Veidekke (VEI) Q2 2026 earnings summary

Executive summary

• Revenue increased by 9% year-over-year to NOK 12.3 billion in Q2 2026, with growth across all segments and a profit margin of 5.4%.

• Profit before tax rose to NOK 670 million from NOK 538 million in Q2 2025, reflecting improved margins and operational efficiency.

• Strong order intake of NOK 17.9 billion in Q2 2026, driving the order book up to NOK 55.3 billion, with 55% to be executed in the next 12 months.

• Margin improvement initiatives and selective project execution contributed to robust performance.

• All business areas contributed to growth, with a strong asphalting season and improved project margins.

Financial highlights

• Revenue: NOK 12.3 billion in Q2 2026, up from NOK 11.3 billion in Q2 2025.

• Profit before tax: NOK 670 million, up from NOK 538 million year-over-year.

• Operating profit (EBIT): NOK 628 million; EBITDA: NOK 893 million.

• Operating cash flow was strong at NOK 856 million for the quarter; H1 cash flow from operations NOK 1.7 billion.

• Equity ratio stood at 13% as of June 30, 2026.

Outlook and guidance

• Order book for execution over the next 12 months is 11% higher than Q2 2025, supporting strong visibility.

• Target of maintaining a sustained profit margin above 5%.

• Market outlook remains challenging due to high construction costs, interest rates, and weak residential sales, but order book growth and increased client interest signal a more optimistic outlook.

• Ongoing uncertainty expected in the construction market; company maintains flexibility to adapt to changing conditions.

• Continued focus on selectivity, risk management, and operational improvements to drive profitability.