Veidekke achieved revenues of NOK 9.0 billion in the first quarter of the year,
and a pre-tax profit of NOK -21 million. The group's order book totalled NOK
44.4 billion at quarter-end.
"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
Veidekk press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
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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.