Slide 1: Q4 Fourth quarter 2024
Q4 Fourth quarter 2024 13 February 2025 Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO Questions? Email ir@veidekke.no
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 6% 14 12 5% 10 4% 8 3% 6 2% 4 1% 2 0 0% 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 20
Slide 3: Highlights Q4 2024
Questions? Email ir@veidekke.no Highlights Q4 2024 • Revenue NOK 11.5 billion – down 5% on Q4 2023 • Profit margin stable at 4.9% • Solid order book at NOK 41 billion • EPS NOK 9.3 in 2024, increasing dividends to NOK 9.0 per share from NOK 7.9 previous year
Slide 4: Key financial figures
Key financial figures Fourth quarter Revenues Profit before tax NOK billion NOK billion 6221 12.1 11.5 603 10.8 558 10.3 10.2 492 392 393 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 Profit before tax 2022 at NOK 622 million includes a NOK 130 million gain on the sale of a former landfill sit
Slide 5: Stable order book
Stable order book High quality project portfolio Revenues and order intake Order book Order book per segment 12-month rolling, NOK billion NOK billion Percent 100 % 48 44 42 40 80 % 38 36 34 32 60 % 28 30 24 26 20 40 % 22 16 12 18 20 % 8 14 4 10 0 0% Dec-22 Dec-23 Dec-24 Dec-22 Dec-23 Dec-24 Dec-22
Slide 6: Diverse order intake at NOK 10.5 billion
Diverse order intake at NOK 10.5 billion Order intake Q4 2024 NOK billion Norway Sweden Denmark 2.8 2.8 2.2 1.4 0.9 0.1 0.3 Residential buildings Commercial Public Civil engineering Energy, water Transportation Road maintenance buildings buildings and drainage contracts Construction segments Infrast
Slide 7: From ambitions to results
From ambitions to results Sustainability delivered in projects – with commercial success Nordborg Resort Hestnes railway tunnel Hoffmann, Denmark Civil engineering Norway Hydrogen asphalt factory Ulven head office Asphalt Norway Construction Norway 7
Slide 8: Q4 Results and financial status
Q4 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 9: Revenues, profits and profit margins
Revenues, profits and profit margins Group and business areas Q4 2024 Q4 2023 Amounts in NOK million Revenues Profit before tax Profit margin Revenues Profit before tax Profit margin Construction Norway 4 215 178 4.2% 4 463 245 5.5% Infrastructure Norway 2 632 117 4.4% 2 683 132 4.9% Construction Sw
Slide 10: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 5.5% 6% 4.0% 4.2% 5% 4.0% 4.0% 4 245 4% 3 Revenues down 6% on Q4 2023 3% 178 4.5 4.2 150 148 3.8 • Activity drop in southeast Norway primarily, 2 3.7 129 3.2 2% as a consequence of 2023 order intake 1 1% 0 0% Q4 23 Q1 24 Q2 24 Q3 24
Slide 11: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax Q4 4 25% 24% 2.8 23% 2.7 2.8 2.6 22% 21% 20% 19% 3 18% 17% 1.8 16% 15% 14% 2 13% 12% 11% 4.4% 10% 1 11.7% 9% 8% 7% 6% 5% 6.5% Revenues on a par with Q4 2023 4% 4.9% 3% 2% 1% 0 0% -1% -2% 184 -9.6% -3% -4% • Civil engineering increase
Slide 12: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 4% 4% 2.5 3.5% 3% 2 2.2% 2.1 1.9 2.2% 2.1 3% Revenues down 18% in local currency, compared with 2.2% 1.6 2% 74 Q4 2023 1 2% 47 42 • Revenues dropped in both Stockholm and Gothenburg 1% 36 1% 0.7% 18 0 0% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24
Slide 13: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 3 6.2% 7% 5.4% 5.3% 6% 4.4% 5% 1.8 1.9 2 4% 1.6 117 1.5 Revenues up 3% on Q4 2023 in local currency 1.2 3% 99 2% 70 76 • Euromining included from November 1 1% 0% -13 -1% -1.1% Profits increased compared with Q4 2023 -1 Q4 23 Q1 24 Q
Slide 14: Denmark
Denmark Revenues and profit margin Profit before tax 1 16.3% 18% 17% 0.9 13.7% 16% 15% 14% 0.8 13% 0.8 0.7 0.7 12% 11% Revenues up 9% on Q4 2023 in local currency 10.8% 10% 9% 8% 118 109 8.8% 7% 7.0% 6% 5% 81 76 Solid profits and robust profitability 4% 3% 53 2% 1% • Portfolio has consistently high
Slide 15: Financial position
Financial position Balance sheet Amounts in NOK million 31 December 2024 31 December 2023 Fixed assets 8 470 7 317 Current assets (excluding cash, cash equivalents and financial investments) 7 375 7 906 Cash, cash equivalents and financial investments 2 959 2 989 Assets 18 804 18 212 Equity 3 357 3
Slide 16: Financial position
Financial position Highlights Q4 2024 Change in net interest-bearing assets • Operating cash flow of NOK 1.2 billion in Q4 NOK million • Settlement for the acquisition of Euromining, NOK 360 million 642 -138 1 683 -427 Highlights YTD 2024 • Net investments down on last year -796 -54 (NOK 796 million
Slide 17: Proposed dividend of NOK 9.0 per share for 2024
Proposed dividend of NOK 9.0 per share for 2024 Corresponds to 97% payout ratio Ordinary dividend NOK per share 12 140% ● Proposed dividend: NOK 9.0 120% 10 9.00 100% 8 ● Earnings per share: NOK 9.3 7.75 7.90 80% 7.00 6 5.75 60% ● Dividend ratio: 97% 4 40% 2 20% - 0% 2020 2021 2022 2023 2024 Ordinar
Slide 18: Q4 Closing comments
Q4 Closing comments Jimmy Bengtsson, Group CEO
Slide 19: Key financial figures for the year 2024
Key financial figures for the year 2024 Profit improvement continues Revenues Profit before tax Profit margin NOK billion NOK million Percent 1 683 43.1 1 5542 41.4 1 467 4.1% 38.1 38.7 37.6 1 342 1 444 3.6% 3.6%2 1 134 1 3371 3.0% 3.5%1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 20
Slide 20: Performance gradually improved in challenging markets
Performance gradually improved in challenging markets 90 percent of revenue produced profit margin in excess of 4 in 2024 Norway Sweden Denmark Construction Infrastructure Construction Infrastructure Hoffmann 2020 3.6% 2.8% 2.2% 2.9% 7.5% 2021 3.8% 5.1% 1.9% 3.1% 8.5% 2022 4.0% 5.2% 1.6% 3.1%1 8.8%
Slide 21: Veidekke going forward
Veidekke going forward Explicit ambition Simple tools Clear direction forward Selection Implementation Cost base Improvements Facsimile from Capital Markets Day 2021 ∙ Clear profit improvement, despite ∙ Clearly stated which projects to go for, ∙ Macro and market forecasts indicate only moderate rev
Slide 22: Summary
Summary 1 Solid performance in a challenging market • Maintained profit margin despite lower volumes • Reflects high quality project portfolios 2 Robust order book • Construction Norway’s revenues expected to stabilise in 2025 • Room for growth in infrastructure businesses 3 Strong financial positio
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Slide 24: Takk for
Takk for 2 4