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AF Gruppen (AFG) investor relations material
AF Gruppen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 2025 results with revenue of NOK 7,803 million, strong profitability, and robust cash flow, supported by high activity across most business areas.
Earnings before tax rose to NOK 398 million in Q3, compared to NOK 289 million in Q3 2024.
Order intake reached NOK 7,692 million in Q3, with a record order backlog of NOK 44,382 million as of September 30, 2025.
The board resolved an additional dividend of NOK 4.00 per share to be paid in November 2025.
Continued positive safety trend with an LTI-1 rate of 0.2 in the quarter.
Financial highlights
Q3 revenue: NOK 7,803 million (up from NOK 7,204 million year-over-year); YTD revenue: NOK 22,740 million (up from NOK 22,043 million).
Q3 earnings before tax: NOK 398 million (up from NOK 289 million); YTD: NOK 1,000 million (up from NOK 496 million).
Q3 profit margin: 5.1% (up from 4.0%); YTD: 4.4% (up from 2.2%).
Cash flow from operations was NOK 1,000 million in Q3 and NOK 1,910 million year-to-date.
Net interest-bearing receivables stood at NOK 524 million, compared to net debt of NOK -780 million a year ago.
Outlook and guidance
No significant decline in construction costs expected in the short term; higher standards and stricter requirements will keep costs elevated.
Macroeconomic environment shaped by persistent trade tensions and high interest rates, though inflation is easing.
Norwegian and Swedish central banks have started to lower policy rates, but rates remain above pre-pandemic levels.
Civil engineering market expected to remain stable, with real growth forecast for 2026.
Construction market in Norway expected to return to growth in 2025 after two years of decline.
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