Veidekke

What Veidekke does

Veidekke ASA is a publicly listed Scandinavian construction group headquartered in Oslo, founded in 1936 and listed on the Oslo Stock Exchange since 1986. The group operates across Norway, Sweden, and Denmark with approximately 8,000 employees (of whom roughly half hold shares in the company) and FY2025 turnover of NOK 43.14 billion. Its business is organised into four service lines: Construction (residential, commercial, industrial buildings), Civil Engineering and Infrastructure (roads, tunnels, bridges, railways, hydropower, wastewater treatment), Asphalt production and laying, and Road Maintenance, the latter covering roughly 13,000 km of national and county roads across 24 contract areas. The company also operates Euromining, a heavy-equipment contracting platform serving LKAB in northern Sweden acquired in 2024, and subsidiaries including Hoffmann Denmark, Seby AS, Leif Grimsrud, and Berggren & Bergman.

Revenue is generated through three principal mechanics: (1) large project-based contracts secured via competitive tendering, with individual project values ranging from NOK 100 million to over NOK 5 billion (e.g., the NOK 5.4 billion E134 Oslofjord Connection, the SEK 1.4 billion Himmerfjärdsverket treatment plant); (2) long-term, multi-year road maintenance contracts with Norwegian national and county road authorities, generating approximately NOK 2 billion annually; and (3) transactional asphalt and aggregates sales. Customers span government agencies (Bane NOR, Norwegian Public Roads Administration, Helse Sør-Øst RHF, Syvab, Avinor), real estate developers (OBOS, Stor-Oslo Eiendom, Folkhem), industrial and resource companies (LKAB, Equinor, Nortura), and energy producers (Å Energi Vannkraft, Sognekraft). The order book stood at NOK 48.1 billion at Q1 2026.

Technical differentiation is anchored in sustainability research collaborations (the ZEB Flexible Lab with NTNU and Sintef, using AI-controlled indoor climate and building-integrated photovoltaics), fossil-free construction site execution (Jåsund school), and proprietary wastewater treatment execution (Membrane BioReactor technology at Himmerfjärdsverket). Veidekke has been profitable every year since its founding, holds a net interest-bearing position of NOK 2.6 billion positive, and is pursuing a programmatic M&A strategy (Installatøren in 2026, Nord Vei og Asfalt in 2026, Euromining in 2024) to extend its integrated project delivery model into installation trades, regional asphalt, and mining-adjacent civil works.

Name

Veidekke

Legal name

Veidekke ASA

Website

https://veidekke.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Veidekke ASA is a publicly listed Scandinavian construction group (NOK 43 billion FY2025 revenue, ~8,000 employees) operating across Norway, Sweden, and Denmark in building construction, civil engineering, asphalt production, and road maintenance for government, real estate, and industrial clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Contracts: Veidekke undertakes all types of building and civil engineering assignments, generating revenue through design and build contracts, turnkey contracts, and execution contracts. Major projects range from NOK 100 million to over NOK 5 billion.
2. Road Maintenance Operations: Veidekke maintains roads and produces asphalt and aggregates. Annual revenue from road maintenance operations amounts to around NOK 2 billion, covering approximately 13,000 kilometres of national and county roads across 24 contract areas.
3. Asphalt Production and Sales: Veidekke produces asphalt and aggregates as part of its infrastructure operations. The company is strengthening its asphalt operations in Northern Norway through acquisitions.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Veidekke undertakes building and civil engineering assignments across Scandinavia, including residential, commercial, and industrial construction; infrastructure projects such as roads, tunnels, bridges, and railways; asphalt and aggregates production; and operation and maintenance of approximately 13,000 kilometres of national and county roads. The company delivers projects under design-build, turnkey, and execution contract models for public and private clients, with contract values ranging from NOK 100 million to over NOK 5 billion.

Product overview

Veidekke is one of Scandinavia's largest construction groups, offering a comprehensive portfolio of construction and civil engineering services. The core offerings include Construction Services (residential, commercial, industrial buildings), Civil Engineering and Infrastructure (roads, tunnels, bridges, railways), Asphalt production and laying operations, and Road Maintenance services (operating approximately 13,000 km of roads across Norway). The company also provides Environmental Work services. Major showcase projects include the ZEB Flexible Lab (world's most sustainable building with AI-controlled climate), Cederhusen (Stockholm's first large timber apartment building), and various tunnel projects for Bane NOR. Recent acquisitions include Euromining (mining operations in northern Sweden) and Nord Vei og Asfalt (asphalt contractor in Troms). Veidekke operates across Norway, Sweden, and Denmark with approximately 8,000 employees and annual turnover of approximately NOK 43 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Services
• Civil Engineering and Infrastructure
• Asphalt Production and Laying
• Road Maintenance Operations
• Environmental Work Services
• Euromining Heavy-Equipment Contracting
• Building Relocation Services Specialist building relocation services delivered by Veidekke subsidiary Berggren & Bergman, including the SEK 240 million Kiruna cultural buildings relocation project for LKAB involving 12 culturally historically valuable wooden buildings.
• Commercial Properties Construction Construction and renovation of commercial properties including offices, business premises, warehouses, hotels, and shopping centres, with offerings delivered under BREEAM, Green Building, LEED, and WELL environmental certification frameworks.

Quantifiable outcome

• Order book of NOK 48.1 billion ensures revenue visibility for coming years
• +4 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core and major.

• Nord Vei og AsfaltcoreStrategic or Co-development Partner · 27 March 2026Veidekke signed agreement to acquire Nord Vei og Asfalt, a Troms-based asphalt contractor with 37 employees, to strengthen asphalt operations in Northern Norway. The company reported 2025 revenue of NOK 236 million with operating profit of NOK 38 million. Transaction valued at approximately NOK 60 million on debt-free basis.
• Euromining ABcoreStrategic or Co-development Partner · 20 May 2024Veidekke acquired Euromining AB along with two subcontractors to strengthen its operations in northern Sweden's mining region. The acquisition valued at approximately NOK 500 million including a performance-based element, with Euromining's operations focused on ore loading and transporting primarily serving LKAB in the Malmfälten mining district.
• SyvabcoreStrategic or Co-development PartnerVeidekke is carrying out the Himmerfjärdsverket treatment plant renovation and extension project in Grödinge, Sweden in close collaboration with Syvab. The project is a combination of execution and turnkey contracts valued at SEK 1.4 billion.
• FolkhemcoreStrategic or Co-development PartnerVeidekke and Folkhem are collaborating on Cederhusen, Stockholm's first large apartment building in solid wood. This is a turnkey contract in collaboration for 111 cooperative apartments valued at SEK 248 million.
• OBOScoreChannel Partner/ Reseller/ DistributorVeidekke has signed multiple contracts with OBOS for residential development projects including the Glasshallene conversion in Nydalen, Oslo (NOK 600+ million) and various other residential projects.
• NTNU / SintefcoreStrategic or Co-development PartnerVeidekke co-developed the ZEB Flexible Lab with NTNU and Sintef, among the world's most sustainable buildings. The project was executed as a collaborative contract with research collaboration focused on achieving zero emissions building standards.
• LKABcoreStrategic or Co-development PartnerThrough Euromining, Veidekke serves LKAB as a significant customer in the Malmfälten mining district. Additionally, Veidekke is relocating cultural buildings for LKAB in Kiruna as part of the mining community relocation project (SEK 240 million).
• Helse Sør-Øst RHFcoreStrategic or Co-development PartnerVeidekke is collaborating on the psychiatric building (PHA South) at the New Aker Hospital in Oslo, a billion-NOK project including 27,000 m² with psychiatric emergency department, 164 inpatient treatment beds, and research areas.
• Stor-Oslo Eiendom and BRJ BoliginvestmajorStrategic or Co-development PartnerJoint development partnership for Linderudløkka residential project in Oslo, with Veidekke holding design and build contract for 241 apartments (NOK 490 million) as first phase of eventual 950-apartment development.
• Å Energi VannkraftmajorStrategic or Co-development PartnerVeidekke awarded contract to build the Øygard hydropower plant, the last of seven major hydropower projects in Åseral municipality. Contract valued at nearly NOK 580 million excluding VAT.
• LKAB (Kiruna relocation)majorStrategic or Co-development PartnerVeidekke and subsidiary Berggren & Bergman collaborating with LKAB to relocate 12 culturally historically valuable wooden buildings in Kiruna as part of the mining town's community relocation (SEK 240 million project).

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• NCC: Swedish construction and property development company with similar Nordic footprint in building construction, civil engineering, and asphalt/aggregates. Directly comparable in size and segment mix to Veidekke.
• Peab: One of Sweden's largest construction and civil engineering contractors, with strong positions in residential, commercial, and infrastructure projects across the Nordics. Highly comparable in business mix including asphalt and aggregates.
• AF Gruppen: Norwegian-based construction and civil engineering group with overlapping building, civil, and offshore/decommissioning exposure. Competes directly with Veidekke in Norwegian public and private tenders.
• Skanska: Swedish-headquartered construction and project development group with comparable scale (~SEK 170B revenue) operating across the Nordics, Europe, and the US. Closest direct peer given overlapping geographies, building/civil mix, and sustainability positioning.
• YIT: Finnish construction group focused on housing, commercial, and infrastructure across the Nordics and Baltic states. Comparable as a Nordic-focused building and infrastructure peer, though smaller than Veidekke.

Broad incumbents

• Strabag: Austrian-headquartered European construction group with significant civil engineering, road construction, and tunneling operations. Comparable as a diversified European contractor with road-building and infrastructure exposure.
• Bouygues Construction: French construction arm of Bouygues Group with building, civil engineering, and energy infrastructure operations across Europe. Comparable as a large European contractor with overlapping public-infrastructure capabilities.
• Hochtief: German-based global construction services group with strong European infrastructure and tunneling capabilities. A broader incumbent that competes with Veidekke on larger civil/tunnel projects where scale matters.

Emerging players

• Heijmans: Dutch construction and infrastructure company focused on building, civil, and road maintenance. Comparable operating model in road maintenance and public-sector contracting, though primarily active in the Netherlands rather than the Nordics.

Regional players

• Implenia: Swiss construction services provider active in buildings and civil engineering across Switzerland, Germany, Austria, and the Nordics. Comparable business model as a multi-segment general contractor in European markets.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/VeidekkeASA
• Facebookfacebook.com/veidekke.no
• LinkedInlinkedin.com/company/veidekke
• Instagraminstagram.com/veidekke

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veidekke