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    How Investors Are Reacting To Afry (OM:AFRY) Higher Third Quarter Earnings

    Simply Wall St·11/01/2026 05:38:16
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    • Afry reported third quarter 2026 sales of SEK 5,793 million and net income of SEK 204 million, with basic earnings per share from continuing operations of SEK 1.8, compared with SEK 1.21 a year earlier.
    • Across the first nine months of 2026, Afry generated SEK 18,629 million in sales and SEK 638 million in net income, while sales were slightly lower than the SEK 19,111 million reported in the same period of 2025.
    • This article now examines how Afry's higher third quarter earnings per share relates to its efficiency plans.

    Scan how Afry's earnings story compares with peers by lining it up against 198 high quality undervalued stocks that may be primed for their own efficiency driven breakouts.

    Afry Investment Narrative Recap

    To own Afry, you need to be comfortable with an efficiency story. The belief is that restructuring, AI tools and a healthier project mix can turn a modest top line into stronger earnings. The latest quarter helps that case. Earnings per share improved to SEK 1.8 while demand in some segments and adjusted organic sales are still under pressure.

    In the short term, the key swing factor is whether the order book converts into profitable work fast enough to offset weak spots in automotive related Industry and real estate exposed projects. The main risk remains that price pressure and salary inflation keep squeezing margins, which would limit the payoff from the efficiency program.

    The fresh earnings release for the third quarter and first nine months of 2026 is the clearest reference point for these catalysts. Sales for the quarter reached SEK 5,793 million and net income was SEK 204 million. Across nine months, Afry reported SEK 18,629 million in revenue and SEK 638 million in profit, while sales ran slightly below the prior year period.

    Those figures matter because they show the efficiency plans coming through earnings per share despite softer nine month sales. Management now has to prove that higher utilization and the shift toward energy transition, infrastructure and higher margin Industry work can sustain that earnings profile while also easing leverage and funding risk as cash generation develops.

    Afry's current analyst narrative points to SEK 28.6 billion in revenue and SEK 1.7 billion in earnings by 2029, based on assumed revenue growth of 4.1% per year and an earnings increase of SEK 842 million from SEK 858 million today.

    Uncover how Afry's fair value indicates a 4% potential upside to its current price before the discount to Afry closes.

    OM:AFRY 1-Year Stock Price Chart
    OM:AFRY 1-Year Stock Price Chart

    Exploring Other Perspectives

    For Afry, the bullish twist is the backlog. The most optimistic analysts were already pencilling in SEK 30.2b of revenue and SEK 1.9b of earnings by 2029 before this earnings report. You can read this quarter's EPS lift as a possible early proof point or as a one off. That split in opinion is exactly why it helps to review several narratives and then decide which version of Afry's future feels closest to your own expectations.

    Explore 4 other Afry fair value estimates, including one that suggests as much as 195% upside from the current price.

    Decide For Yourself

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so trust your own analysis.

    Looking For More Ideas Beyond Afry?

    If Afry has sharpened your focus on efficiency, cash generation and balance sheet strength, it can help to line it up against other opportunities that share specific traits you care about. The Simply Wall St Screener lets you do exactly that by filtering for the kind of businesses that fit your risk, quality and income preferences.