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:

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.