“2025 ended strongly, with increased revenues and higher profits than in Q4 of last year. Our profit margin ended at 6.8%, and the Norwegian operations in particular delivered year-on-year improvements. The order book remains at a stable high level. I am particularly pleased that activity levels are continuing to pick up in Sweden,” says Group CEO Jimmy Bengtsson.
“Veidekke improved its performance in all business areas in 2025. This is linked to higher activity, better capacity utilisation and improved profitability in the project portfolio. The full-year profit margin is 4.8%, demonstrating the success of our improvement measures in recent years. Based on the group’s strong results in 2025 and robust financial position, the Board of Directors is proposing a dividend of NOK 11.25 per share for the 2025 financial year,” says Bengtsson.
“At Veidekke, we have adopted ambitious climate goals and the target of halving CO2 emissions between 2020 and 2030. Thanks to innovative solutions and thinking in our projects, we are well on track to achieve the 2030 target. However, to realise our long-term goal of net zero emissions by 2045 we will have to further intensify cooperation in our value chain,” says Bengtsson.
Veidekke generated revenues of NOK 12.1 billion in Q4 2025, up 6% from NOK 11.5 billion in the fourth quarter of 2024. Construction Norway’s revenues were stable compared to 2024, while other parts of the group had revenue increases. The strongest growth was achieved by Infrastructure Sweden, which reported increased revenues in most regions. High demand for asphalt boosted revenues for Infrastructure Norway. Activity levels were also up in the Danish business, Hoffmann, which experienced a strong order intake throughout 2025.
The fourth-quarter pre-tax profit totalled NOK 820 million, compared to NOK 558 million in Q4 2024. All operations other than Construction Sweden reported higher revenue than in 2024. Construction Norway’s revenue was on a par with Q4 2024, but strong project profitability and good capacity utilisation helped boost profits. High activity levels and better capacity utilisation also improved profits for Infrastructure Norway, Hoffmann and Infrastructure Sweden. Infrastructure Sweden also benefited from a positive non-recurring effect of NOK 65 million linked to a reduction of the additional purchase price payable for Euromining. The quarterly profit margin was 6.8%, compared to 4.9% in Q4 2024.
The group’s Q4 order intake was NOK 10.1 billion, compared to NOK 10.5 billion in the fourth quarter of last year. At quarter-end, the order book amounted to NOK 47.3 billion, compared to NOK 41.0 billion as at year-end 2024. Approximately 60% of the order book will be converted into revenue in the next 12 months.
The fourth-quarter LTI (lost time injury) rate was 3.6, compared to 5.0 in the preceding quarter and 2.2 in Q4 2024. Two serious injuries were recorded in Q4. The sick leave rate was 5.3%, compared to 4.7% in the preceding quarter and 5.8% in the fourth quarter of last year.
The group achieved total revenues of NOK 43.1 billion in 2025, compared to NOK 41.4 billion in 2024. Except in the case of Construction Sweden, revenue increased in all operations, with the infrastructure operations reporting the largest rises. In Norway, the asphalt operation achieved significantly higher volumes, while the acquisition of Euromining in northern Sweden in Q4 2024 contributed NOK 740 million in revenue in 2025.
The group’s total pre-tax profit in 2025 amounted to NOK 2 057 million, up 22% on NOK 1 683 million in 2024. The year-on-year profit improvement was driven by higher activity levels, better capacity utilisation and increased profitability across most of the group. The 2025 profit margin was 4.8%, compared to 4.1% in 2024.
Net interest-bearing assets totalled NOK 4.0 billion at year-end, compared to NOK 2.6 billion at the beginning of the year. Cash flow from operational activities amounted to NOK 3.3 billion for the year, compared to NOK 2.2 billion in 2024. The statement of financial position totalled NOK 19.6 billion at year-end, up from NOK 18.8 billion one year ago. The improvement in the balance sheet is attributable to higher activity levels and currency translation effects.
In 2025, Veidekke updated its strategy for the period to 2030. The strategy focuses on further refining the group’s positions and maintaining its disciplined approach to risk assessment in the selection and execution of projects. The group’s targets for the period are a long-term profit margin (EBT %) above 5%, annual revenue growth of 2.5% above market growth and maintenance of the existing dividend policy (> 70% of earnings per share distributed as dividends). The targets of zero serious injuries, halving greenhouse gas emissions by 2030 and net zero greenhouse gas emissions by 2045 have been maintained.
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 |
| Historical financial information per Q4 2025 | xlsx |
| Presentation Q4 2025 | |
| Report Q4 2025 |