Veidekke has today signed a contract with the Norwegian Public Roads
Administration to construct phase two of the E134 Oslofjord Connection road and
tunnel project. The design & build contract has a total value of NOK 5.4 billion
excluding VAT, making this the largest contract ever awarded to Veidekke.

The project comprises the expansion of the current E134 from two to four lanes
along the 14-kilometre stretch between the municipalities of Frogn and Asker in
Akershus. The scope includes, among other things, new tunnel tubes in the
Oslofjord Tunnel (7.4 kilometres), the Frogn Tunnel (1.6 kilometres) and the
Vassum Tunnel (370 metres), new tunnel portals, several major bridges and the
reconfiguration of interchange areas. In addition, the existing tunnels along
the route will be upgraded in accordance with current tunnel safety regulations.

"We are very proud that, following negotiations, our tender was assessed as the
best based on the award criteria of price, expertise and environmental
performance. We have been working on preparations for approximately two years,
and we are therefore very well prepared. This project allows us to apply our
broad construction expertise and experience in close cooperation with the
Norwegian Public Roads Administration. We are greatly looking forward to
commencing construction work," says Jimmy Bengtsson, President and CEO of
Veidekke.

On average, more than 11,000 vehicles pass through the Oslofjord Tunnel every
day, a significant proportion of which is heavy goods traffic. Tunnel closures
caused by incidents therefore have major consequences for traffic flow. The new
tunnel tube in the Oslofjord Tunnel will improve capacity, predictability and
safety for road users. Read more about the project here.

Construction work is scheduled to begin as early as this summer, with an
estimated construction period of seven years, as stated in the stock exchange
announcement regarding the contract award recommendation published on 17 March
2026.

The contract will be included in Veidekke's order backlog for the second quarter
of 2026.

For further information, please contact:

CFO Jørgen Wiese Porsmyr, tel. +47?907 59058, jorgen.wiese-porsmyr@veidekke.no

Communication Manager Helge Dieset, tel. +47 90 55 33 22,
helge.dieset@veidekke.no

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Veidekke (http://www.veidekke.com/) 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 43 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.