Slide 1: Q2 Second quarter 2025
Q2 Second quarter 2025 14 August 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, hired staff 12-month rolling, Veidekke employees 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 2022
Slide 3: Highlights Q2 2025
Questions? Email ir@veidekke.no Highlights Q2 2025 • Revenues at NOK 11.3 billion – up 5% from Q2 2024 • Profits and profit margin improved on Q2 2024 • Strong order intake; order book increased to NOK 49.2 billion
Slide 4: Key financial figures
Key financial figures Second quarter Revenues Profit before tax NOK billion NOK million 600 12 10 500 8 400 6 300 11.2 10.8 11.3 538 9.8 9.9 484 -110 1 4 200 391 387 355 2 100 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 4
Slide 5: Order book boost
Order book boost High order intake in Construction Norway 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% Jun-23 Jun-24 Jun-25 Jun-23 Jun-24 Jun-25 Jun-23 Jun-24 J
Slide 6: Order intake NOK 14.3 billion
Order intake NOK 14.3 billion Order intake Q2 2025 NOK billion Norway Sweden Denmark 4.4 2.9 2.5 1.7 1.8 1.0 0.1 Residential Commercial Public Rock and Energy, industry, Transportation Road maintenance buildings buildings buildings foundation work water, drainage Construction segments Infrastructure
Slide 7: Solid order intake in Construction Norway
Solid order intake in Construction Norway Broad diversity, high quality NOK 680 million NOK 400 million NOK 588 million NOK 1,300 million NOK 488 million NOK 2,300 million 7
Slide 8: Q2 Results and financial status
Q2 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 9: Revenues, profits and profit margins
Revenues, profits and profit margins Group and business areas Q2 2025 Q2 2024 Amounts in NOK million Revenues Profit before tax Profit margin Revenues Profit before tax Profit margin Construction Norway 4 024 160 4.0% 3 692 148 4.0% Infrastructure Norway 2 807 193 6.9% 2 817 183 6.5% Construction Sw
Slide 10: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 6% 178 5% 4.0% 4.0% 4.2% 4 4.0% 160 3.7% 4% 148 3 129 134 Revenues up 9% on Q2 2024 3% 4.2 4.0 • Distinct increase in Stavanger, Bergen 2 3.7 3.6 3.2 2% and the regions surrounding Oslo 1 1% 0 0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q
Slide 11: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax Q2 4 25% 24% 2.8 23% 2.8 2.6 2.8 22% 21% 20% 3 19% 18% 17% 1.8 16% 15% 14% 2 6.9% 13% 12% 11% 4.4% 10% 1 11.7% 9% 8% 7% 6% 5% 6.5% Revenues on a par with Q2 2024 4% 3% 2% 1% 0 0% -1% -2% -3% 97 103 -10.8% 90 -4% 86 • Activity remaine
Slide 12: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 4% 4% 3.5% 3% 2.5% 2 1.9 2.2% 2.1 3% Revenues down 7% on Q2 2024 in local currency 2.2% 1.6 1.6 1.9 2% 74 • Robust activity in the Gothenburg operations; 2% 1 47 activity drop in other regions 42 1% 36 1.0% 1% 16 0 0% Q2 24 Q3 24 Q4
Slide 13: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 3 7% 6.2% 5.3% 6% 5.1% 4.4% 5% 1.9 1.8 2 1.6 4% 117 1.5 Revenues up 7% on Q2 2024 in local currency 1.4 3% 91 70 76 • Euromining acquisition in Northern Sweden 1 2% contributed to revenue boost 1% 0% -4 -1 -0.3% -1% Q2 24 Q3 24 Q4 24
Slide 14: Denmark
Denmark Revenues and profit margin Profit before tax 13.7% 1 15% 14% 0.9 13% 10.8% 0.9 12% 0.8 11% 0.7 0.8 8.5% 10% 9% Revenue down 4% on Q2 2024 in local currency 8.8% 8% 7% 109 7.4% • Generally robust activity 6% 5% 81 76 76 4% 3% 56 2% 1% Profit down on Q2 2024 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 0%
Slide 15: Financial position
Financial position Balance sheet Amounts in NOK million 30 June 2025 30 June 2024 Fixed assets 8 447 7 400 Current assets (excluding cash, cash equivalents and financial investments) 8 548 8 979 Cash, cash equivalents and financial investments 1 292 1 158 Assets 18 287 17 537 Equity 2 529 2 380 Long
Slide 16: Financial position
Financial position H1 2025 highlights Net interest-bearing position • Working capital increase NOK million • Normal seasonal development in the Asphalt and Construction operations 310 517 • Tax paid is on a par with 2024 2 620 -615 • 2024 dividends were paid out -249 -109 -18 1 241 -1 215 Other Depr
Slide 17: Q2 Closing comments
Q2 Closing comments Jimmy Bengtsson, Group CEO
Slide 18: Order intake indicates activity boost
Order intake indicates activity boost Revenue and order intake 12-month rolling, NOK billion Construction Construction segments Infrastructure segments • Robust order intake • Several major projects in defense 20.1 and critical infrastructure segments 15.1 Infrastructure 8.4 • Order intake is slight
Slide 19: 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 20: Summary
Summary 1 Revenue boost and robust order intake • 5% revenue growth, driven by Construction Norway • At NOK 49 billion, order book is up 20% YTD 2 Margin improvement and profit increase • Quality project portfolio • Uncertainty management lowers project risk and loss 3 There is still potential for i
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Slide 22: Takk for
Takk for 2 2