Core Insights - The U.S. construction market is described as "fragmented," but the company remains optimistic about specific sectors, particularly data centers and civil construction [1]. Group 1: Data Center Projects - High demand for data center projects is driven by the artificial intelligence boom, with the company reporting an order intake of nearly 10 billion Swedish krona for data centers in Q4 [2]. - The company secured $9.5 billion krona (approximately $1.05 billion) in new global data center projects during Q4 [2]. - The CEO does not foresee an AI bubble affecting data center development and believes the market will continue to grow [3]. Group 2: Construction Strategy and Performance - The company emphasizes a diverse portfolio as a key aspect of its construction strategy, focusing on projects where it has a competitive advantage and strong client relationships [4]. - Construction operating margins reached 4.1% for the year, surpassing the firm's target and exceeding the previous year's margin of 3.5% [4]. - The CEO sees opportunities for business growth while maintaining consistency with the company's strategic approach [5]. Group 3: Commercial Property Development - The commercial property development market has negatively impacted the company, with a charge of 700 million krona in Q3 2025 to adjust the value of commercial assets in the U.S. [5]. - Despite challenges, Q4 was characterized as a "very successful divestment quarter" for commercial property development [6].