Slide 1: Q1 First quarter 2026
Q1 First quarter 2026 7 May 2026 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 7 6% 6 5,2 % 5% 5 4% 4 3% 3 3 2% 2 1 1% 0 0% 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022
Slide 3: Highlights Q1 2026
Questions? Email ir@veidekke.no Highlights Q1 2026 • Revenue NOK 9.7 billion – up 7% from Q1 2025 • Typical low season in Q1; results improved over the previous year • Solid order intake; the order book grew to NOK 48.1 billion
Slide 4: Key financial figures
Key financial figures First quarter Revenue Profit before tax NOK billion NOK million 40 12 30 10 20 25 27 10 8 0 6 -10 -21 9.7 -20 -37 9.5 9.5 9.0 4 8.4 -55 -30 -40 2 -50 0 -60 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 1 Profit before tax 2023 excludes the NOK -110 million settlement relate
Slide 5: Increased order book
Increased order book Book-to-bill over past 12 months at 1.1 Revenues and order intake Order book Order book per segment 12-month rolling, NOK billion NOK billion Percent 50 55 100 % 50 45 80 % 45 40 35 60 % 30 40 25 40 % 20 15 35 20 % 10 5 30 0 0% Mar-24 Mar-25 Mar-26 Mar-24 Mar-25 Mar-26 Mar-24 Ma
Slide 6: Order intake amounted to NOK 11.5 billion
Order intake amounted to NOK 11.5 billion Order intake Q1 2025 NOK billion Norway Sweden Denmark 3.1 3.2 1.8 1.0 1.2 0.9 0.3 Residential Commercial Public Rock and Energy, industry, Road Transportation buildings buildings buildings foundation work water, drainage maintenance Construction segments In
Slide 7: Q1 Results and financial status
Q1 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 8: Revenue, profit and profit margins
Revenue, profit and profit margins Group and business areas Q1 2026 Q1 2025 Amounts in NOK million Revenue Profit before tax Profit margin Revenue Profit before tax Profit margin Construction Norway 3 868 165 4.3% 3 626 134 3.7% Infrastructure Norway 1 595 -207 -13.0% 1 757 -189 -10.8% Construction
Slide 9: Construction Norway
Construction Norway Revenue and profit margin Profit before tax 5 6.9% 4 288 4.3% 4.3% 4.0% 3 Revenue up 7% on Q1 2025 3.7% 4.0 4.2 3.9 165 160 • Increase in and around Oslo 2 3.6 3.5 148 134 1 Profit boost and margin improvement 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 • Profit
Slide 10: Infrastructure Norway
Infrastructure Norway Revenue and profit margin Profit before tax Q1 4 40% 39% 38% 3.1 37% 36% 35% 2.8 2.8 34% 33% 32% 31% 21 3 30% 29% 28% 27% 43 52 26% 25% 1.8 24% 23% 1.6 22% 21% 2 20% 19% 12.4% 18% 17% 16% Revenue down 9% from Q1 2025 6.9% 15% 6.5% 14% 13% 12% 11% 1 10% 9% 8% 7% 6% 5% • Resultin
Slide 11: Asphalt operations 2026
Asphalt operations 2026 Solid basis for the asphalt season ahead • The total announced volume for national and county roads is on a par with last year • Veidekke has secured orders for 775 thousand tonnes (640 thousand tonnes), corresponding to a 60% market share • Contractor market orders (new road
Slide 12: Construction Sweden
Construction Sweden Revenue and profit margin Profit before tax 3 4% 3.0% 2.9% 3% 2.5% 3% 2 2.2 1.9 Revenue up 11% from Q1 2025 in local currency 2% 1.8 1.6 1.6 2% 66 1.6% • Broad increase in activity 1 1% 47 53 1.0% 1% 25 16 Profit up compared with the same quarter last year 0 Q1 25 Q2 25 Q3 25 Q4
Slide 13: Infrastructure Sweden
Infrastructure Sweden Revenue and profit margin Profit before tax 3 8% 6.5% 7% 5.9% 5.1% 2.1 6% 2 1.7 1.6 5% 65 1.8 Revenue up 19% from Q1 2025 in local currency 1.4 4% 3% • Clear volume increase in Gothenburg 1 2% 91 103 137 -4 15 • Other parts of the business also had robust activity 1% 0.9% 0% -1
Slide 14: Denmark
Denmark Revenue and profit margin Profit before tax 1 12.9% 14% 0.9 13% 1.0 12% 0.9 0.9 11% 10% 0.8 10.9% 7.6% 9% Revenue up 17% from Q1 2025 in local currency 8% 8.5% 7% 123 7.4% 6% 94 • Robust activity across the business 5% 4% 76 65 3% 56 2% 1% Profit increase from Q1 2025 0 Q1 25 Q2 25 Q3 25 Q4
Slide 15: Financial position
Financial position Statement of financial position Amounts in NOK million 31 March 2026 31 March 2025 Non-current assets 8 244 8 477 Current assets (excl. liquid funds and financial investments) 6 159 6 888 Liquid funds and financial investments 4 555 2 800 Assets 18 959 18 165 Equity 3 682 3 319 No
Slide 16: Financial position
Financial position Highlights Q1 Net interest-bearing position • Strong operational cash flow of NOK 893 million in Q1 NOK million (NOK 313 million) • Improvement in other operational items mainly driven 694 by increased construction activity -113 4 569 -86 -130 157 4 021 27 • Strong financial posit
Slide 17: Q1 Closing comments
Q1 Closing comments Jimmy Bengtsson, Group CEO
Slide 18: Focus on what we can influence
Focus on what we can influence The right project under the right conditions Selection Execution Selection criteria • An important aspect of performance improvement since 2020 • Systematic approach to market activities Veidekke seeks to win projects that have; • the right price relative to our capaci
Slide 19: Robust order book of NOK 48.1 billion
Robust order book of NOK 48.1 billion Oslofjord Connection contract signed after quarter-end Construction businesses Infrastructure businesses Oslofjord Connection NOK 27.0 billion; 56% NOK 21.2 billion, 44% • Contract value: NOK 5.4 billion • Includes design and 22% construction of 14 km of the new
Slide 20: Summary
Summary 1 Broad revenue growth • 7% revenue growth in the quarter • Growth in all three countries • NOK 2 Significantly improved operating result • Normal low season, but overall better margins • Weaker financial result due to interest rate movements 3 Robust order situation • Order book at NOK 48.1
Slide 21: Takk for
Takk for 2 1