Veidekke (VEI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 12.1 billion, up 6% year-over-year, with pre-tax profit at NOK 820 million (6.8% margin), and a robust order book of NOK 47.3 billion.

• Full-year revenue was NOK 43.1 billion, and pre-tax profit was NOK 2,057 million, up 22% from 2024.

• Board proposes a dividend of NOK 11.25 per share for 2025, reflecting a 98% payout ratio.

• Book-to-bill ratio of 1.1 in 2025 signals increased activity expected in 2026.

• Strong performance improvements across all business areas, especially in Norway and Sweden, driven by higher activity and improved profitability.

Financial highlights

• Q4 operating profit (EBIT) was NOK 783 million (Q4 2024: NOK 549 million); EBITDA was NOK 1,060 million (Q4 2024: NOK 877 million).

• Full-year EBIT was NOK 1,956 million (2024: NOK 1,605 million); EBITDA was NOK 3,061 million (2024: NOK 2,712 million).

• EPS for Q4 was NOK 4.7 (Q4 2024: NOK 3.2); full-year EPS was NOK 11.5 (2024: NOK 9.3).

• Net interest-bearing assets at year-end were NOK 4.0 billion, up from NOK 2.6 billion at the start of the year.

• Cash flow from operations for the year was NOK 3.3 billion (2024: NOK 2.2 billion); Q4 operating cash flow was NOK 1.5 billion.

Outlook and guidance

• The order book and book-to-bill ratio signal increased activity and revenue in 2026, but market conditions remain challenging due to high construction costs and regional variations.

• Scandinavian market expected to grow by over 4% annually in 2026/27, with strong prospects in maintenance, repair, and infrastructure.

• Updated strategy targets a long-term profit margin above 5%, annual revenue growth 2.5% above market, and continued focus on risk management and sustainability.

• Dividend policy maintained at over 70% of earnings per share distributed as dividends.