Skanska Construction Orders Jump to SEK 68 Billion, Backlog Hits Record
Key Facts
Skanska’s construction orders totaled SEK 68.0 billion in the third quarter of 2026, compared with SEK 39.9 billion in the same period last year, according to a company disclosure on November 5. The comparison represents an increase of about 70%, alongside a record order backlog of SEK 328.3 billion. The company said its rolling 12-month order-to-revenue ratio rose to 128%, from 106% in the year-earlier period. The ratio indicates that the value of recorded orders exceeded revenue generated during the reference period. Order growth came alongside an improvement in group revenue and operating income, although not all operating indicators moved in the same direction.
Skanska’s revenue rose to SEK 49.4 billion in the third quarter, from SEK 43.7 billion a year earlier, and increased 12% excluding the effects of currency movements, according to the disclosure. Group operating income also climbed 52% to SEK 2.1 billion, compared with SEK 1.4 billion; the company said currency had no effect on the change. Earnings per share were SEK 4.14, versus SEK 3.07 in the third quarter of 2025. In the construction segment, operating income rose to SEK 2.3 billion from SEK 1.8 billion. The segment’s operating margin improved to 5.0%, compared with 4.2% a year earlier, partly offsetting the group’s operating income falling short of analysts’ expectations.
A significant share of new orders was concentrated in the United States, where Skanska won projects worth SEK 46.9 billion, or about 70% of total new business in the quarter, according to Construction Dive. Data centers and semiconductor facilities accounted for SEK 22.7 billion of orders, equivalent to about one-third of the quarter’s total orders. The figures show that technology activity was one of the major components of orders, alongside other U.S. projects, rather than a single contract driving the increase. The report did not specify a separate value for U.S. infrastructure beyond the figures cited. Nor does this breakdown establish a broad trend in global construction markets; it describes the orders the company announced during the quarter.
Construction orders also totaled SEK 68.0 billion in the second quarter of 2026, according to the company’s previous report, leaving the third-quarter figure at the same level as the prior quarter. However, the rolling order-to-revenue ratio rose from 114% in the second quarter to 128% in the third. Group operating income, meanwhile, exceeded analyst consensus by about 6%, according to Investing.com, citing Reuters. The construction margin of 5.0% also came in above the consensus estimate of 4.3%. The comparison highlights a divergence between indicators of construction activity and segment profitability, on one hand, and the group’s operating income relative to expectations, on the other.
In property development, Skanska reported impairment losses of SEK 0.4 billion on completed unsold commercial properties, SEK 0.1 billion related to goodwill in residential development, and SEK 0.3 billion on non-strategic land in the residential segment. The company linked the losses to increased macroeconomic uncertainty and the 10-year U.S. Treasury yield, according to Investing.com, citing Reuters. The report added that the U.S. transaction market remains behind those in Central Europe and the Nordic countries. In housing, the company sold 323 homes in the quarter, down from 352 in the second quarter and 383 in the third quarter of 2025. It started construction on 270 units, compared with 572 a year earlier, though the figure was higher than the 225 units in the previous quarter.
The chief executive said Skanska aims to expand its U.S. civil construction business in Florida, Utah and Arizona as part of its upcoming priorities. He said the company would continue to select projects where it believes it has a competitive advantage, with a good relationship with the client and the right team and resources. The approach puts project selection at the center of its expansion strategy, alongside the orders recorded in the United States. The company had announced that third-quarter results would be presented in a webcast and conference call on November 5, 2026, at 10:00 Central European Time. The quarterly results combine a record order backlog and stronger indicators for the construction segment with impairment losses and pressure on residential development activity.