Letter to our stakeholders
2025 was marked by geopolitical uncertainty, shifting markets, and evolving regulations. We are fully focused on delivering to our customers and expect a continued high demand for our portfolio.
Our relevance is durable. Safe, reliable infrastructure matters in every cycle. Combined with a diversified footprint and growing service capabilities, this foundation supported resilient performance and continued growth.
Underlying operating revenue reached NOK 8 099 million and underlying EBITDA NOK 943 million, both up year on year. On an organic basis, excluding the contribution from recent M&A activities, sales increased by 1 per cent and underlying EBITDA grew by 5.6 per cent. These results reflect disciplined execution of our strategy, steady demand for quality infrastructure and services, and the early benefits of our solution platform investments.
In 2025 our strategy to build the leading European platform for road safety and infrastructure solutions advanced. Four acquisitions strengthened our core, expanded our services, and extended our geographic reach. Integration is progressing to plan, enabled by a repeatable M&A process and a strengthened training organization to embed common standards and capture synergies. A warm welcome to Total Trafikkhjelp, PMF Stalen Masten, Signalinea and GATAS, now part of the Saferoad Group.
Work continued to build a scalable, efficient growth platform. The transition to a single brand and to a single, customer-first digital platform is underway, simplifying how customers engage with us and how we operate across markets. Focus also included structuring how we tap into new technological possibilities, including AI, to advance our organisational capabilities.
Our culture is strengthening. Employee satisfaction, measured by NPS score, improved from 33.4 to 36.3. This reflects the consistency of our feedback process, regular reviews, clear action plans and follow-up, alongside our focus on leadership development and a culture for continuous improvement.
Sustainability remains integral to our strategy and value creation. In 2025, our emissions-reduction targets were validated by the Science Based Targets initiative. Cross-functional working groups dedicated to decarbonisation were launched, data systems was enhanced, and cooperation with suppliers and partners deepened to address emissions across the value chain. We remain vigilant as the regulatory landscape evolves and continue to align our roadmap with customer and societal expectations.
Thank you to our customers, partners, and suppliers for the collaboration, and to our employees for the dedication and professionalism. We enter 2026 with momentum, a stronger platform, and a firm commitment to safety, sustainability, and value creation for all stakeholders.
