Veidekke — Earnings Release 2025

Feb 12, 2026

Veidekke ASA: Q4 2025 and 2025 full-year results

Veidekke ASA: Q4 2025 and 2025 full-year results

Veidekke achieved revenues of NOK 12.1 billion in Q4, and a pre-tax profit of

NOK 820 million. The group's order book totalled NOK 47.3 billion at year-end.

The profit per share for the year was NOK 11.5, and the board is proposing a

dividend of NOK 11.25 per share for the financial year 2025.

"2025 ended strongly, with increased revenues and higher profits than in Q4 of

last year. Our profit margin ended at 6.8%, and the Norwegian operations in

particular delivered year-on-year improvements. The order book remains at a

stable high level. I am particularly pleased that activity levels are continuing

to pick up in Sweden," says Group CEO Jimmy Bengtsson.

"Veidekke improved its performance in all business areas in 2025. This is linked

to higher activity, better capacity utilisation and improved profitability in

the project portfolio. The full-year profit margin is 4.8%, demonstrating the

success of our improvement measures in recent years. Based on the group's strong

results in 2025 and robust financial position, the Board of Directors is

proposing a dividend of NOK 11.25 per share for the 2025 financial year," says

Bengtsson.

"At Veidekke, we have adopted ambitious climate goals and the target of halving

CO\2\ emissions between 2020 and 2030. Thanks to innovative solutions and

thinking in our projects, we are well on track to achieve the 2030 target.

However, to realise our long-term goal of net zero emissions by 2045 we will

have to further intensify cooperation in our value chain," says Bengtsson.

Veidekke generated revenues of NOK 12.1 billion in Q4 2025, up 6% from NOK 11.5

billion in the fourth quarter of 2024. Construction Norway's revenues were

stable compared to 2024, while other parts of the group had revenue increases.

The strongest growth was achieved by Infrastructure Sweden, which reported

increased revenues in most regions. High demand for asphalt boosted revenues for

Infrastructure Norway. Activity levels were also up in the Danish business,

Hoffmann, which experienced a strong order intake throughout 2025.

The fourth-quarter pre-tax profit totalled NOK 820 million, compared to NOK 558

million in Q4 2024. All operations other than Construction Sweden reported

higher revenue than in 2024. Construction Norway's revenue was on a par with Q4

2024, but strong project profitability and good capacity utilisation helped

boost profits. High activity levels and better capacity utilisation also

improved profits for Infrastructure Norway, Hoffmann and Infrastructure Sweden.

Infrastructure Sweden also benefited from a positive non-recurring effect of NOK

65 million linked to a reduction of the additional purchase price payable for

Euromining. The quarterly profit margin was 6.8%, compared to 4.9% in Q4 2024.

The group's Q4 order intake was NOK 10.1 billion, compared to NOK 10.5 billion

in the fourth quarter of last year. At quarter-end, the order book amounted to

NOK 47.3 billion, compared to NOK 41.0 billion as at year-end 2024.

Approximately 60% of the order book will be converted into revenue in the next

12 months.

The fourth-quarter LTI (lost time injury) rate was 3.6, compared to 5.0 in the

preceding quarter and 2.2 in Q4 2024. Two serious injuries were recorded in Q4.

The sick leave rate was 5.3%, compared to 4.7% in the preceding quarter and 5.8%

in the fourth quarter of last year.

The group achieved total revenues of NOK 43.1 billion in 2025, compared to NOK

41.4 billion in 2024. Except in the case of Construction Sweden, revenue

increased in all operations, with the infrastructure operations reporting the

largest rises. In Norway, the asphalt operation achieved significantly higher

volumes, while the acquisition of Euromining in northern Sweden in Q4 2024

contributed NOK 740 million in revenue in 2025.

The group's total pre-tax profit in 2025 amounted to NOK 2 057 million, up 22%

on NOK 1 683 million in 2024. The year-on-year profit improvement was driven by

higher activity levels, better capacity utilisation and increased profitability

across most of the group. The 2025 profit margin was 4.8%, compared to 4.1% in

Net interest-bearing assets totalled NOK 4.0 billion at year-end, compared to

NOK 2.6 billion at the beginning of the year. Cash flow from operational

activities amounted to NOK 3.3 billion for the year, compared to NOK 2.2 billion

in 2024. The statement of financial position totalled NOK 19.6 billion at year

-end, up from NOK 18.8 billion one year ago. The improvement in the balance

sheet is attributable to higher activity levels and currency translation

effects.

In 2025, Veidekke updated its strategy for the period to 2030. The strategy

focuses on further refining the group's positions and maintaining its

disciplined approach to risk assessment in the selection and execution of

projects. The group's targets for the period are a long-term profit margin (EBT

%) above 5%, annual revenue growth of 2.5% above market growth and maintenance

of the existing dividend policy (> 70% of earnings per share distributed as

dividends). The targets of zero serious injuries, halving greenhouse gas

emissions by 2030 and net zero greenhouse gas emissions by 2045 have been

maintained.

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.