Veidekke

Earnings Release • Nov 7, 2024

Veidekke: Q3 2024 results

Veidekke: Q3 2024 results

Veidekke achieved revenues of NOK 9.7 billion in Q3, and a pre-tax profit of NOK

616 million. The group's order book totalled NOK 41 billion at quarter-end. The

profit per share was NOK 3.4.

"Veidekke has delivered a solid third-quarter performance. The margin on the

project portfolio continues to rise, and is making up for reduced activity

levels. As in earlier quarters of the year, Infrastructure Norway has delivered

the greatest improvement," says Group CEO Jimmy Bengtsson.

"Our order book is strong, and the robust intake of both residential and

commercial building orders indicates stable activity levels for Construction

Norway in 2025. Infrastructure Norway was awarded a major new contract related

to the Fornebu Line after quarter-end, and we see many interesting opportunities

in the infrastructure sector going forward. In Sweden, we secured several new

contracts for commercial buildings during the quarter, and the infrastructure

order book remains strong," says Bengtsson.

Veidekke's quarterly revenues totalled NOK 9.7 billion, compared to NOK 10.4

billion in the third quarter of 2023. Revenues were down for the construction

operations, but were stable elsewhere.

The third-quarter pre-tax profit amounted to NOK 616 million, up from NOK 601

million in Q3 2023. While the infrastructure operations and the Danish operation

delivered higher profits, lower volumes reduced the profits of the Norwegian and

Swedish construction operations. Overall, the profit margin was 6.4%, compared

to 5.8% in the third quarter of 2023.

The group's quarterly order intake was NOK 7.6 billion, compared to NOK 5.0

billion in the same period last year. At quarter-end, the order book amounted to

NOK 41.0 billion, compared to NOK 40.7 billion at the same time last year and

NOK 40.4 billion at the beginning of the year. Approximately 60% of the order

book will be converted into revenue in the next 12 months.

Net interest-bearing assets totalled NOK 2.1 billion as at 30 September 2024,

compared to NOK 1.4 billion one year earlier. Cash flow from operational

activities in the first three quarters of the year amounted to NOK 1.0 billion,

down from NOK 1.1 billion in the corresponding period in 2023. The statement of

financial position totalled NOK 17.7 billion as at 30 September, down from NOK

18.3 billion at the same time last year.

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

to 2.8 in the preceding quarter and 1.7 in Q3 2023. No serious injuries occurred

during the quarter. The quarterly sick leave rate was 4.7%, compared to 5.3% in

the preceding quarter and 5.0% in the third quarter of last year.

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.