Thank you, Sara. Thank you, and I'm super happy to have you here today. So a warm welcome to our Capital Markets Day. I think it was roughly two and a half years since we last invited you to talk about AFRY. So again, a warm welcome, and I hope we will, or I know that we will have an interesting program during the morning. So I will start now with roughly 30 minutes, just framing, you know, a bit where we are coming from and, of course, the journey ahead. So actually, the headline is "Building on Strength." So for sure, we will address some of the challenges we have, but also the fact that we have over the last years transformed the company quite a lot. And just I will have one slide covering the history of AFRY.
I think, as you know, we are a company that has more than 120 years. Older than 120 years. So, actually Ångpanneföreningen we have transformed the industry for many, many years. That's who we are, and that's where we are coming from. Then we did the acquisition of Pöyry 2019, and that's the same thing with Pöyry, having the roots in the Finnish forest industry. So I think as a company, we are a company that is very much geared to industry and transformation. We are very proud of that. The mission of AFRY, basically why we exist, we updated a couple of years ago, saying that we accelerate the transition towards a sustainable society. Of course, this is important externally, but also a lot for employees.
Today we feel that many employees working at AFRY is actually in AFRY for driving the sustainable transition. Now, just a few words on the journey. As you said, Sara, I've been here six years, close to. Time goes very fast, and I would even split that six years in three periods. When I joined then in 2017, 2018, we framed what we called the Making Future strategy. And one thing that we said is that we would need to find a platform acquisition to take the next step. So we then did the Pöyry acquisition in 2019. And then we went with full speed into the pandemic in 2020, and that became a very different year. We actually lost like - 4% in revenue for the first time in the company history, very much due to the automotive going completely down.
And then we have recovered in 2021, 2022 with actually strong growth. So that's where we are today. So today, and then, you know, moving forward, and that will be the story of today. What's the next phase? And clearly, we will address the margin because we have been growing quite good. We have not been able to the same level to get our relative profitability margin. That's one part of the plan that we are doing, putting an extra focus on really getting the growth boiled down to the relative EBITDA margin. But we will also talk about the fact that we have created a very interesting platform, especially when you look on the green industrial transformation ongoing. I will cover a bit on the drivers. We will not spend so much.
You will hear it from the divisional heads, the underlying drivers, the money that are to be invested in the green transition. Just highlighting, yes, we have a very strong margin focus. Bo Sandström will talk about it. We have done a few changes, incentive system, et cetera, to make sure that we are putting a strong focus on bringing the relative profitability margin. Then again, just framing how we see the strategy framework moving forward. I talked about the strength and position. Today then we closed last year on SEK 23.5 billion, 90,000 employees with 8% EBITDA margin. Of course, again then, the relative EBITDA margin has not been developing as favorable as we would have liked. Again, you will hear it from me a bit. Bo will cover it. Malin will talk about it when we talk about infrastructure.
That is clearly a strong focus in 2023 and onwards, but when we look on the last years, we have been growing like 13% year on year on the last years, including then the dip in 2020. So in fact, it's been a solid growth, and, you know, the last quarter had been even very strong. We did a platform acquisition with Pöyry. It's been very successful, of course. A lot of work to integrate two companies, and especially when you do it just before a pandemic, but besides the Pöyry acquisition, we did like 48 acquisitions in that time period. So we added SEK 8.7 billion in acquisition throughout these six years. The energy segment, when we started a few years ago, was not really that favorable from a profit margin and even from a growth, and that is actually going very good now.
So for a couple of years, we have been, you know, really changing that to a, you know, good solid margin with good growth. And of course, now the market is very favorable. The automotive segment, I would say, has changed quite dramatically. Robert will talk about that because during 2020, we lost a lot of volume and we actually also exited a lot of volume. And right now, the drive from electrification and digitalization have also changed what we are doing to the automotive clients, also driving better growth and higher margin. We have started a journey to invest in our system platform, and that's of course costly, but also time-consuming. But we did not really have a choice. So everything from a CRM system, HR system, and an ERP system was actually outdated.
We had an ERP system that was made for, you know, small Swedish consultant business, so we had to start that journey, so we have a new CRM system up and running. We have a new HR system. We are in the middle of this ERP system rollout. It's time-consuming, and it's also taking a bit of cost, but it will give us a solid and better platform down the road. We are not done yet, but step by step, we also start to reap the benefit from having a better system landscape. We have also increased the share of products, so a couple of years ago, we had like 50-50 projects and more professional service. Now 75% of what we deliver is in product, and we believe for the future that's key. That puts, of course, the finger on being very good in product execution.
And finally then, the last one is that with all of this, we have also changed, I would say, the geographical position. In 2017, 78% of what we did was actually in Sweden. And now 50%, so it's still very Swedish-centric, but half of the volume then is outside Sweden. So roughly 25% in the Nordics, and then quite a big bunch in Europe, but also the rest of the world. And we believe this is key for the future growth because it started to be a bit narrow in Sweden for being able to take the next step on the growth journey. So with all of that, we are quite proud. And then again, of course, on all the KPIs, we know that compared to that growth journey, the relative EBITDA margin had been pretty much between 8%-9%.
In fact, if you go back 10 years, you will see that we have been up on 9-9.1 and then down to 8. So for sure, again, then that would be for the next coming period, a strong focus to bring the relative margin with us. Another thing that also has changed due to, of course, the Pöyry acquisition, but also strong growth, is that the mix in AFRY have changed. In a few years back, we had, if you look on the dark gray, SEK 2.1 billion, 16% was actually geared towards process industry and energy, which today is 36%. You see that the infrastructure part, which is the light gray, has grown relatively the same because we have acquired quite a lot of companies. So the fact is the share of Swedish-centric mechanical engineering that has been shrinking relative to others, driven from automotive repositioning, et cetera.
We actually believe that this position in the dark gray is a very interesting position going forward. I will get back to that later on. In fact, that business has grown more than four times in the same period. This is, of course, driven from, again, the Pöyry acquisition, but also throughout the acquisition, the areas in process industry and energy have been rock solid. Even through the pandemic, when you look on the AFRY numbers, for sure, we dropped in automotive and we have not been able to bring the margin on the infrastructure business. Process industry, pulp and paper, and with energy turnaround, with the management consulting, has been really solid throughout also the tough years behind us.
So you will see in the next slide that we have actually a leading position not only in Sweden and the Nordics, but also globally in those segments. And a lot of the green industrial transformation ahead of us in power- to- X, hydrogen, batteries, biomaterial is actually geared to that dark gray area. So when you look on, there is an ENR ranking, which is one of the rankings where you are ranking engineering and design companies. We are in many of those segments ranked as, you know, between one and top 10 globally in segments like pulp and paper. Of course, we are number one, but cogeneration, chemicals, hydro plants, nuclear, we are number seven, transmission and distribution, mining, and steel.
Of course, looking ahead, that gives us a very solid and interesting position for what is coming, and especially also when you look on the track record, because the track record shows that this segment has been very, very strong. That's, sorry, that's basically what I will talk about where we are today. I would say that yes, you will find the gaps in what we have done, especially when you look on, again, the profitability side. As a company with the transformation we have done, we have created a quite interesting platform for what is yet to come. Of course, we need to deliver on it. With that said, I will just spend a few minutes on some of the drivers, external factors. Of course, we can talk a lot about the climate crisis and loss of biodiversity.
I would say now there's been a tremendous shift for me also in five, six years ago because sustainability was key when I joined. Today, I would say most of our clients, if not all, are working together with us to find a sustainable business model. You know, all clients are smart, realizing we need to change. If it's the automotive makers, or we need to find a way to transform our asset or business to be a long-term sustainable business. That's where we play a big role. That drives the business. We also know that the globalization shift right now with supply chains, for example, is shifting. We talked about my 25 years in the manufacturing industry. I've been 25 years of basically optimizing factories, moving factories to Asia. I think now the trend has changed a bit.
So we know that many companies are now looking on how do you create more strategically supply chains. So we are now involved in more investment projects in the Nordics, for example, than we have done before. Urbanization, of course, when we look on our infrastructure business also in the Nordics, we know that the city development we need to continue and then the demographic shift will also continue to drive business for AFRY. And at the same time, we also know that the geopolitical uncertainty and of course, if you add inflation and interest rate, we are also seeing clouds on the horizon for our business that we need to adapt to. So even though last quarter, strong growth, full speed ahead, we keep a strong eye on many segments to be prepared if things are changing.
For example, the real estate segment, Malin will say that we see some weakness in. So we are also prepared to act depending on how the market is developing, but with that said then, just looking on some of the what we see strong drivers for AFRY, decarbonization, circularity, electrification, and digitalization, and I will not spend, I have like three, four slides because you can find a lot of numbers, but we know that to, you know, even have a chance to meet the climate challenge or climate crisis and handle the decarbonization, there are studies saying that as much as 5% of global GDP needs to be put in decarbonization if you should have a chance. So there needs to be a tremendous ramp up even from today, $66 trillion to be invested in green global CapEx between 2020 and 2030.
And even in Sweden today, there are like $100 billion planned until 2045 in investment. And this is new. I mean, for a long time period, we did not see big CapEx investment in Sweden and the Nordics. And this is completely changed. So we have, for example, a lot of our energy knowledge we have used out in the world for hydro plants or what it is. And in Sweden, there's been more of professional service or smaller projects. But now we are faced with batteries, green steelmaking. There needs to be a lot of investment in wind and of course the discussion about nuclear. Maybe all of this can't come like that because there will be shortage of competence, et cetera. But you know, the direction is that there needs to be a lot of money invested in areas where AFRY plays a big role.
We know electrification will also be a strong driver. So globally, there are talks about three times. And in Sweden, we need to double the power generation in a few years. Like $800 billion per year in green CapEx. I know if you look on what's going on in the Middle East, the solar investment, all the wind discussions going on, the Power-to-X usage, it's quite a lot. And also transmission and distribution is a big thing. And you also know that in Sweden, that's a super big thing because we have quite a lot of power up in the north, but we have no possibility to transform it down to the south. So these are also strong drivers for us. And finally then, digitalization that has been going on for quite some time.
But Per-Kristian will also talk about the fact that in many of the segments where we are strong, like utilities, it's still early days for digitalization. So if you go into a modern pulp and paper plant, you would still say that there are still early days how they can use systematic data, AI to optimize the system and the structure. And then this is also an interesting one. I have to say that automotive is a super interesting industry because until maybe five years ago, we were still believing that what ever Daimler-Benz was putting in production 130 years ago, the combustion engine would be continuing. So every year was an optimization of the, you know, diesel or gasoline engine. And suddenly, of course, driven from Tesla, we are actually seeing a tremendous shift of a super segment.
And that drives competence because today many of our clients in automotive, they know everything about producing a crankshaft or an engine. And now a car with three times as much semiconductors becomes a digital electrical completely different machine than before. So that's why we believe that the automotive segment is much more interesting for AFRY today than it was five years ago. Because five years ago, we were basically selling consultant service to help the clients to do a bit more of the same they already know. Today, they use us to do things they don't really know. So these are just examples on the underlying driver. And then, of course, you can say, well, interest rates and, you know, so for sure there are things, but the underlying demand, if you play it correct, should be very favorable for AFRY moving forward.
So with that said, and as strategies equally for us, a plan that we have put together that also directs how we drive AFRY now, 19,000, six divisions, business areas, business units, and we have very different positions in different parts of where we are. We have high margin business with strong growth. We have areas with low margin that we need to address, so we have basically clustered in six clusters, so the first three ones really address our divisional or business, and they will talk more about that one, so the first target, the first one, is where we want to scale globally in decarbonization, energy, and bio-based materials. Second one, strengthen position and profitability in infrastructure. No question that the infrastructure business that we have at AFRY, roughly 37% of what we do, are today on a margin that is too low.
That is for Malin and the team now, the absolute focus to bring that up to a margin that we believe we should be on. The third one is to grow our Nordic industrial and digital portfolio and expand internationally in niches. These three main clusters basically form AFRY's business. Then drive operational excellence, be the employer of choice, and increase client value. These six ones basically we are using now across AFRY to take, you know, the step forward. In the center, we have a short version of our new ambition to be the pioneers of technology and the leading partner in the sustainable transition. As I said, we have 125 years of experience of transforming the industry.
I think we are not necessarily developing new technology, but I have this example when a couple of years ago we had brilliant people working with Volvo Cars of developing their new braking systems. At the same time, we knew that Trafikverket used special cars driving in Sweden for measuring the road conditions. There were some people talking and said, if we could get data from every Volvo cars using the braking system, get that out anonymously from the cars, we would basically get an online measurement on how the road works in Sweden. That project we were able to convince Trafikverket and Volvo. That project is actually live. This is when we use together with clients technology and where we can also cross-mesh technology between sectors.
So, this is framing our strategy and how we combine, how we look at that to our divisions. It is pretty clear that we are linking the divisions to these three clusters. So today, process industry and energy management consulting are linked to the first cluster. And that's why you will hear Linda, Nicholas, and Roland talk together. The second one, it is a cluster by itself, which is Malin, then, and the infrastructure division, which is everything from road, rail, real estate, water, architecture. And then finally, Robert and Per-Kristian will talk about the industry and digital and AFRY X, which is actually a portfolio of services that we have in Sweden and in the Nordics. So three different discussions later on. And again then, and also a reason, so as you see when you bring that up on the highest level, it's a pretty good starting position.
So in the first part, we have SEK 8.8 billion. And also the margin is healthy and the growth is very strong. While we know that in the infrastructure division, we are on too low margin. And you will also hear about Robert and Per-Kristian, where we have now changed the AFRY X journey. So you know, some people say AFRY is very complex and broad, but actually you could also see that we are in three clusters. And the reason why we also choose to do it like this is that the geographical position is very different between these clusters. The first one is a real global business. And you see it's pretty even between Sweden, Nordics, Europe, and the rest of the world. So here we are.
And if you remember that ranking before, we are one of the top players globally in many of those segments. For example, nuclear, we get a lot of questions about nuclear. We stick to the nuclear competence. Today, we have something like maybe 300 experts in nuclear. We are very strong in hydro. We are very strong in pumped storage, Linda will talk about, which is a way to use water to create like a battery. So we have a very strong position here. Here, Swedish, Nordic, Central Europe. And this is a business that ÅF and we were a bit later into some of our competitor and we have acquired a lot. So clearly we have not been able to get that cluster operationally together as we would have liked to because the margin has been a bit too low. And that's now what we absolutely will focus on.
And the third one is actually a very strong Swedish base, a bit in Nordic, and we have a few dots afterwards. So when you look on our journey ahead, there are different profiles. And even Bo will also talk about that. The first one, we want to grow. And we also want to grow globally. So also acquisition and growth, we look at it. I mean, like Brazil and South America, we are growing fantastically right now in South America. Here it's all about sharpening what we do and bring the profit up. So actually we will favor margin before growth in infrastructure. And we will have less patience with units not delivering the margin development in infrastructure. Here, continue to grow the Swedish Nordic base, but also taking a niche international would be the way forward. So different appetite and different steerings on these clusters.
And then we have, of course, areas, and now I'm coming close to them, which is equally important then. When you look on the client, increasing client value, for us it's all about combining AFRY's offering in large projects. We are strengthening key accounts. So of course we have business in many places, but the way we can address and the joint offering and a strong key account to our big clients is absolutely key. New business models and also support clients across the value chain. And I think what we can do in the bio industry with strategic management consulting that Roland will talk about, throughout CapEx capability and operational service in the area of energy and biomaterial enables us to have a long, long-term relation with clients and help them throughout the whole value chain. Operational excellence, Bo will talk about that.
It's absolutely clear that we talked about that a few years ago, and it has been a tough journey to get a new system in place. We are today driving offshoring. We're looking at how can we use offshoring because the beauty with having a global footprint is that we have sites in the Philippines. We have sites in Bangkok. They are today used quite a lot for the local business, or for example, Bangkok, we're using a lot for hydro plants in Asia. Now the question is how can we use our current sites to scale offshoring, so use our sites out in the world to support the volume we have in the Nordics as well.
Pricing, you will hear Bo talk about pricing also, and also how we can optimize all our facilities, all our offices, because of course after the pandemic now with, you know, working a bit more from home and so on, we can also optimize the structure from office. We'll take a bit longer time, but we're on that too. And then of course reduce our emissions and also continue to conduct responsible business. And then employer, employer of choice. 19,000 employees, and we do not have products between us and the clients, so we are actually selling competence. So if it's one company that is depending on, of course, people and strong employees, AFRY. We are ranked as one of the top companies in Sweden. We have been there for many years.
We need to continue to have that and to have our brand seen as a very interesting company to start to work at. I think the key when we ask people why they leave AFRY is quite often that they are not able to get the development on interesting assignment as they wanted. You know, salary comes somewhere, but maybe on fifth, sixth place. Quite often they want to join AFRY because they can work in these multidisciplinary projects. So when we can offer that, we have a good story. Leadership, we have actually started to train all our 2,000 leaders in AFRY leadership training. We have started with the first line managers, and the plan is that we should be done with 2,000 managers. What are we all about? It includes learning about sustainability, et cetera, et cetera.
And then, as a company then becoming more and more global, inclusion and diversity is key. We have inclusion and diversity weeks, and we have done a program. We have a recruiting from the immigrant engineers, et cetera, so to create an inclusive and diverse culture. So these are things that also is absolutely crucial because you know, in Sweden, the unemployment among engineers is 0.8%. Every company now are looking for competence. And you know, an example is Volvo Cars. They used to be in Gothenburg and doing engines or crankshafts. Now they say we will hire 700 software development people in Stockholm. So this is a new and Northvolt and then. So the competence, and we had a seminar last week here with a lot of interesting people talking about it's not only for AFRY. This is for the whole industry.
If you remember that, you know, $100 billion investment in Sweden, I think one of the bottlenecks will be competence, nuclear competence, energy competence, and that's the same for us, and we need to be on top of that to be able to attract the best, so if I conclude then, I really believe that we have a stronger position now than we have had in many years. There are strong underlying drivers. Yes, there are clouds, but there is a strong position in that. I think the new framework for us internally is important, and we will also drive the different part of the business different, so we have also adjusted incentive systems for managers for this year, putting a stronger focus on. It's not enough that you grow, guys. You need to bring the relative margin up also, but this framework is important for us.
And then finally, we are aware that the relative profitability margin have lagging behind, believe me. But this is not just a story about us bringing the margin up 2% unit to our target 10%. This is a story about starting from a very strong position. We need to address the margin, but actually when we see the drivers, where we are, geographically position our competence, we actually see the future as a very interesting future. And again, interest rates, inflation, geopolitical uncertainties, yes. But if you look a few years ahead, I think there needs to be a lot of money invested in areas where AFRY can be a strong partner to our clients.
All right.
Thank you. Being the new guy in the group in a sense, only four months out, really happy to be here. Happy to be here for, you know, two overall reasons. One that, you know, really happy to join the Jonas and the management team and contributing to AFRY's journey ahead. Second, I was actually food poisoned two days ago. I'm practically happy to be here today than questioning my ability to actually stand here today. But that's all fine today. I will present highlights relating to financial development and targets for AFRY. As most of you are aware, AFRY operates with three financial targets: growth of 10% per year, EBITDA margin of 10%, and leverage of two and a half times. All is to be regarded then over a period of time in a sense.
So looking at our historical performance that you can also see here, on growth, we believe that we are delivering on the target, and especially at the back of the pandemic. On debt leverage, to look at the right-hand side, we quickly deleveraged following the Pöyry acquisition and then stayed stable or slightly below the target level despite a very significant acquisition agenda. Then in the middle, you see the EBITDA margin and you see the development of the last five years. So this is clearly also that Jonas was into. This is clearly the area in relation to our financial targets where we have not delivered. And instead of approaching the target level, we have instead seen a downward trend year over year since 2018. So with that as a starting point, the board is then reiterating the financial targets for AFRY.
And clearly the EBITDA margin is the target level where we are stepping up, starting this year and then successively towards the target level. So I will build my presentation around these three targets and I'll take them one by one and start with growth. So looking at growth where we believe we have a very good story, especially the last few years, this then provides an overview of our growth both on an organic and total level over the last few years and the last five quarters. So growth over the last few years has then been a bit up and down looking at the last five years with the Pöyry acquisition in 2019 and the pandemic that followed distorting the picture in 2019 and 2020 for obvious reasons.
Coming out of those years, we have since a couple of years delivered well in line or lately even well above our target level, even the last few quarters also on an organic level. Then if you look at the last five quarters, you know, the picture becomes even more clear. Following a bit weaker start in 2022 with only 3% adjusted organic growth, we picked up pace dramatically throughout the latter part of the year. As you know, we ended the year with two consecutive 20% growth quarters, a level that we are also tracking into 2023. To build further comfort about that ability to track that onwards, we are then introducing order backlog as a KPI that we will report on a quarterly basis starting from now.
This is then a KPI that we have not previously recorded, and you see the overall historical development for the last five quarters on the picture. So noticeably, since this is a new KPI to be reported, just a couple of comments on the KPI as such. So the KPI behaves a bit differently in the different divisions that we have in AFRY due to their business and project nature. So the order backlog, as we follow it, only covers the project commitments, not any framework assignments. So thereby some divisions have a lower backlog than their fair share, even though they might have, you know, the same corresponding growth level or kind of business natures. So you will have to get accustomed to the KPI as such, looking at it from a, you know, divisional level and also consider the project diversification that we have in the company.
But then, in aggregate, looking at the full KPI, so we have grown the order backlog with 20% year over year, comparing Q4 2022- Q4 2021, in line with the growth rate that we had ending 2022. And we end 2022 with an order backlog of more than SEK 19 billion, then only covering project commitments. So not far from a full year of net sales. Worth mentioning in the details is the strongest growing division in terms of backlog, which is the energy division, growing the order backlog with close to 30% year over year. So this in short provides comfort on our ability to continue our growth path in the quarters and in the years to come. And with that, onto our challenge area, which is the EBITDA margin.
So we closed 2022 with, as you are well aware of at this time, an 8.0% EBITDA margin, substantially lower than our target level of 10%, not the level that we're happy with. And although the level that we closed 2022 should be seen in light of a 17% growth year, we are committed to deliver also on this target and have revised our plan to do so. And these four levers are the ones that we are building our path to 10% on. Starting with the most critical one, margin improvement for the infrastructure division. Being such a large part of the group, as Jonas mentioned also, approximately 37% of the net sales come from the infrastructure division, Infra needs a margin step up.
And Malin will come back with the highlights of that plan in order, you know, to show you a bit more in detail on how to achieve that. But we are targeting a 9%-11% EBITDA margin corridor for Division Infrastructure. And we believe that we will reach that within three years with a clear first step already this year. Second building block then relates to AFRY X. So here we have invested significantly during 2022, and we concluded the restructuring of the product portfolio during the last quarters of last year. And given that restructuring and the write-downs that we did in Q4 2022, we are expecting X to deliver on a new level already in 2023. And Per-Kristian Halvorsen will then come back with some more details on what has been done and what can be expected going forward.
So the third block then, although being the smallest one in our bridge, is not to be neglected. We consistently deliver higher margin in some divisions than we do in others. And in combination, market growth is higher for those businesses, contributing to a positive margin mix development for the group year by year successively. Last one, operational excellence reflects our agenda across divisions and within the group. So in the operational excellence bucket, we have a number of initiatives, some bigger and some smaller, and in combination, they will provide the remainder of the gap to the 10%, driven jointly in the group, delivered by divisional margin. Given expected high salary inflation and indexation in this year, so margin effects of these initiatives in the operational excellence bucket can more be expected in the midterm rather than in the short term in terms of net effects.
These are the four main levers for us to shift the curve on EBITDA margin starting already this year. We have a clear commitment in the management team. We have crafted a new plan, and we support that by changes in the incentive structures in the group, as Jonas also described. As said, Malin and Per-Kristian will come back on the first two, and I will say just a few more words on the latter two parts in the bridge. Starting then with the margin mix, looking at our clusters that Jonas described, our starting point is that these three clusters are materially similar in size, although the third one is somewhat smaller. The first one already and consistently delivers a higher margin. Market growth is really strong for the first quarter.
We reasonably believe that to be consistent for the upcoming years, not only quarters, but also years. And we aim to build on that to positively shift the margin mix for the group, accumulating over the next few years. Behind the headline operational excellence, then being the last bucket, we have several joint efforts that we expect to contribute to our margin journey. And shown here are some of the key examples. So a few words about each of them. Some, then looking at the first two, such as pricing and facilities, will on a group level first be aiming at fighting salary inflation and indexation respectively in the very near term, and then to more directly support margin development in the years to come.
But others, such as our ongoing efforts with improvement of the system landscape, they're more intrinsically long-term in the expected contribution for those types of effects. And they will likely have some effects in the near term, but the majority of those effects can be more, will likely be more than 12 months out. And additionally, we will drive cost efficiency efforts. We will drive them continuously in divisions and within the group to support the margin development in divisions and in group on a more opportunistic basis. We have no ongoing cost program as of now, but we will set such up where needed and where relevant in the years to come. So in total, we are confident that we are driving enough joint efforts to deliver the remaining part of the 10% EBITDA margin. Even some of the effects will be absorbed by the Infra division margin improvement.
Finally then, to the third and last target area, so in many aspects, a very simplified picture of the effects of our operating cash flow and the capital allocation. We have a net debt to EBITDA of 2.5 leaving 2022, and going into this year, as would be any typical year in the next few years, we have a very strong operating cash flow providing opportunity for us. Historically, we have provided a stable and healthy dividend to our shareholders, and in line with the dividend policy, we intend to do that also going forward. At current levels, this corresponds to approximately half of the operating cash flow from the business, then with the growth of sales and of EBITDA, this then provides us with a continued healthy M&A bandwidth to support our strategic ambitions and continued growth.
And we expect approximately SEK 1 billion per year in bandwidth and still stay within our target level in terms of leverage. Then also considering that we are, in a sense, buying some EBITDA when we do acquisitions. That said, we will not fully utilize the full headroom or the bandwidth that we have by default. We will instead balance maintaining the margin focus in the business, balance that to capturing opportunities, supporting our strategic agenda and providing further profitable growth. And giving a bit more flavor on how we view the overall M&A agenda, also then in line with what Jonas described on the strategy update, looking at it from a cluster perspective, we clearly have more appetite in relation to the first business cluster, driving continued profitable growth and supporting the margin mix improvement.
With a global scope for that business, we also believe that we can successfully capture relevant targets within Sweden, within Nordics, but not the least also in the rest of the world. For the Infra business, we have some M&A appetite, but clearly it will be more selective and it will be aimed at supporting the existing business. Looking at the industrial and digital segments, back also to the strategy, M&A efforts will be directed towards further strengthening our offering in our local markets or expand existing niches on an international basis. Rounding off with key takeaways, starting with the vital one, AFRY reiterates the financial targets of 10% growth, 10% EBITDA margin, and 2.5 times on leverage. We have a strong momentum in delivering net sales and building order backlog, providing comfort for continued growth.
We present an updated plan to reach our target of 10% EBITDA margin in the midterm, but with a clear step already this year. And our strong continued operational cash flow provides room for continued M&A activities to support our strategy and profitable growth. And with that, I leave back to you.