AF Gruppen ASA

Latest Results (07.12.2025):

AF Gruppen ASA — Q1 2025: The group reported slightly lower revenue of NOK 7,129 million (Q1 2024: 7,187) but improved profitability with earnings before tax of NOK 214 million (186) and a profit margin up to 3.0% (2.6). Cash flow from operations strengthened to NOK 330 million (128), net interest‑bearing receivables were NOK 290 million (versus net debt of -974 in Q1 2024), and order intake surged to NOK 11,010 million (5,472) leaving an order backlog of NOK 44,232 million (40,275) at 31 March 2025.

Key financials

Revenue: NOK 7,129m (Q1 2024: 7,187m). EBT: NOK 214m (186m). Profit margin: 3.0% (2.6%). Return on capital employed (rolling): ~24.8% (above the 20% target).

Cash flow and balance sheet

Cash flow from operations: NOK 330m (128m). Net cash and cash equivalents at period end: NOK 1,037m. Net interest‑bearing receivables (net cash) of NOK 290m vs net debt of -974m a year earlier. Available liquidity NOK 4,496m (including NOK 3,500m facilities). Equity: NOK 3,632m; equity ratio 24.2% (25.5% excl. IFRS 16).

Order intake and backlog

Strong order intake of NOK 11,010m (5,472m), supporting a healthy order backlog of NOK 44,232m (40,275m) at quarter end — a key driver of forward revenue visibility.

Notable operational/headline issue

Civil Engineering: the E4 Förbifart Stockholm contract was terminated by the Swedish authority. AF Anläggning incurred termination costs of about NOK 100m, is in legal proceedings, and the unit’s ability to win new Swedish contracts may be constrained while the dispute is ongoing.

Business area snapshot

Civil Engineering: Revenues NOK 2,366m, EBIT NOK 65m; order intake NOK 6,584m, backlog NOK 20,651m. Construction: Revenues NOK 2,114m, EBIT NOK 69m; order intake NOK 960m, backlog NOK 9,977m. Betonmast: Revenues NOK 1,044m, EBIT NOK 42m; order intake NOK 1,171m, backlog NOK 4,958m. Sweden: Revenues NOK 960m, EBIT NOK 40m; order intake NOK 1,455m, backlog NOK 5,351m. Energy & Environment: Revenues NOK 365m, EBIT NOK 18m; order intake NOK 436m, backlog NOK 1,265m. Offshore: Revenues NOK 261m, EBIT NOK 2m; order intake NOK 338m, backlog NOK 1,830m. Property: low activity — revenues NOK 5m, EBIT -8m; residential sales modest (25 contracts, AF share 11).

Other highlights

Improved profitability and liquidity position year‑on‑year, continued focus on recycling and climate targets (noted reductions in CO2 equivalents and high recycling volumes), and all covenants exclude IFRS 16 per the report.