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Veidekke
Earnings Release • Aug 14, 2025
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Earnings Release
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Veidekke – Second quarter 2025
Key figures
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 11 327 | 10 780 | 20 363 | 20 258 | 41 403 |
| Profit/loss before tax | 538 | 484 | 517 | 509 | 1 683 |
| Construction Norway | 160 | 148 | 294 | 298 | 605 |
| Infrastructure Norway | 193 | 183 | 4 | 15 | 453 |
| Construction Sweden | 47 | 42 | 63 | 89 | 198 |
| Infrastructure Sweden | 91 | 70 | 87 | 57 | 250 |
| Denmark | 76 | 81 | 132 | 134 | 320 |
| Other | -30 | -41 | -64 | -83 | -143 |
| Profit margin | 4.7% | 4.5% | 2.5% | 2.5% | 4.1% |
| Operating profit/loss (EBIT) | 498 | 466 | 454 | 467 | 1 605 |
| Operating margin | 4.4% | 4.3% | 2.2% | 2.3% | 3.9% |
| Operating profit/loss before depreciation and amortisation (EBITDA) | 772 | 725 | 991 | 983 | 2 712 |
| Shareholders' share of profit/loss | 395 | 358 | 374 | 366 | 1 261 |
| Profit/loss per share (NOK) | 2.9 | 2.7 | 2.8 | 2.7 | 9.3 |
| Net interest-bearing assets | 1 241 | 1 024 | 1 241 | 1 024 | 2 620 |
| Net cash flow from operations | -167 | 216 | 146 | -123 | 2 225 |
| Return on equity past 12 months | 47% | 51% | 47% | 51% | 46% |
| Order book | 49 186 | 41 062 | 49 186 | 41 062 | 40 994 |
| - Of which to be executed next 12 months | 27 505 | 22 354 | 27 505 | 22 354 | 24 573 |
| Order intake | 14 328 | 9 710 | 26 335 | 19 946 | 38 083 |
| LTI rate | 2.4 | 2.8 | 3.1 | 3.9 | 3.5 |
| Sickness absence | 5.2% | 5.3% | 5.7% | 5.7% | 5.5% |
Q2 2025 results
Veidekke achieved revenues of NOK 11.3 billion in Q2, and a pretax 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
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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.
Construction Norway
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| NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 4 024 | 3 692 | 7 650 | 7 464 | 14 909 |
| Profit/loss before tax | 160 | 148 | 294 | 298 | 605 |
| Profit margin | 4.0% | 4.0% | 3.8% | 4.0% | 4.1% |
| Order book | 19 034 | 14 213 | 19 034 | 14 213 | 14 290 |
| - To be executed next 12 mos. | 11 597 | 9 843 | 11 597 | 9 843 | 10 236 |
Construction Norway generated revenues of NOK 4.0 billion in the second quarter of 2025, compared to NOK 3.7 billion in Q2 2024. As in preceding quarters, there was a clear uptick in activity levels in Western Norway and parts of Eastern Norway, while earnings in Oslo fell year-on-year.
The Q2 pre-tax profit totalled NOK 160 million, up from NOK 148 million in the second quarter of last year. The quarterly profit margin was 4.0%, on a par with Q2 2024. Higher activity levels for the group's operations in Western Norway helped boost profits.
At NOK 8.2 billion, the second-quarter order intake was substantially higher than the NOK 3.7 billion achieved in Q2 2024. The new orders had good spread with regard to both geography and segments.
New contracts signed during the quarter:
• Utsikten: New office building for Kongsberg Gruppen. Contract value NOK 2.3 billion.
- Statnett ØKV: Transformer substations in Vestland County for Statnett SF. Contract value NOK 1.3 billion.
- Campus P2: Department of Materials Science and Engineering at NTNU in Trondheim for Statsbygg. Contract value NOK 679 million.
- Kobberkvartalet C1: Residential project in Asker for Ferd Eiendom. Contract value NOK 467 million.
- Frysjaparken field A: Residential project in Oslo for Stor-Oslo Eiendom. Contract value NOK 457 million.
- Kongshaugen: Treatment plant for Ålesund municipality. Contract value NOK 404 million
At quarter-end, the order book totalled NOK 19.0 billion, compared to NOK 14.2 billion at the same time last year and NOK 14.3 billion at the beginning of the year. Of this total, NOK 11.6 billion will be executed in the next 12 months.
Veidekke – Second quarter 2025
Infrastructure Norway
| NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Total revenue | 2 807 | 2 817 | 4 564 | 4 578 | 9 964 |
| - Civil engineering | 1 622 | 1 640 | 3 279 | 3 246 | 6 413 |
| - Asphalt, Aggregates | 1 185 | 1 178 | 1 284 | 1 332 | 3 551 |
| Total profit/loss before tax | 193 | 183 | 4 | 15 | 453 |
| - Civil engineering | 90 | 86 | 142 | 130 | 290 |
| - Asphalt, Aggregates | 103 | 97 | -137 | -115 | 162 |
| Total profit margin | 6.9% | 6.5% | 0.1% | 0.3% | 4.5% |
| - Civil engineering | 5.5% | 5.3% | 4.3% | 4.0% | 4.5% |
| - Asphalt, Aggregates | 8.7% | 8.2% | -10.7% | -8.6% | 4.6% |
| Order book | 10 584 | 10 169 | 10 584 | 10 169 | 9 918 |
| - To be executed next 12 mos. | 4 605 | 3 813 | 4 605 | 3 813 | 4 232 |
Infrastructure Norway achieved revenues of NOK 2.8 billion in the second quarter, on a par with the same quarter of last year. The pre-tax profit totalled NOK 193 million, compared to NOK 183 million in Q2 2024. The total profit margin was 6.9%, compared to 6.5% in Q2 2024.
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The civil engineering operation generated revenues of NOK 1.6 billion in Q2, on a par with the corresponding quarter in 2024. The pre-tax profit totalled NOK 90 million, compared to NOK 86 million in Q2 2024, while the profit margin was 5.5%, compared to 5.3% in the second quarter of last year. High activity levels and
strong profitability boosted revenues and profits in the road maintenance operation. However, in the portfolio of major civil engineering projects high capacity costs reduced profits compared to 2024.
The asphalt and aggregates operations achieved total revenues of NOK 1.2 billion in the second quarter, on a par with last year's figure. The quarterly pre-tax profit was NOK 103 million, up from NOK 97 million in Q2 2024. While the asphalt operation's activity levels were on a par with the same quarter in 2024, profits were boosted by strong profitability. In this year's asphalt tendering round for central government and counties in Norway, Veidekke secured a large market share (approximately 50%) and increased contract volumes for both private and public-sector clients compared to 2024. These volumes will largely be produced in the second half of the year.
Infrastructure Norway secured new orders valued at NOK 1.5 billion in Q2, compared to NOK 3.2 billion in the same period last year. The quarterly order intake primarily comprised new road maintenance contracts.
New contracts signed during the quarter:
- Midt-Troms: Operation and maintenance contract for Troms county municipality. Contract value NOK 447 million.
- Indre Troms: Operation and maintenance contract for Troms county municipality. Contract value NOK 324 million.
- Opsjon Indre Nordmøre: Operation and maintenance contract for Vestland county municipality. Contract value NOK 209 million.
- Liåsen transformer sub-station: Assignment for Anlegg Øst Entreprenør AS. Contract value NOK 126 million.
At quarter-end, the order book totalled NOK 10.6 billion, compared to NOK 10.2 billion one year ago and NOK 9.9 billion at the beginning of the year. Road maintenance contracts accounted for NOK 5.5 billion of the order book, compared to NOK 4.4 billion in the corresponding quarter of 2024. Orders due to be executed in the next 12 months amounted to NOK 4.6 billion, compared to NOK 3.8 billion in the same period last year.
Construction Sweden
| NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 1 918 | 1 943 | 3 541 | 4 024 | 7 750 |
| Profit/loss before tax | 47 | 42 | 63 | 89 | 198 |
| Profit margin | 2.5% | 2.2% | 1.8% | 2.2% | 2.6% |
| Order book | 7 340 | 5 873 | 7 340 | 5 873 | 5 978 |
| - To be executed next 12 mos. | 4 756 | 3 821 | 4 756 | 3 821 | 4 245 |
Construction Sweden recorded revenues of NOK 1.9 billion in the second quarter, on a par with the same quarter last year. Measured in local currency, however, revenues dropped by 7%. While the subsidiary BRA in Gothenburg reported strong activity levels, other parts of the operation noted a drop in activity.
The second-quarter pre-tax profit was NOK 47 million, up from NOK 42 million in Q2 of last year. The quarterly profit margin was 2.5%, up from 2.2% in Q2 2024. While the Gothenburg-based subsidiary BRA delivered strong profitability, the profit performance of the other operations within Construction Sweden was weak. In response to falling earnings and low profitability over time, entities in the operation have implemented several rounds of capacity reductions and are considering further measures on an ongoing basis.
The second-quarter order intake totalled NOK 2.8 billion, compared to NOK 1.1 billion last year.
New contracts signed in the quarter:
- Gäddan Produktion: Construction and installation assignment in Eastern Sweden for Fortifikationsverket. Contract value NOK 993 million.
- Råbylund: Construction of apartments in Lund for Heimstaden. Contract value NOK 239 million.
- Studio 77: Commercial building in Billdal for Sportsfield. Contract value NOK 155 million.
- Träkvista Torg Aroma: Residential project in Stockholm for Obos Nya Hem Produktion AB. Contract value NOK 122 million.
- Zoologen: Refurbishment of laboratory and office premises for Akademiska Hus in Gothenburg. Contract value NOK 112 million.
At the end of the second quarter, the order book stood at NOK 7.3 billion, compared to NOK 5.9 billion in the same quarter last year and NOK 6.0 billion at the beginning of the year. Orders due to be executed in the next 12 months amounted to NOK 4.8 billion as at 30 June 2025, compared to NOK 3.8 billion on the same date in 2024.
Infrastructure Sweden
| NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 1 799 | 1 595 | 3 159 | 2 828 | 6 166 |
| Profit/loss before tax | 91 | 70 | 87 | 57 | 250 |
| Profit margin | 5.1% | 4.4% | 2.8% | 2.0% | 4.1% |
| Order book | 9 030 | 7 463 | 9 030 | 7 463 | 7 678 |
| - To be executed next 12 mos. | 4 198 | 2 627 | 4 198 | 2 627 | 3 487 |
Infrastructure Sweden generated revenues of NOK 1.8 billion in the second quarter of 2025, compared to NOK 1.6 billion in the same period last year.
The quarterly profit totalled NOK 91 million, up from NOK 70 million last year. The increase is attributable to the acquisition of Euromining in Northern Sweden, which was completed in Q4 2024. The profit margin was 5.1%, compared to 4.4% one year ago.
The second-quarter order intake was NOK 1.1 billion, on a par with Q2 2024. The majority of the quarterly order intake comprised increases in the scope of
existing contracts. No major new contracts were signed during the quarter. Euromining's order intake and order book are not reported.
At the end of the second quarter, the order book stood at NOK 9.0 billion, up from NOK 7.5 billion last year and NOK 7.7 billion at the beginning of the year. Measured in local currency, the order book grew by 14% in the first half of 2025. Orders due to be executed in the next 12 months amounted to NOK 4.2 billion.
Denmark
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| NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 894 | 920 | 1 654 | 1 677 | 3 180 |
| Profit/loss before tax | 76 | 81 | 132 | 134 | 320 |
| Profit margin | 8.5% | 8.8% | 8.0% | 8.0% | 10.1% |
| Order book | 3 199 | 3 343 | 3 199 | 3 343 | 3 131 |
| - To be executed next 12 mos. | 2 349 | 2 250 | 2 349 | 2 250 | 2 373 |
The Danish operation – Hoffmann – achieved revenues of NOK 894 million in the second quarter, compared to NOK 920 million in the corresponding quarter of last year.
The pre-tax profit was NOK 76 million, compared to NOK 81 million in Q2 2024. The project portfolio is robustly profitable, and the quarterly profit margin was 8.5%, compared to 8.8% in the second quarter of 2024.
The second-quarter order intake totalled NOK 778 million, up from NOK 520 million in Q2 2024.
New contracts signed in the quarter:
- Ydre Østerbro Vest Climate adaptation: groundworks for the City of Copenhagen. Contract value NOK 141 million.
- Novo TPF FR: Part 1 Construction of a new test centre for Novo Nordisk. Contract value NOK 107 million.
The order book stood at NOK 3.2 billion at the end of the second quarter, compared to NOK 3.3 billion last year and NOK 3.1 billion at the beginning of the year. Orders due to be executed in the next 12 months amounted to NOK 2.3 billion, on a par with last year.
Other operations
Other operations consist of unallocated costs associated with the group's corporate administration, the sale of administrative services to the group's Norwegian operations, financial management and the group's ownership role in Public–Private Partnerships (PPPs), and the elimination of intra-group profits. The result for the second quarter was NOK -30 million, compared to NOK -41 million in Q2 2024.
Financial situation
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Net interest-bearing assets amounted to NOK 1.2 billion at quarterend, compared to NOK 1.0 billion last year and NOK 2.6 billion at the beginning of the year. Operational cash flow in the first half of 2025 totalled NOK 146 million, and was marked by the customary increase in working capital linked to the usual seasonal downturn and the start of the asphalting season. In contrast, operational cash flow amounted to NOK -123 million in the same period last year. Cash flow from investment activities amounted to NOK 142 million in the first half of the year, compared to NOK -96 million in the same period last year.
The statement of financial position totalled NOK 18.3 billion at quarterend, compared to NOK 17.5 billion last year and NOK 18.8 billion at the beginning of the year. The increase is attributable to the acquisition of Euromining at the end of last year. As at the end of Q2 2025, Veidekke had not drawn down any of its total available credit of NOK 3.0 billion.
In the second quarter, Veidekke adopted a sustainability framework for its financing arrangements, featuring conditions laying down targets for reduction of greenhouse gas emissions and work-related injuries. Veidekke's two loan agreements, with DNB and Nordea, will be aligned with the framework.
Shareholder information
| Largest shareholders as at 31 March 2025 | Shareholding |
|---|---|
| OBOS BBL | 19.5% |
| Folketrygdfondet | 10.9% |
| IF Skadeförsäkring AB | 3.7% |
| Vanguard | 3.1% |
| Verdipapirfond ODIN Norge | 2.6% |
| Pareto Aksje Norge Verdipapirfond | 2.3% |
| Must Invest AS | 2.3% |
| MP Pensjon PK | 2.0% |
| Storebrand Asset Management AS | 2.0% |
| Alfred Berg Kapitalforvaltning | 1.8% |
| Total 10 largest shareholders | 50.3% |
| Others | 49.7% |
| Total | 100% |
| Total number of issued shares | 134 956 267 |
A total of 5.2 million Veidekke shares were traded in the second quarter of 2025. The share price fluctuated between NOK 132 and NOK 162, and was NOK 162 as at 30 June. The foreign shareholding percentage was 18.0%. Approximately 12% of the shares in the company are owned by Veidekke employees.
Related-party transactions
Veidekke is regularly involved in transactions with related parties in the course of its ordinary operations, including contracts for the development of specific projects. There were no other material relatedparty transactions in the second quarter of 2025. For a more detailed statement on related-party transactions, see Veidekke's Annual and Sustainability Report 2024.
Risks
Veidekke's business primarily involves the execution of construction and infrastructure projects for private and public-sector clients in Norway, Sweden and Denmark. Recent years have been characterised by higher energy and commodity prices, increased interest rates and high inflation. Although inflation has slowed, commodity prices remain high. These developments are impacting financial capacity and investment decisions in both the private and public sectors, and are resulting in deferment or redesign of planned projects and weak sales of new residential units. Although Veidekke's order book was strong at the end of Q2 2025, the construction market is expected to remain challenging going forward. The company is engaged in ongoing dialogue with clients and suppliers, and has an organisational and cost structure that allows rapid adaptation to altered framework conditions. While the development of the group's order book indicates that the market is well-functioning, there are substantial variations between different geographical regions and market segments.
Veidekke presents its outlook for the Scandinavian contracting markets twice a year. The market update is published on the Veidekke website.
Veidekke's project portfolio varies greatly in terms of complexity, size, duration and risk, and systematic risk management in all parts of the business and during all project phases is therefore of crucial importance. This encompasses matters such as project selection, processes, tender quality, project follow-up and project execution. Having the necessary expertise to ensure optimal assignment execution is key when deciding which projects to tender for. At the tender-preparation stage, risks are
identified and assessed, and plans are made for managing risk during the execution phase. Veidekke's projects are increasing in size and complexity, making risk management a high priority. Certain forms of contract permit differing interpretations of contractual performance, giving room for disagreement between contractor and client regarding final payment. Although Veidekke seeks to reach agreement with clients through negotiations, some disputes do end up in the court system. The group was involved in one major ongoing court case as at the end of Q2 2025. This is the same case that existed at the end of 2024.
Oslo, 14 August 2025 The board of directors of Veidekke ASA
| Egil Haugsdal Chair |
Hanne Rønneberg | Per-Ingemar Persson | Carola Lavén | Pål Eitrheim |
|---|---|---|---|---|
| Nils Morten Bøhler | Anne-Lene Midseim | Inge Ramsdal | Ane Kari Vestre | Arve Fludal |
| Jimmy Bengtsson Group CEO |
Management statement
We confirm that the (unaudited) half-year financial statements for the period 1 January to 30 June 2025 have, to the best of our knowledge, been prepared in accordance with IAS 34 Interim Financial Reporting, that the information in the financial statements provides a true and fair view of the assets, liabilities, financial position and overall results of the company and the group, and that the information in the half-year
report provides a true and fair overview of material events during the accounting period and their impact on the half-year financial statements, a description of the most significant risks and uncertainties facing the company in the next accounting period, and an overview of related-party transactions.
Oslo, 14 August 2025 The board of directors of Veidekke ASA
| Egil Haugsdal Chair |
Hanne Rønneberg | Per-Ingemar Persson | Carola Lavén | Pål Eitrheim |
|---|---|---|---|---|
| Nils Morten Bøhler | Anne-Lene Midseim | Inge Ramsdal | Ane Kari Vestre | Arve Fludal |
| Jimmy Bengtsson Group CEO |
Statement of comprehensive income
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Revenue | 11 327 | 10 780 | 20 363 | 20 258 | 41 403 |
| Operating expenses | -10 537 | -10 062 | -19 360 | -19 297 | -38 740 |
| Share of net income from joint ventures | -19 | 7 | -13 | 22 | 49 |
| Operating profit before depreciation and amortisation (EBITDA) | 772 | 725 | 991 | 983 | 2 712 |
| Depreciation, amortisation and impairments | -274 | -258 | -536 | -517 | -1 107 |
| Operating profit/loss (EBIT) | 498 | 466 | 454 | 467 | 1 605 |
| Financial income | 60 | 39 | 103 | 86 | 171 |
| Financial costs | -20 | -21 | -41 | -43 | -94 |
| Profit/loss before tax | 538 | 484 | 517 | 509 | 1 683 |
| Tax expenses | -118 | -106 | -114 | -112 | -331 |
| Profit/loss for the period | 420 | 377 | 403 | 397 | 1 352 |
| of which non-controlling interests | 25 | 19 | 29 | 31 | 91 |
| Profit/loss per share (NOK) | 2.9 | 2.7 | 2.8 | 2.7 | 9.3 |
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
| Profit/loss for the period | 420 | 377 | 403 | 397 | 1 352 |
|---|---|---|---|---|---|
| Revaluation of pensions | - | - | - | - | 28 |
| Net items that will not be reclassified subsequently to profit or loss | - | - | - | - | 28 |
| Currency translation differences | 28 | -29 | 23 | -6 | 35 |
| Fair value adjustment of financial assets | -4 | -1 | -5 | 6 | 7 |
| Net items that may be reclassified subsequently to profit or loss | 24 | -30 | 18 | - | 42 |
| Total comprehensive income | 443 | 347 | 421 | 397 | 1 422 |
| of which non-controlling interests | 25 | 22 | 30 | 33 | 95 |
Statement of financial position Veidekke group
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 2 381 | 2 082 | 2 349 |
| Other intangible assets | 198 | 202 | 222 |
| Deferred tax assets | 48 | - | 45 |
| Rights of use assets | 1 136 | 974 | 1 153 |
| Land and buildings | 794 | 842 | 783 |
| Plant and machinery | 2 455 | 2 299 | 2 510 |
| Investments in joint ventures | 459 | 368 | 459 |
| Long-term interest-bearing receivables | 327 | - | 305 |
| Financial assets | 649 | 633 | 645 |
| Total non-current assets | 8 447 | 7 400 | 8 470 |
| Current assets | |||
| Inventories and own-account projects property | 826 | 824 | 873 |
| Trade and other receivables, contract assets | 7 722 | 8 155 | 6 502 |
| Financial investments | 355 | 566 | 580 |
| Cash and cash equivalents | 937 | 591 | 2 379 |
| Total current assets | 9 840 | 10 137 | 10 334 |
| Total assets | 18 287 | 17 537 | 18 804 |
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 67 | 67 | 67 |
| Other equity | 2 403 | 2 288 | 3 237 |
| Non-controlling interests | 58 | 24 | 52 |
| Total equity | 2 529 | 2 380 | 3 357 |
| Non-current liabilities | |||
| Pensions and deferred tax liabilities | 1 469 | 1 304 | 1 469 |
| Amounts due to credit institutions | 336 | 372 | 408 |
| Other non-current liabilities | 920 | 614 | 927 |
| Total non-current liabilities | 2 725 | 2 290 | 2 804 |
| Current liabilities | |||
| Debts to credit institutions | 41 | 25 | 44 |
| Bond loan | - | 193 | 193 |
| Trade payables and warranty provisions | 7 776 | 7 815 | 7 125 |
| Public duties and taxes payable | 1 323 | 1 365 | 1 157 |
| Other current liabilities and contract liabilities | 3 892 | 3 469 | 4 124 |
| Total current liabilities | 13 033 | 12 867 | 12 644 |
| Total equity and liabilities | 18 287 | 17 537 | 18 804 |
Statement of cash flows
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Profit/loss before tax | 538 | 484 | 517 | 509 | 1 683 |
| Tax paid for the period | -113 | -43 | -249 | -238 | -427 |
| Depreciation, amortisation and impairments | 274 | 258 | 536 | 517 | 1 107 |
| Other operational items | -866 | -483 | -658 | -911 | -137 |
| Net cash flow from operating activities | -167 | 216 | 146 | -123 | 2 225 |
| INVESTING ACTIVITIES | |||||
| Acquisition/disposal of property, plant and equipment | -102 | -145 | -182 | -310 | -473 |
| Other investing activities | 89 | 20 | 92 | 16 | -165 |
| Investments in bond funds | 625 | 366 | 253 | 361 | 333 |
| Change in interest-bearing receivables | -7 | -148 | -21 | -162 | -11 |
| Net cash flow from investing activities | 605 | 94 | 142 | -96 | -316 |
| FINANCING ACTIVITIES | |||||
| Change in interest-bearing liabilities | -22 | 111 | -74 | 83 | 138 |
| Repayment of IFRS16 leases | -129 | -123 | -251 | -244 | -513 |
| Repayment of bond loan | - | - | -193 | - | - |
| Dividend paid | -1 215 | -1 066 | -1 215 | -1 066 | -1 066 |
| Other financial items | -20 | -8 | -20 | -48 | -219 |
| Net cash flow from financing activities | -1 386 | -1 085 | -1 753 | -1 275 | -1 661 |
| Total cash flow | -949 | -776 | -1 465 | -1 494 | 248 |
| Cash and cash equivalents, start of period | 1 833 | 1 402 | 2 379 | 2 063 | 2 063 |
| Exchange rate adjustment foreign cash balances | 53 | -36 | 23 | 21 | 68 |
| Cash and cash equivalents, end of period | 937 | 591 | 937 | 591 | 2 379 |
Statement of changes in equity
| Equity holders of Veidekke ASA | Minority | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Figures in NOK million | Share capital | Other paid-in capital 1 |
Reevaluation of pensions |
Currency transla tion differences |
Other retained earnings |
Fair value adjustments 2 |
Total | Non-controlling interests |
Total |
| Equity at 1 January 2024 | 67 | 419 | -71 | 43 | 2 610 | -16 | 3 053 | 46 | 3 099 |
| Profit/loss for the period | - | - | - | - | 366 | - | 366 | 31 | 397 |
| Other comprehensive income | - | - | - | -9 | - | 6 | -3 | 3 | - |
| Share-based transactions employees | - | - | - | - | -20 | - | -20 | - | -20 |
| Transactions, non-controlling interests | - | - | - | - | 25 | - | 25 | -23 | 2 |
| Dividend | - | - | - | - | -1 066 | - | -1 066 | -32 | -1 098 |
| Equity at 30 June 2024 | 67 | 419 | -71 | 34 | 1 915 | -10 | 2 356 | 24 | 2 380 |
| Equity at 1 January 2024 | 67 | 419 | -71 | 43 | 2 610 | -16 | 3 053 | 46 | 3 099 |
| Profit/loss for the period | - | - | - | - | 1 261 | - | 1 261 | 91 | 1 352 |
| Other comprehensive income | - | - | 28 | 31 | - | 7 | 66 | 4 | 70 |
| Share-based transactions employees | - | - | - | - | -30 | - | -30 | - | -30 |
| Transactions, non-controlling interests | - | - | - | - | 20 | - | 20 | -56 | -36 |
| Dividend | - | - | - | - | -1 066 | - | -1 066 | -32 | -1 098 |
| Equity at 31 December 2024 | 67 | 419 | -42 | 74 | 2 795 | -9 | 3 304 | 52 | 3 357 |
| Equity at 1 January 2025 | 67 | 419 | -42 | 74 | 2 795 | -9 | 3 304 | 52 | 3 357 |
| Profit/loss for the period | - | - | - | - | 374 | - | 374 | 29 | 403 |
| Other comprehensive income | - | - | - | 22 | - | -5 | 17 | 2 | 18 |
| Share-based transactions employees | - | - | - | - | -22 | - | -22 | - | -22 |
| Transactions, non-controlling interests | - | - | - | - | 12 | - | 12 | 6 | 18 |
| Dividend | - | - | - | - | -1 215 | - | -1 215 | -30 | -1 245 |
| Equity at 30 June 2025 | 67 | 419 | -42 | 96 | 1 945 | -14 | 2 471 | 58 | 2 529 |
1 Paid-in capital over and above nominal value of shares.
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2 Financial assets and derivatives defined as hedging instruments that are both valued at fair value through comprehensive income.
Net interest-bearing position
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Cash and cash equivalents | 937 | 591 | 2 379 |
| Financial investment (short-term) | 355 | 566 | 580 |
| Interest-bearing assets (short-term) | - | 455 | 1 |
| Interest-bearing assets (long-term) | 327 | 2 | 305 |
| Interest-bearing liabilities | -378 | -590 | -645 |
| Net interest-bearing position | 1 241 | 1 024 | 2 620 |
Other key figures
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Order book | 49 186 | 41 062 | 40 994 |
| Equity ratio | 14% | 14% | 18% |
| Return on equity past 12 months | 47% | 51% | 46% |
| Number of employees | 7 828 | 7 942 | 7 977 |
Business segments
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Construction Norway | |||||
| Revenue | 4 024 | 3 692 | 7 650 | 7 464 | 14 909 |
| Operating expenses | -3 852 | -3 534 | -7 334 | -7 149 | -14 252 |
| Share of net income from joint ventures | - | - | - | - | -2 |
| Depreciation, amortisation and impairments | -41 | -43 | -83 | -86 | -173 |
| Operating profit/loss (EBIT) | 130 | 115 | 233 | 229 | 482 |
| Net financial items | 30 | 33 | 61 | 69 | 123 |
| Profit/loss before tax (EBT) | 160 | 148 | 294 | 298 | 605 |
| Total assets | 7 356 | 6 948 | 7 356 | 6 948 | 7 478 |
| Infrastructure Norge | |||||
| Revenue | 2 807 | 2 817 | 4 564 | 4 578 | 9 964 |
| Operating expenses | -2 477 | -2 477 | -4 281 | -4 252 | -8 904 |
| Share of net income from joint ventures | 2 | 3 | - | - | 10 |
| Depreciation, amortisation and impairments | -129 | -133 | -258 | -268 | -541 |
| Operating profit/loss (EBIT) | 203 | 210 | 25 | 58 | 528 |
| Net financial items | -10 | -27 | -21 | -44 | -76 |
| Profit/loss before tax (EBT) | 193 | 183 | 4 | 15 | 453 |
| Total assets | 5 300 | 6 046 | 5 300 | 6 046 | 4 887 |
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Construction Sweden | |||||
| Revenue | 1 918 | 1 943 | 3 541 | 4 024 | 7 750 |
| Operating expenses | -1 844 | -1 876 | -3 422 | -3 902 | -7 460 |
| Share of net income from joint ventures | -1 | -2 | -1 | 8 | 42 |
| Depreciation, amortisation and impairments | -23 | -20 | -45 | -40 | -126 |
| Operating profit/loss (EBIT) | 50 | 45 | 73 | 90 | 205 |
| Net financial items | -3 | -3 | -9 | -1 | -7 |
| Profit/loss before tax (EBT) | 47 | 42 | 63 | 89 | 198 |
| Total assets | 2 747 | 2 822 | 2 747 | 2 822 | 3 035 |
| Infrastructure Sweden | |||||
| Revenue | 1 799 | 1 595 | 3 159 | 2 828 | 6 166 |
| Operating expenses | -1 622 | -1 488 | -2 937 | -2 701 | -5 726 |
| Share of net income from joint ventures | -26 | - | -26 | - | -29 |
| Depreciation, amortisation and impairments | -62 | -36 | -112 | -72 | -161 |
| Operating profit/loss (EBIT) | 90 | 70 | 83 | 56 | 250 |
| Net financial items | 2 | - | 4 | 1 | - |
| Profit/loss before tax (EBT) | 91 | 70 | 87 | 57 | 250 |
| Total assets | 2 889 | 1 901 | 2 889 | 1 901 | 2 861 |
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Denmark | |||||
| Revenue | 894 | 920 | 1 654 | 1 677 | 3 180 |
| Operating expenses | -814 | -836 | -1 518 | -1 546 | -2 865 |
| Share of net income from joint ventures | - | - | - | - | - |
| Depreciation, amortisation and impairments | -8 | -8 | -16 | -14 | -29 |
| Operating profit/loss (EBIT) | 71 | 76 | 120 | 117 | 285 |
| Net financial items | 5 | 5 | 12 | 17 | 34 |
| Profit/loss before tax (EBT) | 76 | 81 | 132 | 134 | 320 |
| Total assets | 2 040 | 2 045 | 2 040 | 2 045 | 2 052 |
| Other operations1 | |||||
| Revenue | 68 | 52 | 133 | 135 | 273 |
| Operating expenses | -111 | -87 | -206 | -194 | -373 |
| Share of net income from joint ventures | 7 | 6 | 14 | 14 | 29 |
| Depreciation, amortisation and impairments | -11 | -18 | -22 | -37 | -76 |
| Operating profit/loss (EBIT) | -48 | -47 | -80 | -81 | -148 |
| Net financial items | 17 | 9 | 15 | - | 4 |
| Profit/loss before tax (EBT) | -31 | -38 | -65 | -81 | -144 |
| Total assets | 1 931 | 2 131 | 1 931 | 2 131 | 3 857 |
1 Other operations include the group's net financial items and central unassigned costs.
| Figures in NOK million | Q2 2025 | Q2 2024 | 30 Jun 2025 | 30 Jun 2024 | 2024 |
|---|---|---|---|---|---|
| Group eliminations | |||||
| Revenue | -182 | -238 | -337 | -447 | -838 |
| Operating expenses | 183 | 236 | 338 | 445 | 840 |
| Share of net income from joint ventures | - | - | - | - | - |
| Depreciation, amortisation and impairments | - | - | - | - | - |
| Operating profit/loss (EBIT) | 1 | -2 | 1 | -2 | 2 |
| Net financial items | - | - | - | - | - |
| Profit/loss before tax (EBT) | 1 | -2 | 1 | -2 | 2 |
| Total assets | -3 976 | -4 356 | -3 976 | -4 356 | -5 367 |
| Total Veidekke group segment accounts | |||||
| Revenue | 11 327 | 10 780 | 20 363 | 20 258 | 41 403 |
| Operating expenses | -10 537 | -10 062 | -19 360 | -19 297 | -38 740 |
| Share of net income from joint ventures | -19 | 7 | -13 | 22 | 49 |
| Depreciation, amortisation and impairments | -274 | -258 | -536 | -517 | -1 107 |
| Operating profit/loss (EBIT) | 498 | 466 | 454 | 467 | 1 605 |
| Net financial items | 40 | 18 | 62 | 43 | 78 |
| Profit/loss before tax (EBT) | 538 | 484 | 517 | 509 | 1 683 |
| Total assets | 18 287 | 17 537 | 18 287 | 17 537 | 18 804 |
Notes Veidekke group
Note 01. General information
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Veidekke is one of Scandinavia's largest construction companies. The company is headquartered in Oslo and is listed on the Oslo Stock Exchange. The consolidated accounts for Q2 2025 include Veidekke ASA and its subsidiaries and the group's investments in associates and joint ventures. At the end of Q2 2025, the group included essentially the same units as in the annual accounts submitted for 2024.
Accounting figures in quarterly accounts are not audited.
Note 02. Accounting principles
The group's financial reports are prepared in accordance with international accounting standards (IFRS) approved by the EU. The quarterly accounts have been prepared in accordance with IAS 34 on interim financial reporting, and comply with applicable stock-exchange rules. The quarterly accounts were prepared in accordance with the same accounting principles as the annual accounts for 2024.
The segment and financial statements presented are prepared in line with the same accounting principles, and there is therefore no difference between IFRS and the principles applied by management to follow up on business.
The quarterly accounts do not include all information required in a complete annual report and should therefore be read in conjunction with the group's annual accounts for 2024, which are available at www.veidekke.com.
Note 03. Operating income
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The tables below show the group's revenues for 2025 and 2024, split into service areas.
| Figures in NOK million | Construction Norway |
Infrastructure Norway |
Construction Sweden |
Infrastructure Sweden |
Denmark | Other | Group |
|---|---|---|---|---|---|---|---|
| Service area | |||||||
| Apartments and small houses | 2 831 | - | 156 | - | 39 | - | 3 027 |
| Commercial buildings | 1 844 | - | 2 224 | - | 695 | - | 4 762 |
| Public buildings | 2 506 | - | 978 | - | 655 | - | 4 139 |
| Transport infrastructure – road | - | 427 | - | 246 | - | - | 673 |
| Transport infrastructure – rail | - | 1 030 | - | 125 | - | - | 1 155 |
| Asphalt and aggregates | - | 1 267 | - | 367 | - | - | 1 634 |
| Water and sewerage | 156 | 1 247 | 38 | - | 1 442 | ||
| Other civil engineering | 469 | 692 | 184 | 1 173 | 226 | - | 2 743 |
| Maintenance contracts (road maintenance) | - | 992 | - | - | - | - | 992 |
| Other/Eliminations | - | - | - | - | - | -204 | -204 |
| Total 30 June 2025 | 7 650 | 4 564 | 3 541 | 3 159 | 1 654 | -204 | 20 363 |
| Construction | Infrastructure | Construction | Infrastructure | ||||
|---|---|---|---|---|---|---|---|
| Figures in NOK million | Norway | Norway | Sweden | Sweden | Denmark | Other | Group |
| Service area | |||||||
| Apartments and small houses | 1 773 | - | 339 | - | 39 | - | 2 151 |
| Commercial buildings | 3 063 | - | 2 954 | - | 1 112 | - | 7 129 |
| Public buildings | 2 342 | 163 | 596 | - | 329 | - | 3 430 |
| Transport infrastructure – road | - | 111 | - | 157 | - | - | 269 |
| Transport infrastructure – rail | - | 1 075 | - | 102 | - | - | 1 177 |
| Asphalt and aggregates | - | 1 321 | - | 297 | - | - | 1 618 |
| Water and sewerage | - | 714 | 59 | - | 773 | ||
| Other civil engineering | 286 | 952 | 135 | 1 558 | 138 | - | 3 070 |
| Maintenance contracts (road maintenance) | - | 955 | - | - | - | - | 955 |
| Other/Eliminations | - | - | - | - | - | -313 | -313 |
| Total 30 June 2024 | 7 464 | 4 578 | 4 024 | 2 828 | 1 677 | -313 | 20 258 |
Note 04.Estimates
Veidekke's operations comprise construction projects. Accounting for project activities is largely based on estimates. The significant assessments when applying the group's accounting policies and the main sources of estimate uncertainty are the same at the end of Q2 2025 as in the 2024 annual accounts.
Note 05. Operations significantly affected by seasonal fluctuations
The group's asphalt and aggregates operations, which report to the Infrastructure business area, are subject to seasonal fluctuations related to climatic conditions. Production takes place mainly between May and October, and, consequently, the bulk of the operation's turnover is generated during this period. However, costs related to salaried employees, maintenance of production facilities and depreciation accrue throughout the year. As a result, the quarterly accounts for the Infrastructure business area will, as a rule, fluctuate significantly.
Note 06.Financial instruments
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There were no significant changes during the period related to financial risk and the group's use of financial instruments.
Note 07. Non-current assets
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Property, plant, equipment and other intangible assets | |||
| Carrying amount at start of period | 4 667 | 4 321 | 4 321 |
| Additions of non-current assets excl. Rights of use assets | 279 | 373 | 695 |
| Additions of Rights of use assets | 209 | 169 | 595 |
| Additions from acquisitions of operations | - | - | 260 |
| Disposals of non-current assets excl. Rights of use assets | -67 | -20 | -124 |
| Disposals of Rights of use assets | -2 | -3 | -11 |
| Depreciation/amortisation of non-current assets excl. Rights of use assets |
-310 | -296 | -605 |
| Depreciation of Rights of use assets | -227 | -220 | -464 |
| Reclassifications | - | - | -19 |
| Currency translation differences, etc. | 34 | -6 | 21 |
| Carrying amount at end of period | 4 583 | 4 317 | 4 667 |
| Other intangible assets | 198 | 202 | 222 |
| Rights of use assets | 1 136 | 974 | 1 153 |
| Land and buildings | 794 | 842 | 783 |
| Plant and machinery | 2 455 | 2 299 | 2 510 |
| Carrying amount at end of period | 4 583 | 4 317 | 4 667 |
| Figures in NOK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
| Goodwill | |||
| Carrying amount at start of period | 2 349 | 2 088 | 2 088 |
| Additions | - | - | 277 |
| Disposals | - | - | - |
| Impairment | - | - | -37 |
| Currency translation differences | 32 | -5 | 22 |
| Carrying amount at end of period | 2 381 | 2 082 | 2 349 |
Note 08. Acquisitions, sales of operations
No acquisitions or divestments of operations took place in Q2 2025.
Note 09. Dividends
For the financial year 2024, a dividend of NOK 9.00 per share has been approved, which in total amounts to NOK 1 215 million. The dividend was approved at the Annual General Meeting on 7th May 2025, and was accounted for in Q2 2025.
Note 10. Loan agreement covenants
Veidekke has a NOK 2.0 billion overdraft facility with DNB (with maturity until mid-February 2030) and a NOK 1.0 billion credit facility with Nordea (with maturity until mid-February 2028). Both facilities remained unutilised as at the end of second quarter 2025. Cash and cash equivalents amounted to NOK 0.9 billion, including NOK 0.4 billion invested in money market funds. Veidekke also has NOK 0.4 billion invested in bond funds. This investment has been classified as Financial investments in the Statement of financial position.
Note 11. Events after the reporting date
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No events have occurred after the balance sheet date that would have had a significant effect on the submitted accounts.
Note 12. Alternative performance measures
Veidekke generally reports its financial results in line with International Financial Reporting Standards (IFRS). In addition, the following alternative performance measures are also reported:
EBITDA
EBITDA is an abbreviation for earnings before interest, taxes, depreciation and amortisation. The key figure indicates operational profitability after operating expenses have been deducted.
EBIT
EBIT is an abbreviation for earnings before interest and taxes. The key figure indicates operational profitability where investments in operating assets is also been taken into account.
Net interest-bearing position
The key figure expresses the group's financial position and has been prepared based on the total liquid assets and interest-bearing receivables at the time of assessment, less interest-bearing debt both current and noncurrent. The key figure is included in the covenants calculation in the loan agreement.
Order book
The order book provides an indication of future activity in the group's cconstruction operations. The order book is defined as contracted and signed contracts on the measurement date. This key figure also includes road maintenance contracts in Infrastructure's Road maintenance unit.
Return on equity
This key figure indicates the return on equity during the period and is calculated by dividing the post-tax profit by average equity.
Profit for the last 12 months Average equity last 12 months
Average equity over the last 12 months is calculated by averaging equity over the preceding four quarters.
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. The annual turnover is NOK 41 billion, and nearly 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.
