AF Gruppen (AFG) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenues and results, supported by strong cash flow, order intake, and improved profitability, with a solid order backlog and high cash flow from operations.

• Earnings before tax rose to NOK 653 million in Q4 and NOK 1,653 million for the full year, with profit margins improving year-over-year.

• The board resolved a dividend of NOK 6.50 per share, up from NOK 5.00.

• Focused on strengthening project management, professional expertise, and exploring new growth opportunities through recent acquisitions.

Financial highlights

• Q4 revenue: NOK 9,252 million (up from NOK 8,595 million); full-year revenue: NOK 31,992 million (up from NOK 30,638 million).

• Q4 earnings before tax: NOK 653 million (up from NOK 589 million); full-year: NOK 1,653 million (up from NOK 1,085 million).

• Q4 profit margin: 7.1% (up from 6.9%); full-year: 5.2% (up from 3.5%).

• Cash flow from operations: NOK 1,128 million in Q4 and NOK 3,038 million for the year.

• Order backlog at year-end: NOK 44,716 million (up from NOK 40,351 million).

• Net interest-bearing receivables: NOK 1,274 million as of 31 December 2025.

Outlook and guidance

• High order backlog of NOK 44,716 million as of year-end supports continued activity.

• Market outlook influenced by trade tensions, high interest rates, and moderate construction activity in Norway.

• Civil engineering market expected to see moderate real growth in 2026 and 2027, with strong public investment.

• Energy and environment sector to benefit from regulatory changes and increased focus on energy efficiency.

• Offshore market expects increased decommissioning activity and new opportunities in offshore wind.