1Q26: Model Updated; Reiterate Buy

研报英文原文证据摘录

1Q26: Model Updated; Reiterate Buy

EUROPE | Infrastructure

Skanska EquityMayResearch12, 2026

TARGET | ESTIMATE CHANGE1Q26: Model Updated; Reiterate Buy

Q1 saw SKAB deliver another quarter of steady earnings underpinned by RATING BUY

construction, while development remained soft amid a volatile geopolitical PRICE SEK250.90^

backdrop. SKAB offers attractive exposure to construction markets, PRICE TARGET | % TO PT SEK300.00 (SEK296.00)

particularly in the US where we are seeing momentum improve. At the | +20%

52W HIGH-LOW SEK281.70 - SEK218.80

same time, an implied ~35% discount to book offers an option on property

FLOAT (%) | ADV MM (USD) 79.9% | 226.58

development if market sentiment begins to turn. We update our model for

MARKET CAP SEK104.0B | $11.3B

Q1 and update our PT to SEK 300. Buy.

TICKER SKAB SS

^Prior trading day's closing price unless otherwise

Steady Q1. Skanska delivered a steady Q1 which came in broadly in line with our expectations, noted.

but that was met by some disappointment due to a slowdown in construction topline, driven

by FX, weather, and order phasing. Residential and commercial development remained soft,

and here we note the latter partially benefited from one-offs including provision releases and FY (Dec) CHANGE TO JEFe JEF vs CONS

divestment of non-strategic land. Despite this, we welcomed no major impairments and a 2026 2027 2026 2027

market outlook which is unchanged. REV -1% -1% NM -3%

EPS +3% <-1% NM +5%

Construction remains strong. On the call, SKAB highlighted that certain end-markets remain

strong, particularly in the US, where mgmt. continue to see robust demand for Civils. In 2026 (SEK) Q1 Q2 Q3 Q4 FY

Buildings, Skanska is also seeing strong demand for data center contracting, with mgmt. EPS -- -- -- -- 16.92