AF Gruppen ASA

Latest Results (28.05.2026):

AF Gruppen ASA — 4th quarter 2025: AF reports a record quarter with revenues of NOK 9,252 million and earnings before tax of NOK 653 million; strong cash generation, a net positive interest-bearing receivable position and a larger order backlog underpin a robust close to 2025. The Board proposes a NOK 6.50 per‑share dividend and full‑year EPS rose to NOK 9.99.

Quarterly financials

Q4 2025 revenue NOK 9,252m (Q4 2024: 8,595m), EBT NOK 653m (589m), EBITDA NOK 856m and EBIT NOK 643m; profit margin 7.1% (6.9%). Q4 EPS was NOK 3.86 (diluted 3.83).

Full‑year results

Full‑year 2025 revenue NOK 31,992m (30,638m) and EBT NOK 1,653m (1,085m); profit margin improved to 5.2% (3.5%). Rolling ROaCE was strong at 33.7%.

Cash, balance sheet and capital return

Operating cash flow in Q4 was NOK 1,128m (full year NOK 3,038m). Net interest‑bearing receivables of NOK 1,274m at 31 Dec 2025 (i.e., a net cash/receivable position). Equity ratio 23.1%. The Board proposes a dividend of NOK 6.50 per share (up from 5.00).

Orders and backlog

Q4 order intake NOK 9,587m (Q4 2024: 12,505m); full‑year intake NOK 36,357m (28,998m). Order backlog rose to NOK 44,716m (40,351m) at year‑end.

Business‑area snapshot (Q4 2025)

Civil Engineering: revenue NOK 3,116m, EBT NOK 313m and ~10.1% profit margin; Construction: solid quarter with revenue NOK 2,410m and EBT NOK 212m; Betonmast: lower activity but good profitability (revenue NOK 1,132m, EBT NOK 107m); Property: positive quarter driven by land sales (EBT NOK 28m); Energy & Environment: revenues NOK 594m, EBT NOK 42m; Sweden: stable volumes, good margins (revenue NOK 1,511m, EBT NOK 110m); Offshore: weak result driven by project loss (revenue NOK 577m, EBT NOK -96m).

Safety, ESG and operational metrics

Safety LTI‑1 rate at 0.2 in Q4. Q4 scope 1 & 2 emissions 9,341 tCO2e (full year 35,698 tCO2e, down vs 2024), and source separation rate 97% in the quarter—highlighting progress on sustainability and circular‑economy activities.