Veidekke Asa · OSL:VEI
Veidekke Asa — Q1 2025 Earnings Presentation
22 slides from Veidekke Asa's earnings presentation, May 8, 2025
Slide 1: Q1 First quarter 2025
Q1 First quarter 2025 8 May 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 Q1 2025
Spørsmål kan sendes ir@veidekke.no Highlights Q1 2025 • Revenue of NOK 9.0 billion – down 5% on Q1 2024 • Normal low season in Q1; profit dropped compared to Q1 2024 • Solid order intake – order book increased to NOK 44.4 billion
Slide 4: Key financial figures
Key financial figures First quarter Revenue Profit before tax NOK billion NOK million 40 10 20 28 25 8 0 -21 -20 -37 -55 6 -40 -60 9.5 9.5 9.0 4 8.3 8.4 -80 -1101 -100 2 -120 -140 0 -160 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1 Profit before tax 2023 included the settlement of an older di
Slide 5: Order book boosted
Order book boosted 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% Mar-23 Mar-24 Mar-25 Mar-23 Mar-24 Mar-25 Mar-23
Slide 6: Order intake amounted to NOK 12 billion
Order intake amounted to NOK 12 billion Order intake Q1 2025 NOK billion Norway Sweden Denmark 3.4 2.4 1.8 1.2 1.5 1.1 0.5 Residential Commercial Public Rock and Energy, industry, Road Transportation buildings buildings buildings foundation work water, drainage mainainance Construction segments Infr
Slide 7: Q1 Results and financial status
Q1 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 8: Revenues, profits and profit margins
Revenues, profits and profit margins Group and business areas Q1 2025 Q1 2024 Amounts in NOK million Revenues Profit before tax Profit margin Revenues Profit before tax Profit margin Construction Norway 3 626 134 3.7% 3 772 150 4.0% Infrastructure Norway 1 757 -189 -10.8% 1 761 -169 -9.6% Constructi
Slide 9: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 6% 4.0% 5% 178 4.0% 4.0% 4.2% 4 3.7% 4% 150 148 3 129 134 Revenue down 4% on Q1 2024 3% 4.2 3.8 • Continued to drop in Oslo and Trondheim, 2 3.7 3.6 3.2 2% while revenue increased in Stavanger and Bergen 1 1% 0 0% Q1 24 Q2 24 Q3 24 Q
Slide 10: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax Q1 4 25% 24% 2.8 23% 2.8 2.6 22% 21% 20% 19% 3 51 52 18% 1.8 1.8 17% 16% 15% 14% 43 2 13% 12% 11% 4.4% 10% 1 11.7% 9% 8% 7% 6% 5% 6.5% Revenue on a par with Q1 2024 4% 3% 2% 0 1% 0% -212 -1% -2% -241 -9.6% -3% -10.8% -4% -245 • Incre
Slide 11: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 4% 4% 3.5% 3% 2 2.1 1.9 2.2% 2.1 3% Revenue down 24% on Q1 2024 in local currency 2.2% 2.2% 1.6 1.6 2% 74 • Decline visible in all regions, but is particularly notable 2% 1 47 in Gothenburg 42 1% 36 1.0% 1% 16 0 0% Q1 24 Q2 24 Q3 24
Slide 12: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 3 7% 6.2% 5.3% 6% 4.4% 5% 1.9 2 4% 1.6 117 1.5 Revenue up 8% from Q1 2024 in local currency 1.2 1.4 3% 2% 70 76 • The Euromining acquisition in Northern Sweden 1 1% -13 contributes to revenue boost 0% -1% -0.3% -4 -1 -1.1% -2% Q1 24
Slide 13: Denmark
Denmark Revenues and profit margin Profit before tax 13.7% 1 15% 14% 0.9 13% 10.8% 12% 0.8 11% 0.8 0.7 0.8 10% 9% Revenue on a par with Q1 2024 8.8% 8% 7% 109 7.0% 7.4% 6% 5% 81 76 4% Profits on a par with Q1 2024 53 56 3% 2% 1% • Portfolio shows consistently robust profitability 0 Q1 24 Q2 24 Q3 24
Slide 14: Financial position
Financial position Balance sheet Amounts in NOK million 31 March 2025 31 March 2024 Fixed assets 8 477 7 438 Current assets (excluding cash, cash equivalents and financial investments) 6 888 8 233 Cash, cash equivalents and financial investments 2 800 2 331 Assets 18 165 18 002 Equity 3 319 3 114 Lo
Slide 15: Financial position
Financial position Highlights Q1 Net interest-bearing position NOK million • Low season in parts of the business normally affects Q1 cash flow • The positive cash flow in Q1 2025 is mainly due to reduced 217 working capital among the Norwegian businesses’ 152 2 720 customers 2 620 -136 -73 -39 -21 •
Slide 16: Q1 Closing comments
Q1 Closing comments Jimmy Bengtsson, Group CEO
Slide 17: Improved visibility due to solid order intake
Improved visibility due to solid order intake Revenue and order intake Past 12 months, NOK billion Construction Construction Infrastructure • After a slower period, Construction Norway’s order intake bounces back 15.7 14.8 • Construction Sweden’s order book remains weak 8.6 7.3 6.7 6.5 6.2 Infrastru
Slide 18: Diverse, flexible and selective
Diverse, flexible and selective NOK 44.4 billion order book provides good visibility Diverse and distributed Flexible cost structure Selectivity and portfolio ● Diverse geographies and ● Large proportion of costs are ● Selectivity and market markets with unique drivers related to project deliveries
Slide 19: The path to further improvement
The path to further improvement Systematic and incremental ● Select the right project at the right price in priority markets ● Focusing on uncertainty management and on execution in accordance with plans has improved margins in large parts of the business Selection Implementation New projects at the
Slide 20: Summary
Summary 1 Revenue down 5% • Normal low season; activity drop in Construction • Profit decline due to capacity utilisation 2 Robust order intake • Solid order book – good visibility • Construction activities stabilised 3 Strong cash flow • Good project liquidity, especially in Norwegian operations •
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Slide 22: Takk for
Takk for 2 2