2Q26 Earnings – First Take: Multiple Puts & Takes

Research evidence excerpt

2Q26 Earnings – First Take: Multiple Puts & Takes

Update

July 17, 2026 06:56 AM GMT

Morgan Stanley & Co. International plc+MSkanska AB | Europe Nicolas J Mora

Equity Analyst

2Q26 Earnings – First Take: Nicolas.Mora@morganstanley.comCedar Ekblom, CFA +44 20 7677-5376

Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Multiple Puts & Takes Daniel Khajenouri

Daniel.Khajenouri@morganstanley.com +44 20 7425-3065

Reaction to earnings Peter Ajose-Adeogun

Unchanged Modest upside Modest revision higher Peter.Ajose-Adeogun@morganstanley.com +44 20 7677-1618

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Skanska AB (SKAb.ST, SKAB SS)

Source: Company data, Morgan Stanley Research

Building & Construction | Sweden

Stock Rating Equal-weight

Key Takeaways Industry View In-Line

Price target SKr 270.00

Operating Income +10%/-6% vs. VA consensus/MSe Shr price, close (Jul 16, 2026) SKr 252.30

52-Week Range SKr 281.70- 223.00

Highlights: #1 Strong order intake (beat in the Nordics); #2 Construction revs miss Mkt cap, curr (mn) SKr 104,551

Net debt (12/26e) (mn)* SKr 5,303

vs. margin beat; #3 SEK464m US CRE impairment vs. stronger I-4 capital gains EV, curr (mn)* SKr 110,076

Outlook: Improved in Sweden/Finland Building (tech, industrial & defence * = GAAP or approximated based on GAAP

verticals supportive), unchanged elsewhere

Overall, multiple puts & takes: i) Construction – slow revs consumption vs. better

margins; ii) Resi Dev't: poor margin, but cleaning up unsold homes backlog …

… iii) Commercial Dev't: more US impairments, avg margin on projects down

sequentially; iv) excellent FCF. Stay Equal-weight: solid delivery, hampered by

rates.

Conf call: 9am UKT / 10am CET on webcast here / tel: +46 (0)8 5051 0031 / +44 (0)