Veidekke (VEI) Q1 2026 earnings summary

Executive summary

• Revenue increased by 7% year-over-year to NOK 9.7 billion, with growth across Norway, Sweden, and Denmark, and improved results in most segments except Infrastructure Norway.

• Operating result improved significantly, with profit before tax rising to NOK 27 million from a loss of NOK -21 million in Q1 2025, and a result margin of 0.3%.

• Order book reached NOK 48.1 billion, up 8% from Q1 2025, reflecting strong order intake and robust market demand.

• Q1 is typically a low season, but margins and operational performance improved compared to the previous year.

• Strong financial position and cash flow enabled strategic acquisitions.

Financial highlights

• Revenue: NOK 9.7 billion, up from NOK 9.0 billion in Q1 2025.

• EBITDA was NOK 308 million, up from NOK 219 million year-over-year.

• Profit before tax: NOK 27 million, compared to NOK -21 million in Q1 2025.

• Strong operational cash flow of NOK 893 million, up from NOK 313 million in Q1 2025.

• Net interest-bearing position improved to NOK 4.6 billion.

Outlook and guidance

• Order book further strengthened by new contracts in Q2, including the NOK 5.4 billion Oslofjord Connection.

• Market outlook remains challenging due to high material costs and interest rates, but order backlog and customer interest are improving.

• Focus remains on selective project acquisition and disciplined execution to maintain profitability.

• Infrastructure Norway expects increased activity following new contract wins.

• Building market expected to remain demanding, with regional and segment variations.