Veidekke
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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.
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Market update autumn 2026 summary21 Oct, 2026

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.

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Frequently asked questions

Veidekke ASA is a Norwegian construction and property development company. The Company operates in three segments: residential, industrial and services. It is involved in the business of constructing and selling new housing as well as expanding, modernizing and selling existing homes. Veidekke's industrial segment offers property development services to third parties through its Real Estate Management (REM) arm. Additionally, the Company's service segment consists of property management services to its own owners, as well as various others.  Veidekke ASA is based in Oslo, Norway.