Preliminary 2024 results for Head Energy Group

New revenue-record, slightly lower margins, strategic progress and margin improvement in H2-2024.

Head Energy Group reports preliminary 2024 revenue of mNOK 1,510, an increase of 25% compared to 2023. The profit-margin dropped slightly in 2024, due to investments in new business activities in the Construction & Infrastructure segment. However, margins improved in the second half of the year.

Preliminary 2024 figures indicate an EBITDA margin of 4.1%, down from 4.3% in 2023. The margin drop is mainly attributed to counter-cyclical investments in the Civil Construction & Infrastructure sector, including acquisitions involving restructuring costs. Furthermore, Head Energy has invested in capacity and competence-development within the Engineering segment in Norway and invested in Head Energy’s high-voltage engineering effort across Scandinavia.

EBITDA increased by approximately mNOK 10,2 in 2024, reaching mNOK 61,9 compared to 2023, despite restructuring costs of approximately mNOK 6 related to an acquisition made early 2024.

The temporary employer tax increase in Norway has reduced margins by an estimated 0.3% in the affected years of 2023 and 2024 compared to historical and current levels.

As per year-end 2024, the orderbook equals mNOK 1,503, reflecting an increase of approximately mNOK 28 compared to December 2023.

The orderbook growth is somewhat lower than in previous years, as the growth for Head Energy’s Consulting division is expected to slow-down compared to historical levels, particularly in Norway. However, the Swedish and Danish Consulting operations are expected to deliver strong growth. The Engineering segment in Norway is expected to generate solid growth, based on ongoing contracts and active tender processes. Furthermore, continued growth is expected within the Construction & Infrastructure segment in Norway, and particularly strong growth is expected in the high-voltage engineering segment across Scandinavia.

Head Energy is experiencing a positive market environment with increased overall demand across all market segments. The outlook for construction- and infrastructure-related business activities is more favorable than in recent years.

Overall, the Head Energy Group expects continued revenue growth in 2025, improved margins, further strategic progress and increased market shares.

Bergen, March 3, 2025