AF Gruppen reports strong growth and solid profitability in the second quarter of 2026
AF Gruppen (AFG) significantly increased both revenue and earnings compared with the same period last year. Revenue in the second quarter amounted to NOK 9,052 million. Operating profit was NOK 523 million in the quarter, corresponding to an operating margin of 5.8 percent. Order intake was strong, and the order backlog reached a record high NOK 49.8 billion at the end of the quarter.
Revenue amounted to NOK 9,052 million (7,808 million) in the second quarter and NOK 17,030 million (14,937 million) in the first half of the year, representing growth of 16 percent and 14 percent, respectively, compared with the same periods last year. Operating profit was NOK 523 million (390 million) in the second quarter and NOK 846 million (613 million) in the first half of the year. This resulted in an operating margin of 5.8 percent (5.0 percent) for the second quarter and 5.0 percent (4.1 percent) for the first half of the year. AF Gruppen reported an order intake of NOK 14,331 million (8,068 million) in the second quarter and an order backlog of NOK 49,765 million (44,493 million) at the end of the quarter.
- AF Gruppen delivered a quarter with strong profitability, solid order intake, and revenue growth of 16 percent compared with the second quarter of 2025. We continuously improve our project management capabilities and technical expertise to successfully deliver projects together with our customers. To undertake the largest and most complex projects in our markets, we have developed a unique breadth of expertise and execution capability. We build teams that challenge conventions and think differently, and we will continue to utilise our entrepreneurial spirit to find good solutions. This strengthens our competitiveness for the future, says Amund Tøftum, CEO of AF Gruppen.
Cash flow from operating activities amounted to NOK 221 million (580 million) in the second quarter of 2026 and NOK 567 million (910 million) for the first half of the year. As of 30 June 2026, AF Gruppen had a net interest-bearing receivable of NOK 131 million (-263 million). Earnings per share were NOK 2.99 (2.49) in the second quarter and NOK 4.83 (3.76) in the first half of the year.
AF applies the same strict safety requirements to all partners and suppliers as to its own employees. AF's subcontractors are included in the injury statistics. The LTI-1 rate for the second quarter was 0.8 (0.2). For the first half of 2026, the LTI-1 rate was 0.8 (0.6).
AF works systematically and purposefully to prevent work-related absence. Sick leave rate was 4.2 percent (4.2 percent) in the second quarter and 4.4 percent (4.5 percent) for the first half of 2026.
- Over time, we have built a diversified portfolio, and we are seeing the benefits of that strategy. During the quarter, we strengthened our position within the offshore business area through both organic growth and acquisitions. Through the acquisition of AF Claxton, we have expanded both our service offering and our geographic footprint. We will continue to strengthen our project operations and create value together with our customers, says Amund Tøftum.
Selected key points from the quarter:
- Civil Engineering maintained a high level of activity and delivered a very good result in the second quarter. Revenue increased by 7 percent compared with the same quarter last year, and the business area achieved an operating margin of 7.5 percent. Målselv Maskin & Transport, Stenseth & RS and VSP delivered very good results in the quarter. AF Anlegg maintained high activity and delivered a good result. AF Anlegg has a solid project portfolio with several large projects under production. Overall, the projects continue to maintain high activity levels and good operations.
- Construction maintained stable activity in the second quarter compared with the same period last year and achieved an operating margin of 4.8 percent. AF Byggfornyelse, Strøm Gundersen and Haga & Berg delivered very good results in the quarter. AF Bygg Oslo, AF Bygg Øst, LAB and ÅBF delivered good results.
- Betonmast achieved revenue growth of 16 percent compared with the same quarter last year and delivered an operating margin of 5.3 percent. Several business units delivered revenue growth compared with the second quarter of 2025. Betonmast Oslo, Buskerud-Vestfold, Trøndelag, Røsand, Innlandet and Østfold all delivered good results during the quarter.
- Property reported a weak result in the quarter. Sales contracts were signed for 23 (61) residential units during the second quarter, of which AF's share was 12 (29). Two residential units were handed over during the quarter. At quarter-end, there were 111 (94) completed but unsold units, of which AF's share was 42 (40). The Fagerblom residential project at Fagerborg in Oslo was under construction at the end of the quarter. The project comprises 82 units, of which AF's share is 41. Sales contracts have been signed for 53 of the 82 units, resulting in a sales ratio of 65 percent for projects currently under construction.
- Energy and Environment increased revenue by 74 percent compared with the same quarter last year and achieved an operating margin of 10.1 percent. The revenue growth was primarily driven by the acquisition of AF Elkraft. Both AF Decom and AF Elkraft maintained high activity levels and delivered very good results in the second quarter. AF Energi had lower activity compared with the same quarter last year but delivered a good result. The environmental parks recycled 80,456 tonnes (61,937 tonnes) of materials in the second quarter.
- AF’s Swedish operations achieved revenue growth of 25 percent compared with the same quarter last year and an operating margin of 5.0 percent. Kanonaden Mälardalen and AF Härnösand Byggreturer delivered very good results in the second quarter, while HMB delivered a good result. During the quarter, AF Bygg Syd completed the acquisition of 70 percent of the shares in H.A. Bygg Entreprenad.
- Offshore achieved revenue growth of 69 percent compared with the same quarter last year. The operating margin was 3.7 percent. The increase in revenue was driven by both acquisitions and organic growth. AF Offshore Decom and AF Claxton both delivered very good results in the second quarter, while Aeron reported a weak result. During the quarter, AF Gruppen completed the acquisition of Claxton Engineering Services, which was subsequently renamed AF Claxton. AF Claxton's results have been consolidated from 21 May 2026.
For further information:
Amund Tøftum, CEO, Mobile +47 920 26 712 Anny Øen, CFO, Mobile +47 982 23 116 Knut Ekern, Director of Communications, Mobile +47 930 02 600