Veidekke Asa

Good morning and welcome to the presentation of Veidekke's results for the second quarter of 2026. As usual, I will give a few comments on the results from a corporate perspective before I hand over the floor to Jørgen who will go through the details of our business area and our financial status. Finally, I will describe how we work to lift the results further by continuing to focus on what we can influence. And finally we open up for questions as usual. And it is also good to write in questions under ways on ir1vejdecke.no so we also take them at the end. But first a few words about HMS in Vejdecke. Our industry is inherently risky and it requires special attention to be able to drive production without damage. And a high level of security is something that must be shared every day. While we are here, more than 30,000 employees and partners are working on the 600 projects and facilities we have in Scandinavia. There are large machines, heavy air, high-height work, explosives and challenging waste. For to mention some of the conditions, we must be able to handle with a minimum of risk for damage. Our ambition is that everyone who works for Veidekke should come whole and free home from work every day. Our primary goal is to have zero serious injuries in the business, which we did in 2021, so it is possible. The four serious injuries we have had in the last 12 months are four too many. It is a constant job at Veidekke to learn from these events as a means to get to zero. In the graph to the right you can see the development of healthcare in Veidekke. It is still higher than expected, but we also see that the focus we have put on it seems to work. Låga skadetal och låg sjukfrånvaro är bägge tecken på god drift och effektiv produktion och därför är det alltid på vår agenda. So over to the financial. The revenue has increased by 9% in the quarter in comparison with Q2 2025. We see increased results and margin improvement in all units and the result margin in the last 12 months is now at 5%. And with a strong order entry, the order reserve increases to 55.3 billion. Litt mer in i detaljerna så ser vi här utvecklingen av huvudtalerna år för år. Körerfarten är god, omsättningen fortsätter att öka och vi har växt i så gott som alla delar av verksamheten i detta kvartalet. Resultatet för skatte var på 670 miljoner som ger en margin på 5,4%. It's a significant improvement from last year, with increased activity and better capacity utilization. At the same time, the margins in the project portfolio are stable. This applies not least to ByggNorge, which is VDK's largest business area. The asphalt season is in full swing, and so far we see higher volumes and improved profitability compared to last year. Oroligheterna runt omkring oss som har förutsakat ökade och volatila priser i råvarumarknaden är vedvaror. Men vår affärsmodell har klarat de svängningarna bra. Samlat sett så är vi nöjda med utvecklingen i kvartalet och att våra prioriteringar och vårt fokus skapar goda resultat. Order reserve is now at a historically high level with 55.3 billion. This means a buck and a bill of 1.2, which signals continued increased activity in the future. Orderingången i kvartalet är naturligt nog präglad av projektet Oslofjordförbindelsen men vi har också haft god ingång av byggprojekter i kvartalet, icke minst i Norge. Här har vi bland annat fått in flera nya boligprojekter samt att vi har fått i uppdrag att bygga och rehabilitera tre skolor som samlat sett bidrar till att orderreserven i ByggNorge har ökt till 21,4 miljarder. In the construction companies in Sweden, the order reserve is almost up from last quarter, as a result of several business projects in B.R.A. in Gothenburg. But the order reserve has been collected almost from the change of year, and our assessment is that the market is moving in the right and positive direction, but it still takes some time to get the project started. In Infrastructure Sweden, we would like to have seen some more new projects in the portfolio. It's a good market, but we've had some problems lately. Totalt sett så har vi en solid ordersituation bestående av projekt med god kvalitet och det är ju ett bra fundament för kvartalen som kommer. If we look a little closer at how the order entry in the quarter is divided, the Oslo-Fjord connection contributes to the fact that the segment Samfärdsel stands out as the largest segment in the quarter. Infrastruktur Norge has also received three new Wavid-contracts, as well as an extension of an existing contract, which collectively amounts to 1.2 billion kronor in the quarter. On the construction side, the order entry is evenly distributed between the three construction segments. Boligprojekten är i hög grad norska. De största i Oslo med omnejd, men också flera på västlandet. Medan de privata yrkesbyggena huvudsakligen är i Sverige. In Denmark, Hoffman has received two major tasks this quarter, one for the rehabilitation of office premises in Copenhagen and one for the construction of a new office building in Faxe. Under public occupational construction, I have already mentioned three school projects in Norway, which together with a housing and treatment center in Trøndelag, are about half of the order in this segment. Jørgen Wiese Porsmyr, Kristina Andersen, Lars Erik Lund, Hans Olav Sørlie, Øivind Larsen,

Kvartalet 12,3 milliarder i omsetning, 670 i resultat og 5,4% i margin. Litt om aktiviteten, Jimmy sa det var 9% opp. Med det så legger vi jo det femte kvartalet bak oss hvor vi har økt omsetning. Så fra Q2 i 2025 har vi hatt økende omsetning mellom 5 og 10%. and all areas contribute. Even more pleasant and absolutely most important is that profitability follows. A result improvement from the same quarter last year of 132 million kroner is significant, and we will go through the details in the segment images. En teknisk kommentar her er jo at andetsegmentet, som er ufordelte konsernkostnader og finans, er på et sånn normalnivå. Vi guider at den skal være 35 millioner minus i kvartalet, og den er på minus 39, så den er som den skal være. Bygg Norge er et tankskip, sa du, Jimmy. En omsetning i kvartalet på 4,2 milliarder kroner. Det er 5% opp fra samme kvartalet i fjor. Hvor er det det kommer fra? Jo, det er geografisk områdene. Øvrigaografi Øvrigaografi Øvrigaografi Øvrigaografi Resultatøkningen fra sist år er veldig tydelig, 220 millioner kroner i resultat, 60 millioner opp. Veldig hyggelig å se 5,2% marginmerke i et annet kvartal. Hva ligger bak? Jo, det er jo summen av tre ting. We have a project margin that is good, a project portfolio that is good, performance at a level with last year. We have fixed costs that show a small decline, and then mixed in with increased activity, so it is clear that then it will be a, it is a fairly strong, strong description that lies behind there. Øydreserven, 21,4, passerer 20 milliarders merke. Det var 19,8 eller no forrige kvartal. God Øydringang, både på bolig og på offentlige. Thank you very much. Infrastruktur i Norge, en omsetning på 3 milliarder, det var 2,8 det samme kvartal i fjor. Hva er det som trekker opp? Jo, det er asfaltdelen av virksomheten. I volym, 10% høyere aktivitet i den delen av veidekket i år, sammenholdt med i fjor. Øvrig område ganske stabile sammenlignet med Q2 i fjor. Resultatet, 215 millioner kroner, var 193 i fjor, og endringen fra sist år kommer på asfaltsiden, det ser dere på grafen øverst til deres høyre. Her, hvor 139 millioner kroner ble resultatet, 103 var det sist år. Aktivitetsøkningen på Asfalt har jeg allerede kommentert. Prisbildet, marginbildet, er tilfredsstillende. Og med det så legger vi første tredjedel av årets asfalt-sesong bak oss. Resterende del kommer jo i hovedsak nå i Q3, og vi har i hvert fall god fart på vei inn i det kvartalet, og så gjenstår det å prestere også nå. Øivind Larsen Bjørn Svære, omsetning i kvartalet på 2,2 milliarder kroner var 1,9 samme kvartalet i fjor, det er 22% opp i lokalvaluta. Geografisk så kommer aktivitetsøkningen først og fremst i Skåne og Stokholmsområdet. I Gøteborgsområdet har vi hatt OK aktivitet også tidligere, så det er de to andre regionene som på en måte henter seg litt inn. Resultatet, 65 million kroner ble det, det var 4,47 i samme kvartal i fjor. Hva ligger bak resultatendringen? Det er forbedringen mot i fjor, kommer nettopp fra Stockholmssiden og Skånesiden, hvor vi øker aktivitet, har tatt ned kostnader nå, og sånn sett klarer å få positive tal for tredje kvartalparad, og det er vi veldig stolte av. Out of that, we have a good business in Gothenburg. We have commented on that for a long time. We deliver on the same margins. Øivind Larsen, Lars Erik Lund, Hans Olav Sørlie, Øivind Larsen, Thank you very much. Høy aktivitet, god prosjektlønnsomhet, i også resultatøkning. 128 millioner mot 91 i fjor, det er også et tydelig løft. Utover det prosjektmessige, så har vi en litt mindre industrivirksomhet, asfaltvirksomhet i Sverige, enn det vi har i Norge, men også den viser et fint resultatløft i dette kvartalet. Øydresiden 0,7 buktebill, det er lavt, lavere enn normalt. Øydreserven 7 milliarder. Vi er normalt komfortable med situasjonen. Vi ser aktivitetsøkning i pågående prosjekter som kan kompensere for lavere øydringang. Men det er klart at dette er et segment som har hatt tydelig vekst i mange, mange år. Nå ser vi for oss en mer utflating av aktiviteten i det neste året. In the end it's Denmark. A turnover in the quarter of around 900 million. It's 7% up in local currency. It's high activity. Several projects that have been very successful. The result is recognizable from the last few years. Good project. Lønnsomhet, kostnadsdisciplin og dermed så får vi 8,9% margin og 80 millioner i resultat. Det er ikke så mange kroner i norsk valuta, men det er jo en valutaeffekt her også, så det er resultatforbedring på 12% også her. In the financial helicopter, there is a balance of around 20 billion. It has increased since yesterday. What has increased since yesterday is the cash. Øivind Larsen Øivind Larsen and it is 3.7, even though we have divided 1.5 billion kroner in the quarter behind us. So our content volume is very strong. Some of the usual project liquidity changes that are good include Øivind Larsen Thank you for watching!

Thank you very much, Jørgen. As you have seen the agreements, we have achieved a good quarter in line with our own expectations. But I also mean that VDK has more to go on, so the hard work with improvements continues. I have previously told you that we are very interested in working with what we can influence and control. And that means not least to choose a project where we have the opportunity to succeed together with the customer and where we can understand and handle the risk that comes with the assignment so that we can succeed in implementing the project on a plan or better. To work with the cost base and how we develop the organization is definitely something that we also influence ourselves, as well as not least to successfully work with and succeed in turning the units that deliver at too low a level. In the previous quarter, we have described how we work with selection and insecurity control in the supply phase. But in the next step, it is of course as important to be able to handle the insecurities for the projects that are in the order reserve. Veidekke goes out of the second quarter with a record high order reserve of over 55 billion. This is largely due to a good order entry during the last two years, with another rise in this quarter depending on Oslofjorden. Vår buktebild har legat över en sedan tredje kvartalet i 2024. Som de blå staplarna visar har vi under en längre tid haft en jämn och god tillväxt i order som ska genomföras under de kommande tolv månaderna. Ordervolymen nu för kommande tolv månader är 11 procent högre än vid utgången av andra kvartalet i fjol, vilket ger oss god visibilitet och fortsatt växt. Vi har tidigare visat hur marginbilden ser ut för Veidekkes projektportfölj när vi delar upp den i mindre delar och granskar marginalerna från de 20% svagaste projekten till de 20% starkaste. Here you can see updated figures for 2026 based on the results of today's project portfolio. This should give a good picture of the outlook for the future. The improvements we have seen over the past few years are the result of our continuous focus on selection and insecurity control. To choose the right project at the right price, have a good and systematic insecurity control and constantly improve the implementation. so att vi klarar att genomföra projekten på plan eller bättre. Och det är ju naturligtvis till fördel både för våra kunder och för Veidekke. Förbättringarna här beror alltså inte på att vi tar mer betalt av våra kunder, men i huvudsak på grund av att vi har ett bättre och mer förutsägbart genomförande. Asa, Jimmy Bengtsson, Jørgen Wiese Porsmyr, Hans Olav Sørlie, Lars Erik Lund, Hans Olav Sørlie, Lars Erik Lund, Hans Olav Sørlie, and where we can also find good commercial solutions to our customers' sustainability challenges. And it's about climate and nature, as well as social relationships and seriousness. And here I want to highlight four projects from different parts of Scandinavia that are particularly significant when it comes to climate and nature, and where our efforts and dialogue with the customer contribute to great effect for the environment. We start with the exciting project for G.C. Rieber in Bergen. Fender is an office building in Solheimsviken that has been built with massive wood and concrete with extremely low emissions. In addition, balanced ship steel is used in the construction and the ventilation material is largely reused. All this is a way to reduce the impact on the climate and nature. In Oslo we are building the nice residential quarters in the Maria quarter at OSU, Oslo S Development. This is a project with a high standard also when it comes to energy. Here we use all the experience we have and it is concrete with extremely low emissions. It is a well-made addition and it is a tool for biological diversity on the previous industrial tower. In Gothenburg, Sweden, we have built a bioenergy heating facility. Here we also use concrete with low emissions, and we have slim constructions, and here also with local handling of 70,000 tons of mass. Finally, we have an exciting rehabilitation project outside Copenhagen. This is an example of what we mean by sustainable practice that leads to competitive and commercial solutions in the project for our customers. So, summarized for the quarter, we are pleased to have achieved our ambition of a 5% margin over the past 12 months. To that end, we have increased activity in all segments. We have margin improvement on a broad front and we believe there is more to be done. And last but not least, the order entry and the order reserve is very solid. It gives good visibility forward. And the quality in the project portfolio gives good support to be able to reach our goal of a permanent result margin of over 5%. So thank you for listening to us this morning. And then we open up for questions. Please.

We have some questions from the webcast. First we have Bengt Jonasen from ABG. Congratulations with strong numbers. I was thinking of asking three questions. We are constantly reading about a crisis in the Norwegian housing market and the market for food with low activity, increased lead and poor sales. But the order reserve for Veidekke for ByggNorge is up from 19 to 21.4 billion last year. What can explain this development compared to the new electricity?

Det är ju lite kontraintuitivt faktiskt det man läser i media som Bengt påpekar i förhållande till att Veidekke har lyckats upprätta god fart i boligproduktionen under de här åren som har haft en krisestempel. Men det beror i hög grad på, kort och gott på, att vi är väldigt starka och väldigt flinka på att bygga boliger. We have a standardized way of building our homes. And when we come in early contact with the customer and can help them develop their projects in line with what is our standardization, then the project becomes feasible. And that's why we have managed to keep the speed up there. But it's a little unique.

Let's add a little metal. It's 1.20 meters. Jørgen Wiese Porsmyr Next question, weak order of infrastructure in Sweden. You pointed out increased access to new projects in Q1, and you repeat that now in Q2. Do you lose market share?

Jørgen Wiese Porsmyr, Some of the projects are quite large, and if you have a lot of work to do, it will have a very big effect in the short term. But over time, the access to projects in that market is good, and if you put in a little longer time, it will even out.

What will be the most important thing for Veidekke from a strategic perspective in the next one to two years?

We will continue to work with the improvements we have been working with for several years.

This is Simen Mortensen from DNB. Kristiansholm, you sold out of housing development to reduce capital binding and risk, but now go back in as 50% housing developers with OBOS. Is this a strategic change or a simple project, and what makes risk or rejection attractive now?

Det er jo, vi gjorde et veldig tydelig veivalg fem eller seks år tilbake, som Simen påpeker. Vi har hele tiden, etter det sagt, at vi er åpne for å gjøre enkelstående investeringer sammen med kunder, og det er det vi gjør. Det er altså en helt annen Ebit margin er nå rundt 5%, hvor mye av forbedringen er strukturell, og hvilket marginnivå mener dere er realistisk gjennom en normal syklus?

Vi har i upprepade tillfällen sagt att vårt första mål var att ta oss till 5% och nu säger vi att vårt mål är att det lyckas hålla oss över 5% så det är det vi jobbar för varje dag och det är det vi tror på.

Asfalten, marginen nådde 9,8% med 17% volymvekst og høyere lønnsomhet per ton til tross for dyrere bitumen. Kan dere kvantifisere driverne og følsomheten for nye råværesvingninger, 10-15% lavere offentlige volymer og tidligere uttømming av budsjettene mot årslutt?

Asphalt season is a third before summer and two thirds after. We managed to deliver the first third well, as we have said. We described quite thoroughly how we worked with raw material evaluation and insurance at Q1. That methodology, that focus we of course have with us in Q2. And then for others to evaluate the oil market. We experience an asphalt market where there is normally good demand. So we are not very... Our volume can always go down towards the end of the season, but that... Det er ikke større risiko der nå enn normalt. Jeg vil svare vårt på det.

Så er det et spørsmål om orderbokkvalitet. Har nye kontrakter høyere eller lavere margin enn prosjektene som nå resultatføres, og støtter orderboken en konsernmargin rundt 5% i 2027 og 2028? Hvordan vil oppstart av Oslofjordforbindelsen påvirke omsetning og margin neste 12 måneder?

The answer is yes, somewhere in the middle. The book we have supports our ambitions. And as I said in the presentation, our improvements in recent years do not mainly depend on us paying the customer better, but on us being able to carry out the project on the plan that is laid out in the contract and the contract calculation on that plan, or better. And there is still potential to become even better then.

So it's a little more technical guiding on Oslofjord. It's a seven-year project. We have said that you can share the turnover on seven, but it will be a little less the first year than a math exercise, and it will be a little less the last year. So that can be put into practice. In Reinhardt, as he called it, guiding. On segmental facilities in infrastructure in Norway, it would pull the activity up a little, but not violently. But it contributes to some activity increase.

Siste spørsmål fra Simen. Kontantstrømmen i andre kvartal inkluderte et forskudd på 550 millioner. Når og over hvor lang tid vil denne arbeidskapitaleffekten reverseres, og hvordan bør forventet prosjektets nettokontantstrømbidrag gjennom byggeperioden?

That is slowly coming back over the next seven years. And in terms of what the project has of cash flow, it should be positive with a contribution, so that we see for ourselves a so-called stable and normal development in that project in the next few years. But the cost itself will be over the contract period.

Vetle Wilhelmsen fra Sparbank 1. Ser dere noen sykliske drivere av marginforbedringen de siste årene, eller er det utelukkende strukturelt drevet av interne forbedringer?

We were on crisis headlines in the media, right? So it is clear that in such a period, and we have said this earlier and pointed out that it is a good market for purchasing by subcontractors. And it is clear that we use it just like everyone else. So it is... You are one driver that makes the margins go up during such a swing. But what is happening now, as we have said today, as Jørgen pointed out, is that increased activity and increased capacity use draws the margin in the other direction. So det pendlar lite over tid, og så er det vår uppgift å se til at summan av dem blir bra.

Så det hänger jo veldig sammen, det er vanskelig å skille om, er det det miljøet du er i, eller er det dine egne evner som på en måte slår ut? Det er jo analytisk to forskjellige forhold, men det hänger sammen. Skal vi flaipe litt med det, så går det an å si at det går an å misslykkes i dårlig marked råd.

Det var det.

Tack så mycket och vi ser inga händer i salen så då tackar vi igen för den här morgonen eller förmiddagen som Jørgen brukar påpeka och så på återseende om i vart fall ett kvartal. Tack ska ni ha!