Slides
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> NORDECON Investor presentation Q2 2026
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2 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY BUSINESS MODEL
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3 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY The group will grow, mostly organically, with a focus on efficient use of resources . In Estonia, we will operate in the building and infrastructure construction as well as housing development segments . In foreign markets (Ukraine, Sweden ) , we will compete as a general contractor and a provider of concrete works . BUSINESS LINES AND MARKETS STRATEGIC AGENDA FOR 20 23 - 202 7 We will provide our people with a modern and inspiring work environment and a motivation system that fosters collaboration and initiative . We will improve our profitability by planning and managing our design and construction operations more precisely . We will streamline our work and decision - making processes by implementing modern digital solutions . We will maintain the order books of our different operating segments in balance . We will set our sustainable development goals and adopt an action plan to achieve them . ACTIVITIES Revenue will grow by at least 5 % per year . Operating margin for the year will be consistently above 3 % . Operating profit per employee will increase to at least € 10 thousand per year . We will deliver a strong dividend yield for Nordecon’s shareholders . FINANCIAL TARGETS
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4 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY Public buildings SAKU PRIMARY SCHOOL AND SPORTS COMPLEX • Location: Saku, Estonia • Completed: 202 5 • Architects : Salto Arhitektid • Contractor: Nordecon AS • Client: Saku Vallavalitsus
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5 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY The group’s revenue for the first half of 2026 was € 126 , 913 thousand, approximately 37 % higher than in the first half of 2025 , when revenue amounted to € 92 , 638 thousand . The Buildings segment generated revenue of € 99 , 078 thousand and the Infrastructure segment generated revenue of € 27 , 815 thousand . The corresponding figures for the first half of 2025 were € 82 , 127 thousand and € 10 , 501 thousand, respectively . PERIOD IN BRIEF The group’s operating profit for the first half of 2026 amounted to € 2 , 472 thousand (H 1 2025 : € 2 , 117 thousand) . EBITDA was € 3 , 844 thousand (H 1 2025 : € 3 , 435 thousand) . In the first half of 2026 , the Nordecon group delivered a gross profit of € 5 , 920 thousand ( H 1 2025 : € 5 , 450 thousand) and a gross margin of 4 . 7 % ( H 1 2025 : 5 . 9 % ) . The gross margin of the Buildings segment was 7 . 1 % ( H 1 2025 : 7 . 4 % ) . T he gross margin of the Infrastructure segment was 0 . 4 % , improv ing compared with the ( 0 . 5 ) % in the first half of 2025 . The group’s administrative expenses for the first half of 2026 were € 3 , 359 thousand . Compared to the same period in 2025 , administrative expenses increased by around 9 % (H 1 2025 : € 3 , 072 thousand), mainly due to growth in staff costs and expenses on services and materials . The ratio of administrative expenses to revenue ( 12 months rolling) decreased year on year, declining to 2 . 9 % (H 1 2025 : 3 . 8 % ) . At 30 June 2026 , the group’s order book stood at € 324 , 374 thousand, reflecting a 7 % increase year on year . In the first half of the year, we signed new contracts for € 181 , 652 thousand (H 1 2025 : € 172 , 236 thousand), of which € 25 , 864 thousand in the second quarter (Q 2 2025 : € 60 , 960 thousand) . In the first half of 2026 , the group’s operating activities produced a net cash inflow of € 3 , 699 thousand (H 1 2025 : an inflow of € 2 , 950 thousand) . The items with the strongest impact were cash receipts from customers and cash paid to suppliers, which increased due to revenue growth .
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6 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY Commercial buildings GOLDEN GATE OFFICE BUILDING • Location: Tallinn, Estonia • Completed: 202 5 • Architects : Arhitekt 11 • Contractor: Nordecon AS • Client: Rotermann City OÜ
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 7 REVENUE In the first half of 2026 , t he Buildings segment generated revenue of € 99 , 078 thousand and the Infrastructure segment generated revenue of € 27 , 815 thousand . The corresponding figures for the first half of 2025 were € 82 , 127 thousand and € 10 , 501 thousand, respectively . Both segments increased their revenue : the Buildings segment by 21 % and the Infrastructure segment by 165 % . 0 30 000 60 000 90 000 120 000 150 000 180 000 210 000 240 000 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue (ttm, th. euros) Revenue (quarterly, th. euros) Revenue (quarterly) Revenue (ttm)
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 8 OPERATING PROFIT In the first half of 2026 , Nordecon delivered a gross profit of € 5 , 920 thousand (H 1 2025 : € 5 , 450 thousand) . Compared to the same period in 2025 , the group’s gross profit increased by 9 % , driven by revenue growth . Rising input prices and the composition of the project portfolio continued to impact profitability - gross margin decreased to 4 . 7 % (H 1 2025 : 5 . 9 % ) . As a result , t he group’s operating profit for the first half of 2026 amounted to € 2 , 472 thousand (H 1 2025 : € 2 , 117 thousand) and o perating margin decreased to 1 . 9 % ( H 1 2025 : 2 . 3 % ) . -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% -6 000 -5 000 -4 000 -3 000 -2 000 -1 000 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Margin (%) Operating profit (th. euros) Operating profit (quarterly) Operating profit (ttm) Operating profit margin (ttm, %)
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9 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY Real Estate Development VAARIKA 1A, 1B, TAMMEPÄRJA 17, 19 HOUSES • Location: Tartu, Estonia • Completed: 20 25 • Architects : 3+1 arhitektid • Contractor: Embach Ehitus OÜ • Developer : Embach Ehitus OÜ
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 10 REVENUE DISTRIBUTION Most of the revenue in the Buildings segment currently comes from the construction of public and commercial buildings . During the period, public buildings revenue rose 66 % year on year, and industrial and warehouse revenue also grew . Commercial buildings and apartment buildings revenue fell 5 % and 56 % , respectively . In the first half of 2026 , all of the revenue generated by the Infrastructure segment came from road construction and maintenance . 87 89 78 13 11 22 6 M 2024 6 M 2025 6 M 2026 BY SEGMENTS Buildings Infrastructure 93 70 95 7 30 5 6 M 2024 6 M 2025 6 M 2026 INFRASTRUCTURE Other engineering Road construction and maintenance 68 46 62 20 41 32 9 12 43 1 2 6 M 2024 6 M 2025 6 M 2026 BUILDINGS Industrial and warehouse facilities Apartment buildings Commercial buildings Public buildings
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 11 ORDER BOOK T he group’s order book stood at € 324 , 374 thousand, reflecting a 7 % increase year on year . In the first half of the year, we signed new contracts for € 181 , 652 thousand (H 1 2025 : € 172 , 236 thousand), of which € 25 , 864 thousand in the second quarter (Q 2 2025 : € 60 , 960 thousand) . At 30 June 2026 , the Buildings and Infrastructure segments accounted for 71 % and 29 % of the group’s total order book, respectively ( 30 June 2025 : 70 % and 30 % , respectively) . Compared to 30 June 2025 , the order book of the Buildings segment grew by 8 % and that of the Infrastructure segment by 3 % . 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1Q 2026 2Q 2026 th. euros Order book (buildings) Order book (infra) Revenue (ttm) Order intake (ttm)
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12 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY Infrastructure E - CLASS AIRCRAFT PLATFORM AREA • Location: Tallinn, Estonia • Completed: 202 5 • Contractor: Nordecon AS • Client: Tallinna Lennujaama AS
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 13 CAPITAL STRUCTURE The equity ratio declined from 18 . 1 % at year - end 2025 to 16 . 7 % at 30 June 2026 , as balance sheet growth — driven mainly by higher inventories from projects in progress — outpaced equity growth . Gearing rose from 3 0 . 7 % to 37 . 8 % over the same period, primarily due to a € 7 . 9 m increase in non - current borrowings, reflecting new long - term financing (including lease liabilities) . 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Gearing (%) Equity ratio (%) Equity ratio Gearing
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 14 SHARE AND SHAREHOLDERS Largest shareholders in Nordecon AS at 30 June 2026 Largest shareholders in Nordecon AS at 3 0 June 20 26 Shareholder Number of shares Ownership interest (%) AS Nordic Contractors 16 728 145 51,67 Luksusjaht AS 4 332 342 13,38 Toomas Luman 830 000 2,56 Signet Bank AS clients 574 200 1,77 Nõmme Erahariduse SA 370 370 1,14 Lembit Talpsepp 360 000 1,11 SEB Pank AS clients 300 000 0,93 OÜ Alar Invest 255 000 0,79 Swedbank AB clients 246 715 0,76 Genadi Bulatov 242 600 0,75 Index / equity 1 January 2025* 30 June 2026 +/ - OMX Tallinn 2 052,28 2 105,16 +2,58% NCN 1 T 0,69 EUR 0,56 EUR - 19,08% * Closing price on the Nasdaq Tallinn Stock Exchange at 31 December 202 5 0.5 0.55 0.6 0.65 0.7 0.75 0.8 2000 2020 2040 2060 2080 2100 2120 2140 02.01.2026 03.02.2026 07.03.2026 08.04.2026 10.05.2026 11.06.2026 OMXT NCN1T NCN1T OMX TALLINN
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PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY 15 KEY FINANCIAL FIGURES AND RATIOS Figure / ratio 6M 2026 6M 2025 6M 2024 Revenue ( €’000) 126 913 92 638 114 945 Revenue change 37% - 19% 33% Net profit (loss) ( €’000) 699 471 1 802 Net profit (loss) attributable to owners of the parent ( €’000) 436 - 134 1 020 Earnings per share ( €) 0,01 0 0,03 Administrative expenses to revenue 2,60% 3,30% 2,90% EBITDA ( €’000) 3 844 3 435 4 690 EBITDA margin 3,00% 3,70% 4,10% Gross margin 4,70% 5,90% 6,30% Operating margin 1,90% 2,30% 2,80% Operating margin excluding gain on non - current asset sales 1,90% 2,20% 2,80% Net margin 0,60% 0,50% 1,60% Return on invested capital 3,00% 2,00% 6,20% Return on equity 3,00% 1,70% 7,80% Equity ratio 16,70% 23,10% 19,20% Return on assets 0,50% 0,40% 1,50% Gearing 37,80% 15,80% 6,90% Current ratio 1,01 0,91 0,88 30/06/2026 30/06/2025 30/06/2024 Order book ( €’000) 324 374 303 914 178 799
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16 PROFESSIONALISM • RELIABILITY • TEAMWORK • SUSTAINABILITY Public buildings TARTU UNIVERSITY HOSPITAL (M - block , C - block ) • Location: Tartu, Estonia • Completed: 202 3 • Architects : Sweco Projekt AS & AW2 Architects OY Eesti filiaal • Contractor: Nordecon AS, Embach Ehitus OÜ • Client: Tartu University Hospital
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Nordecon AS Tel: +372 615 4400 www.nordecon.com Toompuiestee 35, Tallinn 101 49, Estonia Head of Investor Relations Andri Hõbemägi Tel: +372 615 4400 andri.hobemagi@nordecon.com