AF Gruppen ASA

Latest Results (08.07.2026):

AF Gruppen ASA — 1st quarter 2026: Revenues rose to NOK 7,978 million (up ~12% y/y) and earnings before tax increased to NOK 318 million (from 214), lifting the profit margin to 4.0% (3.0%). The group reports stronger operating profitability, a solid net cash position and a stable order backlog while continuing selective acquisitions and business development.

Headline financials

Revenue NOK 7,978m (1Q25: 7,129m). Earnings before tax NOK 318m (214m). EBIT NOK 323m, EBITDA NOK 494m. Earnings per share NOK 1.84 (1.27).

Profitability and returns

Profit margin 4.0% (up from 3.0% a year earlier). EBITDA margin 6.2% and rolling ROaCE 33.7% — showing improved operational profitability versus 1Q25.

Cash flow and balance sheet

Cash flow from operating activities NOK 347m (330m). Net interest‑bearing receivables of NOK 1,898m (vs net receivable NOK 290m in 1Q25) — a strong net cash position. Shareholders’ equity NOK 4,555m and equity ratio 26.3% (24.2% in 1Q25).

Orders and backlog

Order backlog NOK 44,486m (44,232m at 31 Mar 2025) — broadly stable. Order intake in 1Q26 was NOK 7,748m (down from 11,010m in 1Q25).

Civil Engineering

Revenue NOK 2,732m (+15% y/y). EBT NOK 174m (88m) and operating margin 5.3% (2.8%). Order backlog NOK 16,753m. High activity and several large projects in production.

Construction and Betonmast

Construction: revenue NOK 2,268m, EBT NOK 89m, margin 3.9%. Betonmast: revenue NOK 1,079m, EBT NOK 59m, margin 5.4%. Mixed performance across units; several new sizeable contracts announced.

Energy & Environment

Revenue NOK 554m (365m), reflecting acquisitions (AF Elkraft, Brødrene Myhre) and higher activity. EBT NOK 24m. Order backlog NOK 2,732m. Business area expanding service offering in power, recycling and remediation.

Sweden

Revenue NOK 1,141m (960m) and EBT NOK 47m. Continued growth in Swedish civil engineering, construction and project development; order backlog NOK 6,668m.

Offshore and M&A

Offshore revenue NOK 325m, EBT -15m (loss). However, strong order intake of NOK 1,299m in 1Q26. AF announced a post‑quarter agreement to acquire Claxton Engineering (subject to approvals) to strengthen offshore decommissioning and engineering capabilities.

Property / Development

Property revenue minimal (NOK 3m) and EBT slightly negative (‑3m). Ongoing residential project deliveries and launches; development portfolio (Norway + Sweden) maintained but short‑term contribution limited.