Despite ongoing weak activity levels in 2025, forecasts for the Scandinavian
contracting markets raise the prospect of improved conditions and new growth
from 2026 onwards.

Following a challenging 2024, in which the market shrank by 11%, forecasts
indicate a slowing of the decline to 4% in 2025. Starting in 2026, a clear
recovery is expected in the construction market, driven by increased residential
construction and ongoing high infrastructure investment across Scandinavia.

"While the market continues to feel the effects of interest rate increases and
high inflation in 2022 and 2023, we are now seeing clear signs of stabilisation.
Interest rate cuts in Sweden and rising house prices and purchasing power in
Norway give reason to believe in a gradual recovery," says Veidekke Head of
Insight and Analysis Kristoffer Eide Hoen.

"Geopolitical unrest is also creating uncertainty in the construction industry,
but previous experience suggests that the industry is considerably more
sheltered than, for example, the export industry. Other than large-scale defence
investment, it is currently difficult to identify concrete impacts in our target
markets," says Hoen.

Sweden is expected to lead the way in the predicted upturn, and Veidekke has
already observed an increase in the number of building starts involving
commercial buildings, apartments and small houses since the summer of 2024. It
is estimated that approximately half of the decline suffered by the Scandinavian
contracting markets in recent years will be recovered by the end of 2026.

For further information, please contact:
Kristoffer Eide Hoen, Head of Insight and Analysis at Veidekke ASA
Tel. +47 976 75 434 | Kristoffer.Eide.Hoen@veidekke.no

Veidekke press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
Subscribe to notifications from
Veidekke (http://veidekke.com/no/borsmeldinger/abonner-pa-meldinger/)

Veidekke is one of Scandinavia's largest contractors. In addition to undertaking
all types of building and civil engineering assignments, the group also
maintains roads and produces asphalt and aggregates. Veidekke emphasises
stakeholder involvement and local experience. Its annual turnover is
approximately NOK 41 billion, and half of its 8,000 employees own shares in the
company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit
every year since its inception in 1936.