Board Change • May 20
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. Independent Director Maria Kristina Schauman is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • May 20
Independent Chairman of the Board recently bought €197k worth of stock On the 18th of May, Tom Erixon bought around 20k shares on-market at roughly €9.86 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 €210k. Tom has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Duyuru • 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. Duyuru • 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. Duyuru • 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 Duyuru • Oct 22
Afry AB, Annual General Meeting, Apr 28, 2026 Afry AB, Annual General Meeting, Apr 28, 2026. Location: solna Sweden Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • Feb 08
Afry AB, Annual General Meeting, Apr 24, 2025 Afry AB, Annual General Meeting, Apr 24, 2025. Duyuru • 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. Duyuru • 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 26
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 5.6% growth forecast for the Professional Services industry in Europe. 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 17% per year, which means it is significantly lagging earnings. Duyuru • 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 5.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. 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 15% per year, which means it is significantly lagging earnings. 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 German dividend payers (4.8%). Higher than average of industry peers (2.4%). 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 5.4% growth forecast for the Professional Services industry in Europe. 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 16% per year, which means it is significantly lagging earnings. Duyuru • 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 12
Dividend of kr5.50 announced Shareholders will receive a dividend of kr5.50. Ex-date: 24th April 2024 Payment date: 30th April 2024 Dividend yield will be 39%, which is higher than the industry average of 1.8%. 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. Declared Dividend • Feb 12
Dividend of kr5.50 announced Shareholders will receive a dividend of kr5.50. Ex-date: 24th April 2024 Payment date: 30th April 2024 Dividend yield will be 39%, which is higher than the industry average of 1.8%. 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. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €14.44, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Professional Services industry in Europe. Total loss to shareholders of 29% over the past three years. Reported Earnings • Feb 03
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 5.2% growth forecast for the Professional Services industry in Europe. 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 16% 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 5.4% growth forecast for the Professional Services industry in Europe. Duyuru • 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 Duyuru • 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 5.6% growth forecast for the Professional Services industry in Europe. 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 German dividend payers (4.6%). Higher than average of industry peers (2.7%). Duyuru • 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 5.5% growth forecast for the Professional Services industry in Europe. 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 10% per year, which means it is significantly lagging earnings. Duyuru • 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. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 16% share price gain to €14.56, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Professional Services industry in Europe. Total loss to shareholders of 23% over the past three years. Duyuru • Jul 19
Afry AB Announces That Juuso Pajunen Will Leave His Position as CFO Afry AB announced that Juuso Pajunen will leave his position as CFO and member of the Group Executive Management at AFRY for a new position outside the company. The recruitment process of a replacement will now be initiated and Juuso Pajunen will leave AFRY no later than January 18, 2023. 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 9.9% growth forecast for the industry in Germany. 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. Duyuru • Jul 14
Afry AB (OM:AFRY) acquired Ionic Consulting Limited. Afry AB (OM:AFRY) acquired Ionic Consulting Limited on July 1, 2022. Ionic Consulting has annual net sales of approximately 57 MSEK.Afry AB (OM:AFRY) completed the acquisition of Ionic Consulting Limited on July 1, 2022. Duyuru • Jul 07
Afry AB Appoints Linda Pålsson as Executive Vice President & Head of Energy Division On August 1, 2022, Linda Pålsson will take on the role as Executive Vice President & Head of the Energy Division at AFRY. Linda Pålsson is currently Vice President & Head of Hydro and Energy Nordics at AFRY and has 20 years of experience within the company. Linda Pålsson also held leading positions in Triventus Windpower and Infratek. She holds an education in electrical engineering from the Chalmers University of Technology of Gothenburg. The change in the Group Executive Management comes after the long-planned role change of the current Executive Vice President, Richard Pinnock, who will continue in the Energy Division and AFRY as a senior advisor. Duyuru • Jun 15
AFRY Launches FoodFactFinder - A New Digital Solution to Counteract Global Food Issues AFRY announced that is launching a new digital solution for calculating how changes in the world around impact on the food production and consumption. The software takes into account factors such as the prevailing geopolitical situation, shortages of raw materials and culinary trends. By working through different scenarios based on facts from the global food trade, technology and the sustainability index, the AFRY FoodFactFinder can calculate the effects of carbon dioxide emissions, water pollution and land management for each change scenario. For example:`What would happen if China's 1.4 billion inhabitants changed their diet?' or `What will happen in Ukraine now as cereals such as wheat are no longer available?' and how these issues will impact environment. During crises and disasters, this tool will serve as a great solution for countries that are impacted by changes in food production. It will also be useful for countries that want to predict other changes in the future. Sustainability and its impact on the market are key to ability to plan future food production and take the right decisions. A tool such as AFRY FoodFactFinder enhances knowledge and understanding of the issues and can even create the conditions for Sweden to become a pioneer. The tool was presented at the Nordic Future Food trade fair in Stockholm, Sweden, that took place in June. Duyuru • May 21
Afry AB Announces Approval of its Science-Based Targets Afry AB science-based targets are approved by the Science Based Targets initiative. The targets are now externally validated to be in line with the 1.5°C ambition according to the latest climate science research. In November 2020, AFRY committed to setting targets in line with the 1.5°C ambition with the Science Based Targets initiative (SBTi). These targets were developed and submitted in 2021 and validated in First Quarter 2022. AFRY's science-based targets are aligned with Carbon Law, meaning the halving CO2 emissions by 2030 trajectory. The formally approved science-based targets are the following: AFRY commits to reduce absolute scope 1 and 2 Greenhouse Gas (GHG) emissions 36% by 2027 from a 2019 base year. AFRY also commits to reduce absolute scope 3 GHG emissions from business travel 36% within the same timeframe. AFRY further commits that 87% of its suppliers by spend covering purchased goods and services and capital goods will set science-based targets by 2027. AFRY's climate target relating to its own operations is to halve CO2 emissions by 2030 with 2019 as a base year and to achieve net zero emissions by 2040. AFRY's large impact is through client assignments, and AFRY aims to increase the net positive impact through client assignments to accelerate the sustainability transition. 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. 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 7.3%, compared to a 9.7% growth forecast for the industry in Germany. 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 2% 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 German dividend payers (3.8%). Higher than average of industry peers (2.3%). 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 9.4% growth forecast for the industry in Germany. 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 3% per year. Duyuru • Apr 07
Afry AB (OM:AFRY) signed an agreement to acquire Weop Ab. Afry AB (OM:AFRY) signed an agreement to acquire Weop Ab on April 5, 2022. Weop reported annual sales of SEK 23 million. 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 €17.45, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Professional Services industry in Europe. Total returns to shareholders of 25% over the past three years. Duyuru • Feb 04
Afry AB Proposes Dividend for 2021 Afry AB announced that Board of Directors proposes a dividend for 2021 of SEK 5.50 against SEK 5.00 per share paid for the same period a year ago. Recent Insider Transactions • Oct 31
President & CEO recently bought €51k worth of stock On the 29th of October, Jonas Gustavsson bought around 2k shares on-market at roughly €25.77 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 €385k. Recent Insider Transactions • Oct 31
President & CEO recently bought €51k worth of stock On the 29th of October, Jonas Gustavsson bought around 2k shares on-market at roughly €25.77 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 €385k. 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 15% per year, which means it is well ahead of earnings. Duyuru • Sep 01
Afry AB (OM:AFRY) acquired Insuco Aps. Afry AB (OM:AFRY) acquired Insuco Aps on July 1, 2021. Insuco Aps 2020 turnover was approximately SEK 13 million. Insuco has 11 employees. Insuco was consolidated into AFRY from the July 1, 2021.
Afry AB (OM:AFRY) completed the acquisition of Insuco Aps on July 1, 2021. Duyuru • Aug 18
Afry AB (OM:AFRY) signed an agreement to acquire Cubiq Analytics Oy. Afry AB (OM:AFRY) signed an agreement to acquire Cubiq Analytics Oy on August 16, 2021. Cubiq Analytics Oy net sale in 2020 is approximately SEK 67 million. Cubiq Analytics is planned to be consolidated to AFRY from September 2021. Cubiq Analytics Oy will join Afry AB. The deal is expected to close at the end of August. Recent Insider Transactions • Aug 04
President & CEO recently sold €436k worth of stock On the 30th of July, Jonas Gustavsson sold around 15k shares on-market at roughly €28.86 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 17
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 12% 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. Executive Departure • Jun 10
Independent Chairman of the Board Anders Narvinger has left the company On the 3rd of June, Anders Narvinger's tenure as Independent Chairman of the Board ended after 7.1 years in the role. As of March 2021, Anders still personally held 30.00k shares (€383k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.88 years. Executive Departure • Jun 10
Independent Director Jonas Abrahamsson has left the company On the 3rd of June, Jonas Abrahamsson's tenure as Independent Director ended. We don't have any record of a personal shareholding under Jonas' 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. Executive Departure • Jun 10
Independent Director Ulf Södergren has left the company On the 3rd of June, Ulf Södergren's tenure as Independent Director ended. As of March 2021, Ulf still personally held 20.00k shares (€255k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.88 years. Duyuru • Jun 08
ÅF Pöyry AB (publ) (OM:AF B) acquired Numerola Oy Ltd. ÅF Pöyry AB (publ) (OM:AF B) acquired Numerola Oy Ltd. on June 7, 2021.
ÅF Pöyry AB (publ) (OM:AF B) completed the acquisition of Numerola Oy Ltd. on June 7, 2021. Upcoming Dividend • May 28
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 04 June 2021. Payment date: 10 June 2021. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.0%). Duyuru • May 19
ÅF Pöyry AB (publ) (OM:AF B) signed an agreement to acquire Pinja Industry Oy. ÅF Pöyry AB (publ) (OM:AF B) signed an agreement to acquire Pinja Industry Oy on May 17, 2021. Pinja Industry Oy has an annual turnover of approximately SEK 140 million and has 150 employees based in nine cities in Finland. Closing is planned for June 1, 2021. Reported Earnings • May 01
First quarter 2021 earnings released: EPS kr2.66 (vs kr2.48 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr5.00b (down 4.9% from 1Q 2020). Net income: kr301.0m (up 8.3% from 1Q 2020). Profit margin: 6.0% (up from 5.3% in 1Q 2020). The increase in margin was driven by lower expenses. 
