Risks and uncertainties
Europe’s economic outlook is expected to slowly improve after several years of low economic growth. In 2026, forecasts related to construction activity in all Nordic countries have become cautiously more positive than a year ago.
With the current significant portion of operations taking place in Sweden and Norway, there is a currency risk related to the fluctuation in exchange rates between SEK and EUR and between NOK and EUR. The company has continued to make efforts to protect itself against currency risks in the contracts and agreements it has entered.
The war in Ukraine and related geopolitical tensions continue to impose risks related to cyber and hybrid threats. Consequently, the company has continued making significant investments in and increasing focus on cyber and physical security.
Availability of key raw materials and components within the Defence sector remains a key focus area.
Prospects for 2026
The outlook for infrastructure construction is cautiously positive versus the past few years. The expectations in the mining segment are neutral versus 2025. Main concerns for 2026 are related to the expected rebound in the general European and Nordic economic outlook and uncertainties related to the increasingly volatile overall geopolitical climate. Competition in the civil explosives market continues to be stiff. However, by sustaining its good level of competitiveness, and with continued focus on development and efficiency, the company expects FORCIT Explosives to be able to continue profitable operations in its main markets.
FORCIT Defence’s order book remained at a high level during 2025, and with investments made and planned to increasing production capacity, combined with product development efforts, the company is confident in its ability to further develop and grow its Defence business in the long term.
FORCIT Consulting has a strong market position and is well-positioned for further growth through geographical expansion and development of its service offering. It is also expected that the Nordic construction activity will start to develop more positively in 2026 after several challenging years.
In summary, the company assumes relatively stable revenues in 2026 compared to 2025. The company expects its profitability to remain strong in 2026.