Veidekke (VEI) Q3 2025 earnings summary

Executive summary

• Revenues rose 10% year-over-year to NOK 10.7 billion in Q3 2025, achieving record quarterly performance and growth across all three countries.

• Profit before tax increased to NOK 721 million from NOK 616 million in Q3 2024, with profit per share at NOK 4.0, reflecting improved margins and higher activity.

• Order book reached NOK 47.5 billion at quarter-end, up 16% year-over-year, with 57% to be executed in the next 12 months and a book-to-bill ratio of 1.2.

• Strong operational cash flow and increased net interest-bearing assets, reflecting robust financial health.

• All business areas reported increased order books and higher revenues, supporting a positive outlook.

Financial highlights

• Revenue: NOK 10.7 billion in Q3 2025 (NOK 9.7 billion in Q3 2024).

• Pre-tax profit: NOK 721 million (NOK 616 million in Q3 2024).

• EBITDA: NOK 1,010 million (NOK 851 million in Q3 2024).

• Profit margin improved to 6.8% from 6.4% in Q3 2024.

• Net interest-bearing position increased to NOK 2.7 billion at quarter-end, up from NOK 2.1 billion in Q3 2024.

Outlook and guidance

• Order book of NOK 47.5 billion provides strong visibility, with NOK 27.2 billion to be delivered in the next 12 months.

• Construction activity is increasing in Norway, Sweden, and Denmark; infrastructure remains robust.

• Market outlook remains uncertain due to high commodity prices, interest rates, and inflation, impacting investment decisions and project starts.

• Contractor market expected to grow in 2026–2027, but market is expected to remain challenging.

• Focus remains on selectivity, execution, and cost base improvements to maintain profitability.