Veidekke (VEI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 6% year-over-year to NOK 12.1 billion, with pre-tax profit at NOK 820 million and a 6.8% margin.

• Full-year 2025 revenue was NOK 43.1 billion, up from NOK 41.4 billion in 2024, with pre-tax profit of NOK 2.06 billion, a 22% increase year-over-year.

• Order book at year-end stood at NOK 47.3 billion, with 60% to be executed in the next 12 months.

• Board proposes a dividend of NOK 11.25 per share for 2025, reflecting a 98% payout ratio.

• Strong performance improvements were seen across all business areas, especially in Norway and Sweden.

Financial highlights

• Q4 2025 operating profit (EBIT) was NOK 783 million, up from NOK 549 million in Q4 2024.

• EBITDA for Q4 2025 was NOK 1,060 million; full-year EBITDA was NOK 3,061 million.

• Net interest-bearing position improved to NOK 4.0 billion at year-end.

• Net cash flow from operations for 2025 was NOK 3.3 billion, up from NOK 2.2 billion in 2024.

• Equity ratio at 19% and return on equity at 51% as of December 2025.

Outlook and guidance

• Order book and book-to-bill ratio indicate increased revenue and activity in 2026, though market conditions remain challenging due to high construction costs and regional variations.

• Scandinavian market expected to grow >4% annually in 2026/27, with strong prospects in infrastructure and maintenance segments.

• Long-term goals: growth 2.5% above market, EBT margin above 5%, and dividend payout above 70% of profits.

• Market outlook is cautiously optimistic, with signs of increased client interest but persistent uncertainty.