Veidekke

Veidekke: construction market approaching a turning point

Despite ongoing weak activity levels in 2025, forecasts for the Scandinavian

contracting markets raise the prospect of improved conditions and new growth

from 2026 onwards.

Following a challenging 2024, in which the market shrank by 11%, forecasts

indicate a slowing of the decline to 4% in 2025. Starting in 2026, a clear

recovery is expected in the construction market, driven by increased residential

construction and ongoing high infrastructure investment across Scandinavia.

"While the market continues to feel the effects of interest rate increases and

high inflation in 2022 and 2023, we are now seeing clear signs of stabilisation.

Interest rate cuts in Sweden and rising house prices and purchasing power in

Norway give reason to believe in a gradual recovery," says Veidekke Head of

Insight and Analysis Kristoffer Eide Hoen.

"Geopolitical unrest is also creating uncertainty in the construction industry,

but previous experience suggests that the industry is considerably more

sheltered than, for example, the export industry. Other than large-scale defence

investment, it is currently difficult to identify concrete impacts in our target

markets," says Hoen.

Sweden is expected to lead the way in the predicted upturn, and Veidekke has

already observed an increase in the number of building starts involving

commercial buildings, apartments and small houses since the summer of 2024. It

is estimated that approximately half of the decline suffered by the Scandinavian

contracting markets in recent years will be recovered by the end of 2026.

For further information, please contact:

Kristoffer Eide Hoen, Head of Insight and Analysis at Veidekke ASA

Tel. +47 976 75 434 | [email protected]

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 also

maintains roads and produces asphalt and aggregates. Veidekke emphasises

stakeholder involvement and local experience. Its annual turnover is

approximately NOK 41 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.

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