Veidekke

Earnings Release • Feb 13, 2025

Veidekke: Q4 2024 and 2024 full-year results

Veidekke: Q4 2024 and 2024 full-year results

Veidekke achieved revenues of NOK 11.5 billion in Q4, and a pre-tax profit of

NOK 558 million. The group's order book totalled NOK 41.0 billion at year-end.

The full-year profit per share was NOK 9.3, and the board has proposed a

dividend of NOK 9.0 per share in respect of the 2024 financial year.

"2024 was a good year for Veidekke, with solid profit growth and increased

profitability. On this basis, and with good prospects for the coming year,

Veidekke's Board of Directors proposes to pay out NOK 9.0 per share in dividend

for the financial year 2024," says immy Bengtsson, Group CEO of Veidekke.

"As expected, activity in Q4 2024 was somewhat below Q4 of the year before, and

the decline in volume affects the quarterly profit, which was also somewhat

below the previous year's. However, increased project profitability helped keep

the profit margin on a par with 2023. With a stable and high order book,

Veidekke's momentum going into 2025 is positive, although the market situation

remains challenging for several of our operations," says Bengtsson.

"Veidekke wants to be a driving force in the green shift. Together with our

clients and partners, we are realising innovative projects and solutions that

really make a difference, and we are happy to share this knowledge with the

industry at large. By way of examples, I would like to highlight our newly built

headquarters at Ulven in Oslo and construction of the Hestnes railway tunnel for

Bane Nor. In both projects, we have greatly reduced greenhouse gas emissions by

adopting new technologies, reducing material consumption and focusing on

circularity," says Jimmy Bengtsson.

Veidekke's quarterly revenues totalled NOK 11.5 billion, compared to NOK 12.1

billion in the fourth quarter of 2023. The decline is attributable to the

Norwegian and Swedish construction operations.

The fourth-quarter pre-tax profit amounted to NOK 558 million, compared to NOK

603 million in Q4 2023. The drop in profits is linked to reduced volumes and

lower capacity utilisation by some units within Construction Norway, as well as

somewhat smaller returns on the group's financial investments. Overall, the

quarterly profit margin was 4.9%, compared to 5.0% in the fourth quarter of

The group's quarterly order intake was NOK 10.5 billion, compared to NOK 10.2

billion in the same period the year before. At year-end, the order book amounted

to NOK 41.0 billion, compared to NOK 40.4 billion at at year-end 2023.

Approximately 60% of the order book will be converted into revenue in 2025.

The group achieved total revenues of NOK 41.4 billion in 2024, compared to NOK

43.1 billion in 2023. The group's total pre-tax profit amounted to NOK 1 683

million, up 17% from NOK 1 444 million in 2023. The profit increase in 2024 is

primarily attributable to the infrastructure operations, and improved

profitability of the Norwegian asphalt operation in particular. In addition, the

2023 profit figure reflected a NOK 110 million loss related to settlement in an

older dispute involving the Norwegian civil engineering business. The 2024

profit margin was 4.1%, compared to 3.3% in 2023.

Net interest-bearing assets totalled NOK 2.6 billion as at 31 December 2024,

compared to NOK 2.8 billion one year earlier. Cash flow from operational

activities amounted to NOK 2.2 billion in 2024, down from NOK 2.9 billion in

2023. The statement of financial position totalled NOK 18.8 billion as at 31

December, up from NOK 18.2 billion a year before.

The group's LTI (lost time injury) rate was 2.2 in the fourth quarter, compared

to 2.4 in the preceding quarter and 6.6 in Q4 2023. No serious injuries were

recorded in the quarter. The quarterly sick leave rate was 5.8%, compared to

4.7% in the preceding quarter and 6.0% in the fourth quarter of 2023.

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

Securities Trading Act.

For more information, contact:

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

Lars Erik Lund, EVP strategy and sustainability, +47?413 31 369

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

Veidekk 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 also

maintains roads and produces asphalt and aggregates. Veidekke emphasises

stakeholder involvement and local experience. Its annual turnover is

approximately NOK 43 billion, and half of its 8,000 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.