Veidekke Asa · OSL:VEI
Veidekke Asa — Investor Presentation (March 2026)
42 slides from Veidekke Asa's investor presentation, Mar 19, 2026
Slide 1: Spring Market 2026 update
Spring Market 2026 update 19 March 2026 Questions? Kristoffer Eide Hoen | Head of Insight and Analysis kristoffer.eide.hoen@veidekke.no Anders Wettre | Senior Analyst Teodor Thorén | Analyst anders.wettre@veidekke.no teodor.thoren@veidekke.se
Slide 2: Agenda
Agenda 01 Introduction 02 Economic environment 03 The contracting markets 04 Construction costs 05 Summary 2
Slide 3: Introduction
O01 Introduction
Slide 4: About Veidekke's market report
About Veidekke’s market report • Veidekke prepares figures for the Scandinavian markets based on statistics published by Statistics Norway, Statistics Sweden and Statistics Denmark. Other information sources include major construction clients like the Swedish Transport Administration and the Norwegi
Slide 5: Our focus: the Scandinavian contracting markets
Our focus: the Scandinavian contracting markets Not included: - Detached houses and holiday homes - “Off-the-books work” and household DIY The contracting markets in 2025 Production of buildings* and infrastructure in NOK billion Total Scandinavian market 2025: ~ NOK 910 billion Private yrkesbygg Ap
Slide 6: Forecasts for the contracting markets in the period 2026–2027
Forecasts for the contracting markets in the period 2026–2027 Seven percent growth during the forecast period Comment Production in the Scandinavian contracting markets • In 2025, the market shifted from decline to growth. Statistics on areas Percentage change since previous year, current prices und
Slide 7: Economic environment
02 Economic environment
Slide 8: The effects of the war in Iran
The effects of the war in Iran Increased geopolitical risk leads to higher energy prices Comment Oil, gas and Nordic electricity prices • The war and the increased uncertainty in and around Iran have contributed USD and EUR, last observation March 17 to higher and more volatile oil and gas prices in
Slide 9: Geopolitical snapshot
Geopolitical snapshot Geopolitical unrest and risk premium on European corporate debt • The geopolitical risk indicator (GPR) has increased in Geopolitical risk (GPR index) Risk premium on European corporate bonds 2026. At the time of writing, we do not yet have figures that factor in the effect of
Slide 10: Economic growth
Economic growth Accelerating growth in Norway and Sweden Comment GDP growth • Economic growth in Norway accelerated in 2025 and is expected to remain Percentage change compared to previous year strong in 2026 and 2027 • In Sweden, an anticipated upturn failed to materialise for much of 2025, 2025 20
Slide 11: Household purchasing power and job security
Household purchasing power and job security Strong increase in purchasing power; unemployment has peaked Comment Household purchasing power is increasing … …while job security remains stable • The labour market has proven robust in all Annual growth in real disposable income, households, % Unemploym
Slide 12: Inflation and interest rates
Inflation and interest rates No further stimulus expected Market rates are rising… …while key policy rates have been cut Inflation is close to the 2% target Five-year swap rates, %, latest observation 17 March Key policy rates, %, latest observation 17 March Core inflation, latest observation Jan./F
Slide 13: Demographic developments
Demographic developments Declining population growth in Norway and Sweden Comment Population growth • Population growth is an important long-term driver of activity levels in both Annual growth, % the construction and the infrastructure market. 2% • While population growth in Norway fell to 0.6% in
Slide 14: The contracting markets
03 The contracting markets
Slide 15: Estimated order intake, construction operations
Estimated order intake, construction operations Stable order intake for construction, lower intake for infrastructure Order book, listed companies, Nordic operations Estimated order intake, Scandinavian construction projects Reporting companies, estimates in NOK/SEK billion according to reported cur
Slide 16: The Scandinavian contracting markets: current prices
The Scandinavian contracting markets Historical figures and forecasts, current prices Norway, production by sector Sweden, production by sector Denmark, production by sector NOK billion, current prices NOK billion, current prices NOK billion, current prices Forecast Forecast Forecast 180 180 180 CAG
Slide 17: The Scandinavian contracting markets: inflation adjusted
The Scandinavian contracting markets Historical figures and forecasts, inflation adjusted Norway, production by sector Sweden, production by sector Denmark, production by sector NOK billion, fixed prices NOK billion, fixed prices NOK billion, fixed prices Forecast Forecast Forecast 200 200 200 CAGR
Slide 18: The Scandinavian contracting markets: sector and country distribution
The Scandinavian contracting markets Sector and country distribution Sector distribution Year-on-year change by sector Country distribution NOK billion, forecast 2026–2027 NOK billion, forecast 2026–2027 NOK billion, forecast 2026–2027 1 200 500 1 105 150 20% 1 079 16% 432 450 968 983 949 958 15% 40
Slide 19: The contracting markets: Construction
The contracting markets Construction
Slide 20: New residential unit sales in Norway
New residential unit sales in Norway A temporary slowdown? Comment Ready-for-sale and sold apartments • In the 12 months to February 2026, Number of units, 12-month rolling total and last two months. latest observation February 2026 approximately 10,300 apartments were sold, representing a slight de
Slide 21: Apartments and small houses in Norway and Sweden
Apartments and small houses in Norway and Sweden Growth in both countries, but from a low level Comment Norway, estimated order intake Sweden, estimated order intake • The intake of orders for new apartments and NOK billion NOK billion small houses grew significantly in 2025, compared to 2024: up 26
Slide 22: Commercial buildings in Norway and Sweden
Commercial buildings in Norway and Sweden Norway stable, Sweden growing Comment Norway, estimated order intake Sweden, estimated order intake • The order intake for commercial buildings stayed NOK billion NOK billion flat in Norway in 2025, but grew by 20% in Sweden year-on-year. 120 Buildings for p
Slide 23: Public buildings in Norway and Sweden
Public buildings in Norway and Sweden Temporary decline in hospital projects in Norway; growth in Sweden Comment Norway, estimated order intake Sweden, estimated order intake • In 2025, the number of public building starts NOK billion NOK billion fell 6% in Norway, but was up 35% in Sweden. +35% 60
Slide 24: Commercial buildings in Denmark
Commercial buildings in Denmark Flat development excluding buildings related to the primary sector Comment Commercial buildings Public buildings • The figures for 2025 show an increase in both Estimated order intake, NOK billion Estimated order intake, NOK billion commercial and public buildings. In
Slide 25: The contracting markets: Infrastructure
The contracting markets Infrastructure
Slide 26: The civil engineering market in Norway and Sweden
The civil engineering market in Norway and Sweden High production throughout the forecast period Comment Norway, production Sweden, production Norway NOK billion, current prices NOK billion, current prices • Growth in the civil engineering market is estimated Forecast Forecast at 3% in 2026 and 2% i
Slide 27: Infrastructure: Public transport
Infrastructure Public transport
Slide 28: Transport infrastructure in Norway
Transport infrastructure in Norway Continued high level of road construction, but decline in the railway market Comment Roads market, production Railways market, production Roads NOK billion, current prices NOK billion, current prices Forecast Forecast • The numerous major government projects 50 50
Slide 29: Transport infrastructure in Sweden
Transport infrastructure in Sweden Strong growth in the railways market Comment Roads market, production Railways market, production Roads NOK billion, current prices NOK billion, current prices Forecast Forecast • As in the previous report, production growth is 40 40 expected to remain relatively f
Slide 30: Infrastructure: Road maintenance
Infrastructure Road maintenance
Slide 31: Road maintenance, Norway
Road maintenance, Norway High priority going forward Comment Road maintenance by clients and segment • Norway has a substantial maintenance backlog on its road and rail NOK billion networks. Forecast 18 Municipal roads 17,0 • The National Transport Plan 2025–2036 gives high priority to operation, 16
Slide 32: Infrastructure: Energy, water supply and sewerage
Infrastructure Energy, water supply and sewerage
Slide 33: Norway: energy, water supply and sewerage
Norway: energy, water supply and sewerage Growth continues Comment Production Energy NOK billion, current prices • According to the Norwegian Water Resources and Energy Directorate 35 Forecast (NVE), growth in new production capacity has been low in recent years. Construction activity in the product
Slide 34: Sweden: energy, water supply and sewerage
Sweden: energy, water supply and sewerage Growth continues Comment Production Energy NOK billion, current prices • Power transmission and distribution will drive growth in the energy market 80 Forecast in the period to 2027. • Svenska kraftnät has registered a high level of activity in the transmiss
Slide 35: Construction costs
04 Construction costs
Slide 36: Construction cost indices
Construction cost indices Reasonably stable, but higher than desirable Comment Construction cost index, residential blocks, Norway Construction cost index, residential blocks, Sweden • In February 2026, construction cost inflation Percentage change compared to same month last year Percentage change
Slide 37: Norway: construction cost index, civil engineering
Norway: construction cost index, civil engineering Sensitive to developments in international energy prices Comment Construction cost index, roads • In Q4 2025, price growth totalled 2.3% in the operation and maintenance Percentage change compared to same month last year segment and 3.3% for new-bui
Slide 38: Key inflation drivers
Key inflation drivers Energy and foreign exchange stable Foreign exchange (trade-weighted indices) Energy and CO2 quota prices Latest observation 17 March Latest observation 17 March 160 135 140 142 136 130 120 125 100 89 103 120 80 116 71 115 60 114 50 51 110 40 105 20 100 0 Brent (USD) Natural gas
Slide 39: Construction cost indices by material
Construction cost indices by material Planed timber, steel and concrete Norway Sweden Denmark Index Jan. 2020 = 100, latest observation February 2026 Index Jan. 2020 = 100, latest observation Jan./Feb. 2026 Index Q1 2020 = 100, latest observation Feb. 26/Q4 2025 274 267 269 205 190 181 186 160 157 1
Slide 40: Summary
05 Summary
Slide 41: Forecasts for the contracting markets in the period 2026–2027
Forecasts for the contracting markets in the period 2026–2027 Seven percent growth during the forecast period Comment Production in the Scandinavian contracting markets • In 2025, the market shifted from decline to growth. Statistics on areas Percentage change since previous year, current prices und
Slide 42: Takk for
Takk for 4 2