Veidekke
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Veidekke (VEI) investor relations material

Veidekke 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 summary12 Feb, 2026

Executive summary

  • Q4 2025 revenue reached NOK 12.1 billion, up 6% year-over-year, with pre-tax profit at NOK 820 million (6.8% margin), and a robust order backlog of NOK 47.3 billion, providing a solid foundation for future growth.

  • Full-year revenue was NOK 43.1 billion, with pre-tax profit of NOK 2,057 million, up 22% from 2024, and a margin of 4.8%.

  • Five-year strategy period concluded with moderate annual revenue growth of 2.5% and a significant increase in pre-tax profit, despite market turbulence.

  • New strategy targets disciplined, profitable growth 2.5% above market rate, aiming for robust profitability and attractive dividend payouts by 2030.

  • Strong performance improvements across all business areas, especially in Norway and Sweden, driven by higher activity, better capacity utilisation, and improved profitability.

Financial highlights

  • Q4 operating profit (EBIT) was NOK 783 million (Q4 2024: NOK 549 million); EBITDA was NOK 1,060 million (Q4 2024: NOK 877 million).

  • Full-year EBIT was NOK 1,956 million (2024: NOK 1,605 million); EBITDA was NOK 3,061 million (2024: NOK 2,712 million).

  • EPS for Q4 was NOK 4.7 (Q4 2024: NOK 3.2); full-year EPS was NOK 11.5 (2024: NOK 9.3).

  • Operating cash flow in Q4 was NOK 1.5 billion, with net interest-bearing position at NOK 4.0 billion at year-end.

  • Cash flow from operations for the year was NOK 3.3 billion (2024: NOK 2.2 billion).

Outlook and guidance

  • Order book and book-to-bill ratio of 1.1 signal increased activity and revenue in 2026, with NOK 47.3 billion in backlog and 60% executable in the next 12 months.

  • Scandinavian construction market expected to grow over 4% annually in 2026/27, with focus on infrastructure, energy, and rehabilitation.

  • Ambition to grow 2.5% above market and maintain profitability above 5% over time, with dividend payout above 70% of profits.

  • Market conditions remain challenging due to high construction costs, inflation, and regional variations.

What M&A focus for 2030 growth
Bridge 4.8% margin to >5% 2030 target
Prioritize new market segments for growth
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Frequently asked questions

Veidekke ASA is a Norwegian construction and property development company. The Company operates in three segments: residential, industrial and services. It is involved in the business of constructing and selling new housing as well as expanding, modernizing and selling existing homes. Veidekke's industrial segment offers property development services to third parties through its Real Estate Management (REM) arm. Additionally, the Company's service segment consists of property management services to its own owners, as well as various others.  Veidekke ASA is based in Oslo, Norway.

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