Veidekke

Earnings Release • Nov 9, 2022

Veidekke: Q3 2022 results

Veidekke: Q3 2022 results

Veidekke achieved revenues of NOK 9.6 billion in Q3, and a profit before tax of

NOK 545 million. The profit per share was NOK 3.0. The group's order book

totalled NOK 44 billion at quarter-end.

"Veidekke again achieved strong results in the third quarter. Although the

prevailing circumstances resulted in varying project profitability, the group as

a whole delivered a robust performance," says Group CEO Jimmy Bengtsson.

"The construction and civil engineering markets continue to feel the effect of

challenges such as long lead times, high raw material prices and increased

energy costs. Our projects are also affected. However, we have responded

constructively to the situation by adapting to the circumstances," says

Bengtsson.

"Veidekke is maintaining its strong order book of high-quality projects. Much of

the quarterly order intake is attributable to the success of our operational

entities in maintaining profitable, productive long-term customer

relationships," says Jimmy Bengtsson.

Veidekke achieved revenues of NOK 9.6 billion in Q3 2022, compared to NOK 9.3

billion in the third quarter of last year. The profit before tax totalled NOK

545 million, compared to NOK 530 million in Q3 2021. The profit margin was 5.7%,

on a par with the third quarter of 2021. Construction Sweden improved its

performance year-on-year, while Infrastructure Norway's profits fell slightly on

the back of lower activity in the asphalt operation. The performance of the

other operations was on a par with last year.

Net interest-bearing assets totalled NOK 2.3 billion at the end of Q3 2022,

compared to NOK 3.7 billion at the beginning of the year and NOK 3.2 billion one

year ago. Cash flow from operational activities amounted to NOK 474 million in

the third quarter, compared to NOK 784 million in Q3 2021. The statement of

financial position totalled NOK 17.9 billion at quarter-end, compared to NOK

17.6 billion one year ago and NOK 17.3 billion at the beginning of the year.

The group's quarterly order intake was NOK 7.6 billion, compared to NOK 8.4

billion in Q3 2021. At quarter-end, the order book amounted to NOK 43.7 billion,

up from NOK 40.1 billion last year.

The third-quarter LTI (lost time injury) rate was 2.4, compared to 2.2 in the

preceding quarter and 5.7 in Q3 2021. The sick leave rate was 4.6%, compared to

4.7% in Q2 2022 and 4.2% in the third quarter of last year.

This information is subject to a disclosure duty pursuant to section 5-12 of the

Securities Trading Act.

For more information, contact:

Jimmy Bengtsson, CEO, +47?984 70?000

Lars Erik Lund, EVP, +47?413 31 369

Jørgen Wiese?Porsmyr, CFO,+47?907?59?058

Veidekke press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking

all types of building and civil engineering assignments, the group maintains

roads and produces asphalt and aggregates. Veidekke emphasises stakeholder

involvement and local experience. Its annual turnover is approximately NOK 38

billion, and half of its 7,800 employees own shares in the company. Veidekke is

listed on the Oslo Stock Exchange, and has posted a profit every year since its

inception in 1936.