Slides
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1 Result presentation Johan Larsson CEO Peter Franks Interim CFO Presenters: IMAGE PENDING Q3 2026
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Johan Larsson CEO Peter Franks CFO 2 Today’s presenters
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3 Q3 2026: Key highlights ▪ Strong revenue growth and higher operating profit, with a solid operating margin. ▪ Civil Engineering drove Group revenue and earnings growth. Improved operating margin in Sweden. ▪ Record order intake more than doubled the Civil Engineering order backlog year on year.
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4 Revenue: Strong growth Quarterly EUR million 150,1 154,5 100,1 161,9 190,2 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Rolling 12 EUR million 509,7 547,0 540,4 566,5 606,6 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 YoY +27% YoY +19%
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5 Operating profit: Higher earnings and a solid margin Quarterly EUR million 11,3 12,7 1,5 8,3 15,0 7,5% 8,2% 1,5% 5,1% 7,9% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Rolling 12 EUR million 30,2 30,6 31,2 33,7 37,5 5,9% 5,6% 5,8% 6,0% 6,2% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Operating margin YoY +33% YoY +24%
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6 Order intake: Record high Quarterly EUR million 118,3 132,8 183,3 180,6 555,0 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Rolling 12 EUR million Book-to-bill R12 508,4 581,0 615,2 615,1 1 051,9 1,0 1,1 1,1 1,1 1,7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 YoY +369% YoY +107%
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7 Order backlog: More than doubled year on year Civil Engineering segment EUR million 380,3 323,4 372,3 424,7 404,1 381,0 472,7 501,6 873,8 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 YoY +116%
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8 Selected new projects 400kV transmission line Letsi-Svartbyn In September, a Phase 2 agreement worth approximately SEK 1.6 billion was signed with Svenska kraftnät. The contract covers construction and commissioning of a new 400 kV overhead power line in Norrbotten. SSAB Steel coil logistics facility (EWA) In July NYAB entered into an Early Works Agreement with SSAB regarding a steel coil logistics facility related to its planned mini-mill in Luleå. Uppsala tramway In July, NYAB-AZVI AB received the Phase 2 order for the Uppsala tramway project. The order value is estimated at SEK 6.5 billion for the joint venture, which is owned equally by NYAB and AZVI. PHASE 2 ORDER EARLY-PHASE ASSIGNMENTPHASE 2 ORDER
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9 Long-term financial targets Growth KPI and target Profitability KPI and target Capital structure KPI and target Direct shareholder return KPI and target Revenue growth Operating margin Net debt in relation to EBITDA Dividend > 10% > 7.5% < 1.5x > 35% Outcome Q3’26 (R12) Outcome Q3’26 (R12) Outcome Q3’26 (R12) Full-year 2025 outcome 19% 6.2% -0.12x 47% of (previous year) net profit
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FINANCIALS 10 Peter Franks CFO
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11 Revenue Revenue EUR million 150,1 154,5 100,1 161,9 190,2 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 ▪ Organic growth of 27% from Q3 2025. ▪ Higher production arising from timing effects / higher order intake / project phasing. ▪ R12 revenue growth of 19% to EUR 606.6 million, of which organic 14% and acquisitive 5%. ▪ Lower Energy R12 revenue share due to project timing and higher Infrastructure R12 revenue share vs. comparable period in line with project targeting. Comments Energy 41% Infrastructure 45% Industrial and other 14% Civil Engineering 84% Consulting 16% Sweden 64% Finland 21% Norway 12% Other regions 3% Public 42% Private 58% Revenue splits (R12)
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12 Profitability Operating profit and margin EUR million ▪ Operating profit increased 33% to EUR 15.0 million (11.3) ▪ Operating margin was 7.9% (7.5) ▪ R12 operating profit increased 24% with an operating margin of 6.2% ▪ Healthy profitability in the project portfolio ▪ Net Profit EUR 12.6 million (8.5) Comments 11,3 12,7 1,5 8,3 15,0 7,5% 8,2% 1,5% 5,1% 7,9% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 37.5 Operating profit R12, EUR million +24% Operating profit R12 Growth YoY Operating margin
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13 Financial position Free cash flow Net debt/EBITDA (R12)Comments 64.8% Equity ratio 16.5% ROCE (R12) EUR million (x) ▪ Free cash flow for the quarter was EUR -6.2 million (9.3) ▪ R12 free cash flow was EUR 20.1 million / LTM cash conversion rate of 45% of EBITDA ▪ Net (cash) debt of EUR -5.2 million (1.8) ▪ Net debt/EBITDA ratio -0.12x (0.05x) 9,3 18,6 5,8 1,8 - 6,2 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 0,05x - 0,42x - 0,56x - 0,30x - 0,12x Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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CIVIL ENGINEERING 14 Business segment
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15 Order backlog EUR million 404,1 381,0 472,7 501,6 873,8 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Business Segment: Civil Engineering Order intake EUR million 101,6 104,1 165,6 166,6 541,6 1,1 1,1 1,2 1,2 1,9 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Book-to-bill R12
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16 Business Segment: Civil Engineering 122,2 127,2 73,9 137,6 169,5 8,4% 9,9% 2,7% 6,3% 8,1% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Comments ▪ Civil Engineering revenue increased by 39% ▪ Operating profit increased by 33% to EUR 13.7 million (10.3) ▪ Operating margin of 8.1% (8.4) ▪ Large scale project impacts ▪ Stable and profitable portfolio ▪ R12 operating profit increased 22% with operating margin 7.3% Revenue and Operating margin EUR million 7.3% Operating margin R12 +22% Operating profit R12 Growth YoY Share of total Group revenue, Q3/2026 Civil Engineering Sweden, 65% Civil Engineering Finland, 24% Share of total Group revenue, R12 Civil Engineering Sweden, 64% Civil Engineering Finland, 20% 84% 89%
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CONSULTING 17 Business segment
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18 Business Segment: Consulting ▪ Order intake declined and R12 book to bill to 0.7x. ▪ Revenue decreased by 25% ▪ Operating margin 0.6% (4.5%) ▪ Cost efficiency and business transition measures taken earlier in 2026 in Norway have yet to take full effect. ▪ Early-phase assignment in Sweden for a Civil Engineering segment project ▪ Lower demand in Norway's offshore market and more selective order intake Comments Revenue and Operating margin Order intake, book-to-bill EUR million EUR million 28,3 27,7 26,6 24,7 21,1 4,5% 2,6% 0,4% 2,1% 0,6% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 16,7 28,7 17,7 14,0 13,4 0,8 0,8 0,7 0,7 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Book-to-bill R12 EUR 100.2m Revenue R12 1.5% Operating margin R12 Share of total Group revenue, Q3/2026 Consulting, 11% Share of total Group revenue, R12 Consulting, 16% 16% 11%
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SUMMARY 19 Johan Larsson CEO
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20 Summary ▪ Strong revenue growth and higher operating profit, with a solid operating margin. ▪ Civil Engineering drove growth with increased revenue and earnings in both Sweden and Finland. ▪ Record order intake more than doubled the Civil Engineering order backlog year on year. ▪ Phase 2 orders during the quarter demonstrate the value of early customer involvement. ▪ Solid financial position and focus on effective project execution and selective growth in niche segments with attractive margins. Construction of a 400 kV substation for Fingrid The project commenced in August 2026. Completion is scheduled for the end of 2028. Location: Forssa, Finland