“Veidekke’s activities in the first quarter were, as normal, impacted by seasonal downturns in some operational units. The year-on-year decline in revenue continued, and was most marked for Construction Sweden. Profits were also down slightly, due partly to reduced revenues and partly to higher winter costs,” says Group CEO Jimmy Bengtsson.
“Positive quarterly cash flow has strengthened our financial position compared to the beginning of the year, while our high order intake and robust order book give us a strong foundation for future operations. As 2025 progresses, we expect to see revenues stabilise at last year’s levels,” says Jimmy Bengtsson.
Veidekke achieved revenues of NOK 9.0 billion in Q1 2025, compared to NOK 9.5 billion in the first quarter of 2024. The revenue decline is primarily linked to Construction Sweden, although Construction Norway also reported lower activity levels than in the same period of last year.
The quarterly pre-tax profit was impacted by the usual seasonal downturn and amounted to NOK -21 million. In Q1 2024, the group made a profit of NOK 25 million. Although Infrastructure Sweden and Denmark reported results on a par with the first quarter of last year, the other operations reported lower profits. Reduced activity levels account for the profit drop in Construction Norway and Construction Sweden, while Infrastructure Norway’s fall in profits is largely due to increased costs in the asphalt operation. Overall, the profit margin was -0.2%, compared to 0.3% in the first quarter of 2024.
The group’s quarterly order intake was NOK 12.0 billion, with approximately 30% of received orders relating to residential buildings. In contrast, the order intake in Q1 2024 was NOK 10.2 billion. At quarter-end, the order book amounted to NOK 44.4 billion, compared to NOK 41.2 billion at the same time last year and NOK 41.0 billion at the beginning of the year. Some 61% of the order book will be converted into revenue in the next 12 months.
Net interest-bearing assets totalled NOK 2.7 billion at the end of Q1 2025, compared to NOK 2.2 billion one year ago and NOK 2.6 billion at the beginning of the year. Quarterly cash flow from operational activities amounted to NOK 313 million, compared to NOK -339 million in the first quarter of last year. The improvement in cash flow is attributable to positive working capital in the Norwegian operations. The statement of financial position totalled NOK 18.2 billion at quarter-end, compared to NOK 18.0 billion in the corresponding quarter of last year and NOK 18.8 billion at the end of 2024.
The first-quarter LTI (lost time injury) rate was 3.0, compared to 2.2 in the preceding quarter and 4.6 in Q1 2024. Three serious injuries occurred during the quarter. The sick leave rate was 6.1%, compared to 5.8% in the preceding quarter and 6.4% in the first quarter of last year.
This information is subject to a disclosure duty pursuant to section 5-12 of the Securities Trading Act.
For more information, contact:
Jimmy Bengtsson, Group CEO, +47 984 70 000
Lars Erik Lund, EVP strategy and sustainability, +47 413 31 369
Jørgen Wiese Porsmyr, CFO, +47 907 59 058
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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 43 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.
| Title | File type |
| Report Q1 2025 | |
| Presentation Q1 2025 | |
| Historical financial information per Q1 2025 | xlsx |