AF Gruppen Achieves Record Fourth-Quarter Revenues and Strong Full-Year 2025 Performance

Breakthrough at the Sogn-Ulven cable tunnel

(IN BRIEF) AF Gruppen reported record fourth-quarter revenues of NOK 9,252 million and earnings before tax of NOK 653 million, marking its strongest quarter to date. Full-year 2025 revenues reached NOK 31,992 million with earnings before tax of NOK 1,653 million. The group maintained strong cash flow and ended the year with an order backlog of NOK 44,716 million. Civil Engineering, Construction, Energy and Environment, and Swedish operations delivered strong results, while Offshore posted a loss due to a project adjustment. The Board has proposed a dividend of NOK 6.50 per share. With solid financial performance, stable safety metrics and continued investment in growth and acquisitions, AF Gruppen closes 2025 with record performance and a robust order position.

(PRESS RELEASE) OSLO, 13-Feb-2026 — /EuropaWire/ — AF Gruppen is delivered its strongest fourth quarter on record, reporting revenues of NOK 9,252 million and earnings before tax of NOK 653 million, corresponding to a profit margin of 7.1 percent. For the full year 2025, revenues reached NOK 31,992 million, while earnings before tax totalled NOK 1,653 million, representing a margin of 5.2 percent.

The final quarter closed with the highest quarterly revenues in the company’s history, supported by solid profitability and order intake. In the fourth quarter alone, order intake amounted to NOK 9,587 million, bringing the total order backlog to NOK 44,716 million as of 31 December 2025.

AF Gruppen maintained a strong financial position throughout the year. Cash flow from operating activities was NOK 1,128 million in the fourth quarter and NOK 3,038 million for 2025. At year-end, the group reported net interest-bearing receivables of NOK 1,274 million. Earnings per share for the year were NOK 9.99, and the Board of Directors has proposed a dividend of NOK 6.50 per share to be paid in the first half of 2026.

Chief Executive Officer Amund Tøftum described the quarter as the company’s best ever, highlighting record revenues and results, strong cash flow and continued solid order intake. He also emphasised the company’s long-term focus on safety performance.

Safety metrics remained stable, with an LTI1 rate of 0.2 in the fourth quarter and 0.4 for the full year. Sick leave stood at 4.5 percent in both the quarter and the full year. AF applies the same strict safety standards to subcontractors as to its own employees.

An employee satisfaction survey conducted in November showed a strong working environment score of 5.3 out of 6, with competence and career development identified as key drivers of motivation and loyalty.

Business Area Performance

Civil Engineering increased revenues by 12 percent year-on-year in the fourth quarter and delivered solid profitability. AF Anlegg maintained high activity across several major projects, while Målselv Maskin & Transport and Stenseth & RS also produced strong results.

Construction maintained stable activity levels compared to the previous year, with very strong profitability. Units including AF Byggfornyelse, AF Bygg Oslo, AF Bygg Østfold, Haga & Berg, Strøm Gundersen, ÅBF and FAS reported very good results. After the quarter’s close, ÅBF signed an agreement to acquire 70 percent of ByggMesteren Vest in Bergen.

Betonmast experienced lower activity but achieved solid profitability, with several regional units delivering strong results.

Property generated a good quarterly result, driven largely by two land plot sales. AF Eiendom sold its share in the Rådhushagen Ski development to Selvaag Bolig, and LAB Eiendom sold Sandbrogaten 11 AS to TIF Viking. Residential sales activity continued, with 62 percent of units under production sold at the end of the quarter.

Energy and Environment posted revenue growth of 48 percent compared to the same quarter last year, primarily reflecting the acquisition of AF Elkraft. AF Decom and AF Energi delivered very strong results, while AF Elkraft reported a solid first quarter within the group. In December, AF completed the majority acquisition of Brødrene Myhre, a specialist in well and energy drilling.

Sweden, encompassing civil engineering, construction, property and demolition operations, maintained stable activity and delivered very strong profitability. Kanonaden, AF Härnösand Byggreturer and AF Bygg Syd achieved very good results. AF Prefab in Mälardalen was sold during the quarter without material financial impact.

Offshore recorded higher revenues but delivered a negative result, impacted by a project loss of approximately NOK 100 million in AF Offshore Decom. The associated offshore campaigns have now been completed. Aeron increased activity and delivered a very good quarterly result.

Looking ahead, AF Gruppen intends to further strengthen its project management capabilities and pursue new growth opportunities, supported by recent acquisitions that add specialist expertise adjacent to its core operations.

Media Contact:

Amund Tøftum
CEO
AF Gruppen
amund.toftum@afgruppen.no
+47 920 26 712

Anny Øen
CFO
AF Gruppen
Anny.Oen@afgruppen.no
+47 982 23 116

Knut Ekern
Communication Director
AF Gruppen Konsern
knut.ekern@afgruppen.no
+47 930 02 600

SOURCE: AF Gruppen