AF Gruppen (AFG) recorded NOK 8,595 million revenues in the fourth quarter.
Profit before tax was NOK 589 million in the fourth quarter, corresponding to a
profit margin of 6.9%. Order intake was NOK 12,505 million in the fourth
quarter, resulting in a total order backlog at the end of the quarter of NOK
40,351 million.

AF Gruppen's revenues were NOK 8,595 million (8,378 million) in the fourth
quarter and NOK 30,638 million (30,530 million) in 2024. Profit before tax was
NOK 589 million (292 million) in the fourth quarter and NOK 1,085 million (700
million) in 2024. This corresponds to a profit margin of 6.9% (3.5%) in the
fourth quarter and 3.5% (2.3%) in 2024. AF Gruppen had order intake worth NOK
12,505 million (8,504 million) in the fourth quarter and the order backlog
amounted to NOK 40,351 million (41,991 million) as at 31 December 2024.   

AF Gruppen has a strong financial position. Net operating cash flow was NOK
1,080 million (855 million) in the fourth quarter and NOK 2,217 million (1,552
million) for the year. As at 31 December 2024, AF Gruppen had net
interest-bearing debt (receivable) of NOK -99 million (641 million). Earnings
per share for 2024 were NOK 6.52 (3.73). The Board of Directors proposes a
dividend of NOK 5.00 (3.50) per share to be paid out in the first half of 2025. 

"We have delivered a strong end to the year with solid profitability, cash flow
and order intake in the quarter. The Civil Engineering, Betonmast and Energy and
Environment business areas have delivered very good profitability, and Sweden
has a positive development. It is also pleasing that we have over time achieved
solid safety performances across the Group. We will continue to work diligently
and hard to ensure safety and profitability," says Amund Tøftum, CEO of AF
Gruppen. 

AF imposes the same strict safety requirements on all its partners and suppliers
as it does on its own employees. The goal is zero serious injuries and
work-related absence. Figures from subcontractors are included in the injury
statistics. The LTI-1 rate for the fourth quarter was 0.2 (0.9). The LTI-1 rate
for 2024 was 0.5 (0.8). 

AF takes a systematic and targeted approach to avoiding work-related absences.
Absence due to illness for the fourth quarter was 4.5% (4.2%). Absence due to
illness for 2024 was 4.1% (4.1%). 

"AF wants a diversified portfolio, both to meet market demand and to enable our
people to develop. Over time, we have taken on larger and more complex civil
engineering projects, and we will continue to do so. Our strong teams are
equipped to perform the most demanding jobs, and by constantly seeking new
challenges we are building up our future competitiveness," says Tøftum. 

Selected highlights from the quarter:

o Civil Engineering had a high level of activity in the fourth quarter with
revenue growth of 30% compared with the same quarter last year and delivers a
strong result. AF Anlegg had a record-high annual revenue for 2024 and delivered
a very good result for the fourth quarter. AF Anlegg has a solid project
portfolio with several major projects in production, and in general the projects
are enjoying a high level of activity and good operational performance. Målselv
Maskin & Transport, VSP and Stenseth & RS reported very good profitability in
the fourth quarter.

o The Construction business area had a slightly lower revenue than the same
quarter last year but maintained its profitability. AF Byggfornyelse, AF Bygg
Østfold, Strøm Gundersen, Strøm Gundersen Vestfold, Haga & Berg and Åsane
Byggmesterforretning delivered very good results for the fourth quarter. 

o Betonmast's revenue and profitability increased in the fourth quarter. The
profit margin for the quarter was 7.9%. The Betonmast Oslo, Trøndelag, Romerike,
Røsand, Innlandet, Asker og Bærum and Østfold units delivered very good results
for the quarter. 

o A challenging property market with high interest rates and market sentiment
characterised by uncertainty continued to contribute to low sales figures for
Property in the fourth quarter.  Sales contracts for 21 (12) homes were signed
in the quarter, of which AF's share was 8 (6). The ownership interests in the
residential project Bekkestua Have and the commercial building Baneveien 16 were
sold without significant effect on the results. There was one residential
property project in production at the end of the quarter: Rolvsrud Arena in
Lørenskog. The project has 194 units in production. Sales contracts have been
signed for 96 of them. This gives a sales ratio of 49% for commenced projects. 

o Energy and Environment maintained its revenues and good profitability in the
fourth quarter compared with the same quarter last year. AF Energi had a
significant increase in activity in the fourth quarter and delivered a good
result. AF Decom delivered a very good result for the quarter. Our environmental
activities clean up and sort different materials for recycling. AF Decom
demolished and facilitated the recycling of approximately 2,917 (2,875) tonnes
of metal in the fourth quarter. 

o The Swedish business area, which includes AF's Swedish civil engineering,
construction, property and demolition operations, saw a 21% decline in revenues
compared with the same quarter last year but a significant improvement in
profitability. Kanonaden, AF Prefab Mälardalen, AF Bygg Syd, AF Härnösand
Byggreturer and HMB delivered very good results for the quarter. The former
Betonmast Sweden companies delivered weak results for the quarter. 

o Offshore had a somewhat lower level of activity compared with the same quarter
last year. Aeron delivered substantial revenue growth in the fourth quarter
compared with the same quarter last year and had a good result for the quarter.
AF Offshore Decom saw a decline in activity in the quarter and delivered a weak
result.

For further information:
Amund Tøftum, CEO, mobile +47 920 26 712
Anny Øen, CFO, mobile +47 982 23 116,
Knut Ekern, Communications Director, mobile +47 930 02 600.
www.afgruppen.no