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Fourth quarter 2025 Q4

Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO

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Occupational health and safety

Our highest priority

Number of serious injuries

Rolling 12-month. Veidekke employees, temporary staff and sub-contractors

Sick leave, %

Rolling 12-month. Veidekke employees

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Highlights Q4 2025

Revenue NOK 12.1 billion
Profit before tax of NOK 820 million (6.8%)
Robust order book totalling NOK 47.3 billion
Operational cash flow of NOK 1.5 billion
The board is proposing a dividend of NOK 11.25 per share

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Key financial figures Q4

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Robust order book

Book-to-bill for the past 12 months = 1.1

Revenue and order intake

Rolling 12-month, NOK billion

Order book

Order book by segment

Percent

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Order intake at NOK 10.1 billion

Residential buildings Commercial buildings Public buildings Rock and foundation work Energy, industry, water supply and sewerage Transportation Road maintenance contracts Order intake Q4 2025 NOK billion 1.9 3.0 2.1 1.1 0.7 1.1 Norway Sweden Denmark 0.2

Construction segments Infrastructure segments

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Sustainability in real life

Commercial solutions to sustainability challenges

Cissi Klein secondary school

The project cut GHG emissions by more than 60%, in addition to extensive reuse and use of leftover materials – both indoors and outdoors

Sheet piling-as-a-service

Veidekke Geofundamentering has developed an EPD for pulling and reuse of sheet piling. This is the starting point for offering sheet piling –as-aservice – in order to reuse the sheet piling in other projects.

New motorway through Mariestad

Veidekke has been contracted to reconstruct a section of the E20, bypassing Mariestad. An innovative bridge solution helps cut resource consumption and CO² emissions

Vestre Kirkegaard cloudburst protection

Hoffmann has been contracted to climate-proof the Vestre Kirkegaard cemetery in Copenhagen, as part of efforts to safeguard buildings and infrastructure against torrential rain and surface water in various parts of the city.

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Results and financial status Q4

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Revenue, results and margins

Group and operations

	Q4 2025			Q4 2024
Amounts in NOK million	Revenue	Profit before tax	Margin	Revenue	Profit before tax	Margin
Construction Norway	4 172	288	6.9%	4 215	178	4.2%
Infrastructure Norway	2 802	181	6.5%	2 632	117	4.4%
Construction Sweden	2 215	66	3.0%	2 105	74	3.5%
Infrastructure Sweden	2 127	202	9.5%	1 889	117	6.2%
Denmark	951	123	12.9%	798	109	13.7 %
Total, operations	12 267	861	7.0%	11 639	595	5.1%
Other	-143	-41		-150	-37
Group	12 124	820	6.8%	11 489	558	4.9%

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Construction Norway

Revenue on a par with Q4 2024

• Increase in Stavanger and areas around Oslo

Revenue increase and margin improvement

Revenue up 62% compared to the same quarter last year
Strong portfolio profitability, good capacity utilisation and positive effects from some projects approaching completion

Order book down 2% in the quarter

Up 26% in 2025 following a strong order intake in Q2
Book-to-bill ratio of 1.2 expecting increased revenue in 2026

Revenues and profit margin

Profit before tax

Order intake and order book

Revenues and order intake

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Infrastructure Norway

Revenue up 6% compared to Q4 2024

28% increase in tonnes of asphalt sold
Stable activity in Civil Engineering

Total profit NOK 181 (117) million

Increased volume led to improved profits for Asphalt
Increased profits in major civil engineering projects
Negative one-off items of NOK 32 million in Q4 2024

Order book down 8% compared to previous quarter

Order intake in 2025 consisted mainly of new road maintenance contracts
Many projects to be decided in the first half of 2026

Revenues and profit margin

Profit before tax Q4

Order intake and order book

Revenues and order intake

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Construction Sweden

Revenue on a par with Q4 2024 in local currency

• Increased activity in operations situated in Stockholm and southern Sweden, decline in Gothenburg

Profit margin 3.0%, but down from Q4 2024

Improved profitability in the Stockholm-based operations
Net positive one-off effects of NOK 34 million in 2024

Order book up 5% in the quarter in local currency

Up 23% for the full year 2025
Book-to-bill ratio of 1.2

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

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Infrastructure Sweden

Revenue up 8% compared to Q4 2024 in local currency

Strong activity levels across the operation
Increases in certain major civil engineering projects

Increased operating profit and one-off effect

Increased activity and a margin improvement contributed positively
One-off effect, totalling NOK 65 million, related to an adjusted additional purchase price payment linked to the acquisition of Euromining

Order book down 5% in the quarter in local currency

Up 6% for the full year 2025
Book-to-bill ratio of 1.0

Revenues and profit margin Profit before tax

Order intake and order book Revenues and order intake

^* The Q4 25 profit margin excludes one-off effect totalling NOK 65 million comprising an additional, adjusted purchase price payment for Euromining.

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Denmark

Revenue up 20% compared to Q4 2024 in local currency

• Strong activity level in the operation

Increased earnings compared to Q4 2024

• Consistently robust portfolio profitability and a strong profit margin of 12.9% in the quarter

Order book up 15% in the quarter in local currency

Up 30% for the full year 2025
Book-to-bill ratio of 1.3 expecting increased activity in 2026

Revenues and profit margin Profit before tax

Order intake and order book Revenues and order intake

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Financial position

Statement of financial position

Amounts in NOK million	31 December 2025	31 December 2024
Non-current assets	8 499	8 470
Current assets (excl. liquid funds and financial investments)	7 107	7 375
Liquid funds and financial investments	4 042	2 959
Assets	19 649	18 804
Equity	3 763	3 357
Non-current liabilities	2 566	2 804
Current liabilities	13 320	12 644
Equity and liabilities	19 649	18 804

Equity ratio	19%	18%
Return on equity (12m)	51%	46%
Net-interest bearing position	4 021	2 620

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Financial position

Highlights, Q4

• Operating cash flow of NOK 1.5 billion in the quarter

Highlights, full-year 2025

Net investments NOK 561 million below 2024
Primarily attributable to the acquisition of Euromining in Q4 2024
Improvement in working capital of NOK +654 million compared to 2024
Dividend totalling NOK 9.0 per share distributed for 2024

Net interest-bearing position

NOK million

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Proposed dividend of NOK 11.25 per share for 2025

Strong financial position

Key points

Dividend policy: >70% of EPS
Dividend payout ratio of 98% for the 2025 financial year
Average for the last five years: 97%
Financial capacity for investments and strengthening of positions

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Strong end to 2025

6% revenue growth in the fourth quarter
Robust project profitability
Strong profit improvement for both the quarter and the full year 2025

Order book indicates increased activity in 2026

Book-to-bill ratio of 1.1 in 2025
Strong order intake for the construction operations
Robust order book totalling NOK 47.3 billion

Strong financial position – dividend of NOK 11.25/share

Good cash flow in the fourth quarter and for the year as a whole
Net interest-bearing position of NOK 4.0 billion at year-end

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Veidekke Q4 towards 2030

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Improve profitability – boost growth

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Profit improvement from 2020 to 2025

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Focus on factors we can influence

Improvement of core processes

Identify and win projects at the right price, with risks we understand and can manage effectively

Selection Execution

Execute and operate as planned or better, with monitoring and uncertainty management

Efficiently structured through adjustment of capacity, organisation and shared costs

Cost base Improvements

Improve performance by turning around weak units and strengthening positions in key markets

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Improvement at the sharp end

Improvement of core processes Drivers of profit improvement

Right project choices and improved execution
Increased project margin and fewer lossmaking projects
Gradual improvement in Asphalt Norway; strong results in 2025, over zero result in 2020

Capacity cost and shared cost increase

Moderate increase unchanged since 2023
Less than inflation and labour costs

Moderate effect from increased revenue

● Mostly organic – with solid contribution from strategic acquisitions

Simplified illustration – NOK million

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Notably improved project portfolio

Veidekke has established several measures to manage Project portfolio risk and improve project profitability:

Clear selection criteria and strategies

• Projects in markets which allow robust, sustained profitability

Systematic uncertainty management and monitoring

Assessment of risks and opportunities in each project
Risk monitoring at portfolio and business-unit level

Project revenue and profit margin* in ongoing projects, ranked by profitability

^* Profit margin before tax and after full allocation of shared costs

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Cost growth has outstripped revenue growth

Lower capacity utilisation and cost pressures Capacity and shared costs

Inflation and high wage growth
Some increase in revenue, but a decline in activity in fixed prices has resulted in lower capacity utilisation

Cost level stabilised since 2023

∙ Adjustments to staffing, organisation and machinery

Target of maintaining current cost levels

• Capacity for increased activity

As a percentage of revenue

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Veidekke is pursuing disciplined, profitable growth

Organic growth – supported by strategic investments

01. Win the right projects

Veidekke has identified segments and markets in which it can leverage its strengths
Clear selection strategy

02. Improve capacity utilisation

● Veidekke has organisational capacity to do more

03. Growth through acquisitions and investments

Reinforce important positions in existing operations or establish new positions
Financial capacity to make investments

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Positive market outlook in the years ahead

The Scandinavian market is expected to grow by > 4% p.a. in 2026/27
Residential market activity expected to increase, and infrastructure investments expected to remain high
Segments related to the maintenance, repair and safeguarding of buildings and infrastructure are expected to see the strongest growth in the period to 2030

Health and care facilities Road maintenance Transportation Refurbishment rather than newbuilds Onshore aquaculture and data centres Energy, water supply and sewerage Construction and engineering related to emergency preparedness

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