Welcome, everyone, to Sweco's Q4 presentation. Before we present the result for the fourth quarter and the year, let me give you a quick overview of Sweco.

Sweco is Europe's leading architecture and engineering consultancy, with operations in eight geographical business areas across 15 markets in Europe. We are a well-diversified business operating across three different segments, with a good balance of private and public clients.

The foundation for Sweco's long-term success is our mix of competencies spread across 23,000 experts, our focus on organic and acquired growth, as well as our efficient and decentralized operating model. With a strong financial track record and financial position, we are focused on continuing our growth journey and build on Sweco's success.

With this introduction, let me start the presentation with a summary of 2025. 2025 was another successful year for Sweco.

Despite the challenging macroeconomic environment and mixed market situation, we continue to deliver profitable growth and further strengthen our position as the leading European architecture and engineering consultancy. The result prove the strength of our strategy and operating model, and the commitment across Sweco to drive continuous improvements, find new business opportunities, and transform societies together with our clients.

Last year, net sales increased to over 31.5 billion SEK, with a solid organic growth rate of 4% and acquisitions adding another 2%. A strict focus on pricing, efficiency, and cost resulted in an EBITA improvement of 12% and further improvement of our EBITA margin.

We also accelerated our M&A activity, announcing a total of 13 new acquisitions throughout the year. Our financial position remains strong, which provides us with great flexibility to continue to act on opportunities in the market.

Finally, the Board of Directors propose a dividend of 3.70 SEK per share. Altogether, 2025 was another good year for Sweco, and we enter 2026 from a strong platform.

Before we end the summary of 2025, let me share some of the key achievements. Looking back at 2025 versus 2024, I would like to emphasize that we have delivered on our strategic priorities.

One of the key achievements has been our accelerated M&A activity. We announced 13 new acquisitions in 2025, adding more than 2 billion SEK in annual net sales and a total of more than 1,500 new experts to Sweco.

We have also continued to deliver price expansion while executing on our efficiency measures and cost control with clear progress, resulting in improvements in our EBITA margin. Streamlining parts of the organization and keeping a strong client focus has also resulted in further improvements in our billing ratio.

This is the result of hard work across all levels of Sweco, and we are committed to continue this journey. With this summary of 2025, let's dive then into the fourth quarter results.

In Q4, Sweco delivered a solid result in a mixed market. Net sales increased by 6% to 8.5 billion SEK, and the organic growth rate was 5%.

EBITA amounted to 979 million SEK, an increase of 7% adjusted for calendar effects, with a margin of 11.5%. The positive development was driven by higher average fees, FTE growth, and higher billing ratio.

Taken together, we sustained our positive operational momentum and ended the year with a solid fourth quarter. Now let us go into more detail.

In Q4, seven out of eight business areas reported positive organic growth, and we navigated efficiently in a mixed market, maintaining a stable order backlog. The positive operational trend continues, with six business areas reporting double-digit margins.

Belgium demonstrated a strong quarter with margin expansion, and Germany and Central Europe was the largest contributor in the quarter, benefiting mainly from positive project adjustments. We also saw continued improvements in the UK and in Norway.

As I mentioned earlier, our focus on efficiency also resulted in further improvements of our billing ratio, with a ratio of 74.8% in the quarter. Overall, I'm pleased to see that we make consistent progress across our business areas and deliver on our priorities.

Let's turn then to the market overview. Demand for Sweco's services was broadly consistent with previous quarters, with some variations between segments and markets.

Demand remained good in energy, infrastructure, water, environment, and the increased demand in security and defense persists. Commercial buildings and real estate segments remained weak, while demand remained on higher levels in the public building segment.

While there are small differences in the market situation from quarter to quarter, we have seen some trends shaping the market during the year. In the energy segment, demand is underpinned by substantial investments as Europe strengthen its energy resilience and redesigns its energy systems.

Sweco's capabilities and local footprint mean we are closely involved in many of these transition-driven projects. Across Europe, security and defense have moved higher on the political agenda, with countries upgrading capabilities, buildings, and critical infrastructure.

Sweco is well positioned to support this shift through our long experience across several areas that are crucial to this ramp-up. We are also seeing accelerated adoption of AI driving business opportunities for Sweco.

AI is driving both the improvement of Sweco's services, integration of AI solutions in client projects, and rising investments in data centers to support Europe's need for data power. We see the accelerated development in AI as an opportunity to maximize value for our clients.

With that, I will welcome our CFO, Jan Allde, to walk you through the numbers. Welcome, Jan.

Thank you, Åsa. Net sales was 8.5 billion SEK, which represents a growth of 6% versus last year.

The organic growth rate was 5%, adjusted for calendar effects. On top of the organic growth, we had acquired growth of 4%, which was offset by a negative FX effect of -4% due to the strong development of the Swedish krona.

We saw a small positive calendar effect of one more working hour in Q4 versus last year. EBITA increased 7%, or 65 million SEK, to 979 million, and the EBIT margin increased to 11.5%.

Cash flow was strong in Q4, leading to a net debt/EBITA ratio of 0.4 at year-end '25, same as last year. Let's look at the net sales.

Overall, the organic growth was 5% in Q4, primarily driven by higher average fees and positive project adjustments. Higher number of FTEs and improved billing ratio also contributed to the organic growth.

From a BA perspective, we saw organic growth in seven out of our eight BAs. Germany, Central Europe had the strongest organic growth rate at 16%, driven by positive project adjustments, higher average fees, and increased number of FTEs.

Norway also reported good organic growth rate at 7%, and the other BAs reported organic growth rate between 2% and 5%, except for Denmark that was flat due to lower revenues from subconsultants. EBITA.

EBITA increased by 65 million SEK, or 7% versus last year, adjusted for the calendar effect, and the EBITA margin increased to 11.5% versus 11.1% last year. Overall, the EBITA improvement was driven by higher average fees, positive project adjustments, improved billing ratio, and FTE growth, while personnel expenses had a negative impact.

From a BA perspective, six out of eight BAs reported double-digit margins, and the largest EBITA improvement was reported by Germany and Central Europe, UK, Belgium, Norway, and Finland. The margin in Sweden was impacted by integration and restructuring cost of 43 million SEK, and excluding this cost, the margin was approximately on par with last year.

Netherlands reported somewhat lower margin, primarily related to higher OPEX as a consequence of the high M&A activity level in 2025. Now let's look at the EBITA bridge then by BA.

The result in Sweden was impacted by 35 million SEK of costs related to the accelerated integration activities in Projektengagemang and restructuring cost of 8 million SEK. Excluding this cost, Sweden improved their EBITA by 23 million, driven by higher average fees and higher billing ratio.

Norway and especially Belgium delivered strong EBITA improvements, primarily driven by higher average fees. It was also good to see that the UK is continuing its profitability improvement.

Germany, Central Europe had a positive effect on net sales and EBITA of 49 million SEK related to a one-time correction issue stemming from their ERP migration in 2024. Excluding this correction, EBITA increased by 19% in Germany and Central Europe, driven by positive project adjustments and higher average fees.

The Group-wide costs increased by 26 million versus last year, mainly due to costs related to M&A transactions and periodization effects. With regards to the calendar effect in the quarter, we had a small positive effect of one more working hour compared to last year.

However, as this positive calendar effect was to be realized in the month of December with eight more working hours, a month with many holidays, we estimate the calendar effect in the quarter as insignificant. To summarize, the reported result included both some positive and some negative one-time items, which in total was roughly neutral to the result, which means that the reported earnings gives a good view of the strong underlying performance in the quarter.

Then let's look at the financial position. Cash flow in Q4 was strong, driven by a seasonal reduction in working capital, resulting in a net debt position of 1.4 billion SEK at the end of the year.

For the full year '25, cash flow from operating activities amounted to 4 billion SEK, M&A cash flow was 1,075 million, and dividend paid was 1,187 million SEK. That means that we ended the year with a net debt/EBITA ratio of 0.4, same as last year.

Hence, our leverage is well below our target, and Sweco remains financially very strong to pursue an active M&A agenda. Then let's look at the dividend for 2025.

The Board of Directors proposes a dividend of 3.70 SEK for 2025, which represents an increase of 12% versus 2024 and a payout ratio of 60%, which is well in line with the company's historical dividend growth and its dividend policy of paying at least half of profit after tax to the shareholders while maintaining a sound capital structure. Now if we look at the longer-term financial performance of Sweco, we can see that the net sales growth shows a CAGR of 11% and the EBITA growth of 13% CAGR for the last 10 years.

This solid long-term profitability growth shows the strength of our strategy and our operating model. Finally, a reminder of the calendar effect for '26.

The expected total number of working hours for '26 is expected to be seven hours more than in '25. However, in Q1 '26, we expect five hours less than the same quarter in 2025.

By that, I hand back to you, Åsa.

Thank you, Jan. Acquisitions are one of Sweco's key growth drivers.

During the quarter, we have acquired four new companies: Fimpec Group in Finland, Archipelago Architects in Belgium, and VHGM and MUG Ingenieursbureau in the Netherlands. In total, these acquisitions will add around 600 experts to Sweco and strengthen our offering in key segments such as hydrogen, architecture, geothermal, and mobility consulting.

The fourth quarter ended a year with, as I mentioned earlier, accelerated M&A activity. Over the course of 2025, we have made 13 acquisitions that reinforce our presence in key markets and priority segments in accordance with our M&A strategy.

We have a good mix across markets and segments, as well as a good mix of niche acquisitions and larger acquisitions. One of the key components in our strategy is to have an offering combining the expertise of architects and engineers.

During the year, we have strengthened our architecture capabilities in Sweden, in the Netherlands, and Belgium. In Belgium, we are now the largest architecture agency.

In Finland, we have strengthened our offering in energy and are now one of the leading players in the energy segment. Altogether, these acquisitions added more than 1,500 experts and more than 2 billion in annual net sales.

With our M&A strategy, strong pipeline, and proven model for integration, we will remain focused on new opportunities going forward. Clients' projects won during the quarter highlights Sweco's role in future-proofing societies and industries.

We extended our long-term collaboration with Swedish energy company Vattenfall in a new framework agreement. Sweco will deliver technical consultancy services across wind, hydro, thermal, and nuclear power.

In the quarter, we were also awarded a multidisciplinary engineering project in Norway to support improved water quality in the local watercourses and the Oslo Fjord. In the Netherlands, Sweco won a framework agreement with the Flemish public authority for waterways to upgrade the 16-kilometer Roeselare-Leie Canal, which transports 4 million tons of goods annually.

Finally, our architects delivered award-winning design for a part of Germany's largest subway project. With that, I will conclude with our key priorities and focus areas going forward.

To summarize, 2025 was another successful year for Sweco. Net sales exceeded 31.5 billion SEK, EBITA amounted to 3.3 billion SEK, and we delivered a solid EBITA margin of 10.5%.

During the year, we demonstrated the strength of our strategy and operating model by continuing to improve margins and efficiency, raising our average fees, and increasing our billing ratio. As we enter 2026, we do so with a strong market position and strong financial position, and clear strategic priorities.

We will remain focused on capturing business opportunities as Europe invest in competitiveness and resilience. At the same time, we will continue our efforts in efficiency and pricing to further improve profitability while maintaining an active and disciplined M&A agenda with efficient integration.

All in all, we have a strong platform, and we look forward to continuing our transformation of the society together with our clients. Thank you.

Thank you, Åsa and Jan, and the time has come to open up for questions. You can ask them directly through the phone line or through the chat function.

Sandra, please, if you could give us the instructions.

Thank you, and good morning, Åsa and Jan. Congrats to a good ending to the year.

I had a question on the positive project adjustments. You had had that in Finland, Denmark, and Germany.

If you could sort of put a number on that, would be interesting to hear. Also, if the ERP correction in Germany, is that the same thing as a positive project adjustment or is that a totally different thing?

That would be interesting to clarify a little bit. Thank you.

Let's start then with the ERP correction. This is a correction that relates back to the migration of the ERP system in Germany in 2024.

It involved an acquired company that at the same time was converting from German GAAP to IFRS, causing this issue. Project adjustments I would say are a normal part of our daily operations, and I wouldn't see it as any, let's say, unusual.

It do provide some fluctuations, of course, but overall I would say it's simply a normal part of a project business.

You can't give us a number on it even though you feel it's a sort of normal part?

Again, I think if you assess the operational performance of the business that we conduct, I think you have to include project adjustments as simple as normal part of the operations.

I think, adding to that, if you look at the result of Germany taking out the 49 million SEK, you see a strong improvement, and parts of that is positive project adjustments, and that is part of business as usual for us.

Okay. That's clarifying.

Thank you. If I could also then ask a little bit your order backlog, I think also you said it was around flat or is it up, or can you sort of talk a little bit about the order backlog and how you see it when you enter 2026 would also be interesting.

Thank you.

No, I would say that if we look at the projects won in the quarter and the tender activity that we have had, we are in a good position. We have orders received ratio on good levels.

The order backlog is stable or actually, we see that we have a good order backlog, there's no change compared with previous quarters.

All right. That's perfect.

Thank you very much.

Thank you.

Yes. Thank you, Operator, and good morning, Åsa and Jan.

Two questions from my side. Starting on the first one, the integration cost here of 45 million related to Projektengagemang, could we see more now in 2026, or is this sort of the large chunk you took now in Q4?

Thank you.

Yes. Hey, Dan.

The integration cost that was taken in PE here in Q4, this is really the result that we accelerated the integration cost, and these really stems from reduction of administrative overhead cost that's really not needed in the combined new entity, to say. I would say this is the last piece in the integration efforts, and that means that we are now well on track with the integration plan in Projektengagemang.

We, of course, then expect gradually to see the synergies coming out during '26.

Understood. Very clear.

Question on fees as well. You highlight positive fee development here in Q4.

Can you give some sort of feeling on what sort of increases you see right now? Are we sort of at the normal 2% to 3%, and do you see any changes compared to previous quarters throughout 2025?

Thank you.

We, as focus heavily on making sure that we project by project, contract by contract distribute the right prices, because there's two components to it in the mix. It's both how we price ourselves in the market and how we execute our projects, we do that with quality.

We have said it quarter by quarter that we focus on expanding our prices. If you look at the EBITA improvements, the main part comes from price increases, even if we, of course, have the element of the billing ratio and the FTE growth in that mix as well.

You can expect that we will focus on that going forward as well.

Yeah. Very clear.

Maybe a final one if I may. As you highlighted, you had a very active M&A year this year or 2025.

How do you feel about 2026? Do you need some time to digest, given that you've done quite a few sizable deals both in Sweden, but also in other markets as well?

Or yeah, will you continue to to on this way into 2026 as well? Thank you.

As I said before, we have an M&A strategy in place in most of our business areas. Then we have an active pipeline, which you see the result of during 2025.

Our focus is to continue. If we will digest is, of course, depending on what kind of cases we will have ahead of us.

If we get opportunities, we will take the opportunities and buy companies and secure that we can in a qualitative way integrate them. I think it's more related to if we get the opportunities or not.

We have a good integration process in place. We have good capabilities and knowledge of how to work and integrate with this, and at the same time keep it focus on business as usual, we don't lose track of that as well.

It's a fair and good question, Dan.

Yeah. A very strong balance sheet, of course, still, yeah, will be interesting to follow.

I think that was all from my side. Thank you so much.

Thank you, Dan.

Thank you. Question on the billing ratios here going into 2026.

We've seen quite strong development over the past year. Just wondering if we're going to see a dilution through the recent acquisitions that we've seen, or if you think you can manage the sort of headline numbers here despite quite an active M&A agenda throughout '25, and your thoughts on sort of underlying billing ratio organically.

We continue to work on further improving the billing ratio. That's part of what we do on a daily basis, and also to drive further efficiency improvement programs.

Of course, as we work to integrate the acquired companies, that is, of course, part of the, let's say, game plan to also drive billing improvements of the acquired entities that we've done in '25. We simply will continue to work on this topic and drive further improvements.

We don't see sort of a technical drop in reported billing ratio going into '26 as a result of the acquisitions. Just so we don't read the headline figures wrong here going into the following quarters.

No, I think we have already integrated most of the companies, or actually all of them, into our business, meaning in the KPIs for Q4. You already see the effects of our acquired companies in the billing ratio numbers.

Part of the integration now and onwards is to create value from increasing efficiency in those bought companies and implement the Sweco model. Part of Sweco model is, of course, to make sure that we increase efficiency if we have a dilution of the billing ratio linked to those companies.

Not all companies we buy has lower billing ratio, but some of them. We implement the Sweco model, and then of course work with the contracts and trying to expand together as we move into 2026.

Perfect. Thanks.

Just a follow-up on Dan's question in terms of M&A going into 2026, 2027. Any specific regions that you're targeting now in the sort of mid-term?

You've spoken a lot about the DACH region and Benelux historically.

As I said before, and sorry for repeating myself, we try to look at all our geographies at the same time, and making sure that we have a strategy in place, the combination of architects and engineers is the headline. Then we are looking for niche competencies, expertise by expertise, and of course we are also looking for scale.

It depends on what we get opportunities to buy going into 2026. It's more business area by business area to make sure that we roll up this broad portfolio of services where we get traction growth-wise and where we see the growth is coming the next years.

It depends on which business areas you're looking at. The overall trends of Europe is saying something about what we're looking for, and because that is where the growth will come.

Perfect. Thank you.

Thank you.

Thank you.

Hi, Åsa and Jan. Thank you for taking my questions.

A couple from my side. Firstly, a nitty-gritty question.

It's on the group cost level that was up versus Q4 last year. Any color on what drove that uptick that we should be aware of?

Yes, Johan. The higher costs in Group common in the quarter versus last year, I quickly mentioned it during the introduction here.

It's partly M&A integration costs that we decided to take on a group level. Secondly, we had a periodization effect in Q4 related to a captive insurance company that sort of say came in to Q4.

Those periodization is really I would say Q2, Q3, Q4, but for the full year, it's correct.

Thanks for that. Then going back to the German Central Europe business, being quite impressive margin development over the last few quarters, just so we don't push up our expectations too high, what is a reasonable run rate expectation for the German Central Europe business in margin level going forward?

Because there've been quite a few one-offs that had positively impacted the margins during this year.

You or me? You can start.

I can start. Of course looking at Germany, I would say excluding this one-time, let's say, correction related to the ERP, I think it's a sensible first thing to do.

As I said earlier, I think the other, let's say, normal project adjustment is part of the business. Of course, it does give you some fluctuations in the profitability in the quarters, and we've had some positive project adjustments coming through Q3, Q4.

I think a good way to look at that is to look at the German profitability maybe over longer time period, rolling 12 months, full year. I think at least that provides a better basis for comparison.

Nothing to add.

Rolling 12 months adjusting for the ERP thing should be pretty decent or should be manageable at least?

At least as a basis for let's say understanding the performance in 2025, yes.

Great. Then another a little bit nitty-gritty question.

It's more on the kind of differences between the cash flow and the P&L. I note that CAPEX levels has come up a bit both '24 and '25, and this has been a bit higher than your kind of normal depreciation levels.

Anything to highlight here why CAPEX levels has been say 90 million above what you depreciate in the P&L?

I would say, Johan, there is nothing specific there that stands out. There's of course, as we acquired the quite large number of companies that we do, you of course get some fluctuations on items like that.

I would say underlying, there's nothing that sticks out.

Great. Just a final question from my side.

It's on the kind of synergy uptake from newly acquired units. How should we think about the profile of synergy uptake?

Would it be front-end loaded or back-end loaded for '26, or what should be the expectations there?

I think it's important when you look at '25 and Sweco acquiring 13 companies that we have done, with that of course comes on one hand high transaction costs. We have had transaction costs of some 50 million this year.

We have had quite high integration costs, PE now in Q4 of 35 million. Then on top of that, of course, we acquired companies or some companies that comes into the group at a lower margin than the group average.

Overall, of course, it's burdening, let's say, the company this year, and we expect of course then to gradually get the synergies from those acquisitions going forward. On the other hand, we intend to keep up this momentum in M&A, yeah.

I think it's important to add if you look historical-wise that 2024 was a weak transactional year market-wise, but also for us. That of course also comes into play here when we accelerated the agenda for this year, and you get lots of transaction and integration costs as Jan is referring to.

We of course expect some more costs coming in Q1 when it comes to integration. We also expect, as we said before, really to see the value creation as we move into 2026.

Also this decision to take a more accelerated integration approach when it comes to PE, when you have those kind of opportunities, when you're well plan and you can execute that faster, is exactly how we should play things. Because I think it's important to remember when you buy consultancy services, you buy peoples willingness to stay and perform.

It means that the faster you can move, the better, because you create security and understanding how this will affect the individual and the business that you're buying, but also your existing business. Fast integrations is also part of the recipe for success.

Johan, maybe to add, there's kind of two synergies from a cost point of view. One is that you can combine the administrative, let's say, activities, and those actions you can take fairly fast.

Then the other is the co-location of offices and such, and of course that takes a little bit longer to execute depending on the length of the lease contracts and so forth.

Okay. The administrative part should at least be able to be crystallized fairly quickly or beginning of '26 at least, given you're taking out those costs now.

Yep, correct.

Yeah. Perfect.

That was all for me. I get back in line.

Thanks a lot.

Thank you, Johan.

Thank you.

Yes. Good morning, everyone.

Few questions. Firstly, on Sweden, looking at the results here for the fourth quarter and adjusting for the one-offs in Sweden, margins down slightly, I think, and organic growth for the full year well below the group average.

I was just thinking if you focus on Sweden with the changes also in management happening there, what sort of levers from group level are you aiming to pull here, and what sort of initiative can you envisage for Sweden to improve financial performance going forward? I appreciate it's early developing that management agenda, but just from your view, would be interesting to hear.

Maybe I can comment. If we start with this cost of course, you need to take out that extra cost for the PE integration for Sweden, and also the transactional cost that has burdened 2025.

You're right. You could expect more, and the largest business areas is Sweden.

Of course I expect that, and the full mandate for the new business area President, Fredrik Wallner, is to make sure that we continue to stay attractive and strengthen our market position in Sweden, and also implement efficiency measures as we move along. It's the normal recipe of profitable growth from the position that we have.

The portfolio of the Swedish business, we are really well positioned. We are strong in architecture, and we have a widespread of different engineering capacity.

We are well positioned in all the areas that I refer to is growing on the Swedish market.

Got you. Sorry to repeat this on your acquisitions, but just in terms of the massive amount of acquisitions you made last year, and just looking at the specific cost-out actions, i.e., charges, redundancies, lease closures, etc., how far will those actions that you have already taken in '25 take you to sort of approach at least some sort of group average on margins?

I appreciate the Sweco model and all that is a somewhat longer perspective. In terms of cost-out actions, what sort of delta is that on '25 earnings?

As I said, there are certain actions that we can act on quickly, and everything from integrating them into our ERP systems, making sure that they have the right overhead structure, things like that. That speed in the integration is super important for us, and something we execute I would say normally within the first six months, and we can start to see impacts of.

Then the, let's say, the more co-location of offices, driving billing ratio improvements and things like that, of course, takes a little bit longer time, I would say one to two years. Can I just add, Johan, I think if you look at the companies that we have bought, we have bought them over the year.

Of course, the first phase is, as Johan referring to, is that we take actions with the synergies linked to overcapacity, mainly on staff functions, and then we start to co-locate. In some cases, we have already done parts of that.

Of course, now when we're talking about the biggest swings, we're talking about Projektengagemang, and Fimpec and VK mainly, and the small ones that we did in Q4, that those actions will be a bit dragged into the beginning of 2025. Then we have another synergy package which we don't talk that much about, but that is the business synergies.

We have already started to work together, but the full potential of value creation when it comes to that synergy, of course, that takes longer time. Office leases and co-locations will be into 2025 in parts of the cases, and PE especially, and then also of course the business synergies that we see ahead.

All right. Let's leave it at that.

Final question just on the calendar effects. I think you refer to seven extra hours '26 versus '25.

I'm just wondering, I think there are labor agreements, Sweden '26, awarding one extra holiday. Those seven hours, is that the net realizable effect for Sweco, or should we sort of deduct that sort of change in labor market agreements?

No, that should be included in that calculation, and also that's of course partly what you see impact in the first quarter, negative impact in Q1.

Very clear. Thanks.

Thank you.

Thank you.

Hi and good morning. Just one question from my side.

I would like to come back to the ERP system correction. Is this revenue only for '24 that you take now or is it from other years as well?

Yes. This goes back to, I would say, partly 20 2023, but mostly 2024, yes.

Do you have a more detailed split on that or just mostly '24?

No, I think that's what we can say right now, yeah.

Yep. Okay.

That's fine. Thank you.

That was all for me. Thank you, Julia.

Thank you. We have a couple of questions from the webcast, and they are from Edward Donohue, One Invest.

I will move from the M&A now to AI. The question is: with a market fixation on AI, could you give some color on how Sweco uses AI tools internally, and how clients see AI's in existing services offered by Sweco?

How do we use it in our services? How do we work internally?

Okay. We have worked with AI for quite a long time, and we are distributing AI solutions across Sweco.

We have three different parts: digitize the core, creating client value, and ensuring that we capture new business opportunities. Beginning of 2023, we built a sandbox for ChatGPT in Sweco to make sure that everyone in Sweco uses the AI technology.

With that in combination with all the different applications and new ways of working that we have added to this platform, but also we work with innovation within our design business to make sure that we become more and more efficient. We use all the new technology to innovate and implement and look at the consequences to make sure that we price ourselves right, and that we can expand, and that we understand what kind of expertise we need around that.

That is already ongoing. We have some cases when it comes to creating client value where we sell AI solutions for our clients.

That is happening right now. We are really trying to leaning forward, and making sure that we constantly evolve and making sure that we try, test, as I said, and develop new tools all the time across Sweco.

We also work with our data market internally to make sure that we can utilize the right data and create value for our client out of that data market. As you all know, this landscape moves fast.

Today's technology is something, and next month's technology is something else. It's a continuous work that we have set up some years ago, and that we're following really closely.

To secure that we are competitive, to secure that we are relevant, to secure that we bring efficiency into the system, and that we also can price ourselves right in this landscape. I hope that answers your question.

We touched lengthily on our M&A's, but I'll ask this question anyway to clarify. The question is from the same participant: you stated that the billing ratio of Q4 reflects the M&A companies.

Are these on average lower? The Q4 is a base to build on.

Would you see an acceleration for 2026 versus 20 versus '25 based on the M&A vintage of '24? Johan, I think this is for you.

Yes. It's of course always a mix.

You have some companies coming in with strong billing ratio. There are some other companies coming in with lower billing ratios.

Secondly, some of the companies came into the group here in late 2025. Fimpec came in in December, for example.

It's a bit of a mix. I would say, excluding those, the underlying billing ratio has been making a continuous progress here during the year.

Yes, of course, if you compare Q4 with Q4 of '24, that's where really started to improve the billing ratio. Of course, in a way you can say we have tougher comparables now this quarter versus last year.

Still, we continue to drive a higher billing ratio. Maybe not super clear, but.

I think it was clear.

Clear enough. Okay.

Clear for me. Thank you.

We have no further questions. I want to thank you for joining us this morning and for your questions.

I also want to take the opportunity to thank Åsa and Johan, and to inform you of our Annual General Meeting that takes place on the 22nd of April, and we will release our Q1 report on the 28th of April. With that, I'll wish you all a nice day.

Thank you.

Thank you.