Veidekke

Investor Presentation • Aug 14, 2025

Second quarter 2025 Q2

14 August 2025

Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO

Occupational health and safety

Our primary priority

Number of serious injuries

12-month rolling, Veidekke employees, hired staff and sub-contractors

Sickness absence

12-month rolling, Veidekke employees

Highlights Q2 2025

• Revenues at NOK 11.3 billion up 5% from Q2 2024
• Profits and profit margin improved on Q2 2024
• Strong order intake; order book increased to NOK 49.2 billion

Key financial figures

Second quarter

Order book boost High order intake in Construction Norway

Order book per segment

Order intake NOK 14.3 billion

Order intake Q2 2025 NOK billion

Solid order intake in Construction Norway

Broad diversity, high quality

7

Results and financial status Q2

Jørgen Wiese Porsmyr, CFO

Revenues, profits and profit margins

Group and business areas

		Q2 2025			Q2 2024
Amounts in NOK million	Revenues	Profit before tax	Profit margin	Revenues	Profit before tax	Profit margin
Construction Norway	4 024	160	4.0%	3 692	148	4.0%
Infrastructure Norway	2 807	193	6.9%	2 817	183	6.5%
Construction Sweden	1 918	47	2.5%	1 943	42	2.2%
Infrastructure Sweden	1 799	91	5.1%	1 595	70	4.4%
Denmark	894	76	8.5%	920	81	8.8%
Total business areas	11 442	568	5.0%	10 967	524	4.8%
Other	-114	-30		-187	-41
Group	11 327	538	4.7%	10 780	484	4.5%

Construction Norway

Revenues up 9% on Q2 2024

• Distinct increase in Stavanger, Bergen and the regions surrounding Oslo

Profit increase

• Higher activity and improved capacity utilisation
• Solidly profitable portfolio

Order book up 28% in the quarter

• Several major projects in the defense and critical infrastructure segments

Revenues and profit margin

Profit before tax

6%

19.0

0

1

2

3

4

5

Order intake and order book Revenues and order intake

Infrastructure Norway

Revenues on a par with Q2 2024

• Activity remained stable in both Civil engineering and Asphalt operations

Total profits NOK 193 (183) mill.

• Civil engineering profit improvement in the road maintenance and rail segments
• Improved profitability on stable volume in Asphalt
• H2 2025 expected to yield high asphalt volume

Order book on a par with the preceding quarter

• Up 7% from year-end 2024
• New road maintenance contracts make up the bulk of Q2 order intake

Revenues and profit margin

Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (NOK million) Revenue (NOK billion) Profit margin (%)

-25% -24% -23% -22% -21% -20% -19% -18% -17% -16% -15% -14% -13% -12% -11% -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25%

64 46 2023 2024 2025 2023 2024 2025 Asphalt and Aggregates Civil engineering

Profit before tax Q2

86 90

Order intake and order book Revenues and order intake

Order book (NOK billion) Order intake (NOK billion) 12m revenues 12m order intake

97 103

(NOK million)

Construction Sweden

Revenues down 7% on Q2 2024 in local currency

• Robust activity in the Gothenburg operations; activity drop in other regions

Profits up 8% on the previous year in local currency

• Robust profitability in Gothenburg
• Activity drop and low capacity utilisation in remainder of the business

Order book up 13% in the quarter in local currency

• Solid order intake in the quarter, including several major projects

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

0

1

2

3

Order book (NOK billion) Order intake (NOK billion) 12m revenues 12m order intake 5.9 6.2 6.0 6.4 7.3 1.1 1.8 1.9 2.0 2.8 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

4%

Infrastructure Sweden

Revenues up 7% on Q2 2024 in local currency

• Euromining acquisition in Northern Sweden contributed to revenue boost

Profit increase on Q2 2024

• Profit increase mainly attributed to Euromining

Order book on a par with preceding quarter

• The 14% increase from year-end 2024, in local currency, is attributed to two major contract signings in Q1

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

Denmark

Revenue down 4% on Q2 2024 in local currency

• Generally robust activity

Profit down on Q2 2024

• Activity drop results in lower profits
• Portfolio is consistently solidly profitable, with profit margin at 8.5%

Stable order book in the quarter

• Robust pipeline, including several early-phase projects

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

Order book (NOK billion) Order intake (NOK billion)

Financial position

Balance sheet

Amounts in NOK million	30 June 2025	30 June 2024
Fixed assets	8 447	7 400
Current assets (excluding cash, cash equivalents and financial investments)	8 548	8 979
Cash, cash equivalents and financial investments	1 292	1 158
Assets	18 287	17 537
Equity	2 529	2 380
Long-term debt	2 725	2 290
Short-term debt	13 033	12 867
Equity and debt	18 287	17 537
Equity ratio	14%	14%
Return on equity (12mos)	47%	51%
Net interest-bearing position	1 241	1 024

Financial position

H1 2025 highlights

• Working capital increase
  • Normal seasonal development in the Asphalt and Construction operations
• Tax paid is on a par with 2024
• 2024 dividends were paid out

Net interest-bearing position

Jimmy Bengtsson, Group CEO

Order intake indicates activity boost

Revenue and order intake

12-month rolling, NOK billion

Revenue Order intake

Construction

• Robust order intake
• Several major projects in defense and critical infrastructure segments

Infrastructure

• Order intake is slightly below preceding quarters
• Road maintenance in Norway is on increase
• Asphalt, geomaterials and Euromining order books further enhances visibility

Clear tasks ahead

Focus on what we can control

Solid order book and quality project portfolio

• The right projects, at the right price, and with risk under control
• Well positioned for market take-off

Solid execution

• Uncertainty management during execution remains a vital factor
• Improve capacity utilisation in the organisation

Summary

Revenue boost and robust order intake

• 5% revenue growth, driven by Construction Norway
• At NOK 49 billion, order book is up 20% YTD

Margin improvement and profit increase

• Quality project portfolio
• Uncertainty management lowers project risk and loss

2

1

There is still potential for improvement

• Increase civil engineering activities in Norway
• Improvement measures in underperforming units

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