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Veidekke (VEI) investor relations material
Veidekke Market update autumn 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Market outlook
Scandinavian contractor output fell 6% in 2025, is forecast to rise 7% in 2026 and 3% in 2027, then remain flat in 2028 at current prices.
Growth forecasts for 2026 were raised from 6% to 7%, and for 2027 from 1% to 3%, compared with the spring outlook.
Production growth forecast for 2026: Norway 7%, Sweden 9% and Denmark 6%; for 2027: Norway 3%, Sweden 4% and Denmark 2%.
The 2025 Scandinavian market is estimated at ~NOK 860bn, ~NOK 50bn below the previous estimate, mainly due to currency effects and a lower revised Swedish market level.
Macroeconomic conditions
Brent oil again exceeded $100/bbl in the past month; low European gas inventories and LNG supply disruptions are adding pressure to energy and construction input costs.
Economic outlooks diverge: Sweden is recovering, Denmark’s strong 2026 growth is largely pharmaceutical-led, Norway’s growth is moderate, and the euro area is weaker.
Household purchasing power is improving in Norway and Sweden; gradual labour-market improvement may support housing demand and renovation activity.
Building markets
H1 2026 residential orders: Norway fell 7% YoY to NOK 30.2bn; Sweden rose 39% to NOK 61.1bn, with Greater Stockholm the largest contributor.
Norwegian apartment sales over the 12 months to Aug 2026 were ~10,000, slightly below the prior-year period; residential production is still forecast to decline, with recovery delayed by higher interest rates and unsold units.
H1 2026 private commercial-building orders: Norway rose 23% to NOK 35.3bn; Sweden fell 11% to NOK 42.3bn. Commercial buildings are growing in Norway, while Sweden is weaker, particularly in industrial and logistics segments.
H1 2026 public-building orders rose 127% in Norway to NOK 31.7bn, with hospitals driving about two-thirds of the increase; Sweden rose 26% to NOK 29.8bn. Growth is led by hospitals, cultural buildings and sports facilities.
Denmark H1 2026 private-building orders rose 21% to NOK 50.8bn; public-building orders rose 4% to NOK 10.1bn.
- Revenue up 9%, profit margin at 5.4%, and order book reached NOK 55.3 billion.VEI
Q2 2026 - Q4 2025 delivered strong growth, high margins, and a record order book, with a robust dividend proposal.VEI
Q4 2025 - Revenue up 7%, profit improved, and order backlog reached NOK 48.1 billion.VEI
Q1 2026 - Scandinavian construction rebounds in 2026, with infrastructure and residential growth leading the way.VEI
Spring market update 2026 presentation - Record revenue and profit, robust order book, and positive outlook despite market uncertainty.VEI
Q3 2025 - Market recovery expected from 2026, led by residential and infrastructure growth.VEI
Autumn Market Update 2025 Presentation - Revenue, profit, and order book hit new highs in Q2 2025 despite market headwinds.VEI
Q2 2025 - Civil engineering and infrastructure drive recovery as construction markets stabilize and costs level off.VEI
Autumn Market Update 2024 Presentation - Profit up 17%, stable NOK 41.0bn order book, NOK 9.0 dividend proposed.VEI
Q4 2024
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