Veidekke

Business and Financial Review • Oct 16, 2025

Veidekke: Expects moderate growth from 2026 onwards

Veidekke: Expects moderate growth from 2026 onwards

Veidekke is today presenting its market update for the Scandinavian contracting

markets for the period 2025-2027. Following two years of significant downturn,

the market appears to be approaching a turning point. While activity levels have

continued to decline slightly in 2025, moderate growth is expected from 2026

onwards.

Production in the Scandinavian contracting markets is forecast to fall by around

4% in 2025, following an 11% decline in 2024. The downturn is attributable to

interest-rate increases and high inflation in the period 2022-2023, as the

impact of such factors usually takes one to two years to materialise. At the

same time, statistics on project starts show a clear, positive trend. While the

situation remains challenging, this has intensified expectations of a market

turnaround.

Veidekke anticipates a moderate upturn to start in 2026, with estimated growth

of +5% in 2026 and +4% in 2027. Growth is expected across the entire market but

will be particularly strong in the apartment and small houses segment. The

infrastructure segment looks set to remain stable and strong throughout the

period.

The 2025 forecasts for Scandinavia as a whole are generally in line with

Veidekke's market update from spring of this year, while expectations for 2026

have been reduced slightly. For Norway and Sweden specifically, expectations

indicate a somewhat weaker development for 2025 than previously forecasted,

while the upturn in 2026 looks set to be slightly more moderate.

"Having come through a challenging period, we are now seeing clear signs of

recovery in the contracting markets," says Kristoffer Eide Hoen, Head of Insight

and Analysis at Veidekke.

"Although 2024 and 2025 have been challenging, we expect lower interest rates

and positive economic developments to provide a basis for growth in 2026 and

2027."

The market update is available on the Veidekke website (veidekke.com), under

Investor Relations/Reports and presentations/Market updates.

For further information, please contact:

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

Tel. +47 976 75 434 | Kristoffer.Eide.Hoen@veidekke.no

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.