2Q26 Results Due Before Open on 17th July

研报英文原文证据摘录

2Q26 Results Due Before Open on 17th July

EUROPE | Infrastructure

Skanska EquityJuneResearch18, 2026

TARGET | ESTIMATE CHANGE2Q26 Results Due Before Open on 17th July

SKAB has underperformed YTD, as rising yields and geopolitical uncertainty RATING BUY

have weighed on property demand. While Q2 will likely be another subdued PRICE SEK243.30^

quarter, we see strong order intake and improving Resi momentum PRICE TARGET | % TO PT SEK303.00 (SEK300.00)

signaling accelerated earnings ahead. With an Iran peace deal seemingly on | +25%

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

the horizon, we see headwinds easing and upside potential for sentiment,

FLOAT (%) | ADV MM (USD) 79.9% | 214.77

which with Property sitting at an implied ~40% discount to book drives a

MARKET CAP SEK100.8B | $10.8B

positive risk reward here. Buy.

TICKER SKAB SS

^Prior trading day's closing price unless otherwise

Swedish recovery ongoing; commercial still weak. We have been positively surprised by the noted.

resilience of Swedish data despite macro uncertainty ticking up since the outbreak of war in the

Middle East. In May, the IMF commented - "Following a period of subdued economic activity

since 2023, a cyclical recovery has taken hold [in Sweden], supported by accommodative FY (Dec) CHANGE TO JEFe JEF vs CONS

policies." We expect Q2 will begin to show a gradual improvement for Resi from low levels, 2026 2027 2026 2027

and as the Iran conflict appears to be approaching a conclusion, we see potential upside for REV <1% <1% NM +1%

Commercial where sentiment remains very negative. EPS NM NM NM +6%

Construction order intake accelerating. Construction should remain the key earnings driver, 2026 (SEK) Q1 Q2 Q3 Q4 FY

with QoQ growth picking up as Q1 FX and weather effects roll off.