Revenue growth and good results in the third quarter

AF Gruppen’s revenues were NOK 7,803 million (7,204 million) in the third quarter and NOK 22,740 million (22,043 million) year to date. Earnings before tax were NOK 398 million (289 million) in the third quarter and NOK 1,000 million (496 million) year to date. This corresponds to a profit margin of 5.1 percent (4.0 percent) in the third quarter and 4.4 percent (2.2 percent) year to date. The total order backlog was NOK 44,382 million (36,442 million) at the end of the quarter.

AF Gruppen has a solid financial position. Cash flow from operating activities was NOK 1,000 million (348 million) in the third quarter of 2025 and NOK 1,910 million (1,137 million) year to date. As of 30 September 2025, AF Gruppen had net interest-bearing receivables of NOK 524 million (-780 million). Earnings per share for the quarter were NOK 2.36 (1.85). The Board of Directors has resolved to distribute an additional dividend for the financial year 2024 of NOK 4.00 (0.00) per share.

– AF Gruppen delivers its best third quarter result ever. Most business areas report good results, and we have strong cash flow and a solid order backlog. The positive trend in safety work continues, with an LTI-1 rate of 0.2 in the quarter, says Amund Tøftum, CEO of AF Gruppen.

AF applies the same strict safety requirements to all partners and suppliers as to its own employees. Figures from subcontractors are included in the injury statistics. The LTI-1 rate for the third quarter was 0.2 (0.5). Year to date, the LTI-1 rate was 0.5 (0.5).

AF works in a systematic and targeted manner to prevent work-related absence. The sick leave rate for the third quarter was 4.4 percent (3.8 percent). Year to date, the sick leave rate was 4.5 percent (4.0 percent).

– Good project management and high professional competence are the core of our operations. We work purposefully to increase productivity while seeking to minimize climate impact. This helps reduce cost growth and enables us to successfully realize projects together with our customers, says Tøftum.

Selected highlights from the quarter:

• Business area Civil Engineering had high activity and delivered a good result in the third quarter. AF Anlegg contributed with high activity and delivered a good result. The unit has a solid project portfolio with several large projects in production. Projects maintain consistently high activity and good operations. Målselv Maskin & Transport, Stenseth & RS, and VSP delivered very good results in the third quarter, while Eiqon had weak results in the quarter.
• The Construction business area had activity at the same level as the same quarter last year, and good profitability in the third quarter. AF Byggfornyelse, AF Bygg Oslo, Haga & Berg and ÅBF delivered very good results in the third quarter. AF Bygg Østfold, Strøm Gundersen Vestfold, and HTB delivered good results. Six contracts were reported to the stock exchange in the third quarter, and the order backlog increased slightly.
• Business area Betonmast delivered increased profitability compared to the same quarter last year, with approximately the same revenues. Betonmast Røsand delivered a very good result in the quarter. Units Betonmast Oslo, Buskerud-Vestfold, Trøndelag, Innlandet, Asker og Bærum and Østfold delivered good results in the quarter. Betonmast Oslo and Boligbygg were merged as of the third quarter.
• Property had weak results in the quarter but achieved positive earnings before tax. Sales contracts for 22 (22) homes were signed in the quarter, of which AF’s share was 10 (11). Year to date, 108 (62) homes have been sold, of which AF’s share is 50 (35). 36 homes were handed over in the third quarter. There were a total of 97 (72) completed unsold units at the end of the quarter, of which AF’s share was 38 (36). Two residential projects were under production at the end of the quarter. The total number of units in production is 142, of which AF’s share is 61. This corresponds to a sales rate of 54 percent in projects under production.
• Energy and Environment had a 10 percent decline in revenues compared to the same quarter last year, and a profit margin of 5.2 percent. The demolition unit AF Decom had increased activity compared to the same quarter last year and delivered a good result in the third quarter. AF Energi had lower activity compared to the same quarter last year and delivered results somewhat below expectation this quarter. On 17 September, AF Gruppen acquired 80 percent of the shares in Eviny Solutions. The company has been renamed to AF Elkraft. The company’s balance sheet and order backlog are included from the third quarter, while the company’s results will be recognized from the fourth quarter.
• Business area Sweden had lower activity but significantly improved profitability in the third quarter compared to the same quarter last year. AF Prefab in Mälardalen, AF Härnösand Byggreturer, AF Bygg Syd and HMB delivered very good results, and Kanonaden delivered a good result in the quarter. After the end of the quarter, an agreement was signed to sell AF Prefab in Mälardalen to Centrum Pile AB. The company produces concrete piles and elements, and the sale aligns with the strategy to prioritize profitable growth in project-based operations. The sale has no material impact on the results.
• Offshore increased its activity compared to the same quarter last year but had a weak result in the third quarter. Aeron increased its activity compared to the same quarter last year and delivered a good result in the third quarter. AF Offshore Decom recorded also increased activity compared to the same quarter last year but delivered a weak result in the quarter.