AFRY

What AFRY does

AFRY AB is a Sweden-headquartered (Solna) publicly listed engineering, design, and advisory firm serving 14 industries including energy, mining & metals, pulp & paper, defence, transport infrastructure, real estate, chemicals, automotive, and water. The company operates through reporting segments (Industry, Energy, Transportation & Places) plus a dedicated Defense segment established April 2026, with a network of 18,000+ experts delivered across 20+ country organizations in Europe, the Americas, Asia, and Australia. Named enterprise clients and counterparts include Vattenfall, Statnett, Swedish Transport Administration, South-Eastern Norway Regional Health Authority, Unger Fabrikker, Nordic Paper, GE Vernova Hitachi, and Pexapark.

AFRY's underlying technology combines deep domain engineering with proprietary software/data products: BID3 power market modelling (co-developed with FICO, covering 80+ markets with projections to 2050-2060), PEGASUS4 global gas market model, PAGE (Pricing Atlas for Green Electricity with 1x1km spatial resolution), AFRY Smart (bioindustry business intelligence), AFRY Precision (mineral processing digital twin), AFRY PaperLine (manufacturing execution for paper mills), AFRY Balance+, Energy Generation Optimiser, and RockCad (3D geological modelling). Advisory services are delivered through AFRY Management Consulting (800+ consultants) and AFRRY Capital (M&A and corporate finance advisory, €250 billion+ in advised transactions since 2008). Digital and design capabilities are channelled through acquired brands including Light Bureau (lighting design with Liquid Light®), inUse (UX/behavioral design), Cubiq Analytics, Zert (EHS software), and Vivento.

The business model is primarily project-based and time-and-materials professional services delivered through multi-year framework agreements with utilities, public infrastructure owners, industrial operators, and government agencies. Supplementary recurring revenue comes from term-licensed software subscriptions (BID3, PAGE, PEGASUS4, Pexapark Daily Valuation Curve co-product) and perpetual software licenses for industrial digital products (AFRY Smart, PaperLine, Precision, Balance+). Transaction fees are earned through AFRY Capital. AFRY pursues enterprise field sales as the dominant GTM motion, supplemented by industry events (e.g., Pulp & Beyond 2026) and partnership/co-development arrangements (Pexapark, GE Vernova Hitachi, DCD Intelligence). FY2025 net sales were SEK 25,758 million, with the company pursuing an active M&A program (AMC, Reta Engenharia, Carelin, KSH, BLIX, Ionic, Vivento, Zert, Cubiq) and a refreshed "Unlocking AFRY" strategy announced November 2025 targeting 2028 financial goals.

Name

AFRY

Legal name

AFRY AB

Website

https://afry.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AFRY is a Sweden-headquartered, Nasdaq Stockholm-listed engineering, design, and advisory firm with 18,000+ experts serving utilities, industrial operators, public infrastructure owners, and government agencies across 14 industries and 20+ countries via project-based professional services, proprietary market-modelling software (BID3, PAGE, PEGASUS4), and an active M&A program.

Ownership category

akta.pro rank

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Engineering, design and advisory services: Core revenue stream generated through fee-based engineering, design, project management and owner's engineer contracts delivered to industrial, energy, infrastructure and public-sector clients. Contracts range from multi-year frameworks to discrete project commissions.
2. AFRY Management Consulting: Strategic and operational management consulting, transaction services, market analysis (e.g., due diligence for Seagreen/Total, EV charging strategy for Avere-France, renewable PPA advisory). Typically fixed-fee and time-based engagements.
3. AFRY Capital (investment banking): Independent financial advisory and investment banking services supporting M&A, financing and capital structuring for energy and infrastructure transactions; over €250 billion in transactions since 2008.
4. Software and data subscriptions (BID3, PAGE, Pegasus4, Pexapark Daily Valuation Curve): Recurring and term-licensed subscriptions to proprietary market modeling and renewable pricing platforms sold to utilities, traders, investors and corporate PPA buyers.
5. Digital industrial software licenses (AFRY Smart, AFRY PaperLine, AFRY Balance+, AFRY Precision, Energy Generation Optimiser, RockCad): Licensing of proprietary process simulation, optimization and digital production software to industrial operators in pulp & paper, mining, energy and process industries.

Pricing tiers

Go-to-market motion4 records

Core offering

AFRY is a Sweden-based engineering, design, and advisory firm that delivers professional services across energy, industry, infrastructure, defense, and bioindustry sectors. Its core offerings combine deep domain consulting (strategy, M&A advisory, owner's engineering, project management, owner's engineering) with proprietary software products such as BID3 Power Market Modelling, PEGASUS4 Global Gas Market Model, Pricing Atlas for Green Electricity (PAGE), AFRY Smart bioindustry intelligence, AFRY PaperLine MES, and AFRY Precision mineral processing simulation. AFRY serves utilities, mining and metals companies, pulp and paper manufacturers, public infrastructure owners, defense agencies, and renewables developers through multi-year framework agreements, project-based contracts, and subscription/licensed software.

Product overview

AFRY is a Sweden-based European engineering, design, and advisory firm offering a platform-plus-modules architecture that combines digital software products with deep domain consulting across 14 industries (Energy, Mining & Metals, Pulp & Paper, Defence, Transport Infrastructure, Real Estate, Water, etc.). The core software platform is anchored by AFRY Smart (bioindustry business intelligence), BID3 Power Market Modelling, and PEGASUS4 (global gas market model), augmented by specialised tools such as the Pricing Atlas for Green Electricity (PAGE), AFRY Analytics Capture, the Daily Valuation Curve (co-developed with Pexapark), AFRY PaperLine (manufacturing execution), AFRY Precision (mineral processing), Energy Generation Optimiser, and RockCad (3D geology modelling). Product design is delivered through AFRY Architects, AFRY Experience Studios, AFRY Balance+, and the Light Bureau lighting-design practice (including the Liquid Light® concept), while advisory services are delivered through AFRY Management Consulting (with dedicated Energy and Bioindustry practices) and AFRY Capital (M&A advisory). Acquired digital and analytics capabilities are integrated through subsidiaries and brands such as Advansia (healthcare project management), Cubiq Analytics, Zert AB (EHS software), and inUse (UX design), all connected by AFRY's "Unlocking AFRY" strategy that emphasises growth, digitalization, and the energy transition.

Differentiator

Problem solved

Functional benefit

Brands

• AFRY Management Consulting: Global management consulting practice with over 800 consultants providing advisory across bioindustry, energy, sustainability, M&A, transactions and due diligence.
• AFRY Architects
• AFRY Capital
• Light Bureau
• inUse
• AFRY Experience Studios

Products and services

• AFRY Smart Integrated digital business intelligence platform for the bio-based industries that lets users merge, compare, and download production, trade, and market data, simplifying production and trade analysis for pulp & paper, forest, and biorefining stakeholders.
• BID3 Power Market Modelling Energy market modelling suite enabling detailed simulations of electricity markets worldwide, offering insights into market pricing, capacity evolution, and renewable integration.
• PEGASUS4 Global Gas Market Model Models gas supply, demand, and infrastructure to deliver accurate projections and analysis for pipelines, LNG, and storage capacities globally.
• AFRY Analytics Capture Delivers precise revenue forecasts for wind and solar assets using location-specific data and hourly market price projections to optimise asset valuation and portfolio management.
• Daily Valuation Curve Combines AFRY's long-term price projections (from BID3) with market-based insights from Pexapark to provide consistent valuation frameworks for wind and solar assets.
• AFRY Independent Market Reports (AIMRs) Long-term price projections and market intelligence covering more than 80 markets across electricity, gas, carbon, and other commodities, with wholesale price projections extending to 2050–2060.
• Pricing Atlas for Green Electricity (PAGE) Web-accessible tool providing neutral assessment of the market value difference for specific wind parks, with 1x1km spatial resolution of hourly wind speeds, five years of monthly projections, and CSV/JSON batch downloads.
• AFRY Long-Term Outlooks Data-driven reports delivering in-depth insights into future demands, trends, and challenges across bioindustry sectors (paper, fibre, wood-based panels).
• AFRY PaperLine Manufacturing execution system (MES) used by paper manufacturers (e.g., Nordic Paper) to harmonise manufacturing planning and production across Scandinavia.
• AFRY Precision Advanced simulation and optimisation software for mineral processing operations, providing digital twin capabilities to optimise recovery, throughput, and energy use; inherited via AMC acquisition.
• Light Bureau Lighting Design International lighting design practice within AFRY's Architecture & Design business area, with more than 100 specialists delivering lighting solutions for workplace, residential, hospitality, public realm and master-planning projects.
• Liquid Light® Proprietary adaptive lighting concept using a matrix of LED lights with infrared and acoustic sensors that dynamically adapt lighting to users, optimising light quality while reducing energy consumption.
• RockCad 3D modelling software for rocks and soils developed by AFRY's geology and geophysics experts, used for tunnelling, ground investigation, mining, geothermics, hydrogeology, and contaminated site studies.
• AFRY Capital AFRY's independent, sector-focused M&A and corporate finance advisory services company providing financial advice to clients in the Forest Products, Packaging, Energy and Infrastructure sectors; over €250 billion in transactions supported since 2008.
• AFRY Management Consulting AFRY's advisory arm with over 800 consultants and access to 18,000 experts, delivering market modelling, M&A and transaction services, strategy, ESG, and digital transformation across bioindustry, energy, infrastructure, industrial, and future-mobility sectors.
• AFRY Balance+ Software product within AFRY's product design and development portfolio supporting energy and resource balancing optimisation for industrial sites.
• Energy Generation Optimiser Software product supporting optimisation of energy generation assets and portfolios as part of AFRY's digital solutions and ICT offering.
• BIM & Data Management Building Information Modelling and data management services supporting digital construction and asset management across AFRY's infrastructure and building projects.
• AFRY Steam Balance AFRY's offering within Energy Management Consulting for steam balance analysis, supporting thermal generation and district heating clients.
• inUse Behavioural Design AFRY's user-experience and design practice applying behavioural science and digital design to develop customer portals and digital solutions (e.g., Renova waste management portal, Hertz Freerider car-sharing service, real-estate nudge platform).
• Advansia Healthcare Project Management AFRY's Norwegian project management subsidiary providing services for major hospital developments (New Aker Hospital, New Rikshospitalet) under a framework agreement with the South-Eastern Norway Regional Health Authority.
• Zert AB EHS Software Swedish software acquired by AFRY offering digital solutions in occupational health, safety, risk management, and technical documentation, integrated with AFRY's advisory services.

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability8 records

Feature14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sweco: Sweco is a Sweden-based (and pan-European) engineering, design and advisory firm and a direct domestic competitor to AFRY across infrastructure, water, energy and industry.
• Stantec: Stantec is a Canada-based engineering, architecture and environmental consulting firm serving infrastructure, water, buildings, energy and resources customers — a strong peer to AFRY's sustainability and infrastructure offerings.
• AECOM: AECOM is a US-headquartered global infrastructure consulting firm spanning transportation, water, environment and energy — a like-for-like comparator to AFRY's engineering, design and advisory portfolio.
• Tetra Tech: Tetra Tech is a US-based consulting and engineering firm specialising in water, environment, energy and international development — comparable to AFRY's water and energy transition advisory.
• Arcadis: Arcadis is a Netherlands-based global design and consultancy firm focused on mobility, resilience, places and water — a like-for-like European peer to AFRY's Transportation & Places and water infrastructure work.
• Ramboll Group: Ramboll is a Denmark-based engineering, architecture and consulting firm with Nordic roots comparable to AFRY's, operating across energy, environment, water, buildings and transport.
• WSP Global: WSP is a Canada-based global professional services and engineering consulting firm with overlapping practices in transportation, environment, buildings, energy and water — directly comparable to AFRY's Industry, Energy and Transportation & Places segments.
• COWI: COWI is a Denmark-based engineering consultancy with strong bridges, tunnels, buildings, water and energy practices — a Nordic peer with a similar framework-agreement GTM to AFRY.
• Mott MacDonald: Mott MacDonald is a UK-based global engineering, management and development consultancy with overlapping transport, energy, water and built-environment advisory services versus AFRY.
• Jacobs Solutions: Jacobs is a US-based professional services firm with deep infrastructure, water, advanced manufacturing and energy transition practices — closely mirroring AFRY's industry, energy and process industries mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/afryofficial
• LinkedInlinkedin.com/company/afry

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A15 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFRY