AF Gruppen with record revenues and best result ever

AF Gruppen’s revenues were NOK 9,252 million (8,595 million) in the fourth quarter and NOK 31,992 million (30,638 million) in 2025. Earnings before tax were NOK 653 million (589 million) in the fourth quarter and NOK 1,653 million (1,085 million) in 2025. This corresponds to a profit margin of 7.1 percent (6.9 percent) in the fourth quarter and 5.2 percent (3.5 percent) for 2025. AF Gruppen had an order intake of NOK 9,587 million (12,505) in the fourth quarter, and the order backlog was NOK 44,716 million (40,351 million) as at 31 December 2025.   

AF Gruppen has a solid financial position. Cash flow from operating activities was NOK 1,128 million (1,080 million) in the fourth quarter and NOK 3,038 million (2,217 million) for the year. As at 31 December 2025, AF Gruppen had net interest-bearing receivables of NOK 1,274 million (99 million). Earnings per share for 2025 were NOK 9.99 (6.52). The Board of Directors has proposed a dividend of NOK 6.50 (5.00) per share, to be paid in the first half of 2026.  

“We are delivering our best quarter ever, with both revenues and results at record levels. It is gratifying to see strong performances, and the results are supported by high cash flow and order intake. Combined with a strong long term safety performance, we are very pleased with the close of the year,” says Amund Tøftum, CEO of AF Gruppen.

AF applies the same strict safety requirements to all partners and suppliers as to its own employees. The objective is zero serious injuries and work-related absence. Data from subcontractors are included in the injury statistics. The LTI1 rate for the fourth quarter was 0.2 (0.2). For 2025, the LTI1 rate was 0.4 (0.5). AF works systematically and purposefully to avoid work-related absence. Sick leave for the fourth quarter was 4.5 percent (4.5 percent). For 2025, the sick leave rate was 4.5 percent (4.1 percent).

Every second year, an extensive employee satisfaction survey is conducted. The last survey was carried out in November, and the results serve as an important tool for measuring job satisfaction and identifying areas for improvement. Employees give the working environment a score of 5.3 on a scale from 1-6. Competence and career development are highlighted as the most important drivers of job satisfaction, motivation and loyalty.

“At AF, we live by and for our projects. We will continue to strengthen our project management and professional expertise to increase our competitiveness in a demanding market. Our foremost competitive strength lies in developing the best teams that perform at a high level, take pride in their profession, and enjoy their work. In addition to strengthening our core business, we are seeking new growth opportunities. The acquisitions we have announced in recent months contribute specialist expertise and strengthen us in areas adjacent to our existing operations,” says Tøftum

Selected highlights from the quarter: 

• Civil Engineering increased revenues by 12% compared with the same quarter in 2025 and delivered a solid result in the fourth quarter. AF Anlegg had high activity and delivered a very good result in the quarter. AF Anlegg has a solid project portfolio with several major projects in production. The projects consistently maintain high activity and efficient operations. Målselv Maskin & Transport and Stenseth & RS also delivered very good results in the fourth quarter.
• The Construction business area had activity on the same level as in the same quarter last year, and very strong profitability in the fourth quarter. AF Byggfornyelse, AF Bygg Oslo, AF Bygg Østfold, Haga & Berg, Strøm Gundersen, Strøm Gundersen Vestfold, ÅBF and FAS delivered very good results in the fourth quarter. LAB Entreprenør and HTB delivered good results. After the end of the quarter, ÅBF entered into an agreement to acquire 70% of the shares in ByggMesteren Vest, one of Bergen’s leading players within carpentry services.
• Betonmast had lower activity but delivered solid profitability in the quarter. The units Betonmast Oslo, Trøndelag, Røsand, Innlandet, Asker og Bærum and Østfold delivered very good results in the fourth quarter. Betonmast Buskerud‑Vestfold delivered a good result in the quarter.
• Property delivered a good result in the quarter. The result was driven by two land plot sales. AF Eiendom has sold its share in the development project Rådhushagen Ski to Selvaag Bolig. In addition, LAB Eiendom has sold 100% of the shares in Sandbrogaten 11 AS to TIF Viking. Sales contracts for 9 (21) homes were signed in the quarter, of which AF’s share is 4 (8). There was a total of 122 (90) completed unsold units at the end of the quarter, of which AF’s share was 46 (42). The residential project Fagerblom at Fagerborg in Oslo was under production at the end of the quarter. The project has 82 units, of which AF’s share is 41. Sales contracts have been signed for 51 of the 82 units. This gives a sales rate for projects in production of 62%.
• Energy and Environment had revenue growth of 48% compared with the same quarter last year. The increase is mainly due to the acquisition of AF Elkraft. Profitability was very strong. AF Decom had higher activity compared with the same quarter last year and a very good result in the fourth quarter. AF Energi had lower activity compared with the same quarter last year and delivered a very good result for the quarter. AF Elkraft delivered a good result in the company’s first quarter as part of AF Gruppen. On 16 December, AF Gruppen completed the acquisition of the majority of shares in Brødrene Myhre, a contracting company whose main business is well- and energy drilling.
• The Sweden business area, which includes AF’s Swedish operations within civil engineering, construction, property and demolition, had stable activity compared with the same quarter last year and very strong profitability in the fourth quarter. Kanonaden, AF Härnösand Byggreturer and AF Bygg Syd delivered very good results in the fourth quarter, and HMB delivered a good result in the quarter. AF Projektutveckling, AF’s property development business in Sweden, had no residential projects under production and delivered a weak result in the fourth quarter. AF Prefab in Mälardalen was sold in the quarter. The sale did not have a material impact on the result.

• Offshore increased revenues compared with the same quarter in 2025 but delivered a negative result in the quarter. The weak result was affected by a project loss of approximately NOK 100 million in AF Offshore Decom. The project has been discussed in previous quarters, and all planned offshore campaigns have now been completed. Aeron increased activity compared with the same quarter last year and delivered a very good result in the fourth quarter.