Veidekke: Q3 2024 results

Veidekke achieved revenues of NOK 9.7 billion in Q3, and a pre-tax profit of NOK 616 million. The group’s order book totalled NOK 41 billion at quarter-end. The profit per share was NOK 3.4.

“Veidekke has delivered a solid third-quarter performance. The margin on the project portfolio continues to rise, and is making up for reduced activity levels. As in earlier quarters of the year, Infrastructure Norway has delivered the greatest improvement,” says Group CEO Jimmy Bengtsson.

“Our order book is strong, and the robust intake of both residential and commercial building orders indicates stable activity levels for Construction Norway in 2025. Infrastructure Norway was awarded a major new contract related to the Fornebu Line after quarter-end, and we see many interesting opportunities in the infrastructure sector going forward. In Sweden, we secured several new contracts for commercial buildings during the quarter, and the infrastructure order book remains strong,” says Bengtsson.

Veidekke’s quarterly revenues totalled NOK 9.7 billion, compared to NOK 10.4 billion in the third quarter of 2023. Revenues were down for the construction operations, but were stable elsewhere.

The third-quarter pre-tax profit amounted to NOK 616 million, up from NOK 601 million in Q3 2023. While the infrastructure operations and the Danish operation delivered higher profits, lower volumes reduced the profits of the Norwegian and Swedish construction operations. Overall, the profit margin was 6.4%, compared to 5.8% in the third quarter of 2023.

The group’s quarterly order intake was NOK 7.6 billion, compared to NOK 5.0 billion in the same period last year. At quarter-end, the order book amounted to NOK 41.0 billion, compared to NOK 40.7 billion at the same time last year and NOK 40.4 billion at the beginning of the year. Approximately 60% of the order book will be converted into revenue in the next 12 months.

Net interest-bearing assets totalled NOK 2.1 billion as at 30 September 2024, compared to NOK 1.4 billion one year earlier. Cash flow from operational activities in the first three quarters of the year amounted to NOK 1.0 billion, down from NOK 1.1 billion in the corresponding period in 2023. The statement of financial position totalled NOK 17.7 billion as at 30 September, down from NOK 18.3 billion at the same time last year.

The group’s LTI (lost time injury) rate was 2.4 in the third quarter, compared to 2.8 in the preceding quarter and 1.7 in Q3 2023. No serious injuries occurred during the quarter. The quarterly sick leave rate was 4.7%, compared to 5.3% in the preceding quarter and 5.0% in the third 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.