Å Energi Vannkraft has awarded Veidekke the contract to build the Øygard
hydropower plant, the last of seven major hydropower projects in the
municipality of Åseral in Agder. The assignment is an execution contract valued
at nearly NOK 580 million excluding VAT.

"Veidekke has a long and proud history of constructing hydropower plants that
deliver highly sought-after renewable energy. We are therefore very pleased to
have won the competition for the final stage of the Åseral hydropower
development. We would like to extend our sincere thanks to Å Energi Vannkraft
and look forward to starting construction work in just over a month," says Neal
Nordahl, Director of Veidekke Anlegg.

Øygard power plant will produce around 80 GWh annually, corresponding to the
energy consumption of approximately 5,000 households. When Øygard is completed,
Å Energi's total annual production in Åseral will reach roughly 1,400 GWh,
equivalent to around four percent of the annual electricity consumption in
Southern Norway (NO2).

Øygard power plant is the last of seven major hydrypower plants that Å Energi
has built in Åseral over the past decade. The total investment in these
facilities exceed NOK 3.5 billion.

- I am pleased that we have brought Veidekke on board. We look forward to
starting construction of the Øygard power plant, which will increase hydropower
production in Southern Norway while also contributing to a more robust power
system. In addition, the construction work will generate significant ripple
effects both locally and nationally," says Jan Erik Eldor, Executive Vice
President of Å Energi Vannkraft.

Veidekke's contract includes construction of a new power station at Nåvatn and a
6.6-kilometre transfer tunnel with 1.3 kilometres of auxiliary tunnels. The
project also comprises sand traps and penstocks, gate shafts, and various gates,
doors, and plugs. In addition, Veidekke will prepare the construction site for
an outdoor 132 kV switchgear facility adjacent to the power station.

Construction work will commence at the end of April, with completion scheduled
for the summer of 2029. Read more about the project
here (https://www.aenergi.no/no/nyheter/fullforer-historisk-vannkraftloft-i
-aseral).

The assignment is included in Veidekke's order backlog for the first quarter of
2026.

For further information, please contact:

Director Neal Nordahl, Veidekke Anlegg, tel. +47 90 92 44 64,
neal.nordahl@veidekke.no

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

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
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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 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.