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AF Gruppen (AFG) investor relations material
AF Gruppen Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Aug, 2025
Executive summary
Revenue reached MNOK 7,808 in Q2 2025, up from MNOK 7,651 year-over-year, with H1 revenue at MNOK 14,937.
Pre-tax profit surged to MNOK 388 in Q2 2025 from MNOK 21 in Q2 2024, and to MNOK 603 in H1 2025 from MNOK 207.
High activity and strong performance across the organization, with notable improvements in Betonmast and Sweden segments.
Result margin improved to 5.0% in Q2 2025 from 0.3% last year.
Order intake was MNOK 8,068 in Q2 and MNOK 19,078 in H1, with a record order backlog of MNOK 44,493 as of June 30, 2025.
Financial highlights
Operating profit for Q2 2025 was MNOK 390, up from MNOK 37 in Q2 2024.
Q2 EBITDA was MNOK 568 (210 YoY); H1 EBITDA was MNOK 974 (567 YoY).
Cash flow from operations was MNOK 580 in Q2 and MNOK 910 in H1 2025.
Available liquidity stood at MNOK 4,281, including a credit facility.
Net interest-bearing debt at June 30, 2025, was MNOK 263, down from MNOK 979 year-over-year.
Outlook and guidance
Market for new residential construction remains cautious, with gradual improvement expected from 2026.
Stable outlook for the construction and civil engineering market, with expected growth in Norway and Sweden in 2025–2026.
Interest rate cuts in Norway and Sweden expected to stimulate activity.
Focus remains on controlled, profitable growth, risk management, and maintaining a strong order pipeline.
Public sector demand remains a key driver for civil engineering; building market expected to recover with growth in residential and commercial segments.
Offshore EBT turnaround drivers?
Why did property development portfolio shrink?
What caused the increase in sick leave?
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Next AF Gruppen earnings date
Q3 202514 Nov, 2025
Next AF Gruppen earnings date
Q3 202514 Nov, 2025
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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.
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