Veidekke (VEI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was NOK 11.5 billion, with a stable profit margin of 4.9% and pre-tax profit of NOK 558 million; full-year revenue reached NOK 41.4 billion, with pre-tax profit up 17% year-over-year to NOK 1,683 million.

• Order book at year-end was NOK 41.0 billion, with 60% to be executed in 2025; board proposes NOK 9.0 per share dividend for 2024, up from NOK 7.9.

• EPS for 2024 was NOK 9.3.

• Maintained profitability and project quality despite lower volumes and challenging market conditions.

Financial highlights

• Full-year 2024 revenue was NOK 41.4 billion; profit before tax NOK 1,683 million; Q4 net income attributable to shareholders NOK 430 million; Q4 EPS NOK 3.2.

• EBITDA for Q4 was NOK 877 million; full-year EBITDA NOK 2,712 million.

• Operating cash flow in Q4 was NOK 1.2 billion; full-year operational cash flow NOK 2.2 billion.

• Net investments for 2024 were NOK 796 million, down from NOK 1.4 billion in 2023.

• Equity ratio at year-end was 46%, with return on equity at 46%.

Outlook and guidance

• Order book remains robust, but short-term market outlook is weak in several operations due to high inflation, interest rates, and weak residential sales.

• Construction Norway revenues expected to stabilize in 2025; macro and market forecasts indicate stabilization and new growth from 2026.

• Continued focus on profitability, cost adaptation, and selective project execution.