AF Gruppen
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AF Gruppen (AFG) investor relations material

AF Gruppen Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Achieved record quarterly and annual revenues, with Q4 revenue at NOK 9.252 billion and full-year revenue at NOK 31.992 billion, supported by strong cash flow and order intake.

  • Pre-tax profit reached NOK 653 million in Q4 and NOK 1.653 billion for the year, with Q4 margin at 7.1% and full-year margin at 5.2%.

  • Order intake in Q4 exceeded NOK 9.5 billion, with a record order backlog of NOK 44.716 billion at year-end.

  • Board proposes a dividend of NOK 6.50 per share, up from NOK 5.00, payable in H1 2026.

  • Strong focus on safety, with the lowest annual injury frequency in company history.

Financial highlights

  • Operating cash flow exceeded NOK 1.1 billion in Q4 and NOK 3.038 billion for the year.

  • Net interest-bearing receivables reached NOK 1.274 billion at year-end, up from NOK 99 million a year ago.

  • Return on capital employed was 33.7% for the last four quarters, well above the 20% target.

  • Equity ratio stood at 23.1% (25% excluding IFRS 16 effects), with total capital of NOK 17 billion.

  • Available liquidity was NOK 5.891 billion, including a NOK 3.5 billion credit facility.

Outlook and guidance

  • Management targets a 7% EBIT margin, citing historical growth and margin improvement.

  • High order backlog of NOK 44.716 billion as of year-end supports continued activity and positions the company strongly for 2026.

  • Market outlook influenced by trade tensions, high interest rates, and moderate construction activity in Norway.

  • Civil engineering and construction markets expect moderate real growth in 2026 and 2027, with strong public investment.

  • Energy and environment sector to benefit from regulatory changes and increased focus on energy efficiency.

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Frequently asked questions

AF Gruppen ASA was incorporated in Norway in 1954. Operating since then as a contracting and industrial company engaged in civil engineering, environment, building, property, energy, and offshore businesses primarily in Norway and Sweden. The Company's segments include Nordic Operations Segment (NO), which is located in Norway and Sweden; Domestic Operations Segment (SE), which is located in Sweden; and Expanded Markets Segment (EM). AF Gruppen ASA is based in Oslo, Norway.

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