Veidekke (VEI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was NOK 11.5 billion, down 5% year-over-year, with a stable profit margin of 4.9%.

• Full-year 2024 revenue was NOK 41.4 billion; pre-tax profit rose 17% to NOK 1,683 million.

• Order book at year-end reached NOK 41 billion, with 60% to be executed in 2025.

• EPS for 2024 was NOK 9.3; proposed dividend is NOK 9.0 per share, a 97% payout ratio.

• Maintained profit margins and project quality despite challenging market conditions.

Financial highlights

• Q4 net income attributable to shareholders was NOK 430 million; Q4 EPS was NOK 3.2.

• EBITDA for Q4 was NOK 877 million; full-year EBITDA was NOK 2,712 million.

• Operating cash flow in Q4 was NOK 1.2 billion; full-year operational cash flow was NOK 2.2 billion.

• Equity ratio at year-end was 46%; return on equity for the past 12 months was 17%.

• Net interest-bearing assets at year-end were NOK 2.6 billion.

Outlook and guidance

• Construction Norway revenues expected to remain stable in 2025.

• Order book remains robust, but short-term outlook is weak in several operations due to high inflation, interest rates, and weak residential sales.

• Room for growth in infrastructure businesses; macro forecasts indicate market stabilisation and new growth from 2026.

• The group is focused on profitability, cost improvements, and risk management.