Veidekke

Earnings Release • Aug 14, 2025

Veidekke: Q2 2025 results

Veidekke: Q2 2025 results

Veidekke achieved revenues of NOK 11.3 billion in Q2, and a pre-tax profit of

NOK 538 million, corresponding to a profit per share of NOK 2.9. The quarterly

order intake of NOK 14.3 billion brought the group's order book to NOK 49.2

billion as at 30 June 2025.

"Veidekke enjoyed high activity levels in the second quarter, with both revenue

and profits up compared to the same period last year. The revenue increase was

particularly strong in Construction Norway. Our project portfolio is robustly

profitable, with profits up year-on-year in most parts of the group," says Group

CEO Jimmy Bengtsson.

"A strong quarterly order intake brought our order book to NOK 49.2 billion at

the end of June. Although the order intake was particularly high for

Construction Norway, other parts of the group also reported a robust and

diversified inflow of projects. Among other things, several major contracts were

signed in the defence and critical infrastructure segments," says Jimmy

Bengtsson.

The group generated NOK 11.3 billion in revenue in Q2 2025, compared to NOK 10.8

billion in the second quarter of 2024. Construction Norway and Infrastructure

Sweden achieved year-on-year revenue increases, while other operations reported

stable earnings.

The quarterly pre-tax profit amounted to NOK 538 million, up 11% from NOK 484

million in Q2 2024. Most of the group's operations improved their profit

performance year-on-year, with the largest increases being seen in Construction

Norway and Infrastructure Sweden on the back of, respectively, higher activity

levels and improved capacity utilisation, and the Euromining acquisition in last

year's fourth quarter. Overall, the profit margin was 4.7%, compared to 4.5% in

the second quarter of 2024.

The group's quarterly order intake was NOK 14.3 billion, up considerably on NOK

9.7 billion in the same period last year. At quarter-end, the order book stood

at NOK 49.2 billion, up from NOK 41.1 billion at the same time last year and NOK

41.0 billion at the beginning of the year. Some 56% of the order book will be

converted into revenue in the next 12 months.

Net interest-bearing assets totalled NOK 1.2 billion as at 30 June 2025, up from

NOK 1.0 billion one year ago. Cash flow from operational activities in the first

half of the year amounted to NOK 146 million, compared to NOK -123 million in

the first half of 2024. The statement of financial position totalled NOK 18.3

billion as at 30 June, up from NOK 17.5 billion at the same time last year.

The group's LTI (lost time injury) rate was 2.4 in the second quarter, compared

to 3.0 in the preceding quarter and 2.8 in Q2 2024. No serious injuries were

recorded during the quarter. The quarterly sick leave rate was 5.2%, compared to

6.1% in the preceding quarter and 5.3% in the second quarter of last year.

Revenues totalled NOK 20.4 billion in the first half of 2025, compared to NOK

20.3 billion in the first half of 2024. The pre-tax profit for the first half

-year amounted to NOK 517 million, up from NOK 509 million in the same period

last year. The overall profit margin totalled 2.5% as at 30 June 2025, and was

thus on a par with last year's figure.

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.