Skanska: US construction better but development still challenged

研报英文原文证据摘录

Skanska: US construction better but development still challenged

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Skanska

US construction better but development

still challenged

Reiterate Rating: UNDERPERFORM | PO: 240.00 SEK | Price: 252.30 SEK

Q2 results: strong construction, soft development 20 July 2026

Q2 operating income of SEK2.12bn was c10% above cons (SEK1.92bn). Sales of Equity

SEK44.56bn were slightly below cons (SEK45.08bn). The beat was driven by strong

margin in construction at 4.3% (cons 4.0%, BofA 3.9%, driven by US construction 4.6%)

Key Changesand Central (gains on divestment). This was partly offset by small operating loss in CD,

including asset impairment charges of -SEK0.5bn in the US. Order bookings in (SEK) Previous Current

construction were strong (as expected based on recent orders announcements) at 2026E Rev (m) 177,624.8 178,355.7

SEK68.0bn +20% y/y. Net cash of SEK8.7bn was consistent with end of Q1 (SEK9.5bn). 2027E Rev (m) 183,179.7 187,137.0

Cash flow supported working capital inflows (SEK2.2bn) and divestments (SEK3.9bn) and 2028E Rev (m) 191,102.7 196,466.7

offset by the dividend payment. CD portfolio market value of SEK46.7bn was down from 2026E EPS 16.59 17.02

SEK50bn end of Q1) with unrealised gains of SEK4.2bn (down from SEK4.9bn end of 2027E EPS 18.43 18.64

Q1). The qualitative outlook was broadly unchanged: stable/down for European 2028E EPS 21.44 21.63

construction, positive for US civil. The CD outlook stable in Europe, negative in the US.

Arnaud Lehmann >>

Revised estimates: higher US and lower US ResearchMLI (UK) Analyst

Our 2026-28 EBIT and EPS estimates are largely unchanged. This reflects 1/ higher +44 20 7995 8302 arnaud.lehmann@bofa.com

estimates for Construction, to account for the recent strength of the order book in

Allison Sun >>