AF Gruppen with good profitability and solid order backlog in the second quarter of 2025

Revenue was NOK 7,808 million (7,651) in the second quarter and NOK 14,937 million (14,838) for the first half of the year. Profit before tax was NOK 388 million (21) in the second quarter and NOK 603 million (207) for the first half of the year. This gave a profit margin of 5.0% (0.3%) for the second quarter and 4.0% (1.4%) for the first half of the year. AF Gruppen had an order intake of NOK 8,068 million (5,629) in the second quarter and an order backlog of NOK 44,493 million (38,253) at the end of the quarter.

“AF Gruppen has had a high level of activity in the quarter, with strong performance across the organisation. It’s encouraging with improved results in Betonmast and Sweden,” says Amund Tøftum, CEO of AF Gruppen.

Cash flow from operations was NOK 580 million (661) in the second quarter of 2025 and NOK 910 million (789) for the first half of the year. As of 30 June 2025, AF Gruppen had net interest-bearing debt of NOK 263 million (979). Earnings per share were NOK 2.49 (-0.07) in the second quarter and NOK 3.76 (1.23) for the first half of the year.

AF imposes the same strict safety requirements on all partners and suppliers as it does on its own employees. AF’s subcontractors are included in the injury statistics. The LTI-1 rate for the second quarter was 0.2 (0.4). For the first half of the year 2025, the LTI-1 rate was 0.6 (0.6).

AF works systematically and purposefully to prevent work-related absences. Sick leave for the second quarter was 4.2% (3.6%) and for the first half of the year 2025 it was 4.5% (4.1%).

“We’ve completed a quarter with strong safety performance. It’s inspiring to see the great work being done every day to ensure everyone arrive home safely. Safe and profitable project execution is the core of our business. By being a leader in project management, productivity, and adaptability, we ensure our competitiveness,” says Amund Tøftum.

Selected highlights from the quarter:

• Civil Engineering had high activity and delivered good results in the second quarter. Revenue increased by 19% compared to the same quarter last year, with a profit margin of 7.1%. AF Anlegg had high activity and good results, with a solid portfolio of large projects in production. Målselv Maskin & Transport and VSP stood out with very good profitability. Stenseth & RS also delivered good results.
• Construction had stable activity in the second quarter compared to the same quarter last year. Haga & Berg and ÅBF delivered very good results. AF Byggfornyelse, AF Bygg Oslo, AF Bygg Østfold, and Strøm Gundersen Vestfold delivered good results.
• Betonmast improved profitability compared to the same quarter last year, achieving a profit margin of 5.5%. Units such as Betonmast Buskerud-Vestfold, Boligbygg, Trøndelag, Røsand, Innlandet, Asker og Bærum, and Østfold delivered good results.
• Property had a negative result in the quarter. The residential property project Fagerblom at Fagerborg in Oslo had a successful sales launch with good sales figures. Sales contracts were signed for 61 (21) homes in the quarter, with AF’s share being 29 (10). 11 homes were handed over in the second quarter, and there were 94 (41) completed unsold units at the end of the quarter, of which AF’s share was 40 (21). One residential project was under production at the end of the quarter: Rolvsrud Arena in Lørenskog, with 95 units in production and 37 units sold, giving a sales rate of 39%.
• Energy and Environment saw a 13% decline in revenue compared to the same quarter last year, with a profit margin of 5.1%. AF Decom had slightly below-expected results, while AF Energi delivered good results. AF Gruppen signed an agreement to acquire 80% of the shares in Eviny Solutions, an engineering and contracting company specialising in electrical infrastructure. The transaction is expected to be completed by the end of the third quarter 2025.
• Sweden had lower activity but significantly improved profitability in the second quarter compared to the same quarter last year, with a profit margin of 6.2%. Kanonaden, AF Prefab in Mälardalen, and AF Härnösand Byggreturer delivered very good results, while HMB delivered good results. Order intake was NOK 2,262 million in the second quarter, and the order backlog as of 30 June 2025, was NOK 6,388 million, up from NOK 4,437 million in the same quarter last year.
• Offshore maintained activity levels compared to the same quarter last year but had weak results in the second quarter. Aeron increased activity and delivered very good results. AF Offshore Decom saw a decline in revenue and weak results compared to the same quarter last year.