Veidekke

Investor Presentation • Nov 6, 2025

Third quarter 2025 Q3

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 Q3 2025

• Revenues at NOK 10.7 billion up 10% on Q3 2024
• Clear profit boost and improved profit margin
• Solid order book of NOK 47.5 billion

Key financial figures

Third quarter

Substantial order book

Book-to-bill 1.2 over past 12 months

Revenues and order intake

12-month rolling, NOK billion

Order book

Order book per segment

Order intake NOK 7.2 billion

Results and financial status Q3

Revenues, profits and profit margins

Group and business areas

	Q3 2025			Q3 2024
Amounts in NOK million	Revenues	Profit before tax	Profit margin	Revenues	Profit before tax	Profit margin
Construction Norway	3 484	148	4.3%	3 230	129	4.0%
Infrastructure Norway	3 074	381	12.4%	2 754	321	11.7%
Construction Sweden	1 617	25	1.6%	1 621	36	2.2%
Infrastructure Sweden	1 745	103	5.9%	1 450	76	5.3%
Denmark	870	94	10.9%	705	76	10.8%
Total business areas	10 789	751	7.0%	9 759	638	6.5%
Other	-134	-31		-102	-22
Group	10 655	721	6.8%	9 656	616	6.4%

Construction Norway

Revenue up 8% on Q3 2024

• Increase in Stavanger, Bergen and the regions surrounding Oslo

Profit boost and profit margin improvement

• Higher activity and better capacity utilisation
• Robustly profitable project portfolio

Order book down 3% over the quarter

• Up 29% since year-end due to strong order intake in the second quarter

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

Infrastructure Norway

Revenue up 12% on Q3 2024

Asphalt business saw significantly increased activity, while civil engineering activity remained stable

Total profit NOK 381 (321) million

• 31% increase in asphalt tonnage has resulted in significant profit improvement

Order book down 9% on preceding quarter

• Down 3% since year-end
• Order intake this year to date consists mainly of new road maintenance contracts

Revenues and profit margin

Profit before tax Q3

Order intake and order book

Revenues and order intake

Construction Sweden

Revenue on a par with Q3 2024

• The operations in and around Stockholm and Southern Sweden saw increased activity, while activity in Gothenburg declined

Profit down due to lower activity in Gothenburg

Order book on a par with the preceding quarter

• Up 17% from year-end in local currency

Revenues and profit margin

Profit before tax

Order intake and order book Revenues and order intake

Infrastructure Sweden

Revenue up 17% on Q3 2024 in local currency

• Euromining in Northern Sweden contributes to increase
• The operation overall had solid activity

Profit increase on Q3 2024

Higher activity and margin improvement boosted profits

Order book down 3% over the quarter

• Up 11% from year-end in local currency

Revenues and profit margin

Profit before tax

Order intake and order book

Revenues and order intake

Denmark

Revenue up 23% on Q3 2024 in local currency

• The business saw solid activity

Profit increase on Q3 2024

• Consistently robust profitability in the project portfolio yielded a solid profit margin of 10.9% in the quarter

Order book up 11% over the quarter in local currency

• Two major contracts signed in the quarter; good pipeline, with several projects in the early phase

Revenues and profit margin Profit before tax

Order intake and order book Revenues and order intake

Financial position

Balance sheet

Amounts in NOK million	30 September 2025	30 September 2024
Fixed assets	8 354	7 321
Current assets (excluding cash, cash equivalents and financial investments)	7 948	7 951
Cash, cash equivalents and financial investments	2 671	2 450
Assets	18 974	17 722
Equity	3 078	2 888
Long-term debt	2 587	2 254
Short-term debt	13 309	12 579
Equity and debt	18 974	17 722
Equity ratio	16%	16%
Return on equity (12mos)	47%	49%
Net interest-bearing position	2 662	2 110

Financial position

• Solid cash flow in Q3
• Good result; positive contribution from reduction in other operational items
• Net interest-bearing position increased from NOK 1.2 billion per Q2 to NOK 2.7 billion per Q3

Net interest-bearing position

NOK million

Closing Q3comments

Solid order intake leads to activity increase

The construction operations account for the bulk of the increase

Order book variation vs. revenue variation

Annual variation, 12-month rolling

Increased order intake has started to translate into revenue increase

• "Book-to-bill" at 1.2x, and at >1x in all operations

Solid order book; up 16% over the past year

• NOK 27.2 billion of the order book to be delivered in the upcoming 12 months; an 11% increase from Q3 2024

Contractor market expected to grow in 2026–2027

▪ Construction activity is increasing in all three countries and infrastructure is showing stably high activity

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

1

Broad increase in revenue

• 10% revenue boost in the quarter
• Up in all three countries

2

Significant profit boost and margin improvement

• Higher activity and better utilisation of capacity
• Still potential for improvement

3

Growth prospects

• NOK 47.5 billion order book; up 16% on Q3 2024
• All operations increased their order books during the past year

Veidekke