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: AFRY's revenue (3.1% per year) is forecast to grow slower than the Swedish market (3.8% per year).

High Growth Revenue: AFRY's revenue (3.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AFRY's Return on Equity is forecast to be low in 3 years time (11.4%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/01/07 04:31
End of Day Share Price	2026/01/07 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Afry AB is covered by 10 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Kristofer Liljeberg-Svensson	Carnegie Investment Bank AB
Viktor Lindeberg	Carnegie Investment Bank AB

Afry Future Growth

Future criteria checks 3/6

Key information

Recent future growth updates

Earnings Miss: Afry AB Missed EPS By 54% And Analysts Are Revising Their Forecasts

Earnings Miss: Afry AB Missed EPS By 35% And Analysts Are Revising Their Forecasts

Afry AB (STO:AFRY) Just Reported And Analysts Have Been Lifting Their Price Targets

Price target increased by 10% to kr232

kr219 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Price target increased by 7.3% to kr219

Recent updates

Afry AB to Report Q3, 2026 Results on Oct 22, 2026

Chairman of the Board recently bought kr3.8m worth of stock

Investors Met With Slowing Returns on Capital At Afry (STO:AFRY)

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

Afry AB, Annual General Meeting, Apr 28, 2026

These 4 Measures Indicate That Afry (STO:AFRY) Is Using Debt Reasonably Well

Investors Continue Waiting On Sidelines For Afry AB (STO:AFRY)

President & CEO recently bought kr602k worth of stock

Chairman of the Board recently bought kr3.1m worth of stock

Earnings Miss: Afry AB Missed EPS By 54% And Analysts Are Revising Their Forecasts

Afry AB (OM:AFRY) entered into an agreement to acquire Reta Engenharia Ltda.

The Returns At Afry (STO:AFRY) Aren't Growing

Afry Announces Robert Larsson EVP Head of Global Division Transportation and Places Decides to Take on A New Role Outside of the Company

What Does Afry AB's (STO:AFRY) Share Price Indicate?

Does Afry (STO:AFRY) Have A Healthy Balance Sheet?

President & CEO recently bought kr491k worth of stock

Group General Counsel recently bought kr224k worth of stock

Chairman of the Board recently bought kr2.4m worth of stock

Earnings Miss: Afry AB Missed EPS By 35% And Analysts Are Revising Their Forecasts

First quarter 2025 earnings: EPS and revenues miss analyst expectations

Afry (STO:AFRY) Is Paying Out A Larger Dividend Than Last Year

Afry AB Resolves to Distribute Dividend, Payable on 2 May 2025

Upcoming dividend of kr6.00 per share

Afry (STO:AFRY) Is Increasing Its Dividend To SEK6.00

Should You Be Adding Afry (STO:AFRY) To Your Watchlist Today?

Full year 2024 earnings: Revenues and EPS in line with analyst expectations

Afry's (STO:AFRY) Dividend Will Be Increased To SEK6.00

Tuula Teeri and Henrik Ehrnrooth Decline Re-Election as Board Members of Afry AB

Does Afry (STO:AFRY) Have A Healthy Balance Sheet?

What Is Afry AB's (STO:AFRY) Share Price Doing?

Dividend increased to kr6.00

Afry AB announces Annual dividend, payable on May 02, 2025

AFRY AB (publ) Announces Management Changes

Afry AB (STO:AFRY) Just Reported And Analysts Have Been Lifting Their Price Targets

Industrial Investments In Energy Transition Will Create Future Project Opportunities

Price target increased by 10% to kr232

Afry AB (STO:AFRY) Held Back By Insufficient Growth Even After Shares Climb 28%

President & CEO recently bought kr10m worth of stock

Afry AB Proposes Dividend for 2024

Afry AB, Annual General Meeting, Apr 24, 2025

Full year 2024 earnings: Revenues and EPS in line with analyst expectations

Afry's (STO:AFRY) Returns On Capital Are Heading Higher

Afry AB Announces Executive Changes

Afry AB Announces CEO Changes

Is Afry (STO:AFRY) A Risky Investment?

Should You Investigate Afry AB (STO:AFRY) At kr164?

New minor risk - Financial position

Third quarter 2024 earnings: EPS and revenues miss analyst expectations

Afry AB to Report Q1, 2025 Results on Apr 24, 2025

Afry AB Appoints Nomination Committee Members for 2025 Annual General Meeting

Jonas Gustavsson, CEO is Leaving Afry AB

These 4 Measures Indicate That Afry (STO:AFRY) Is Using Debt Reasonably Well

Benign Growth For Afry AB (STO:AFRY) Underpins Its Share Price

kr219 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Second quarter 2024 earnings: EPS exceeds analyst expectations

Price target increased by 7.3% to kr219

Executive VP recently bought kr333k worth of stock

Upcoming dividend of kr5.50 per share

Afry (STO:AFRY) Has Affirmed Its Dividend Of SEK5.50

Full year 2023 earnings: Revenues and EPS in line with analyst expectations

Afry AB Proposes Dividend, Payable on 30 April 2024

Afry's (STO:AFRY) Dividend Will Be SEK5.50

Afry (STO:AFRY) Will Be Hoping To Turn Its Returns On Capital Around

Afry (STO:AFRY) Will Pay A Dividend Of SEK5.50

Investor sentiment improves as stock rises 15%

Price target increased by 15% to kr194

kr179 - That's What Analysts Think Afry AB (STO:AFRY) Is Worth After These Results

Full year 2023 earnings: Revenues and EPS in line with analyst expectations

Afry AB to Report Q4, 2024 Results on Feb 07, 2025