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AF Gruppen
AF Gruppen (AFG) investor relations material
AF Gruppen Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary13 Nov, 2026
Executive summary
Q3 revenue rose to NOK 8,881m from NOK 7,803m; EBIT increased to NOK 576m from NOK 406m, lifting operating margin to 6.5% from 5.2%.
YTD revenue reached NOK 25,910m and EBIT NOK 1,422m, with operating margin of 5.5%; operating cash flow was lower YoY at NOK 1,584m.
Backlog stood at NOK 45,958m at 30 September; Q3 order intake was NOK 5,073m. Net interest-bearing receivables were NOK 959m.
Financial highlights
Q3 EBITDA was NOK 753m (NOK 604m), EBT NOK 554m (NOK 398m) and net income NOK 424m (NOK 312m); EPS was NOK 3.33 (NOK 2.36).
YTD net income was NOK 1,074m (NOK 782m) and EPS NOK 8.16 (NOK 6.13).
Q3 operating cash flow was NOK 1,017m (NOK 1,000m); YTD cash flow was NOK 1,584m (NOK 1,910m).
Q3 order intake was NOK 5,073m (NOK 7,692m); YTD intake was NOK 27,151m (NOK 26,771m), with backlog at NOK 45,958m (NOK 44,382m).
Outlook and guidance
The operating margin target is 7%; Q3 margin was 6.5%. Priorities include diversified growth, evaluating work outside Norway, early-phase expertise and productivity gains to offset input-cost inflation.
Management cited sound contracting operations and a strong financial position as a base for organic and structural growth.
Major-project opportunities are increasing, but timing depends on funding and political decisions.
Norwegian civil engineering market growth is forecast at 0.5% in 2026, 2.3% in 2027 and -0.5% in 2028; construction market growth is forecast at 3.8%, -0.8% and 3.4%, respectively.
Housing starts are forecast at 20,000 in 2026, 22,000 in 2027 and 24,000 in 2028; recovery is expected to be gradual.
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Latest events from AF Gruppen
- Project write-downs cut earnings, while the NOK 41,991 million backlog supports activity.AFG
Q4 2023 - Q2 2026 saw record revenue, profit, and order backlog, with expanded offshore operations.AFGQ2 2026
- Record Q1 revenue and profitability, with strong order backlog and strategic growth moves.AFGQ1 2026
- Record profits and order backlog achieved, with strong segment results and robust liquidity.AFGQ2 2025
- Record results with strong growth, high margins, robust backlog, and increased dividend.AFGQ4 2025
- Record Q3 with strong growth, high order backlog, and solid profitability despite rising costs.AFGQ3 2025
- Profitability and order backlog improved, but high costs and market headwinds persist.AFGQ3 2024
- Earnings fell on offshore losses, but Civil Engineering and cash flow stayed strong.AFGQ2 2024
- Profit, cash flow, and order backlog rose, with higher margins and a proposed dividend increase.AFGQ1 2025
Next AF Gruppen earnings date
Q4 202612 Feb, 2027
AF Gruppen
Next AF Gruppen earnings date
Q4 202612 Feb, 2027
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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.