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Veidekke
Quarterly Report • May 8, 2025
3781_rns_2025-05-08_19985a7c-9ca5-4b6a-a232-930d037b9a64.pdf
Quarterly Report
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Veidekke – First quarter 2025
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Key figures
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| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Revenue | 9 036 | 9 478 | 41 403 |
| Profit/loss before tax | -21 | 25 | 1 683 |
| Construction Norway | 134 | 150 | 605 |
| Infrastructure Norway 1 | -189 | -169 | 453 |
| Construction Sweden | 16 | 47 | 198 |
| Infrastructure Sweden | -4 | -13 | 250 |
| Denmark | 56 | 53 | 320 |
| Other | -34 | -43 | -143 |
| Profit margin | -0.2% | 0.3% | 4.1% |
| Operating profit/loss (EBIT) | -43 | - | 1 605 |
| Operating margin | -0.5% | 0.0% | 3.9% |
| Operating profit/loss before depreciation and amortisation (EBITDA) | 219 | 259 | 2 712 |
| Shareholders' share of profit/loss | -21 | 9 | 1 261 |
| Profit/loss per share (NOK) | -0.2 | 0.1 | 9.3 |
| Net interest-bearing assets | 2 720 | 2 161 | 2 620 |
| Net cash flow from operations | 313 | -339 | 2 225 |
| Return on equity past 12 months | 44% | 46% | 46% |
| Order book | 44 363 | 41 226 | 40 994 |
| - Of which to be executed next 12 months | 27 009 | 25 463 | 24 573 |
| Order intake | 12 007 | 10 236 | 38 083 |
| LTI rate | 3.0 | 4.6 | 3.5 |
| Sickness absence | 6.1% | 6.4% | 5.5% |
Q1 2025 results
Veidekke achieved revenues of NOK 9.0 billion in the first quarter of the year, and a pre-tax profit of NOK -21 million. The group's order book totalled NOK 44.4 billion at quarter-end.
"Veidekke's activities in the first quarter were, as normal, impacted by seasonal downturns in some operational units. The year-on-year decline in revenue continued, and was most marked for Construction Sweden. Profits were also down slightly, due partly to reduced revenues and partly to higher winter costs," says Group CEO Jimmy Bengtsson.
"Positive quarterly cash flow has strengthened our financial position compared to the beginning of the year, while our high order intake and robust order book give us a strong foundation for future
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operations. As 2025 progresses, we expect to see revenues stabilise at last year's levels," says Jimmy Bengtsson.
Veidekke achieved revenues of NOK 9.0 billion in Q1 2025, compared to NOK 9.5 billion in the first quarter of 2024. The revenue decline is primarily linked to Construction Sweden, although Construction Norway also reported lower activity levels than in the same period of last year.
The quarterly pre-tax profit was impacted by the usual seasonal downturn and amounted to NOK -21 million. In Q1 2024, the group made a profit of NOK 25 million. Although Infrastructure Sweden and Denmark reported results on a par with the first quarter of last year, the other operations reported lower profits. Reduced activity levels account for the profit drop in Construction Norway and Construction Sweden, while Infrastructure Norway's fall in profits is largely due to increased costs in the asphalt operation. Overall, the profit margin was -0.2%, compared to 0.3% in the first quarter of 2024.
The group's quarterly order intake was NOK 12.0 billion, with approximately 30% of received orders relating to residential buildings. In contrast, the order intake in Q1 2024 was NOK 10.2 billion. At quarterend, the order book amounted to NOK 44.4 billion, compared to NOK 41.2 billion at the same time last year and NOK 41.0 billion at the beginning of the year. Some 61% of the order book will be converted into revenue in the next 12 months.
Net interest-bearing assets totalled NOK 2.7 billion at the end of Q1 2025, compared to NOK 2.2 billion one year ago and NOK 2.6 billion at the beginning of the year. Quarterly cash flow from operational activities amounted to NOK 313 million, compared to NOK -339 million in the first quarter of last year. The improvement in cash flow is attributable to positive working capital in the Norwegian operations. The statement of financial position totalled NOK 18.2 billion at quarter-end, compared to NOK 18.0 billion in the corresponding quarter of last year and NOK 18.8 billion at the end of 2024.
The first-quarter LTI (lost time injury) rate was 3.0, compared to 2.2 in the preceding quarter and 4.6 in Q1 2024. Three serious injuries occurred during the quarter. The sick leave rate was 6.1%, compared to 5.8% in the preceding quarter and 6.4% in the first quarter of last year.
Construction Norway
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| NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Revenue | 3 626 | 3 772 | 14 909 |
| Profit/loss before tax | 134 | 150 | 605 |
| Profit margin | 3.7% | 4.0% | 4.1% |
| Order book | 14 910 | 14 234 | 14 290 |
| - To be executed next 12 mos. | 11 316 | 10 501 | 10 236 |
Construction Norway generated revenues of NOK 3.6 billion in the first quarter of 2025, compared to NOK 3.8 billion in Q1 2024. Revenue fell in most geographical regions other than western Norway.
The Q1 pre-tax profit totalled NOK 134 million, compared to NOK 150 million in the first quarter of last year. The weaker profits are attributable to reduced volumes and capacity utilisation in some parts of the business, as illustrated particularly by the operations in eastern Norway. The quarterly profit margin was 3.7%, compared to 4.0% in Q1 2024.
The first-quarter order intake was NOK 4.3 billion, compared to NOK 3.3 billion in Q1 2024.
New contracts signed during the quarter:
- Stasjonskvartalet. Residential units and offices in Trondheim for Bane Nor. Contract value NOK 978 million.
- Oen. Residential project in Oslo for OBOS. Contract value NOK 491 million.
- Haslevangen. Residential project in Oslo for Moro AS. Contract value NOK 410 million.
- Skram school. Primary school in Måløy for Kinn municipality. Contract value NOK 191 million.
At quarter-end, the order book totalled NOK 14.9 billion, compared to NOK 14.2 billion at the same time last year. Of this total, NOK 11.3 billion will be executed in the next 12 months, compared to NOK 10.5 billion as at the end of Q1 2024.
Infrastructure Norway
| NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Total revenue | 1 757 | 1 761 | 9 964 |
| - Civil engineering | 1 657 | 1 606 | 6 413 |
| - Asphalt, Aggregates | 100 | 154 | 3 551 |
| Total profit/loss before tax | -189 | -169 | 453 |
| - Civil engineering | 52 | 43 | 290 |
| - Asphalt, Aggregates | -241 | -212 | 162 |
| Total profit margin | -10.8% | -9.6% | 4.5% |
| - Civil engineering | 3.1% | 2.7% | 4.5% |
| - Asphalt, Aggregates | -241.5% | -137.2% | 4.6% |
| Order book | 10 716 | 8 594 | 9 918 |
| - To be executed next 12 mos. | 4 706 | 4 346 | 4 232 |
Infrastructure Norway achieved revenues of NOK 1.8 billion in the first quarter, on a par with the same quarter of last year. While the civil engineering operation boosted revenues slightly, activity levels in the asphalt and aggregates operations fell year-on-year. The pre-tax loss totalled NOK -189 million, compared to NOK -169 million in Q1 2024. The increased loss is attributable to the asphalt
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operation. The total profit margin was -10.8%, compared to -9.6% in the first quarter of 2024.
The civil engineering operation generated revenues of NOK 1.7 billion in Q1, up slightly on the corresponding quarter of last year. The pre-tax profit totalled NOK 52 million, compared to NOK 43 million in Q1 2024. The profit increase is primarily attributable to specialist engineering operations,
primarily in the rail sector. Overall, the profit margin of the civil engineering operation was 3.1%, compared to 2.7% in the first quarter of 2024.
The asphalt and aggregates operations achieved total revenues of NOK 100 million in the first quarter, compared to NOK 154 million last year. The quarterly loss was NOK -241 million, compared to NOK -212 million in Q1 2024. The first quarter of the year was characterised by the operation's usual seasonal downturn, and the quarterly result reflects fixed costs and equipment maintenance costs.
Demand for asphalt from central government and counties was up approximately 20% on 2024 in this year's tendering round for the asphalting of national and local roads. Approximately 80% of anticipated central government and county volumes had been allocated by quarter-end, and Veidekke has thus far secured approximately 600 000 tonnes, equating to 56% market share in the segment. In contrast, in 2024 Veidekke had a market share of 40%, corresponding to approximately 400 000 tonnes. Assignments for central government and counties normally account for one-third of Veidekke's total asphalt volume. In addition, Veidekke has previously concluded agreements with contractors to deliver asphalt for several major road projects in 2025.
Infrastructure Norway secured new orders valued at NOK 2.5 billion in Q1, compared to NOK 1.3 billion in the same period last year. The order intake primarily comprised road maintenance contracts.
New contracts signed during the quarter:
- Trøndelag nord. Operation and maintenance of county roads for Trøndelag county municipality. Contract value NOK 398 million.
- Sunnfjord sør. Extension under an option. Operation and maintenance of county roads for Vestland county municipality. Contract value NOK 315 million.
- Indre Namdal. Extension under an option. Operation and maintenance of county roads for Trøndelag county municipality. Contract value NOK 228 million.
At quarter-end, the order book totalled NOK 10.7 billion, compared to NOK 8.6 billion last year. Road maintenance contracts amounted to NOK 4.9 billion, compared to NOK 4.2 billion in the corresponding quarter of 2024. Orders due to be executed in the next 12 months amounted to NOK 4.7 billion, compared to NOK 4.3 billion in the same period last year.
Construction Sweden
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| NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Revenue | 1 623 | 2 081 | 7 750 |
| Profit/loss before tax | 16 | 47 | 198 |
| Profit margin | 1.0% | 2.2% | 2.6% |
| Order book | 6 426 | 6 794 | 5 978 |
| - To be executed next 12 mos. | 4 347 | 4 826 | 4 245 |
Construction Sweden recorded revenues of NOK 1.6 billion in the first quarter, compared to NOK 2.1 billion in the same quarter of last year. Revenues fell in all operational units, but particularly in the Gothenburg region.
The first-quarter profit was NOK 16 million, down from NOK 47 million in Q1 of last year. The profit performance was impacted by lower activity levels and weak profitability in some operational units. The first-quarter profit margin was 1.0%, compared to 2.2% in Q1 2024.
The first-quarter order intake totalled NOK 2.0 billion, compared to NOK 2.3 billion last year.
New contracts signed in the quarter:
- Kvartal Bollen. Residential units and a health centre for AB Familjebostäder in Råsunda near Stockholm. Contract value NOK 639 million.
- Refurbishment of office premises in the Tidningskvartalet district for Areim. Contract value NOK 343 million.
- Residential care facilities in Södertälje for Telge Fastigheter. Contract value NOK 269 million.
At the end of the first quarter, the order book stood at NOK 6.4 billion, compared to NOK 6.8 billion in the same quarter last year. Measured in local currency, the order book shrank by 9%. Orders due to be executed in the next 12 months amounted to NOK 4.3 billion as at 31 March 2025, compared to NOK 4.8 billion a year earlier.
Infrastructure Sweden
| NOK million | Q1 2025 | Q1 2025 | 2024 |
|---|---|---|---|
| Revenue | 1 359 | 1 233 | 6 166 |
| Profit/loss before tax | -4 | -13 | 250 |
| Profit margin | -0.3% | -1.1% | 4.1% |
| Order book | 9 111 | 7 776 | 7 678 |
| - To be executed next 12 mos. | 4 305 | 3 263 | 3 487 |
Infrastructure Sweden generated revenues of NOK 1.4 billion in the first quarter of 2025, compared to NOK 1.2 billion in the same period last year.
The quarterly result, which was impacted by the seasonal downturn in the industrial operation, was a loss of NOK -4 million, compared to NOK -13 million last year. The year-on-year improvement is primarily attributable to the civil engineering operation in northern Sweden, where the acquisition of Euromining helped boost profits. Other units within Infrastructure Sweden also stabilised profits in Q1, compared to the same period last year. The quarterly profit margin was -0.3%, compared to -1.1% one year ago.
The first-quarter order intake was NOK 2.3 billion, compared to NOK 2.0 billion in Q1 2024.
New contracts signed in the quarter:
- Alteration of existing road and construction of new E20 at Mariestad for the Swedish Transport Administration. Contract value NOK 886 million.
- Relocation of Kiruna Church for LKAB. Contract value NOK 454 million.
At the end of the first quarter, the order book stood at NOK 9.1 billion, up from NOK 7.8 billion last year. Measured in local currency, the order book grew by 13%. Orders due to be executed in the next 12 months amounted to NOK 4.3 billion.
Denmark
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| NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Revenue | 761 | 756 | 3 180 |
| Profit/loss before tax | 56 | 53 | 320 |
| Profit margin | 7.4% | 7.0% | 10.1% |
| Order book | 3 201 | 3 827 | 3 131 |
| - To be executed next 12 mos. | 2 334 | 2 527 | 2 373 |
The Danish operation – Hoffmann – achieved revenues of NOK 761 million in the first quarter, compared to NOK 756 million in the corresponding quarter of last year.
The pre-tax profit was NOK 56 million, compared to NOK 53 million in Q1 2024. The profitability of the project portfolio is very strong, and the quarterly profit margin was 7.4%, compared to 7.0% in the first quarter of 2024.
The first-quarter order intake totalled NOK 936 million, compared to NOK 1.3 billion in Q1 2024.
New contracts signed in the quarter:
- Operation of a construction site for Danmarks Nationalbank. Contract value NOK 270 million.
- PFA Sundkrogsgade. Office building in Copenhagen for PFA. Contract value NOK 229 million.
- New canteen building for Novo Nordisk. Contract value NOK 106 million.
The order book stood at NOK 3.2 billion at the end of the first quarter, compared to NOK 3.8 billion last year. Measured in local currency, the order book grew by 14%. Orders due to be executed in the next 12 months amounted to NOK 2.3 billion, compared to NOK 2.5 billion as at 31 March 2024.
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 first quarter was a loss of NOK -34 million, compared to NOK -43 million in Q1 2024. The reduced loss is attributable to higher returns on financial investments.
Financial situation
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Net interest-bearing assets amounted to NOK 2.7 billion at quarterend, compared to NOK 2.2 billion last year and NOK 2.6 billion at the beginning of the year. Operational cash flow totalled NOK 313 million in Q1, up from NOK -339 million in Q1 2024. Cash flow from investment activities amounted to NOK -463 million, compared to NOK -189 million in the first quarter of last year.
The statement of financial position totalled NOK 18.2 billion at quarterend, compared to NOK 18.0 billion at the same time last year and NOK 18.8 billion at the beginning of the year. In mid-February, Veidekke entered into new loan agreements with DNB and Nordea to replace existing banking agreements due to expire at the end of 2025. The new agreements will be linked to a sustainability framework. DNB was selected as the group's primary bank, and is providing a NOK 2.0 billion credit facility with a duration of five years. Nordea was selected to provide a revolving NOK 1.0 billion credit facility with a duration of three years. As at the end of Q1 2025, Veidekke had not drawn on any of its available credit totalling NOK 3.0 billion.
Shareholder information
| Largest shareholders as at 31 March 2025 | Shareholding | |
|---|---|---|
| OBOS BBL | 19.5% | |
| Folketrygdfondet | 10.7% | |
| IF Skadeförsäkring AB | 3.7% | |
| Vanguard | 3.0% | |
| Pareto Aksje Norge Verdipapirfond | 2.8% | |
| Verdipapirfond ODIN Norge | 2.4% | |
| Must Invest AS | 2.3% | |
| MP Pensjon PK | 2.0% | |
| Storebrand Asset Management | 2.0% | |
| DNB Asset Management AS | 1.6% | |
| Total 10 largest shareholders | 50.2% | |
| Others | 49.8% | |
| Total | 100% | |
| Total number of issued shares | 134 956 267 | |
A total of 5.1 million Veidekke shares were traded in the first quarter of 2025. The share price ranged from NOK 136.60 to NOK 152.40, and was NOK 146.80 as at 31 March. The foreign shareholding was 17.6%. 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 significant related-party transactions in the first quarter of 2025. For a more detailed description of 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 increased energy and commodity prices, as well as higher interest rates. 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 lower demand for new residential units and deferment or redesign of planned projects. Although Veidekke's order book was strong at the end of Q1 2025, the market outlook remains somewhat uncertain, and the construction market is expected to remain challenging going forward. The group is engaged in ongoing dialogue with clients and suppliers, and has an organisational and cost structure which allows rapid adaptation to altered framework conditions. While the development of the group's order book in recent quarters indicates a functioning market, 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 monitoring 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 not involved in any major ongoing court cases as at the end of Q1 2025.
For further discussion of the company's risk factors, see Veidekke's Annual and Sustainability Report 2024.
Consolidated interim financial statement (unaudited)
A. FINANCIAL STATEMENT, Q1 2025 B. BUSINESS SEGMENTS C. STATEMENT OF CHANGES IN EQUITY D. NOTES TO THE INTERIM FINANCIAL STATEMENTS
Oslo, 8 May 2025 The board of directors of Veidekke ASA
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Egil Haugsdal Chair Hanne Rønneberg Per-Ingemar Persson Carola Lavén Pål Eitrheim Nils Morten Bøhler Anne-Lene Midseim Inge Ramsdal Knut Inge Opheim Arve Fludal Jimmy Bengtsson Group CEO
Statement of comprehensive income
| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Revenue | 9 036 | 9 478 | 41 403 |
| Operating expenses | -8 823 | -9 235 | -38 740 |
| Share of net income from joint ventures | 6 | 16 | 49 |
| Operating profit before depreciation and amortisation (EBITDA) | 219 | 259 | 2 712 |
| Depreciation, amortisation and impairments | -262 | -258 | -1 107 |
| Operating profit/loss (EBIT) | -43 | - | 1 605 |
| Financial income | 43 | 47 | 171 |
| Financial costs | -21 | -22 | -94 |
| Profit/loss before tax | -21 | 25 | 1 683 |
| Tax expenses | 5 | -6 | -331 |
| Profit/loss for the period | -17 | 20 | 1 352 |
| of which non-controlling interests | 4 | 11 | 91 |
| Profit/loss per share (NOK) | -0.2 | 0.1 | 9.3 |
| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Profit/loss for the period | -17 | 20 | 1 352 |
| Revaluation of pensions | - | - | 28 |
| Net items that will not be reclassified subsequently to profit or loss | - | - | 28 |
| Currency translation differences | -4 | 23 | 35 |
| Fair value adjustment of financial assets | -1 | 7 | 7 |
| Net items that may be reclassified subsequently to profit or loss | -6 | 30 | 42 |
| Total comprehensive income | -22 | 50 | 1 422 |
| of which non-controlling interests | 5 | 11 | 95 |
Statement of financial position Veidekke group
| Figures in NOK million | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 2 366 | 2 095 | 2 349 |
| Other intangible assets | 211 | 193 | 222 |
| Deferred tax assets | 46 | - | 45 |
| Rights of use assets | 1 125 | 1 022 | 1 153 |
| Land and buildings | 791 | 822 | 783 |
| Plant and machinery | 2 467 | 2 326 | 2 510 |
| Investments in joint ventures | 504 | 350 | 459 |
| Long-term interest-bearing receivables | 320 | - | 305 |
| Financial assets | 647 | 630 | 645 |
| Total non-current assets | 8 477 | 7 438 | 8 470 |
| Current assets | |||
| Inventories and own-account projects property | 812 | 769 | 873 |
| Trade and other receivables, contract assets | 6 076 | 7 464 | 6 502 |
| Financial investments | 967 | 929 | 580 |
| Cash and cash equivalents | 1 833 | 1 402 | 2 379 |
| Total current assets | 9 688 | 10 564 | 10 334 |
| Total assets | 18 165 | 18 002 | 18 804 |
| Figures in NOK million | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 67 | 67 | 67 |
| Other equity | 3 199 | 3 024 | 3 237 |
| Non-controlling interests | 53 | 22 | 52 |
| Total equity | 3 319 | 3 114 | 3 357 |
| Non-current liabilities | |||
| Pensions and deferred tax liabilities | 1 473 | 1 302 | 1 469 |
| Amounts due to credit institutions | 358 | 286 | 408 |
| Other non-current liabilities | 929 | 644 | 927 |
| Total non-current liabilities | 2 760 | 2 232 | 2 804 |
| Current liabilities | |||
| Debts to credit institutions | 42 | - | 44 |
| Bond loan | - | 193 | 193 |
| Trade payables and warranty provisions | 6 498 | 7 252 | 7 125 |
| Public duties and taxes payable | 1 241 | 1 393 | 1 157 |
| Other current liabilities and contract liabilities | 4 306 | 3 818 | 4 124 |
| Total current liabilities | 12 087 | 12 656 | 12 644 |
| Total equity and liabilities | 18 165 | 18 002 | 18 804 |
Statement of cash flows
| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Profit/loss before tax | -21 | 25 | 1 683 |
| Tax paid for the period | -136 | -195 | -427 |
| Depreciation, amortisation and impairments | 262 | 258 | 1 107 |
| Other operational items | 208 | -428 | -137 |
| Net cash flow from operating activities | 313 | -339 | 2 225 |
| INVESTING ACTIVITIES | |||
| Acquisition/disposal of property, plant and equipment | -80 | -165 | -473 |
| Other investing activities | 3 | -4 | -165 |
| Investments in bond funds | -372 | -6 | 333 |
| Change in interest-bearing receivables | -14 | -14 | -11 |
| Net cash flow from investing activities | -463 | -189 | -316 |
| FINANCING ACTIVITIES | |||
| Change in interest-bearing liabilities | -52 | -28 | 138 |
| Repayment of IFRS16 leases | -121 | -121 | -513 |
| Repayment of bond loan | -193 | - | - |
| Dividend paid | - | - | -1 066 |
| Other financial items | - | -40 | -219 |
| Net cash flow from financing activities | -366 | -190 | -1 661 |
| Total cash flow | -516 | -718 | 248 |
| Cash and cash equivalents, start of period | 2 379 | 2 063 | 2 063 |
| Exchange rate adjustment foreign cash balances | -30 | 57 | 68 |
| Cash and cash equivalents, end of period | 1 833 | 1 402 | 2 379 |
Net interest-bearing position
| Figures in NOK million | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Cash and cash equivalents | 1 833 | 1 402 | 2 379 |
| Financial investment (short-term) | 967 | 929 | 580 |
| Interest-bearing assets (short-term) | - | 304 | 1 |
| Interest-bearing assets (long-term) | 320 | 5 | 305 |
| Interest-bearing liabilities | -400 | -479 | -645 |
| Net interest-bearing position | 2 720 | 2 161 | 2 620 |
Other key figures
| Figures in NOK million | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Order book | 44 363 | 41 226 | 40 994 |
| Equity ratio | 18% | 17% | 18% |
| Return on equity past 12 months | 44% | 46% | 46% |
| Number of employees | 7 868 | 7 973 | 7 977 |
Business segments
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| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Construction Norway | |||
| Revenue | 3 626 | 3 772 | 14 909 |
| Operating expenses | -3 482 | -3 614 | -14 252 |
| Share of net income from joint ventures | - | - | -2 |
| Depreciation, amortisation and impairments | -41 | -43 | -173 |
| Operating profit/loss (EBIT) | 102 | 114 | 482 |
| Net financial items | 31 | 36 | 123 |
| Profit/loss before tax (EBT) | 134 | 150 | 605 |
| Total assets | 7 561 | 7 626 | 7 478 |
| Infrastructure Norge | |||
| Revenue | 1 757 | 1 761 | 9 964 |
| Operating expenses | -1 804 | -1 775 | -8 904 |
| Share of net income from joint ventures | -2 | -2 | 10 |
| Depreciation, amortisation and impairments | -129 | -135 | -541 |
| Operating profit/loss (EBIT) | -178 | -152 | 528 |
| Net financial items | -11 | -17 | -76 |
| Profit/loss before tax (EBT) | -189 | -169 | 453 |
| Total assets | 4 582 | 5 066 | 4 887 |
| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Construction Sweden | |||
| Revenue | 1 623 | 2 081 | 7 750 |
| Operating expenses | -1 578 | -2 026 | -7 460 |
| Share of net income from joint ventures | - | 10 | 42 |
| Depreciation, amortisation and impairments | -22 | -20 | -126 |
| Operating profit/loss (EBIT) | 22 | 45 | 205 |
| Net financial items | -7 | 1 | -7 |
| Profit/loss before tax (EBT) | 16 | 47 | 198 |
| Total assets | 2 853 | 2 644 | 3 035 |
| Infrastructure Sweden | |||
| Revenue | 1 359 | 1 233 | 6 166 |
| Operating expenses | -1 315 | -1 212 | -5 726 |
| Share of net income from joint ventures | - | - | -29 |
| Depreciation, amortisation and impairments | -50 | -36 | -161 |
| Operating profit/loss (EBIT) | -6 | -14 | 250 |
| Net financial items | 3 | 1 | - |
| Profit/loss before tax (EBT) | -4 | -13 | 250 |
| Total assets | 2 816 | 1 925 | 2 861 |
| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Denmark | |||
| Revenue | 761 | 756 | 3 180 |
| Operating expenses | -704 | -709 | -2 865 |
| Share of net income from joint ventures | - | - | - |
| Depreciation, amortisation and impairments | -8 | -6 | -29 |
| Operating profit/loss (EBIT) | 49 | 41 | 285 |
| Net financial items | 7 | 12 | 34 |
| Profit/loss before tax (EBT) | 56 | 53 | 320 |
| Total assets | 2 130 | 2 266 | 2 052 |
| Other operations1 | |||
| Revenue | 65 | 83 | 273 |
| Operating expenses | -94 | -107 | -373 |
| Share of net income from joint ventures | 8 | 8 | 29 |
| Depreciation, amortisation and impairments | -11 | -18 | -76 |
| Operating profit/loss (EBIT) | -32 | -34 | -148 |
| Net financial items | -2 | -9 | 4 |
| Profit/loss before tax (EBT) | -34 | -43 | -144 |
| Total assets | 4 742 | 4 308 | 3 857 |
1 Other operations include the group's net financial items and central unassigned costs.
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| Figures in NOK million | Q1 2025 | Q1 2024 | 2024 |
|---|---|---|---|
| Group eliminations | |||
| Revenue | -155 | -209 | -838 |
| Operating expenses | 155 | 209 | 840 |
| Share of net income from joint ventures | - | - | - |
| Depreciation, amortisation and impairments | - | - | - |
| Operating profit/loss (EBIT) | - | - | 2 |
| Net financial items | - | - | - |
| Profit/loss before tax (EBT) | - | - | 2 |
| Total assets | -6 518 | -5 833 | -5 367 |
| Total Veidekke group segment accounts | |||
| Revenue | 9 036 | 9 478 | 41 403 |
| Operating expenses | -8 823 | -9 235 | -38 740 |
| Share of net income from joint ventures | 6 | 16 | 49 |
| Depreciation, amortisation and impairments | -262 | -258 | -1 107 |
| Operating profit/loss (EBIT) | -43 | - | 1 605 |
| Net financial items | 22 | 25 | 78 |
| Profit/loss before tax (EBT) | -21 | 25 | 1 683 |
| Total assets | 18 165 | 18 002 | 18 804 |
Statement of changes in equity
| Equity holders of Veidekke ASA | Minority | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Other paid-in | Reevaluation of | Currency transla | Other retained | Fair value | Non-controlling | ||||
| Figures in NOK million | Share capital | capital 1 | pensions | tion differences | earnings | adjustments 2 | Total | interests | Total |
| Equity at 1 January 2024 | 67 | 419 | -71 | 43 | 2 610 | -16 | 3 053 | 46 | 3 099 |
| Profit/loss for the period | - | - | - | - | 9 | - | 9 | 11 | 20 |
| Other comprehensive income | - | - | - | 23 | - | 7 | 30 | - | 30 |
| Share-based transactions employees | - | - | - | - | -14 | - | -14 | - | -14 |
| Transactions, non-controlling interests | - | - | - | - | 14 | - | 14 | -15 | -1 |
| Dividend | - | - | - | - | - | - | - | -20 | -20 |
| Equity at 31 March 2024 | 67 | 419 | -71 | 66 | 2 618 | -9 | 3 092 | 22 | 3 114 |
| 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 | - | - | - | - | -21 | - | -21 | 4 | -17 |
| Other comprehensive income | - | - | - | -5 | - | -1 | -7 | 1 | -6 |
| Share-based transactions employees | - | - | - | - | -15 | - | -15 | - | -15 |
| Transactions, non-controlling interests | - | - | - | - | 5 | - | 5 | -5 | - |
| Dividend | - | - | - | - | - | - | - | - | - |
| Equity at 31 March 2025 | 67 | 419 | -42 | 69 | 2 764 | -10 | 3 266 | 53 | 3 319 |
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.
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 Q1 2025 include Veidekke ASA and its subsidiaries and the group's investments in associates and joint ventures. At the end of Q1 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 2024 and 2023, 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 | 1 351 | - | 60 | - | 24 | - | 1 435 |
| Commercial buildings | 848 | - | 1 056 | - | 315 | - | 2 219 |
| Public buildings | 1 195 | - | 381 | - | 309 | - | 1 885 |
| Transport infrastructure – road | - | 181 | - | 92 | - | - | 273 |
| Transport infrastructure – rail | - | 497 | - | 64 | - | - | 561 |
| Asphalt and aggregates | - | 94 | - | 67 | - | - | 160 |
| Water and sewerage | 64 | 596 | 17 | - | 677 | ||
| Other civil engineering | 233 | 365 | 126 | 540 | 96 | - | 1 360 |
| Maintenance contracts (road maintenance) | - | 556 | - | - | - | - | 556 |
| Other/Eliminations | - | - | - | - | - | -90 | -90 |
| Total 31 March 2025 | 3 626 | 1 757 | 1 623 | 1 359 | 761 | -90 | 9 036 |
| Construction | Infrastructure | Construction | Infrastructure | ||||
|---|---|---|---|---|---|---|---|
| Figures in NOK million | Norway | Norway | Sweden | Sweden | Denmark | Other | Group |
| Service area | |||||||
| Apartments and small houses | 1 468 | - | 177 | - | 36 | - | 1 681 |
| Commercial buildings | 824 | - | 1 575 | - | 489 | - | 2 888 |
| Public buildings | 1 342 | 122 | 303 | - | 129 | - | 1 896 |
| Transport infrastructure – road | - | 30 | - | 47 | - | - | 77 |
| Transport infrastructure – rail | - | 409 | - | 62 | - | - | 471 |
| Asphalt and aggregates | - | 149 | - | 53 | - | - | 202 |
| Water and sewerage | 127 | 375 | - | - | 502 | ||
| Other civil engineering | 138 | 372 | 27 | 696 | 102 | - | 1 334 |
| Maintenance contracts (road maintenance) | - | 552 | - | - | - | - | 552 |
| Other/Eliminations | - | - | - | - | - | -126 | -126 |
| Total 31 March 2024 | 3 772 | 1 761 | 2 081 | 1 233 | 756 | -126 | 9 478 |
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 Q1 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 | 31 Mar 2025 | 31 Mar 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 | 124 | 205 | 695 |
| Additions of Rights of use assets | 82 | 102 | 595 |
| Additions from acquisitions of operations | - | - | 260 |
| Disposals of non-current assets excl. Rights of use assets | -33 | -11 | -124 |
| Disposals of Rights of use assets | -2 | -1 | -11 |
| Depreciation/amortisation of non-current assets excl. Rights of use assets |
-152 | -149 | -605 |
| Depreciation of Rights of use assets | -110 | -110 | -464 |
| Reclassifications | - | - | -19 |
| Currency translation differences, etc. | 18 | 6 | 21 |
| Carrying amount at end of period | 4 593 | 4 364 | 4 667 |
| Other intangible assets | 211 | 193 | 222 |
| Rights of use assets | 1 125 | 1 022 | 1 153 |
| Land and buildings | 791 | 822 | 783 |
| Plant and machinery | 2 467 | 2 326 | 2 510 |
| Carrying amount at end of period | 4 593 | 4 364 | 4 667 |
| Figures in NOK million | 31 Mar 2025 | 31 Mar 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 | 17 | 7 | 22 |
| Carrying amount at end of period | 2 366 | 2 095 | 2 349 |
Note 08. Acquisitions, sales of operations
No acquisitions or divestments of operations took place in Q1 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 will therefore be 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 first quarter 2025. Cash and cash equivalents amounted to NOK 1.8 billion, including NOK 1.0 billion invested in money market funds. Veidekke also has NOK 1.0 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.
