Veidekke

Earnings Release • May 8, 2025

First quarter 2025 Q1

8 May 2025

Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO

Occupational health and safety

Our primary priority

Number of serious injuries

12-month rolling, Veidekke employees, hired staff and sub-contractors

Sickness absence, % 12-month rolling, Veidekke employees

Highlights Q1 2025

• Revenue of NOK 9.0 billion down 5% on Q1 2024
• Normal low season in Q1; profit dropped compared to Q1 2024
• Solid order intake order book increased to NOK 44.4 billion

Key financial figures First quarter

Revenue Profit before tax

¹ Profit before tax 2023 included the settlement of an older dispute involving Infrastructure Norway of NOK -110 million.

Order book boosted High quality project portfolio

Order book per segment

Order intake amounted to NOK 12 billion

Order intake Q1 2025 NOK billion

Results and financial status Q1

Jørgen Wiese Porsmyr, CFO

Revenues, profits and profit margins

Group and business areas

		Q1 2025			Q1 2024
Amounts in NOK million	Revenues	Profit before tax	Profit margin	Revenues	Profit before tax	Profit margin
Construction Norway	3 626	134	3.7%	3 772	150	4.0%
Infrastructure Norway	1 757	-189	-10.8%	1 761	-169	-9.6%
Construction Sweden	1 623	16	1.0%	2 081	47	2.2%
Infrastructure Sweden	1 359	-4	-0.3%	1 233	-13	-1.1%
Denmark	761	56	7.4%	756	53	7.0%
Total business areas	9 126	13	0.1%	9 604	68	0.7%
Other	-90	-34		-126	-43
Group	9 036	-21	-0.2%	9 478	25	0.3%

Construction Norway

Revenue down 4% on Q1 2024

• Continued to drop in Oslo and Trondheim, while revenue increased in Stavanger and Bergen

Profit declined compared to Q1 2024

• Project portfolio remains robustly profitable
• Profit down compared to the preceding year due to volume drop and lower capacity utilisation in certain units

Order book up 4% in the quarter

• Several major residential projects
• Revenue for the full year 2025 expected to remain at 2024 level

Revenues and profit margin

Profit before tax

6%

Order intake and order book Revenues and order intake

0

1

2

3

4

Infrastructure Norway

Revenue on a par with Q1 2024

• Increase in specialised civil engineering activities

Total loss NOK -189 (-169) million

• Low season in Asphalt; winter costs increased
• Civil engineering boosted profits particularly in Rail segment
• The close of the 2025 round for national and county roads asphalt tenders is approaching, and indicates higher Veidekke volumes than last year

Order book up 8% on preceding quarter

• New road maintenance contracts make up the bulk of new contracts in the quarter

Revenues and profit margin

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 (NOK million) Revenue (NOK billion) Profit margin (%)

Profit before tax Q1

2023 2024 2025 2023 2024 2025 Civil engineering

-25% -24% -23% -22% -21% -20% -19% -18% -17% -16% -15% -14% -13% -12% -11% -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25%

Asphalt and Aggregates (NOK million)

Order intake and order book Revenues and order intake

-4 -3

Construction Sweden

Revenue down 24% on Q1 2024 in local currency

• Decline visible in all regions, but is particularly notable in Gothenburg

Profit decline compared to previous year

▪ Activity decline and lower capacity utilisation in large parts of the business impact profits negatively

Order book up 7% in the quarter

• Stockholm order book boosted by solid order intake, including several major projects
• The order book indicates revenue increase from the Gothenburg subsidiary BRA in the second half of 2025

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

0

1

2

3

0% 1% 1% 2% 2% 3% 3% 4% 4%

Infrastructure Sweden

Revenue up 8% from Q1 2024 in local currency

• The Euromining acquisition in Northern Sweden contributes to revenue boost

Profits increased over Q1 2024

• Mainly due to Euromining contribution

Order book up 19% in the quarter

• Road construction contract in Western Sweden worth NOK 0.9 billion, and relocation of Kiruna Church

Revenues and profit margin

Profit before tax

-2% -1% 0% 1% 2% 3% 4% 5% 6% 7%

Order intake and order book Revenues and order intake

Denmark

Revenue on a par with Q1 2024

Profits on a par with Q1 2024

• Portfolio shows consistently robust profitability

Order book up 2% in the quarter

• In local currency, down 14% from the preceding year

Revenues and profit margin

Profit before tax

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

Order intake and order book Revenues and order intake

0

Financial position

Balance sheet

Amounts in NOK million	31 March 2025	31 March 2024
Fixed assets	8 477	7 438
Current assets (excluding cash, cash equivalents and financial investments)	6 888	8 233
Cash, cash equivalents and financial investments	2 800	2 331
Assets	18 165	18 002
Equity	3 319	3 114
Long-term debt	2 760	2 232
Short-term debt	12 087	12 656
Equity and debt	18 165	18 002
Equity ratio	18,3%	17,0%
Return on equity (12mos)	44%	46%
Net interest-bearing position	2 720	2 161

Financial position

Highlights Q1

• Low season in parts of the business normally affects Q1 cash flow
• The positive cash flow in Q1 2025 is mainly due to reduced working capital among the Norwegian businesses' customers
• Operating cash flow in Q1 amounted to NOK 313 million

Net interest-bearing position

NOK million

Closing comments Q1

Jimmy Bengtsson, Group CEO

Improved visibility due to solid order intake

Revenue and order intake

Past 12 months, NOK billion

Construction

• After a slower period, Construction Norway's order intake bounces back
• Construction Sweden's order book remains weak

Infrastructure

• Robust markets in both Norway and Sweden
• Increase in Norwegian road maintenance
• Asphalt, Aggregates and Euromining order book further enhances visibility

Revenue Order intake

Diverse, flexible and selective

NOK 44.4 billion order book provides good visibility

Diverse and distributed

• Diverse geographies and markets with unique drivers
• Capacity adapted to demand

Flexible cost structure

• Large proportion of costs are related to project deliveries
• Flexibility to adapt cost structure to order book

Selectivity and portfolio

• Selectivity and market adaptation
• Management of calculations and implementation uncertainty

The path to further improvement

Systematic and incremental

• Select the right project at the right price in priority markets
• Focusing on uncertainty management and on execution in accordance with plans has improved margins in large parts of the business
• Good control and robust project profitability enable consideration of larger infrastructure projects
• Continuous process to maintain and improve results across the business
• Efforts to turn around weakly performing units continue

Summary

Revenue down 5%

• Normal low season; activity drop in Construction
• Profit decline due to capacity utilisation

Robust order intake

• Solid order book good visibility
• Construction activities stabilised

Strong cash flow

• Good project liquidity, especially in Norwegian operations
• Strong financial position

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