Skanska's Q3 orders up 70%... data center contract 11.2 billion kronor

Sweden’s Skanska reported third-quarter construction orders of SEK 68 billion, up 70% year over year from SEK 39 billion, or 67% excluding currency effects. The order backlog reached a record SEK 328.3 billion at the end of September, up from SEK 297.5 billion at the prior quarter-end and equal to roughly 22 months of production. The increase was driven by a SEK 11.2 billion contract, announced August 20 and valued at $1.2 billion, to build four data centers in the southeastern United States for an existing client. The results signal sustained demand for large-scale data-center construction and a strengthening project pipeline for the Swedish builder. Investors will watch whether the elevated order intake converts into revenue and margins as the backlog is executed.