Slide 1: Q4 Fourth quarter 2025
Q4 Fourth quarter 2025 12 February 2026 Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO
Slide 2: Occupational health and safety
Occupational health and safety Our highest priority Number of serious injuries Sick leave, % Rolling 12-month. Veidekke employees, Rolling 12-month. Veidekke employees temporary staff and sub-contractors 12 6% 5.2% 10 5% 8 4% 6 6 3% 4 2% 2 1% 0 0% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 20
Slide 3: Highlights Q4 2025
Questions can be sent to ir@veidekke.no Highlights Q4 2025 • Revenue NOK 12.1 billion • Profit before tax of NOK 820 million (6.8%) • Robust order book totalling NOK 47.3 billion • Operational cash flow of NOK 1.5 billion • The board is proposing a dividend of NOK 11.25 per share
Slide 4: Key financial figures
Key financial figures Q4 Revenue Profit before tax NOK billion NOK million 14 1000 900 12 800 10 700 600 8 500 6 12.1 11.5 12.1 820 400 10.2 10.8 4 300 622 603 558 200 393 2 100 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 4
Slide 5: Robust order book
Robust order book Book-to-bill for the past 12 months = 1.1 Revenue and order intake Order book Order book by segment Rolling 12-month, NOK billion NOK billion Percent 50 50 100 % 45 40 80 % 45 35 30 60 % 40 25 20 40 % 15 35 10 20 % 5 30 0 0% Dec-23 Dec-24 Dec-25 Dec-23 Dec-24 Dec-25 Dec-23 Dec-24 D
Slide 6: Order intake at NOK 10.1 billion
Order intake at NOK 10.1 billion Order intake Q4 2025 NOK billion Norway Sweden Denmark 3.0 2.1 1.9 1.1 1.1 0.7 0.2 Energy, industry, Rock and Road maintenance Residential buildings Commercial buildings Public buildings water supply and Transportation foundation work contracts sewerage Construction
Slide 7: Sustainability in real life
Sustainability in real life Commercial solutions to sustainability challenges Cissi Klein Sheet piling-as-a-service secondary school Veidekke Geofundamentering The project cut GHG has developed an EPD for emissions by more than pulling and reuse of sheet piling. 60%, in addition to This is the start
Slide 8: Q4 Results and financial status
Q4 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 9: Revenue, results and margins
Revenue, results and margins Group and operations Q4 2025 Q4 2024 Amounts in NOK million Revenue Profit before tax Margin Revenue Profit before tax Margin Construction Norway 4 172 288 6.9% 4 215 178 4.2% Infrastructure Norway 2 802 181 6.5% 2 632 117 4.4% Construction Sweden 2 215 66 3.0% 2 105 74
Slide 10: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 6.9% 4 288 4.3% 3 4.2% 4.0% Revenue on a par with Q4 2024 3.7% 4.2 4.0 4.2 178 160 • Increase in Stavanger and areas around Oslo 2 3.6 3.5 148 134 1 Revenue increase and margin improvement 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25
Slide 11: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax Q4 4 25% 2.8 3.1 24% 23% 2.6 2.8 22% 21% 20% 3 19% 18% 12.4% 17% 1.8 16% 15% 14% 2 6.9% 6.5% 13% 12% 11% 4.4% 10% 9% 8% 7% 1 6% 5% 77 Revenue up 6% compared to Q4 2024 4% 3% 2% 1% 0 0% -1% 104 -2% 99 -3% -10.8% -4% • 28% increase in
Slide 12: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 4% 4% 3.0% 3.5% 3% 2.5% 2 2.2 2.1 3% Revenue on a par with Q4 2024 in local currency 1.6 1.9 1.6 2% 74 66 • Increased activity in operations situated in Stockholm 2% 1.6% 1 47 and southern Sweden, decline in Gothenburg 1% 1.0% 1% 25
Slide 13: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 6.2% 6.5% 3 7% 5.9% 5.1% 6% 2.1 5% 65 1.9 1.8 2 1.7 4% Revenue up 8% compared to Q4 2024 in local currency 1.4 3% • Strong activity levels across the operation 1 2% 117 137 1% 91 103 • Increases in certain major civil engineering pro
Slide 14: Denmark
Denmark Revenues and profit margin Profit before tax 13.7% 1 15% 12.9% 14% 13% 0.9 0.9 0.9 12% 0.8 11% 0.8 10.9% 10% 9% Revenue up 20% compared to Q4 2024 8.5% 8% 7% 109 123 in local currency 7.4% 6% 5% 94 4% 76 • Strong activity level in the operation 3% 2% 56 1% 0 0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 15: Financial position
Financial position Statement of financial position Amounts in NOK million 31 December 2025 31 December 2024 Non-current assets 8 499 8 470 Current assets (excl. liquid funds and financial investments) 7 107 7 375 Liquid funds and financial investments 4 042 2 959 Assets 19 649 18 804 Equity 3 763 3
Slide 16: Financial position
Financial position Highlights, Q4 Net interest-bearing position • Operating cash flow of NOK 1.5 billion in the quarter NOK million Highlights, full-year 2025 506 • Net investments NOK 561 million below 2024 641 -342 -234 -13 • Primarily attributable to the acquisition of Euromining in Q4 2024 2 057
Slide 17: Proposed dividend of NOK 11.25 per share for 2025
Proposed dividend of NOK 11.25 per share for 2025 Strong financial position Dividend Net interest-bearing position Key points NOK per share NOK million • Dividend policy: >70% of EPS 11.25 4 021 3 709 9.00 • Dividend payout ratio of 98% for 7.90 2 840 the 2025 financial year 7.75 2 776 2 620 • Avera
Slide 18: Strong end to 2025
Strong end to 2025 • 6% revenue growth in the fourth quarter • Robust project profitability • Strong profit improvement for both the quarter and the full year 2025 Order book indicates increased activity in 2026 • Book-to-bill ratio of 1.1 in 2025 • Strong order intake for the construction operation
Slide 19: Q4 Veidekke towards 2030
Q4 Veidekke towards 2030 Jimmy Bengtsson, Group CEO
Slide 20: Improve profitability – boost growth
Improve profitability – boost growth Disciplined, profitable growth Strengthen existing positions Build on Increase the growth rate in a robust platform a disciplined and profitable manner, organically and through selective We will evaluate and acquisitions strengthen Veidekke's positions, both in t
Slide 21: Profit improvement from 2020 to 2025
Profit improvement from 2020 to 2025 Revenue Profit before tax (EBT) Profit margin NOK billion NOK billion EBT % 4.8% 43.1 43.1 41.4 2.06 38.1 38.7 37.6 4.1% 3.8% 1.68 3.6% 3.3% 1.47 1.44 3.0% 1.34 1.13 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 21
Slide 22: Focus on factors we can influence
Focus on factors we can influence Improvement of core processes Selection Execution Cost base Improvements Identify and win projects at Execute and operate as Efficiently structured Improve performance by the right price, with risks we planned or better, with through adjustment of turning around wea
Slide 23: Improvement at the sharp end
Improvement at the sharp end Improvement of core processes Drivers of profit improvement Simplified illustration – NOK million ● Right project choices and improved execution ● Increased project margin and fewer loss- making projects 2 057 ● Gradual improvement in Asphalt Norway; strong results in 20
Slide 24: Notably improved project portfolio
Notably improved project portfolio Veidekke has established several measures to manage Project portfolio risk and improve project profitability: Project revenue and profit margin* in ongoing projects, ranked by profitability Weakest 20% Best 20% Clear selection criteria and strategies • Projects in
Slide 25: Cost growth has outstripped revenue growth
Cost growth has outstripped revenue growth Lower capacity utilisation and cost pressures Capacity and shared costs As a percentage of revenue • Inflation and high wage growth • Some increase in revenue, but a decline in activity in fixed prices has resulted in lower capacity utilisation Cost level s
Slide 26: Veidekke is pursuing disciplined, profitable growth
Veidekke is pursuing disciplined, profitable growth Organic growth – supported by strategic investments 01. Win the right projects Win the right ● Veidekke has identified segments projects and markets in which it can leverage its strengths 03. Growth through acquisitions and ● Clear selection strate
Slide 27: Positive market outlook in the years ahead
Positive market outlook in the years ahead Energy, water supply Road maintenance and sewerage Transportation • The Scandinavian market is expected to grow by > 4% p.a. in 2026/27 • Residential market activity expected to increase, Onshore Health and care and infrastructure investments expected to aq
Slide 28: Together we aim higher
Together we aim higher Financial goals to 2030 Profitable growth Enduring profitability Attractive dividend Deliver growth 2.5% Long-term EBT margin Distribute more than 70% above market growth above 5% of profits
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Slide 30: Takk for
Takk for 3 0