Veidekke Asa

Good morning and welcome to the presentation of Veidekke's results for the fourth quarter and the whole year 2025. This time we will also, at the end of the presentation, summarize the development during the last five years and present plans and ambitions for 2030. So again, welcome to you who are here in the hall at Ulven and also to you who follow us on the internet. I will first, as usual, sum up the results from a concern perspective, before Jörgen takes us through the details of where the business area is and the financial situation, before we finally point out the direction towards 2030 for Veidekke. Finally, as usual, we will also take questions that can be sent in via veis at ir1veidekke.no. But first, the status of Veidekke's HMS work, before we dive into the rest of the results. As you can see in the graph to the left, we have had six serious injuries in the past 12 months, two of which in Q4. This is a development that is going the wrong way and that we are actually more than happy with. Om det här är en rejäl trend eller tillfälligheter, det är för tidigt att uttala sig om, men varje skada är ju än för mycket. Och en sak är säker, nu ökar vi fokus på sikkerhet i hela vejdäcket och vi ska ta oss mot låga tal igen och siktar mot null, precis som vi faktiskt klarade av i 2021. We know that good order and good planning reduces the risk of damage and also leads to increased productivity. So there are several good reasons to focus on HMS. And the most important thing is of course that no one should be injured with men for life to be working for Veidekke. In the graph to the right we see the development of healthcare. And here is the joy of seeing that half a year's focus and systematic work looks to give results now when that curve trends downwards. So let's move on to the talks. And on an orderly level, the fourth quarter is the best quarter ever. We increase the turnover, we improve the results and we exit the quarter with a high order reserve of good quality. This gives a good basis for increased activity in the future. Both the cash flow and the financial situation are strong, and that gives us the opportunity to suggest an exchange rate of 11.25 kronor per share, which corresponds to an exchange rate of almost 100%. It was on an orderly level, so then we dive further. The fourth quarter was another quarter with good activity, and the turnover increased by 6% compared to the previous year. Most of this increase comes from infrastructure businesses in Norway and Sweden and from Hoffman in Denmark. The result of the tax was 820 million and is an improvement of over 260 million compared to last year. Apart from a positive one-off effect in Infrasverige, this improvement comes from Ordinary Drift. Throughout 2025, we have had good profitability in the project portfolio. In this quarter, we see particularly strong contributions from ByggNorge, with high results in several projects in the final phase. Jörgen will now go through the details. 2025, it will be a strong year for Veidekke. We have a solid project portfolio that gives good profitability. And through the year, increased activity has given an extra help to our results. And it's both about higher turnover and that the capacity has been used better. So, on behalf of the entire Vejdeckes organisation, we are proud of the talks we are presenting today. In the last part of the presentation, we will come back to what lies behind these results, and not least what we see ahead of us in the coming years. The order entry in the quarter is at 10.1 billion and contributes to keeping the order reserve on the same level as in the third quarter with 47.3 billion. Book-to-bill is at 1.1 and it is somewhat down from last quarter but indicates continued growth in revenue in the future. The order entry in the quarter was especially good in the Swedish and Danish construction industry and in these industries the order reserve increased significantly in the course of 2025. The order reserve in ByggNorge remains somewhat stable at a high level after a good order start in the quarter. Among other things, we have been able to add two large housing projects. Also in Infrastruktur Sverige we see a stable order reserve. I infrastruktur Norge, där är bilden annorlunda. Portföljen av stora anläggsprojekt, den har ju blivit väsentligt reducerad genom 2025. Inte för att marknaden är svag, tvärtom faktiskt. Men vi har rätt och slett inte vunnit tillräckligt många av de projekt som vi har konkurrerat om. Några av dem har också blivit avlysta eller förskjutna. But there are still highlights here. The market is still strong and we have had a certain success in Q1 2026. We have won a major track contract and we are in several so-called phase 1 projects. And then we have some underlying offers that will be clarified before the summer. And as we have said earlier, we have clear ambitions to increase activity in our Norwegian construction business. So let's take a closer look at the order entry in the quarter, which has the weight against Bygg, with a good spread between all three countries. For ByggNorge, I have already mentioned that we have received two larger housing projects. One for Sällvåg on Lörenskog, and then the last step on the Grönvall quarter for Norder in Oslo. In addition, we have received several tasks in energy, water and drainage. Among other things, we will build a water treatment facility for Equinor in Öygarden outside Bergen. In Bygg Sverige we have been assigned several business projects in the quarter. B.R.A. in Gothenburg has received several to a value of about half a billion. And in Skåne we have been tasked to build the next Trinn in what is called Malmö Design Village. And for Vilborg we are also going to build university premises in Malmö to a value of about 600 million. And it's good pressure in Denmark. There have been several business projects. Hoffman will, among other things, renovate the hotel in Lyngby Storcenter and build further on the test center for Novo Nordisk. And then we will build new premises for the national police through the framework agreement that we have with the building board. On the infrastructure side, it has been calmer in the fourth quarter, but in Sweden, we got the task of the Trafikverket to continue building on what is called critical work on the Korsvägen stage, which is part of Västlänken in Gothenburg. And it is during this time that the Trafikverket prepares and carries out new negotiations after having signed the contract with the previous entrepreneur. In Infrastruktur Norge, there is a wide range of offers, not least in asphalt and roads at the same time, as we have an offer season. And there we come back with status when we put forward the first quarter in May. It is in the projects that we have the greatest opportunity to be able to influence and be active together with our customers in building better solutions for the green shift. We are, of course, interested in reporting in line with all the laws and regulations, and we do. But first and foremost, we are interested in building green and commercial solutions together with our customers that contribute to a better environment. We have countless examples to show over Scandinavia, and in this picture we show some from both Norway, Denmark and Sweden. Sissi Klein in Trondheim is an ongoing school that we recently completed together with an ambitious builder. This is a four-ton of sustainable solutions. The entire project is filled with the best kind of environmental concrete that reduces emissions by 60% and it is an extensive choice of both reuse and reuse. För Köpenhamns Kommune så gör vi arbeten på Västere Kirkegard för att säkra kyrkogården mot mera nederbörd och högre vandstand. Det här är ett av flera projekt som vi har genomfört i Köpenhamn för att säkra byn mot klimaändringar. In Mariestad, Infrasverige is building new stretches of the E20 road. In close collaboration with Trafikverket, we have developed the project with new bridge solutions that both significantly reduce climate pollution and save money. Till slut så en spännande lösning driven av Veidekke Geofundamentering där vi lagat en miljödeklaration, så kallad EPD, som visar på miljögevinsten av att genbrukas punt om och om igen. Det här sparar också både miljö och pengar och är såklart en lösning i det som kallas cirkulär ekonomi. Så där lämnar jag över till dig Jörgen som tar oss vidare. Varsågod.

Thank you. And since our projects have been going on for a long time, it's as usual a good morning from Veidekke. En omsetning i kvartalet på 12,1 milliarder kroner. Det er 5% opp fra samme kvartalet i fjor. Med det befester vi den trenden som man har sett siden Q2 i år med økende aktivitet. Aktivitetspilen i veidekket snudde litt før sommeren 2025. Resultatet 820 millioner kroner er 262 millioner. up from the same quarter last year. ByggNorge contributes with 110 of that increase. InfraNorge with 64 and InfraSverige with 85. So that's where the numbers come from. But what is most pleasant is that there is a good breadth in the performance that Veidekke has, both in Q4 and last year as a whole. At the same time, it is very clear that there are opportunities to both repeat, but also there is a lot to work with and improve. I will come back to that a little later. ByggNorge, a turnover in the quarter of 4.2 billion kroner. It's the same as it was in Q4 last year. If you remember the two previous quarters, there was an 8-9% increase in activity, both in Q2 and Q3. So it means that also here the activity trend turned before the summer. And here we are on a rising curve. You can see that from the old reserve and the built-in bill, which is positive. And the quarter has been isolated from last year, but that is a completely natural thing. If we look at where the activity has taken place in the last three quarters, there is a lot around Oslo, the central eastern area, and on the western side that it will come. Resultatet i kvartalet, 288 million kroner mot 178 i fjor, margin på 6,8 eller 6,9. Det er et veldig sterkt tall. Vi har siden de siste fire kvartalene snakket om at balansen i år i denne virksomheten står mellom en god prosjektlønnsomhet og god prosjektportefølje på den ene siden, og presse fra kapasitetskostnader og kapasitetsutnyttelse på den andre siden. Det vi kan konstatere når vi avslutter året, det er at prosjektlønnsomheten holder seg, og kapasitetsutnyttelsen øker, og så toppes det i Q4 med enkelte prosjekter i en avslutningsfase, som Ymi sa, men også av positiv avklaring av risikoforhold i porteføljen. Therefore, the margin goes up to the level it is at. If we look at the running speed of the company, we achieve 4.8% margin for the year as a whole. That is a good indication of what the performance level is all over, and what we have to work with and take further into 2026. Yearly reserve. 18 billion, down 2% in the quarter, so it is constant in the quarter. It is clearly up from where we started this year, around 14 billion kroner, bought a car at 1.2%. In practice, this means that the activity rate that we had in 2025 will remain the same in 2026. Those who follow us closely have seen that we have announced a good number of contracts in Q1, both for housing and for business. Infra-Norge, a turnover of 2.8 billion kvartals, was 2.6 in the same quarter last year. The increase comes from asphalt, which had good activity last year. Also in Q4, its volumes increased by 28% on a yearly basis. And that also gives results. You see that the results were 181 against 117 last year. An increase on a quarterly basis, evenly divided between what we call construction and what is the asphalt part of this area. On the construction part first, good performance on the track. Good performances also broadly, and an increase from last year, which is primarily due to the one-time position that was in Q4 last year. On the asphalt bit, there is a clear increase, and it is the volume consequence that also affects the asphalt side. And in the same way as in Q3. And with that, we conclude a very nice asphalt year. It is very nice to see that this company now performs at the level it does. So a flower is also sent there. The order reserve is down. It is 8.8 billion kroner. It was down about 1 billion in Q4. And it is clear, as we have said, that we have had a small order entry on large project facilities in 2025. The order entry we have had has been on drift and will remain so. And then we have a pipeline that makes us still see... We see the basics for what will happen in 2026, but we also have to work hard to achieve that. Build Sweden, turnover per quarter of 2.2 billion kroner. It is the same level in Swedish kroner as last year. If we look into the business, there is some increase in activity on the Stockholm side. There is some increase in activity in Skåne. Some decline in Gothenburg. A result in the quarter. på 66 millioner kroner. Det er litt lavere enn i fjor, altså enn i forfjor. Men 2024 så hadde vi engangsposter positivt på netto 34 millioner kroner. En prosjektutviklingsgevinster som vi hadde, som vi ikke har nå, plus noen andre forhold. Det betyr at det operative resultatet fra den virksomheten viser en tydelig fremgang. BRA Gjøteborg performs well as previous years. This quarter, we first and foremost want to emphasize that our regional business in Sweden, especially in the Stockholm area, shows positive results this quarter. Vi har jobbet lenge med en snuoperasjon, hatt negative tal. Vi skal feire at vi dette kvartalet faktisk klarer å være på plussida, og så skal vi jobbe videre derfra. And in the reserve, 7.8 billion kroner up in the quarter, up 23% for the whole year. So that indicates very clearly that here the negative activity development is broken. Here we flattened out, and here we will see some increase when we get into 2026. Infrasfære, en omsetning i kvartalet på 2,1 milliarder kroner, en økning fra i fjor, og det er jevnt fordelt over virksomheten, men spesielt på større anleggsprojekter at vi ser noe aktivitetsøkning. Resultatet er kommet til den metodiske specialøvelsen for kvartalet. Vi tar det operative resultatet først. Det ble 137 millioner kroner. Det er opp fra sist år. Da hadde vi 117. God jævn forbedring på tvers av virksomheten ligger bak det. And then comes the additional post, which is the adjustment of the earnout, i.e. the end of the purchase of Euromining, which will take place in the first half of 2027. It looks like we will pay something less than what we had set aside last year in the balance. And then the post comes at the top of the results in the quarter. A one-time post, as Jimi just said. The annual reserve is down 5% in the quarter. It is 8.6 billion. It is up from 7.7 at the start of the year. So here we see a stable, perhaps some increasing activity in 2026. Finally, Denmark, 900 million kroner in turnover, up 20% in Danish kroner from the same quarter last year. We have long talked about Denmark being a very stable and activity-based, flat-developed company. I don't know if that is what you see happening. In this quarter, there is a clear growth. And that is a broad increase in our portfolio, which performs well. Therefore, we have the results we have with 123 million kroner and energy well over time. A good portfolio. The most exciting is perhaps the development in the order reserve, which ended the year at over 4, up 30% on a yearly basis. It sounds like a lot, and it is still a lot, but it means that we have several larger projects in our portfolio than we started the year with. And it gives the basis for a still good activity, perhaps a little increasing in 2026. Financially, the balance is 19.6 billion. Last year it was at the level of 18 billion. The increase from last year is in liquidity and financial placements. While the other balance sheets are on the same level. Almost all in line. This means that we have taken the growth of the year on track, without binding additional capital and with good cash flow. This is also an important milestone in relation to how we will continue to grow the business. And the most important number is the net and interest rate position. It ended the year at 4, it started the year at 2.6, so it is 1.4 billion up through the year. And that is because we have paid out an exchange that is in May. So we have had a very strong supply chain, 1.5 billion operational supply chain in Q4 as the end of the year, which was also very strong. Apart from that, you see on the same theme, the working capital has gone down, the operating capital has gone down in the course of the year. This is an important rundown. It contributes to a good flow of cash, and we have been on hold on the investment side, which is also important. So the flow of cash bridge ends very well. Based on that, based on the results we have, and not least on the basis of our exchange policy and financial position, I suggest that the board, as you said, Jimmy, I think you said that we should pay for all the results in exchange. In Norway it is 98%, so that is the difference between Norway and Sweden. But it is a high exchange rate, and it is important for us to keep the history we have had in the last five years with an average of 99% exchange rate. So a good ending to the year, to the activity, to the results, and to the order book with a good basis for 2026. But of course, a good job is also to be done to be able to stand here and say it once again, and you will be allowed to tell us a little more about that, Ymi.

Yes, thank you very much Jörgen. These are good results that we are both happy and proud of. But what is really exciting is that there is still great potential for improvement in the track. We have at the start of 2025 completed a five-year strategy period and then it is in place to see what we have achieved in the period and lift the gaze towards 2030 and see what goals we have about that and above all how we are going to work to get there. Men det är ju klart att det är ju hela Veidekets organisation och alla ansatte som har bidragit med mycket starka prestationer som resulterat i den här fina utvecklingen som vi har fått till de senaste åren. Och jag är väldigt trygg i den drive och vilja som finns i hela Veidekke för att lyfta oss vidare mot 2030. Tack ska ni ha för det. Together with the board, the board of directors and large parts of the organization, we have spent a lot of time in the course of 2025 to step up the course towards 2030. This strategy has been named together we aim higher, because we mean that we still have great potential for improvement. This new strategy is mainly based on the strategy we have had, which has served us well and created good results. Men med tydliga ambitioner om att fortsätta förbättra lönsamheten och öka växttakten i åren som kommer. Planen är att vi ska växa lite mer än marknadsväxten på ett disciplinerat och lönsamt sätt. Disciplin betyder att vi inte kommer att gå på kompromis med våra lönsamhetsambitioner när vi söker växt. Den här växten vi söker ska i huvudsak komma organiskt, men vi trappar också upp aktiviteten för att se på strategiska uppköp och investeringar. Låt oss först ta en tillbakablick på vad vi har gjort och uppnått de senaste fem åren. Det är ingen överdrift att säga att de åren på många sätt har medfört oväntade omvärldshändelser med speciella utfordringar. Trots det har VDK utvecklats väl i perioden. In May 2021, we released our latest capital market update. We had recently completed our strategy towards 2025. An important highlight there was that we clearly put profitability before growth. We also said that we expected zero growth the first few years and then moderate growth towards 2025. Fasit är att vi har ökat omsättningen med moderata 2,5% vart år som snitt i perioden och med omtrent flat omsättning de första åren. Objektivt sett låter det inte särskilt mycket i en ekonomi med tilldels hög inflation. Men i en turbulent marknad med betydlig negativ utveckling i marknadsaktivitet i perioden så har vi lyckats öka omsättningen från 38 till 43 miljarder. In the same period, we managed to increase the collected result before the tax with almost 1 billion to a little more than 2 billion in 2025. Even if we did not really reach our target of 5% margin, we are close to a result margin of 4.8% in 2025. In the coming pictures, I will show what is behind this improvement. For this success, it has not come by itself, but it depends on that we have never let go of focusing on what we can influence and do something with, and therefore not put unnecessary energy on what we still cannot influence. And at the same time, we have worked tirelessly to improve our core processes. We have prioritized selection of the right projects, where we, with our resources and our competence, can create value both for the customer and for Veidekke. And that means, in short, to choose and try to win projects where we have the team ready at the right price and with a risk picture that we can understand and handle. We have also worked in the entire road team to improve the implementation of the projects we are working on. And in this way we have improved our ability to carry out the project on a plan or better. Det här är alltså förbättringsarbete i den skarpa änden av Veidekke kan man säga. Ute i projekten på asfaltfabrikerna och massecentren. while the next two elements are more about improvements at the operational level. I will come back to this later, but the success in selection and implementation has been an important contribution to the improvement of the results. So let's break down this result improvement to show where the improvements come from. If we look at the main sources for the improvement of the results, it is possible to divide it into four parts, at least. The main part of the result lift comes from the priorities in selection and improvement in the implementation of the project that I just talked about. But that does not mean that we take higher pay from our customers, but that we to a greater extent manage to implement these projects on the plan we have set, or better. That is to say, the project margins we are left with when we deliver the project to the customers, they have improved. Furthermore, our asphalt business in Norway has been through a snow operation. Jörgen talked about it. The effect of this work stands for almost 25% of the improvement in total and accounts for about 200 million of the increase in results. This means that we now have a satisfactory drop in invested capital in that business. Finally. At the same time, the capacity and joint costs are higher today than in 2020, even if the increase is less than the increase in wages and prices. During the period, this element has dampened the improvement of the results, which I will also come back to very soon. Finally, we see that the revenue growth has also contributed to some of the improvement of the results. Of this, two thirds come from organic growth and one third from purchases and investments. All these elements have affected the results in the period, but the effect of the project margins is significant and depends on the systematic work I talked about earlier. Now we will see how the project portfolio has developed from 2018 until today. The illustration here shows a division of the project in five equal parts. From the part with the weakest margin to the part with the best margin. And this is a picture that we have also shown in previous CMUs. We see that the average margins have improved in all groups and we have significantly fewer and fewer losses in the weakest group, while the best projects give even better margins than before. This is the effect of improved core processes and disciplined work. So even if something has gone the right way, there is still a lot of room for improvement. A part of the potential for further improvement will come from increasing the use of capacity by keeping the joint costs in check. And by joint costs we mean both low use of capacity in equipment and crew, as well as costs for staff and management of projects. The cost increase in the percentage of turnover is primarily a result of the growth being low in combination with the increase in wages and prices being high. We have and have had good cost control in the period and the cost base has increased less than inflation. And as you can see from the graph, the level has stabilized from 2023 to 2025. And actually decreased in fixed numbers since 2023. So our goal is to continue to trim the joint costs so that they increase less than the turnover. Which is also an important element in the continued improvement of the road tires. So, what are we going to do in the coming years? First and foremost, we are going to continue to build on the solid platform that we have worked on in the past years. And we are now going to continue all the stones to lift the activities that have not yet been delivered as expected. At the same time, we are going to maintain the high performance in the highly performing units and boost profitability in a few snaps in what we usually call the broad midfield. With continued good cost control, we believe that we have a good basis for growing, disciplined and profitable in the coming years. This growth should primarily come organically within the framework of our selection strategy. On the purchase and investment side, it is about completing the business with strategic purchases and investments, which can either strengthen existing businesses or establish new positions. In the previous strategy period, the purchase of Constructa in Bergen and Euromining in northern Sweden were the two largest. We have financial capacity and will to increase the pace in this area. Market-wise, we believe that the conditions for growth will be better in the future than in the period we have set behind us. Vårt eget marknadsteam väntar att den skandinaviska entreprenörmarknaden ska öka med 4% årligt i 2026 och 2027, medans vi alltså har sett flat realväxt i åren som ligger bakom oss. We expect an increase in the segment that we are already strong in, such as housing, industry and transport, but also increased pressure on rehabilitation in front of new buildings. And we see that there are high investments in infrastructure in both Norway and Sweden, not least in the field of sustainability and improvement. And in the market as a whole, there are segments that look to become especially strong drivers. For example, energy, waste and waste, a twist towards health and healthcare buildings, as well as preparedness-related projects in buildings and facilities. In addition to a great interest in land-based marine consumption and data centers. All of this is of course characterized by the big trends, such as building a more robust society in relation to climate change and geopolitical well-being, as well as technological development and demographic changes. In all, it is these markets and segments that fit our competence well, and where we are already in such projects, or are on the way to turning us into them. Men vi ska ju heller aldrig glömma att vår konkurrenskraft och vår framtidiga konkurrenskraft, den måste ständigt förtjänas och har alltid sin grund i den kundupplevelse och den kundvärde vi lyckas leverera i vart enkelt projekt som vi lämnar över till våra kunder. So, to sum up, we have seen a strong improvement in results in a market with weak growth in the strategy period that we have put behind us. And we are aiming higher towards 2030. And our ambitions are clear. With a good improvement in results in the back, we are going to go a little more on gas for growth. And the goal is to grow 2.5% more than the market growth. Without giving up on our business ambitions. In the last three years, we have increased the baseline from 3.6% to 4.8%, which means that we tighten the bow even more and set ourselves the goal that Veidekke should have a robust profitability of over 5% over time. This means that Veidekke should be a collection of high-performance units in their respective markets, which in a collective way makes Veidekke have a profitability of more than 5%. And then we are going to give an attractive exchange rate of at least 70%. Jörgen talked about that. And the fact is that in recent years we have left almost 100% exchange rate. So we believe that these are ambitious but realistic goals that will create values for our owners. And where the underlying activities, if they succeed, will be of great benefit to our customers, our employees and our cooperation partners in the coming years. So, hårt job och disciplin. Det har skapat goda resultat so far. Så det tänkte vi fortsätta med. Tack för att ni ville lyssna. Applåder. Då går vi över till Q&A både i salen och från nätet. Så går vi och ställer det här så vi har mickarna.

Simen Mortensen in DNB Karnegie and Martin Granviken in Kepler are wondering about how big a part of the margin gap in ByggNorge, which is driven by high profitability in projects in the end phase, versus underlying improvements in project mix and risk pricing. What do you see as a more normalized margin interval for 2026?

The annual margin was 4.8%, and the main elements in the improvement we saw this year, when we look at the annual basis, was the project portfolio and capacity utilization. So there was some topping in Q4 with positive project conclusions. So in Q4 the numbers affected. For the year, it was the two other elements that were the drivers. And then into 2026, we will of course be allowed to come back to that in 2026. But what we are working on now is the margin of 4.8%.

Then it's Simen Mortensen. He wonders, InfraNorge has delivered clearly better margins, partly supported by high asphalt activity in a warm Q4. How much of the improvement is structural versus weather and season driven? How should we think about the margin through 2026 in normal season driving?

I can take the technical part, and you can take the business part at the end. It is clear that in the last few weeks in a quarter, weather and weather conditions mean something. An activity increase of 28 percent. If you miss two or three weeks, you may have halved it. Over the years, I have said that weather and weather conditions mean nothing. Because the season is so long, you remember each other. But in the end, maybe half of the volume increase was better to keep. But the improvement I've gotten, as you can comment on, is structural, or a result of good work, as it's called.

And I usually say that such weather conditions mean nothing over a 24-month period. In the asphalt, it's easy to believe that it's just about weather and wind and that we manage to get... We have talked about snow operations in the asphalt in Norway for several years now. We abolished it about a year ago. It is a very strong and clear approach that has been taken in the business that has improved our performance both on the income and cost side. It is a strong job that has been done.

The order book is stable, but volume growth in the market is still moderate. You also have record margins. How do you assess the risk profile in the new order book compared to 2022 and 2023? Are there any signs of more competition pressure on the margin in the new offer?

It's always competitive pressure. With one hungry competitor, you have the competition there. But we have, and we tried to show that, we have successively over time become better at valuing and handling risk. And that's what makes the portfolio have received a boost that makes the projects that deliver on a slightly lower level have become better, while the best have become even better. So we value, with that said, compared to a couple of years ago, we value the portfolio we have now as better than it has been before.

Then it's Bengt Jonasen who congratulates with a strong conclusion on 2025. And wonders if you want to explain how much is in phase 1 now compared to the same time last year, higher or lower, and differences between segment and geography.

That was a very good, important and difficult question. Phase 1 can be a lot. If you look through the building units, you will find that they are quite unchanged. Many of the customers we are close to very dependent on the final decision, the final housing sale or the final investment will. So you have to have respect for that. So the timing for it to happen can vary, but as I said last year, Where it is a bit stronger is at Anlegg i Norge, where we have three or four projects in one phase, either in collaboration, and it is more structured in terms of public customers, so it is more of a defined process, or that awaits investment decisions. So there is perhaps a little tip up if I should look at it. I don't know if you...

I think we still have good pressure in phase 1 projects, but we don't target that. I've seen that some of our industry colleagues do, but it's not possible to find a specific definition of what a phase 1 project really is, so it's not possible to be consistent in such a report. But Jörgen mentioned something there, and then we can also note that in principle 100% of the projects that will be implemented in Denmark have been in phase 1 before. Men hur som helst, vi definierar ju, när vi tittar internt, så definierar vi ju fase 1. Det är projekter som har gått ifrån en konkurrenssituation till att vi sitter i en exklusiv förhandling med kunden. Men sen ska det lyckas så att det också blir fase 2. Och det gör det ju inte alltid.

Är det en fast politik på störelsen för annonsering av kontrakter i Newsweb på tvärs av alle land?

Yes, we try, we announce the starting point in 100 million kroner or more. So it is clear that in between there are customers who have very strong opinions about the announcement and the prices. And it says for itself that we... NCC thinks the demand for its industrial business was too low.

Are there any parts of this business that we can fit into the roadmap?

Vi fikk vel spørsmål for et år siden, og da sa vi at vi leser aviser og følger med, og vi har vel fortsatt lest aviser og følger med, så vil vi selvfølgelig ikke kommentere den type spørsmål. Det gjør vi ikke. Men vi leser avisen.

Er det for tidlig, eller kan man si noe om asfaltsesongen i 2026 etter en sterk oppgang på veidekket i 2025?

Som jag sa för en stund sedan, hur vi nu lyckas i den tillbudssäsong som är igång, där kommer vi tillbaka med status i QN i maj.

Det var det.

Okej, då säger vi tack igen till alla som har varit med och lyssnat på oss. Och på återseende senast i maj då. Tack ska ni ha.