Veidekke (VEI) Q3 2025 earnings summary

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.