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Interim Report January-June 2021

Wed, 14/07/2021 - 07:00 CEST

For further information:

Jonas Gustavsson, President and CEO, +46 70 509 16 26
Juuso Pajunen, CFO, +358 10 33 26 632

Strong organic growth

“The second quarter was characterised by increasing demand, particularly in our industry segments. Organic growth was strong, results were stable, and we accelerated our acquisition agenda with 12 acquisitions so far this year”, said Jonas Gustavsson, President and CEO.

Second quarter 2021

– Net sales amounted to SEK 5,177 million (4,808)

– EBITA, excl. items affecting comparability, was SEK 416 million (383)

– EBITA margin, excl. items affecting comparability, was 8.0 percent (8.0)

– EBITA totalled SEK 416 million (360)

– EBITA margin was 8.0 percent (7.5)

– EBIT (operating profit) amounted to SEK 398 million (331)

– Basic earnings per share: SEK 2.60 (1.88)

January-June 2021

– Net sales amounted to SEK 10,176 million (10,063)

– EBITA, excl. items affecting comparability, was SEK 848 million (858)

– EBITA margin, excl. items affecting comparability, was 8.3 percent (8.5)

– EBITA totalled SEK 848 million (834)

– EBITA margin was 8.3 percent (8.3)

– EBIT (operating profit) amounted to SEK 799 million (742)

– Basic earnings per share: SEK 5.26 (4.35)



The second quarter was characterised by increasing demand for sustainable and digital solutions, particularly in our industry segments. Organic growth was strong, results were stable and we accelerated our acquisition agenda with 12 acquisitions so far this year.

Strong organic growth

The positive trend continued into the second quarter in most segments. Net sales amounted to SEK 5,177 million (4,808), which corresponds to organic growth of 7.0 percent, adjusted for calendar effects. The increase is mainly explained by the Industrial & Digital Solutions, Process Industries and Management Consulting divisions.

Stable results and strong financial position

EBITA, excluding items affecting comparability, was SEK 416 million (383), and the corresponding EBITA margin was 8.0 percent (8.0). The method for periodizing payroll expenses to a period was altered in connection with the implementation of our new ERP system. This change, which has a neutral impact on the full year, had a negative impact on EBITA of SEK 60 million in the second quarter. After adjusting for this change, the margin in the second quarter amounted to 9.2 percent. The positive development is thanks to the continued strong results and high margins of Process Industries, Energy and Management Consulting divisions. The quarter contained one extra working day, which had a positive effect on the margin.

The order stock remains at a stable level. Operating cash flow was solid and we have a strong financial position with a net debt/EBITDA of 2.2 times (2.0), excluding the effect of IFRS 16 and items affecting comparability. The strong balance sheet creates scope for further acquisitions.

Performance in the divisions

The Infrastructure Division posted growth in all segments along with stable results during the quarter. Demand remains strong for the division’s services, which are driven by increased public investments in building and transport infrastructure in both the Nordics and Central Europe.

The Industrial & Digital Solutions Division showed strong growth and improved results during the quarter, driven by a strong performance in the automotive and industry segment.

The Process Industries Division showed strong growth and a positive results trend during the quarter, particularly in Sweden, Finland and Latin America.

The Energy Division continued to perform well, but the Covid-19 pandemic continues to affect the decision-making processes for new projects, resulting in a negative growth.

The Management Consulting Division produced strong growth and results due to a higher activity level in the energy and bio industries.

Active sustainability efforts

We entered several exciting agreements during the quarter, and I am particularly proud that we were selected to develop the world’s largest thermal energy storage facility for Vantaa Energy in Finland. Sustainable solutions are at the core of AFRY’s operations, and this project is an excellent example of how we help our customers build a sustainable business. AFRY has been highlighted by the Financial Times as one of the 300 European companies to have reduced its emission intensity the most between 2014 and 2019. We also achieved platinum status in rating company Ecovadis’s evaluation of our sustainability initiatives, which is the highest possible level and a testament to our constant efforts to be among the best.

Strong focus on growth and digitalisation

To meet higher levels of demand, we have accelerated the pace of recruitment in all divisions and growth through acquisitions. Eight acquisitions were carried out during the quarter, making a total of 12 so far this year. In total, the acquired companies have annual sales of around SEK 500 million, which corresponds to a sales growth of circa 2.6 percent.

Digitalisation is one of our strongest drivers of growth, and the majority of the acquisitions we have made since the beginning of the year have strong digital offerings. I would like to particularly highlight the acquisitions of MosaicMill and Simosol in Finland, which are world leaders in digital Smart Forestry solutions, as well as Pinja Industry – experts in digital solutions for demanding industrial and production environments. We are strengthening our digital offering and our position as a leading expert and partner to our customers through these acquisitions and our digital accelerator AFRY X. We see numerous opportunities and are working on several more promising acquisition candidates.

Attractive employer

AFRY is again ranked by Framtidens Forskning as the most attractive employer among Swedish researchers. I am very pleased and proud of the fact that AFRY is and remains an attractive employer among researchers, as they are an important part of our success.

Following the decision taken at the AGM, the legal name of the parent company is now AFRY AB. We are now AFRY in all contexts and we will continue to position ourselves within digitalisation and sustainability.


Uncertainty of the course of the pandemic and its effects remains. We are seeing increasing demand in all segments, particularly in the industry segments which is driven by the transition to a more sustainable society. We have built a stable platform and are well positioned to take a leading role in that transition. We are maintaining our intense focus on growth and have a positive view of AFRY’s opportunities for a good development in 2021 together with our clients, employees and partners.


AFRY AB (publ), SE-169 99 Stockholm, Sweden

Visitors’ address:  Frösundaleden 2, 169 70 Solna, Sweden

Tel. +46 10 505 00 00   Fax +46 10 505 00 10

www.afry.com / info@afry.com

Corporate ID number 556120-6474


This report has not been subjected to scrutiny by the company’s auditors.

This information fulfils AFRY AB’s (publ) disclosure requirements under the provisions of the EU’s Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication through the agency of the contact person set out above at 07.00 CET on 14 July 2021.

All assumptions about the future that are made in this report are based on the best information available to the company at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to risks and uncertainties, which may mean that the actual outcome differs from the anticipated result.

This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.

The full report including tables (pdf) is available for download.

Link to press-images


AFRY is a European leader in engineering, design, and advisory services, with a global reach. We accelerate the transition towards a sustainable society.
We are 16,000 devoted experts in infrastructure, industry, energy and digitalisation, creating sustainable solutions for generations to come.
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