Sweden’s construction and infrastructure sector is one of the most advanced in Europe. It is leading the way in creating smart cities, green transport corridors and fossil-free industrial plants. The sector is dominated by a few large international groups: Skanska, Peab and NCC. These are supplemented by specialized players and flexible regional contractors. They have high engineering standards, a strong focus on sustainability (including green concrete and electrified machinery) and deep integration into the Nordic welfare model (building hospitals, schools, prisons and housing).
Several key trends are currently shaping the Swedish market: electrification of heavy industry (e.g., LKAB’s green transition), the need for new nuclear and energy infrastructure, sustainable urban development and renovation of existing housing stock to improve energy efficiency. These are the five largest and most influential players in this landscape based on revenue, project size and critical infrastructure involvement.
Top 5 Construction and Infrastructure Companies in Sweden
- Skanska
- Peab
- NCC
- JM
- Serneke Group
A Closer Look at the Top 5 Construction and Infrastructure Companies in Sweden
1. Skanska
Skanska is Sweden’s largest construction company and one of the world’s leading project development and construction groups. The company employs some 25,900 people and had sales of approximately SEK 179 billion in 2025. The company is active in the Nordics, Europe and the US. Skanska is heavily engaged in complex infrastructure projects such as roads, bridges, power plants and hospitals as well as commercial and residential development. The company is known for its strong standards of execution, its safety record and its leadership in green building.
Key Points
- Scale & Reach: SEK 179 billion in global turnover (2025); approx. 25,900 employees.
- Core Activities: Building construction (hospitals, schools, offices), civil infrastructure (roads, rail, power), project development (commercial and residential).
- Order Book Focus: Strong demand for data centers, semiconductor facilities and legacy infrastructure.
- Sustainability: An early adopter of fossil-free construction sites and a pioneer of green construction.
Achievements
- Revenues for Q1 2026 were SEK 37,953 million, operating margin 3.0%.
- May 2026: Contract awarded for new football and athletics facility in Malmö for SEK 990 million.
- Signed agreement to build new prison in Ulriksfors for approx. SEK 570 million (May 2026).
- Maintains a historically high order book with healthy demand for tech industry-supporting buildings.
Feedback
Skanska is also seen as a quality leader in the industry. Clients value its ability to deliver technically complex projects (e.g., prisons, stadiums and data centers) on time and to high safety standards. The company’s strong cash flow and diversified geographic exposure are attractive to investors, but results for the first quarter of 2026 reflected a slight miss on analyst expectations due to seasonal weakness.
Contact Information
Website: https://www.skanska.com
2. Peab
Peab is one of the leading construction and civil engineering companies in the Nordic region and has a strong position in the Swedish and Norwegian markets. PEAB has revenues of approximately SEK 60 billion and is known for its community-building approach, from housing and public buildings to roads and industrial facilities. The company often receives accolades for its local presence and its capacity for large-scale renovation and infrastructure projects.
Key Points
- Scale & Reach: Top 3 by revenue in Sweden (approx. $6 billion); strong presence in Sweden & Norway.
- Main activities: Construction, civil engineering and project development as well as asphalt & mineral products (Peab Asfalt and Peab Mineral).
- Renovation Expertise: Worked on improving existing housing stock to improve energy efficiency and living standards.
- Local Focus: Good market position in local and regional contracting.
Achievements
- Recently it received a contract for SEK 118 million to renovate four apartment buildings (120 units) in Linköping, including the installation of photovoltaic systems.
- Part of the building of the new Northvolt Ett gigafactory, a landmark green industrial project in Skellefteå.
- Consistently ranked among the best employers in the Swedish construction industry for safety and employee satisfaction.
Feedback
Peab’s customers, especially in the public sector (municipalities) and in housing associations, often describe Peab as a reliable and pragmatic partner. The company’s integrated model, which also includes construction alongside its own materials production (e.g., asphalt and aggregates), is considered a competitive advantage in winning large infrastructure contracts.
Contact Information
Website: https://www.peab.com
3. NCC
NCC is a giant in Nordic construction and a specialist in complex civil engineering and industrial construction. NCC is the leading player in building the critical infrastructure for the green transition, including new mines, sorting plants and energy facilities, with revenues of about SEK 56 billion. The company is divided into three business areas: NCC Infrastructure (roads, civil works), NCC Building (residential and commercial) and NCC Industry (asphalt and stone materials).
Key Points
- Scale & Reach: approx. SEK 56 billion in revenues and approx. 11,500 employees.
- Industrial Specialization: NCC Green Industry Transformation is a premier building for the fossil-free industry (such as mining, batteries and hydrogen).
- Core Activities Infrastructure (roads, rail, water) Heavy civil engineering Industrial construction (plants, factories) Property development.
- Technical Skills: Recognized for undertaking geotechnically challenging projects (e.g., rock tunneling, ground freezing).
Achievements
- Signed a major contract worth SEK 650 million with LKAB for concreting and groundworks for a new sorting plant in Gällivare (March 2026).
- We have entered into a partnering agreement with LKAB for the construction of new industrial plants to support the green steel transition.
- Acting as a key player in the expansion of new nuclear power capacity and energy infrastructure in Sweden.
Feedback
NCC is highly respected by industrial clients for its capacity to deliver heavy civil works in demanding environments (e.g., working adjacent to active mines). The ‘Green Industry Transformation’ unit is viewed as a strategic differentiator, positioning NCC to capture growth from the industrial decarbonization megatrend.
Contact Information
Website: https://www.ncc.com
4. JM
JM is a major Nordic residential and commercial property developer with a strong focus on sustainability and design. JM is not a general contractor in the sense of the above but a project developer who handles a project from the acquisition of the land to the final housing. The company develops attractive, sustainable communities in growth regions in Sweden, Norway and Finland, with a focus on energy-efficient construction and high architectural quality.
Key Points
- Scale & Reach: Revenue of approx. SEK 1.5 billion; mainly active in growth regions in the Nordics.
- Main activities: Construction of tenant-owned homes (bostadsrätt), rental apartments and commercial properties. Also provides construction services for external customers.
- Sustainability: Heavy focus on green building certifications (e.g., Svanen, Miljöbyggnad) and circular material flows.
- Market Focus: Stockholm, Gothenburg, Malmö, Oslo, Helsinki and other major cities of the Nordic region.
Achievements
- Production has started on the “Vide” project in Österåker with 61 tenant-owned units in a longer-term development of 130 units.
- Overcame the housing market slowdown by emphasizing prime locations and sound financial planning.
- Consistently high customer satisfaction ratings for the quality & finish of its apartments.
Feedback
Homebuyers and investors view JM as a premium brand, delivering high-quality finishes and good architectural design. The company has demonstrated resilience during
market downturns due to its strong land bank in attractive metropolitan areas. Its focus on tenant-owned units rather than rental projects makes it sensitive to changes in household purchasing power and interest rates.
Contact Information
Website: https://www.jm.se
5. Serneke Group
Serneke Group is a dynamic construction and civil engineering company with a strong position in western and southern Sweden. Founded relatively recently (early 2000s), Serneke has grown rapidly to become one of the largest construction companies in Sweden in terms of revenue. After the bankruptcy of Serneke Sverige in 2024/2025, the company was heavily restructured and Serneke Construction was born as a leaner and more focused company. The company has a reputation for its entrepreneurial culture and for taking on complex projects.
Key Points
- Scale & Reach: Revenue ~SEK 2.1 billion. Primary markets: West and South Sweden.
- Main Activities: Building construction (residential, commercial), civil engineering (roads, bridges, waterways) and project development.
- Post-Restructuring Focus: The company left a difficult 2025 with a strong order book and a focus on “home markets” (Västsverige, Sydsverige).
- Operational Split Serneke Construction West and Serneke Construction South have a high degree of local autonomy.
Achievements
- After a difficult start to 2025, we secured several new contracts, which has shown that the market has confidence in the new organization.
- Successfully evolved from a highly diversified group to a focused player in construction & civil engineering.
- Known for landmark projects like Karlatornet (Skyscraper in Gothenburg) in previous rounds. Known for landmark projects like Karlatornet (Skyscraper in Gothenburg) in previous rounds.
Feedback
Regional clients like the company’s agility and responsiveness relative to larger competitors. Suppliers and subcontractors have seen the firm is on sound financial footing since restructuring. But the bankruptcy of the former Serneke Sverige company is a risk factor that potential clients are watching closely.
Contact Information
Website: https://www.serneke.com
FAQ
Which company is the absolute largest in Sweden?
By far the largest is Skanska, with an annual revenue of 179 billion SEK. This is a huge difference compared to the nearest competitors. It is also the largest construction management company in Sweden in terms of revenue.
Which company is best for industrial green projects (batteries, steel)?
The NCC has made this a strategic priority through its “NCC Green Industry Transformation” unit. They will be responsible for the earthworks and concrete work on LKAB’s new sorting plant in Gällivare. Skanska and Peab are also heavily involved in gigafactory projects such as Northvolt.
Did Serneke go bankrupt?
Yes, the previous parent company Serneke Sverige AB went bankrupt in 2024/2025. But the restructuring has resulted in a new entity, Serneke Construction, which is still operating and winning contracts in West and South Sweden.
Which company focuses exclusively on housing development?
JM is more of a developer of housing (tenant-owned apartments) and commercial properties than a heavy civil contractor. Peab and Skanska also construct homes, but JM is most strongly associated with housing.
What are the current trends in the Swedish construction market?
Key trends include industrial electrification (building factories for batteries and green steel), renewables and nuclear, urban development (housing in growth regions) and renovation of existing housing stock to meet energy targets.
Where can I find more detailed financial reports for these companies?
All companies are listed on the stock market (Skanska, Peab, NCC and JM are listed on Nasdaq Stockholm; Serneke is listed on the Spotlight Stock Market). Detailed quarterly and annual reports are available on the respective investor relations websites. ZoomInfo also offers revenue estimates on the top companies for current ranking data.
