20XX-XX-XX

ÅF GROUPQ3 2016Jonas Wiström, CEOStefan Johansson, CFO

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ÅF offices ÅF assignments 2015

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ÅF is currently active in more

than 100 countries

Net Sales R12 10,650 MSEK

100

10,650MSEK

No. of employees 8,600

8,600

ÅF has assignments around the world

Business overviewMarket Segments Subsidiary Origin

10 largest clients AB Volvo, Astra Zeneca, Uniper (EON), Ericsson, Oslo Lufthavn, Scania, Swedish Defence Materiel Administration (FMV), Swedish Transport Administration, Vattenfall, Volvo Cars

Note: Numbers above are Jan-Dec 2015

Energy: hydropower, nuclear power, renewable energy, thermal power, transmission and distribution.

Industry: automotive, defenceand security, manufacturing, food processing, pulp and paper, steel and mining, oil and gas, pharmaceuticals, telecommunications.

Infrastructure: real estate, road and rail.

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Power

Automotive &

Vehicle

Rail & RoadsReal Estate

Life Science,

Food & Pharma

Pulp&

Paper

Defence

Telecom

Mining&Steel Production

Petrocemical

Other – Manufacturing

primarily

Private Public

Sweden; 77%

Norway; 9%

Switzerland 5%

Finland&Baltic4%

Denmark; 3%

Spain; 1%

Czech; 1%

Other; 1%

19%

46%

35%

MISSION

ÅF is an engineering and consulting company for the energy, industrial and infrastructure markets.

Our pool of experience, with a unique range of

technologies, creates solutions that are

profitable, innovative and sustainable.

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OUR CORE VALUES

• Great people with drive• Teamwork• Indisputable Independence

VISION

The best partner for the best clients.

Our motto:

Innovation by experience!

Our strategy

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Market position

To become # 1 or # 2 in each market we act

Growth

13% average annual growth

• 6.5% organically

• 6.5% through acquisitions

Profitability

”Best in class”, 10% over a business cycle

Market overview

Long term trends

• Globalisation

• Digitalisation

• Urbanisation and Sustainability

• Repositioning

Current Market view

• Overall healthy demand for ÅF’s services.

• Strong demand from the automotive-, pharma- and pulp industries.

• Demand from the steel-, mining- and the oil & gas industries is weak.

• Strong demand for ÅF’s digitalisation and embedded systems services.

• Infrastructure market (rail & road and buildings) in Sweden and Norway remains strong.

• The politically unstable situation in Brazil continues. The state owned Nuclear operator

(ETN) has made a temporary suspension of a major nuclear power station project.

• The energy market in Europe, Latin America and Middle East is weak. Stronger demand

in South East Asia and Africa.

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Growth byacquisitions2016

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Company Country Net sales MSEK (estimate)

ÅF Reinertsen (inkl Tegn 3) Norway 300

ÅF Reinertsen Deal Sverige Sweden 150

Solid Norway 100

Sjöland & Thyselius Sweden 80

Ingenjörsprojekt Sverige Sweden 60

Erstad & Lekven Oslo Norway 60

Sandellsandberg arkitekter Sweden 50

Alteco Sweden 50

Optiman Prosjektledelse Norway 40

Traffic Team (51%) Denmark 20

+900MSEK estimated net sales

ÅF continues to grow and increases profitability further

Operating profit, the strongest ever Q3

• Operating profit, excl items affecting comparability

increased to 162 MSEK (143).

• Continued positive development within the Industry

Division delivering profitable growth.

• Continued strong growth combined with a strong

margin performance within the Infrastructure

Division.

• Continued growth and significant profit improvements

within the Technology Division.

• The International Division reports a weak result

mainly due to the temporary suspension of the

nuclear project, Angra 3, in Brazil.

Growth

• Total growth 9.4 % whereof organic growth 2.1 %.

• Yearly Net sales of acquired companies is 900 MSEK.

Net sales MSEK

Operating profit MSEK

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• Cash Flow from operations generated MSEK 417 (253) YTD.

MSEK Comments

Net Debt as of Dec 31, 2015 1 486

Cash flow from operating activities - 417

Capex 69

Acquisitions and Earn Outs 636 Mainly Reinertsen

Dividend 292 SEK 3.75 (3.50) per share

Buyback of shares -

Other - 59

Net Debt as of Sept 30, 2016 2 006

Net Debt / EBITDA, as of Sept 30, 2016 1.9 Target 1.5 - 2.0

Strong Cash Flow and balance sheet

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Industry Division

The Industry Division is the Nordic region’s leading engineering consultant in product-, process- and production development.

A continued mixed market picture.

• Strong demand in the automotive-, pharma-, and pulp industries.

• Low but stabilized demand in the nuclear-, oil & gas, mining- and steel industry.

• A growing demand for assignments in which ÅF takes overall responsibility in production- and R&D projects. The fixed price portfolio now exceeds 1.6 BSEK.

Operating Profit increased to 72 MSEK

• Cost reduction programs and some redistribution of resources between sectors contributed.

Continued growth.

• Net sales increase particularly within the automotive industry with assignments from Swedish, British and Chinese clients.

• Total growth 3.6 % (organic growth 2.4 %).

• The Division was strengthened by acquisitions such as the company Ingenjörsprojekt Sverige.

Industries

• Automotive, Energy, Food, Pharma, Pulp &

Paper, Steel, Mining, Oil & Gas,

Engineering Manufacturing.

Markets

• Sweden, Norway and Denmark. Involved

in projects in more than 60 countries.

Jul-Sep2016

Jul-Sep2015

Full year2015

Net sales, MSEK 929.7 897.1 4 146.6

Operating profit, MSEK 72.0 65.7 371.0

Operating margin, % 7.7 7.3 8.9

Average number FTEs 3 085 3 216 3 204

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Infrastructure Division

The Infrastructure Division has

achieved a market-leading position in

Scandinavia during the last 5 years.

Continued strong demand especially in

Sweden and Norway.

• Public investment still on a high level for both

existing and new infrastructure projects as well as

sustainable solutions for real estate.

Operating Profit increased to 73.2 MSEK.

• Experience and competence in running large

complex projects one of the success factors.

Continued strong growth.

• Total growth 31.6 %. Organic growth 10.7 %.

Acquisition of companies with a total net

sales of more than 600 MSEK

• ÅF acquires the remaining 49% in ÅF Reinertsen.

Industries

• Rail & Roads and Real Estate.

Markets

• Sweden, Norway and Denmark.

Jul-Sep2016

Jul-Sep2015

Full year2015

Net sales, MSEK 870.0 661.2 3 146.8

Operating profit, MSEK 73.2 56.7 346.8

Operating margin, % 8.4 8.6 11.0

Average number FTEs 2 987 2 318 2 254

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International DivisionOne of the top 10 leading power

generation consultants in the world.

Weak Energy market

• The energy market in Europe, Latin America and

Middle East is weak. Stronger demand in South East

Asia and Africa.

• The politically unstable situation in Brazil is affecting

ÅF’s existing projects negatively.

Operating Profit declined to 0.3 MSEK

• Weak European market for energy projects.

• The state owned Brazilian Nuclear operator,

Electronuclear, has due to lack of financing and due

to investigations of the procurement process, made

a temporary suspension of the nuclear power station

project Angra 3, leading to loss of revenues and

restructuring costs for the local operations of the

division.

• Operating profit is also burdened by restructuring

costs, including change of management, in the

Czech infrastructure unit.

Total growth -11.3 % (organic).

• No FX impact.

Industries

Covers all industries, but mainly involved in

power generation and distribution &

transmission industries across all energy

sources.

Markets

• Responsible for ÅF’s operations outside

Scandinavia. Global responsibility for

Hydro Power.

• Home markets: Switzerland, Finland, and

the Czech Republic.

• Other markets: Involved in projects in

more than 80 countries

Jul - Sep2016

Jul- Sep2015

Full year2015

Net sales, MSEK 256.9 289.7 1 179.0

Operating profit, MSEK 0.3 18.5 82.0

Operating margin, % 0.1 6.4 7.0

Average number FTEs 826 891 893

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Technology Division

The Technology Division has a market

leading position in Sweden in

embedded technologies, systems

design and IT solutions.

The market for digital solutions remains

strong.

• Strong demand from the automotive and defence

industries.

Operating profit and operating margin

continue to increase

• Operating profit increased by 45% to 28.3 MSEK.

• Operating margin increased to 8.0 %.

• Improvements as a result of higher utilization rates

and improved prices.

Growth rates are increasing

• Total growth 6.1 %. Organic growth 4.2%.

• The division was strengthened by the acquisition of

the company Sjöland & Thyselius.

Industries/Services

• Digital solutions for all industries

Markets

• Sweden

Jul-Sep2016

Jul-Sep2015

Full year2015

Net sales, MSEK 354.4 334.0 1 600.6

Operating profit, MSEK 28.3 19.6 124.6

Operating margin, % 8.0 5.9 7.8

Average number FTEs 970 969 983

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ÅF – top Ideal Employer among young professionals*, M. Sc. Engineers

Source:The Universum Professional Survey 2016

* Professionals with an academic degree who are 40 years old or younger and have 1-8 years of working experience after completing their studies.

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THANK YOU

ÅF GROUP

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