Veidekke: Q1 2026 results
Veidekke achieved revenues of NOK 9.7 billion in the first quarter of 2026, and a pre-tax profit of NOK 27 million. The group's order book totalled NOK 48.1 billion at quarter-end.
"The first quarter of the year is typically the low season for several of our operations, as reflected in both revenues and profit levels. Strong momentum in the construction operations has boosted activity levels and profits compared to the same quarter last year. As regards operations with a seasonal downturn in winter, we have prepared well for the production season, which is now in full swing, and have maintained effective cost controls throughout the low season," says Group CEO Jimmy Bengtsson.
"Our strong quarterly order intake has helped maintain a large order book, and I am particularly pleased that we have won three new civil engineering projects in Norway. We ended last year in a very strong financial position, which has strengthened further thanks to our healthy first-quarter cash flow. This increases our acquisition capacity, and in Q1 Veidekke signed an agreement to purchase an asphalt plant in Troms which will strengthen our existing capacity in this segment," says Bengtsson.
Veidekke achieved revenues of NOK 9.7 billion in Q1 2026, up 7% from NOK 9.0 billion in the first quarter of 2025. With the exception of Infrastructure Norway, which reported somewhat lower civil engineering activity than last year, revenues were up across all operations compared to Q1 2025.
The first-quarter pre-tax profit totalled NOK 27 million, compared to NOK -21 million in Q1 2025. All operations other than Infrastructure Norway, which experienced reduced activity levels, reported higher profits than in 2025. Construction Norway achieved the strongest profit improvement, powered by higher activity levels and strong project portfolio profitability. Increased sales and better capacity utilisation helped boost profits for the Swedish operations and Hoffmann in Denmark. The first-quarter operating profit was NOK 39 million, up significantly compared to last year's figure of NOK -43 million. At the same time, low returns on financial investments resulted in a weak financial profit for the quarter. Overall, however, first-quarter profits were up year-on-year. The quarterly profit margin was 0.3%, compared to -0.2% in Q1 2025.
The group's Q1 order intake was NOK 11.5 billion, compared to NOK 12.0 billion in the first quarter of last year. At quarter-end, the order book amounted to NOK 48.1 billion, up from NOK 44.4 billion as at Q1 2025. Approximately 60% of the order book will be converted into revenue in the next 12 months.
The first-quarter LTI (lost time injury) rate was 3.5, compared to 3.6 in the preceding quarter and 3.0 in Q1 2025. No serious injuries were recorded in Q1. The sick leave rate was 5.3%, on a par with the preceding quarter and down from 6.1% in the first quarter of last year.
Net interest-bearing assets totalled NOK 4.6 billion as at 31 March 2026, compared to NOK 2.7 billion one year previously. Cash flow from operational activities amounted to NOK 893 million in Q1, compared to NOK 313 million in Q1 2025. The statement of financial position totalled NOK 19.0 billion at quarter -end, up from NOK 18.2 billion in Q1 2025. The improvement in the statement of financial position is attributable to an improved profit performance.
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.