Veidekke Asa · OSL:VEI
Veidekke Asa — Q3 2025 Earnings Presentation
21 slides from Veidekke Asa's earnings presentation, Nov 6, 2025
Slide 1: Q3 Third quarter 2025
Q3 Third quarter 2025 6 November 2025 Jimmy Bengtsson, Group CEO| Jørgen Wiese Porsmyr, CFO
Slide 2: Occupational health and safety
Occupational health and safety Our primary priority Number of serious injuries Sickness absence, % 12-month rolling, Veidekke employees, 12-month rolling, Veidekke employees hired staff and sub-contractors 12 6% 10 5% 5.4% 8 4% 6 3% 4 2% 2 1% 0 0% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 20
Slide 3: Highlights Q3 2025
Questions? Email ir@veidekke.no 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
Slide 4: Key financial figures
Key financial figures Third quarter Revenues Profit before tax NOK billion NOK million 12 800 700 10 600 8 500 6 400 10.7 721 10.4 9.3 9.6 9.7 300 601 616 4 530 545 200 2 100 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 4
Slide 5: Substantial order book
Substantial order book Book-to-bill 1.2 over past 12 months Revenues and order intake Order book Order book per segment 12-month rolling, NOK billion NOK billion Percent 50 100 % 50 45 40 80 % 45 35 30 60 % 40 25 20 40 % 15 35 10 20 % 5 30 0 0% Sep-23 Sep-24 Sep-25 Sep-23 Sep-24 Sep-25 Sep-23 Sep-24
Slide 6: Order intake NOK 7.2 billion
Order intake NOK 7.2 billion Order intake Q3 2025 NOK billion Norway Sweden Denmark 2.6 1.6 1.1 0.8 0.8 0.3 Residential Commercial Public Rock and Energy, industry, Transportation Road maintenance buildings buildings buildings foundation work water, drainage Construction segments Infrastructure segm
Slide 7: Q3 Results and financial status
Q3 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 8: Revenues, profits and profit margins
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
Slide 9: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 6% 178 5% 4 4.0% 4.2% 4.3% 4.0% 160 3.7% 4% 148 3 129 134 Revenue up 8% on Q3 2024 3% 4.2 4.0 • Increase in Stavanger, Bergen and 2 3.6 3.5 3.2 2% the regions surrounding Oslo 1 1% 0 0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25
Slide 10: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax Q3 4 25% 2.8 3.1 24% 23% 2.8 2.6 22% 21% 20% 19% 3 18% 12.4% 17% 1.8 16% 15% 14% 2 6.9% 13% 12% 11% 11.7% 4.4% 10% 9% 8% 7% 1 6% 5% Revenue up 12% on Q3 2024 4% 3% 2% 1% 0 0% -1% -2% -10.8% -3% -4% 221 294 • Asphalt business saw sign
Slide 11: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 4% 4% 3.5% 3% 2.5% 2 2.2% 2.1 3% Revenue on a par with Q3 2024 1.6 1.6 1.9 1.6 2% 74 • The operations in and around Stockholm and 2% 1.6% 1 47 Southern Sweden saw increased activity, 1% 36 1.0% while activity in Gothenburg declined 2
Slide 12: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 3 7% 6.2% 6% 5.1% 5.9% 5% 5.3% 1.9 1.8 2 1.7 4% 117 1.5 104 Revenue up 17% on Q3 2024 in local currency 1.4 3% 91 76 • Euromining in Northern Sweden contributes to increase 1 2% 1% • The operation overall had solid activity 0% -4 -1
Slide 13: Denmark
Denmark Revenues and profit margin Profit before tax 13.7% 1 15% 10.9% 14% 13% 10.8% 0.9 0.9 12% 0.8 11% 0.7 0.8 8.5% 10% 9% 8% 7% 109 7.4% 94 Revenue up 23% on Q3 2024 in local currency 6% 5% 4% 76 76 56 • The business saw solid activity 3% 2% 1% 0 0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25
Slide 14: Financial position
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
Slide 15: Financial position
Financial position • Solid cash flow in Q3 Net interest-bearing position • Good result; positive contribution from NOK million reduction in other operational items 486 19 • Net interest-bearing position increased from 1 237 -274 NOK 1.2 billion per Q2 to NOK 2.7 billion per Q3 -181 -30 2 620 2 662 -
Slide 16: Q3 Closing comments
Q3 Closing comments Jimmy Bengtsson, Group CEO
Slide 17: Solid order intake leads to activity increase
Solid order intake leads to activity increase The construction operations account for the bulk of the increase Order book variation vs. revenue variation Increased order intake has started to translate Annual variation, 12-month rolling into revenue increase • “Book-to-bill” at 1.2x, and at >1x in a
Slide 18: Clear tasks ahead
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 Selectivity Execution New projects at the right On plan or better, with price for the relevant unc
Slide 19: Summary
Summary 1 Broad increase in revenue • 10% revenue boost in the quarter • Up in all three countries • NOK 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% o
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Slide 21: Takk for
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