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Presentation 3 Quarter 2020 Presentation 3rd quarter 2020 12 November 2020 Jimmy Bengtsson, CEO and Jørgen Wiese Porsmyr, CFO Occupational health and safety Our primary priority Number of serious injuries Sickness absence The Veidekke house 12-month rolling, Veidekke employees, hired staff Veidekke employees Focus on culture and sub-contractors 25 5% 20 4% 15 3% 10 2% 5 1% 0 0% Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20 Q3 Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20 Q3 2 © Veidekke Highlights 3rd quarter 2020 ● Divestment of property development business completed, generating a NOK 1.1 billion book gain ● Proposed dividend of NOK 20/share from transaction and additional NOK 2,5/share for 2019 ● Revenue increase in all three countries ● Continued operations generated a good result ● Good order intake in the quarter, but uncertainty related to market development continues Veidekke has been commissioned to build a velodrome and a commercial building comprising a secondary school, preschool, offices and business premises in Asker municipality. 3 © Veidekke Financial key figures, continued operations Revenue and earnings 3rd quarter 3rd quarter: Revenue 3rd quarter: Pre-tax profit NOK billion NOK million 12 600 9 400 6 505 9.5 8.5 9.0 200 390 417 3 0 0 2018 2019 2020 2018 2019 2020 4 © Veidekke Good order book Shift away from private commercial buildings Revenue and order intake Order book Order book per segment Converted into revenue next 12 mos. 12-month rolling, NOK billion NOK billion Percentage NOK billion 100 % 40 40 36 36 36 32 80 % 32 32 28 28 28 24 24 24 60 % 20 20 20 16 16 16 40 % 12 12 12 8 8 20 % 8 4 4 4 0 0 0 % 0 Sept-18 Sept-19 Sept-20 Sept-18 Sept-19 Sept-20 Sept-18 Sept-19 Sept-20 Sept-19 Dec-19 Sept-20 Revenue Order intake Construction Norway Sweden Residential buildings Public buildings Construction Norway Sweden Infrastructure Norway Denmark Commercial buildings Transport Infrastructure Norway Denmark Industry and energy Other civil engineering 5 The order book includes construction/civil engineering projects and road maintenance contracts Road maintenance contracts © Veidekke Sustainability and climate change Veidekke is leading the way How the company impacts climate change How climate change impacts the company Climate accounting is required to understand Climate risk analysis is necessary to understand the impacts of our business on climate and our business development in light of climate change the environment. ● Veidekke will reduce greenhouse gas emissions ● Veidekke has initiated mapping of climate from its own operations by 50% by 2030 and change as a financial risk 90% by 2050 ● A pilot study conducted in 2019 for the Industrial ● Introduction of fossil-free construction sites, operation assessed physical climate risk and piloting reuse of concrete elements, extensive transition risk massive-wood production and electrification ● Veidekke is expanding the study to include of machinery assessing climate risk for the construction ● Transition to low-temperature asphalt, increased and civil engineering operations application of reused asphalt and biomass in ZEB Flexible Labs in Trondheim – a Zero Emission Building level COM, asphalt production which means that over a period of 60 years, CO2 emissions will be compensated by production of renewable energy from solar panels. Photo: m.herzog / visualis-images.com 6 © Veidekke Results Segments and group Jørgen Wiese Porsmyr, CFO 3rd quarter 2020 Revenue, results and margin Group and segments 3rd quarter 2020 3rd quarter 2019 Amounts in NOK million Revenue Pre-tax profit Margin Revenue Pre-tax profit Margin Construction Norway 3 381 118 3.5 % 3 337 112 3.4 % Infrastructure Norway 2 782 263 9.5 % 2 710 260 9.6 % Sweden 2 834 86 3.0 % 2 417 35 1.5 % Denmark/Hoffmann 635 47 7.4 % 563 37 6.5 % Other -99 -10 -74 -27 Group excl. Property development 9 534 505 5.3 % 8 952 417 4.7 % Group incl. Property development 9 832 1 170 9 392 494 Group incl. Property development, IFRS Post-tax profit 1 536 Profit per share (NOK) 11.2 8 © Veidekke Construction Norway 3rd QUARTER 2020 REVENUE AND MARGIN PER QUARTER NOK billion • Stable revenue; local variations 5 5% 3.9% 3.5% 4 4% • Up in Oslo and Bergen; down in Trondheim and Stavanger 4.2 3.6 3.6 3 3.3 3.4 3% • Profit and margin slightly up from last year 3.3% 3.4% • Improvement in units that previously have had weak results 2 2% 1 1% • Positive contribution from implemented restructuring measures 0.8% 0 0% • Negative impact from reduced revenue in some cities Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Revenue Margin (%) • Good order intake in the quarter ORDER BOOK, ORDER INTAKE AND BOOK-TO-BILL (12M) NOK billion • Segment shift since year-end 2019: Share of public buildings NOK billion increased by 16%, while share of commercial buildings 18 18 decreased by 26% 15 16.7 15 14.8 14.8 14.0 14.0 • Somewhat lower activity levels expected going forward 12 12 9 9 6 6 3 3 4.4 3.0 2.2 2.8 2.7 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Sept- Sept- Sept- 18 19 20 Order book Order intake 12m revenue 12m order intake 9 © Veidekke Infrastructure Norway 3rd QUARTER 2020 REVENUE AND MARGIN PER QUARTER PRE-TAX PROFIT 3RD QUARTER NOK billion NOK million 4 15% 245 • Stable turnover 240 9.5% 212 8.7% 202 • Increase in Civil engineering (33%) 3 10% 2 2.7 2.8 190 2.1 2.3 5% • Decline in Asphalt and Aggregates (-22%) 1 1.7 140 4.5% 0% 0 0.6% • Overall profit and margin on a par with last year -5% 90 -1 51 rd -12.2% -10% 40 • Civil engineering improved profitability; 3.1% margin for 3 quarter -2 14 -7 -3 -15% -10 • Asphalt production volume declined, but result was partially Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 2018 2019 2020 2018 2019 2020 offset by targeted measures Revenue Margin % Civil engineering Asphalt and Aggregates • Improvement initiatives continue ORDER BOOK, ORDER INTAKE AND BOOK-TO-BILL (12M)1) NOK billion • Civil engineering cost reductions largely implemented NOK billion 12 12 • Measures to improve profitability in Asphalt under implementation 9 9 • Road maintenance earnings show improvement initiatives are 8.5 8.7 7.7 7.8 taking effect 6 6 5.6 • Dual market situation 3 3 4.3 2.6 • Civil engineering has a good order book and good market, 0.8 0.6 0.8 0 0 with high activity Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Sept- Sept- Sept- 18 19 20 • Asphalt and aggregates affected by decline in asphalt volumes Order book Order intake 12m revenue 12m order intake 10 © Veidekke 1) Order book includes civil engineering projects and road maintenance contracts Sweden 3rd QUARTER 2020 REVENUE AND MARGIN PER QUARTER NOK billion • 5% revenue increase in local currency 4 2.7% 3.0% 4% 2.4 3.2 • Up in Construction Skåne and Gothenburg 2 2.6 3.3 2.8 2% 1.5% 0 0% • Low activity in Construction Stockholm 1.1% • Increased profit and margin -2 -2% -4 -5.1% -4% • Improved profitability in Construction, but Stockholm remains weak. -6 -6% Quarterly margin of 2.9% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 • Infrastructure improved profitability over last year. Revenue Margin (%) Quarterly margin of 3.2% ORDER BOOK, ORDER INTAKE AND BOOK-TO-BILL (12M) NOK billion NOK billion • Order book 15 15 • Small order book uptick in local currency 12 13.3 12.7 13.1 12 11.4 11.5 • Segment shift since year-end 2019: Commercial buildings 9 9 decreased by 15%; public buildings increased by 24% 6 6 3 3 3.6 1.8 2.9 2.6 2.7 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Sept- Sept- Sept- 18 19 20 Order book Order intake 12m revenue 12m order intake 11 © Veidekke Denmark/Hoffmann 3rd QUARTER 2020 REVENUE AND MARGIN PER QUARTER NOK million • Revenue is stable in local currency 1 200 11.2% 12% 1 000 10% • Profit and margin increase 7.4% 800 8% 6.6% 6.2% • Strong quarterly result 600 678 6% 626 653 635 563 • Portfolio profitability is good 400 5.0% 4% • Order book is stable in local currency 200 2% 0 0% • Several ongoing projects are nearing completion Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Revenue Margin (%) • Level of activity is expected to decline in 2021 due to a ORDER BOOK, ORDER INTAKE AND BOOK-TO-BILL (12M) weaker market and fewer new commercial building projects NOK billion NOK billion 6 6 3 3 2.9 2.9 2.6 2.2 2.0 0.2 0.4 1.2 0.9 0.3 0 0 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Sept- Sept- Sept- 18 19 20 Order book Order intake 12m revenue 12m order intake 12 © Veidekke Financial position Balance sheet Amounts in NOK million 30 Sept. 2020 30 Sept. 2019 31 Dec. 2019 Fixed assets 6 391 7 715 6 542 Current assets 13 827 15 641 6 522 Assets held for sale - - 8 920 Assets 20 218 23 357 21 985 Equity 5 706 3 838 3 949 Long-term debt 2 781 6 126 5 184 Short-term debt 11 732 13 393 10 520 Liabilities held for sale - - 2 331 Equity and debt 20 218 23 357 21 985 Equity ratio 28 % 16 % 18 % Return on equity (12m) 31 % 28 % 20 % Net interest-bearing position 5 507 -4 860 -2 653 13 © Veidekke Change in net interest-bearing position so far this year NOK million Cash flow from Investments and Settlement of debt Net interest-bearing Net interest-bearing operating activities other financial items and shares position as at 31 Dec.
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