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Veidekke (VEI) investor relations material

Veidekke Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Revenues reached NOK 10.7 billion in Q3 2025, a 10% increase year-over-year, with growth across all three countries and record quarterly profit before tax of NOK 721 million.

  • Order book expanded to NOK 47.5 billion at quarter-end, with 57% to be executed in the next 12 months and a book-to-bill ratio of 1.2 over the past 12 months.

  • Strong operational cash flow and increased net interest-bearing assets, reflecting robust financial health.

  • All business areas contributed to the profit boost, with particularly strong performance in Infrastructure Norway and Denmark.

  • Profit per share reached NOK 4.0.

Financial highlights

  • Revenue: NOK 10.7 billion, up 10% year-over-year.

  • Profit before tax: NOK 721 million, up from NOK 616 million in Q3 2024.

  • Operating profit (EBIT): NOK 719 million (NOK 590 million in Q3 2024).

  • EBITDA: NOK 1,010 million (NOK 851 million in Q3 2024).

  • Net interest-bearing position increased to NOK 2.7 billion at quarter-end.

Outlook and guidance

  • Order book of NOK 47.5 billion provides strong visibility, with NOK 27.2 billion to be delivered in the next 12 months.

  • Construction activity is increasing in all three countries; infrastructure remains robust.

  • Market outlook remains uncertain due to high commodity prices, interest rates, and inflation, impacting investment decisions and project starts.

  • Focus remains on selectivity, execution, and cost base improvements to maintain profitability.

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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.

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