Interim report
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Interim report January–September 2026
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Strong earnings growth and record order intake July–September in brief • Revenue amounted to EUR 190.2 million (150.1), an increase of 27 percent. • Operating profit (EBIT) amounted to EUR 15.0 million (11.3), corresponding to an operating margin of 7.9 percent (7.5). • Profit for the period increased by 49 percent to EUR 12.6 million (8.5). • Free cash flow was EUR -6.2 million (9.3). • Net debt/EBITDA (R12) was -0.12x (0.05x). • Order intake was EUR 555.0 million (118.3), with a book-to-bill ratio of 2.9 (0.8). • Civil Engineering order backlog was EUR 873.8 million (404.1), an increase of 116 percent. • Earnings per share amounted to EUR 0.018 (0.012). January–September in brief • Revenue amounted to EUR 452.2 million (392.5), an increase of 15 percent. • Operating profit (EBIT) amounted to EUR 24.8 million (18.0), corresponding to an operating margin of 5.5 percent (4.6). • Profit for the period was EUR 21.4 million (12.3). • Free cash flow was EUR 1.4 million (-6.9). • Earnings per share amounted to EUR 0.030 (0.017). Revenue EUR million Operating profit (EBIT) EUR million Order backlog, Civil Engineering EUR million Free cash flow EUR million Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Revenue for the quarter increased by 27 percent and operating profit by 33 percent year on year. The operating margin was 7.9 percent (7.5). Order intake reached a record EUR 555.0 million (118.3). The Civil Engineering order backlog more than doubled year on year to EUR 873.8 million (404.1). Revenue in Civil Engineering in Sweden increased by 12 percent and the operating margin was 8.4 percent (7.8). In Finland, revenue increased by 126 percent and the operating margin was 7.0 percent (8.3). Earnings per share for the quarter increased by 49 percent year on year to EUR 0.018 (0.012). Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 93.6 117.1 106.7 190.2 135.8 150.1 154.5 100.1 161.9 8.9 12.3 8.3 1.0 5.7 11.3 12.7 1.5 380.3 323.4 372.3 873.8 424.7 404.1 381.0 472.7 501.6 NYAB AB’s Interim Report January–September 2026: 15.0 -8.3 1.8 18.3 -21.7 5.5 9.3 18.6 5.8 -6.2 INTERIM REPORT JANUARY–SEPTEMBER 2026 2 / 29
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NYAB delivered strong revenue growth, higher operating profit and a solid operating margin in the third quarter. Record order intake more than doubled the order backlog in the Civil Engineering business segment year on year, providing a foundation for continued growth as execution of major projects ramps up. Revenue increased by 27 percent to EUR 190.2 million (150.1). Operating profit (EBIT) increased by 33 percent to EUR 15.0 million (11.3), corresponding to an operating margin of 7.9 percent (7.5). Free cash flow amounted to EUR -6.2 million (9.3), mainly reflecting the timing of a customer payment received shortly after the end of the reporting period. Long-term investment programmes in energy, infrastruc- ture and industry continue to support demand across our prioritised markets. Order intake reached a record EUR 555.0 million (118.3). The Civil Engineering order backlog increased to EUR 873.8 million (404.1), its highest level to date. Growth in the Civil Engineering business segment drove the increase in Group revenue and operating profit. Segment revenue grew by 39 percent and operating profit by 33 percent. The operating margin was 8.1 percent (8.4). In Sweden, revenue increased by 12 percent and the operating margin improved to 8.4 percent (7.8), supported by efficient project execution. In Finland, revenue increased by 126 percent, driven by high construction activity on the data centre project in Mikkeli. The operating margin was 7.0 percent (8.3). Revenue in the Consulting business segment decreased by 25 percent, primarily due to continued lower demand for project personnel services in Norway’s offshore market and more selective order intake. The operating margin was 0.6 percent (4.5). Cost-efficiency measures in Norway have yet to take full effect. Dovre Solutions continued to build its presence in Sweden with an assignment for the early phase of a project in the Civil Engineering segment. We continue to secure large, long-term assignments by working closely with customers from an early stage. During the quarter, we received Phase 2 orders for major tramway and power transmission projects. Overall, performance in the quarter was strong, with revenue growth and a solid operating margin. With a substantially larger order backlog and a solid financial position, we look forward to the final quarter of the year. We remain focused on effective execution of our order backlog and selective growth in niche segments with attractive margins. November 2026 Johan Larsson CEO, NYAB AB Revenue growth (R12) 19% Target >10% Operating margin (R12) 6.2% Target >7.5% Net debt/EBITDA (R12) -0.12x Target <1.5x Dividend/Net profit (2025) 47% Target >35% CEO review Long-term financial targets INTERIM REPORT JANUARY–SEPTEMBER 2026 3 / 29
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Key figures Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Revenue, EUR thousand 190,177 150,066 452,191 392,537 606,649 546,995 Change in revenue compared with prior year, % 26.7% 60.4% 15.2% 71.5% 19.0% 58.1% EBITDA, EUR thousand 16,959 12,881 30,306 22,796 44,674 37,164 EBITDA margin, % 8.9% 8.6% 6.7% 5.8% 7.4% 6.8% Operating profit (EBIT), EUR thousand 15,021 11,267 24,828 17,981 37,492 30,645 Operating margin, % 7.9% 7.5% 5.5% 4.6% 6.2% 5.6% Profit for the period, EUR thousand 12,574 8,454 21,423 12,313 30,427 21,316 Earnings per share (EPS), basic, EUR 0.018 0.012 0.030 0.017 0.043 0.030 Earnings per share (EPS), diluted, EUR 0.018 0.012 0.030 0.017 0.043 0.030 Interest-bearing liabilities and lease liabilities, EUR thousand 20,918 20,144 20,918 20,144 20,918 15,942 Equity, EUR thousand 219,799 199,333 219,799 199,333 219,799 209,527 Balance sheet total, EUR thousand 374,125 333,462 374,125 333,462 374,125 350,708 Return on equity (R12), % 14.5% 11.2% 14.5% 11.2% 14.5% 10.6% Return on capital employed (R12), % 16.5% 14.2% 16.5% 14.2% 16.5% 14.0% Equity ratio, % 64.8% 66.0% 64.8% 66.0% 64.8% 68.0% Net debt, EUR thousand -5,187 1,831 -5,187 1,831 -5,187 -15,454 Net gearing, % -2.4% 0.9% -2.4% 0.9% -2.4% -7.4% Net debt/EBITDA (R12) -0.12 0.05 -0.12 0.05 -0.12 -0.42 Free cash flow, EUR thousand -6,240 9,256 1,435 -6,914 20,069 11,720 Cash conversion, % -36.8% 71.9% 4.7% -30.3% 44.9% 31.5% Order intake, EUR thousand 555,034 118,287 919,002 448,174 1,051,852 581,023 Book-to-bill 2.9 0.8 2.0 1.1 1.7 1.1 Number of employees at the end of the period 948 1,073 948 1,073 948 1,026 For calculations and definitions of key figures, see pages 27–28. INTERIM REPORT JANUARY–SEPTEMBER 2026 4 / 29
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Revenue EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Energy 53,150 66,884 165,883 211,049 247,721 292,887 Infrastructure 97,060 62,718 214,067 131,774 274,779 192,486 Industrial 37,210 19,650 66,065 46,625 76,463 57,023 Other 2,757 815 6,176 3,089 7,686 4,600 Total 190,177 150,066 452,191 392,537 606,649 546,995 Revenue by market The Group’s revenue for the quarter amounted to EUR 190.2 million (150.1), an increase of 27 percent compared with the corresponding quarter of the previous year. Organic growth amounted to 27 percent. The regional revenue distribution in the quarter was 66 percent in Sweden (72), 24 percent in Finland (10), 9 percent in Norway (12) and 1 percent in other regions (6). For the last twelve months, revenue amounted to EUR 606.6 million (509.7), corresponding to an increase of 19 percent. The revenue split for the last twelve months by market was 41 percent in Energy (51), 45 percent in Infrastructure (37) and 14 percent in Industrial and other (12). The split between the public and private sectors was 42 percent (39) and 58 percent (61), respectively. Revenue (R12) EUR million Revenue per region (R12) Percent Revenue per market (R12) Percent Revenue per sector (R12) Percent Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 316.7 345.9 566.5 393.5 453.1 509.7 547.0 540.4 606.6 INTERIM REPORT JANUARY–SEPTEMBER 2026 5 / 29 41% Energy 45% Infrastructure 14% Industrial and other 42% Public sector 58% Private sector64% Sweden 12% Norway 21% Finland 3% Other regions
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Profitability EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Operating profit (EBIT) 15,021 11,267 24,828 17,981 37,492 30,645 Operating margin, % 7.9% 7.5% 5.5% 4.6% 6.2% 5.6% Profit for the period 12,574 8,454 21,423 12,313 30,427 21,316 Earnings per share, basic, EUR 0.018 0.012 0.030 0.017 0.043 0.030 Earnings per share, diluted, EUR 0.018 0.012 0.030 0.017 0.043 0.030 Operating profit for the quarter increased by 33 percent compared with the corresponding quarter of the previous year and amounted to EUR 15.0 million (11.3), represent- ing an operating margin of 7.9 percent (7.5). The increase in operating profit was driven by higher revenue, continued solid profitability in the project portfolio and revaluation gain on the total return swap. Profit for the quarter increased by 49 percent compared with the corresponding quarter of the previous year and amounted to EUR 12.6 million (8.5). In addition to higher operating profit, the improvement was supported by a positive development in net financial items and the share of result of associates and joint ventures. Operating profit for the last twelve months increased by 24 percent and amounted to EUR 37.5 million (30.2), cor- responding to an operating margin of 6.2 percent (5.9). Operating profit (EBIT) (R12) EUR million Operating margin (R12) Percent Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Profit for the period EUR million Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 INTERIM REPORT JANUARY–SEPTEMBER 2026 6 / 29 7.76.7 9.3 -0.3 4.2 8.5 9.0 1.1 33.7 19.7 25.4 26.0 27.9 30.2 30.6 31.2 6.0%6.2% 7.3% 6.6% 6.2% 5.9% 5.6% 5.8% 37.5 6.2% 12.6
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Net debt and cash flow EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Free cash flow -6,240 9,256 1,435 -6,914 20,069 11,720 Cash conversion, % -36.8% 71.9% 4.7% -30.3% 44.9% 31.5% EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing liabilities and lease liabilities 20,918 20,144 15,942 Cash and cash equivalents 26,105 18,313 31,396 Net debt -5,187 1,831 -15,454 Net debt/EBITDA (R12) -0.12 0.05 -0.42 Equity 219,799 199,333 209,527 Equity ratio, % 64.8% 66.0% 68.0% Return on capital employed (R12), % 16.5% 14.2% 14.0% Free cash flow for the quarter amounted to EUR -6.2 million (9.3), mainly reflecting the timing of a customer payment received shortly after the end of the reporting period. Cash flow from operating activities was EUR -6.2 million (10.1). Over the last twelve months, free cash flow amounted to EUR 20.1 million (11.4). Interest-bearing liabilities amounted to EUR 20.9 million (20.1) at the end of the quarter, of which lease liabilities amounted to EUR 7.2 million (5.9). The Company has a credit limit agreement with its banks totalling SEK 300 million, of which SEK 94.4 million (49.8) was utilised at the end of the quarter. At the end of the period cash and cash equivalents amounted to EUR 26.1 million (18.3). At the end of the period, net debt amounted to EUR -5.2 million (1.8), corresponding to a net debt/EBITDA (R12) ratio of -0.12x (0.05x). The average interest rate on interest-bearing liabilities, excluding lease liabilities, was 3.7 percent (4.1). At the end of the quarter, the equity ratio amounted to 64.8 percent (66.0) and the return on capital employed (R12) was 16.5 percent (14.2). Net debt/EBITDA (R12) Free cash flow (R12) EUR million Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Equity ratio Percent Return on capital employed (R12) Percent Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 Q3/26Q2/26Q1/26Q4/25Q3/25Q2/25Q1/25Q4/24Q3/24 13.4%14.0% 0.06 0.26 0.31 -0.55 -0.30 0.05 -0.42 -0.56 -0.12 21.0 35.6 22.5 -12.6 -6.2 11.4 11.7 39.2 20.1 66.9% 73.9% 73.1% 63.3% 65.4% 66.0% 68.0% 70.9% 64.8% 15.6% 9.1% 12.0% 11.3% 13.3% 14.2% 16.5% INTERIM REPORT JANUARY–SEPTEMBER 2026 7 / 29
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Business segment Civil Engineering Revenue and operating margin EUR million Revenue in the Civil Engineering business segment increased by 39 percent and amounted to EUR 169.5 million (122.2) for the quarter. Operating profit increased by 33 percent and amounted to EUR 13.7 million (10.3), corresponding to an operating margin of 8.1 percent (8.4). Phase 2 orders received during the period for major collaborative projects contributed to the increase in order intake and the order backlog. Order intake increased by 433 percent to EUR 541.6 million (101.6), and the order backlog increased by 116 percent to EUR 873.8 million (404.1). The book-to-bill ratio for the last twelve months amounted to 1.9. In Sweden, revenue increased by 12 percent and amounted to EUR 124.1 million (110.4). Operating profit increased to EUR 10.4 million (8.6), corresponding to an operating margin of 8.4 percent (7.8). The Swedish revenue for the quarter benefited from the continuation of new infrastructure railway projects with high production in a concentrated period of time. Efficient project execution contributed to the improvement in the operating margin. Order backlog EUR million 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% Q3/26Q2/26Q1/26Q4/25Q3/25Q3/26Q2/26Q1/26Q4/25Q3/25 89%84% Operating margin, % In Finland, revenue increased by 126 percent and amounted to EUR 46.8 million (20.7). Operating profit increased to EUR 3.3 million (1.7), corresponding to an operating margin of 7.0 percent (8.3). Revenue in Finland during the quarter benefited from the ramp-up of construction activities at the Mikkeli data centre project. The project is expected to continue sup- porting revenue as execution progresses in the coming quarters. The Finnish operating margin for the quarter reflects the quarter’s project mix, with a greater contribu- tion from renewable energy projects, and investment in new hires to enable future growth. The Group is undertaking several early-phase assign- ments that include planning, engineering and design and may progress to significant execution contracts. At the end of the quarter, the estimated value of these potential execution contracts amounted to approximately EUR 200 million, compared with approximately EUR 600 million at the end of the previous quarter. The change reflects the net effect of new assignments, revised estimates and assignments progressing into execution. Potential execution contracts are not included in order intake or the order backlog. Order intake EUR million Q3/26Q2/26Q1/26Q4/25Q3/25 INTERIM REPORT JANUARY–SEPTEMBER 2026 8 / 29 6.3% 501.6 404.1 381.0 472.7 8.1% 137.68.4% 9.9% 122.2 127.2 2.7% 73.9 169.5 873.8 166.6 101.6 104.1 165.6 541.6
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Business segment Civil Engineering Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Civil Engineering, total Revenue, EUR thousand 169,478 122,199 381,071 307,415 508,293 434,637 Operating profit (EBIT), EUR thousand 13,715 10,296 24,429 17,907 36,985 30,462 Operating margin, % 8.1% 8.4% 6.4% 5.8% 7.3% 7.0% Order intake, EUR thousand 541,611 101,632 873,812 388,211 977,921 492,319 Order backlog, EUR thousand 873,776 404,149 873,776 404,149 873,776 381,036 Revenue per average number of FTEs, EUR thousand 317 244 736 671 988 904 Share of result of associates and joint ventures, EUR thousand 47 -34 822 -139 543 -418 Civil Engineering, Sweden Revenue, EUR thousand 124,132 110,355 276,826 257,371 387,211 367,756 Operating profit (EBIT), EUR thousand 10,435 8,576 20,527 14,978 32,075 26,526 Operating margin, % 8.4% 7.8% 7.4% 5.8% 8.3% 7.2% Order intake, EUR thousand 454,203 42,060 720,923 303,127 816,456 398,660 Order backlog, EUR thousand 736,782 307,537 736,782 307,537 736,782 292,685 Share of result of associates and joint ventures, EUR thousand 261 – 1,163 – 1,199 36 Civil Engineering, Finland Revenue, EUR thousand 46,786 20,735 107,321 64,244 125,469 82,393 Operating profit (EBIT), EUR thousand 3,278 1,728 4,080 2,927 4,914 3,761 Operating margin, % 7.0% 8.3% 3.8% 4.6% 3.9% 4.6% Order intake, EUR thousand 88,848 68,462 155,965 99,285 165,851 109,171 Order backlog, EUR thousand 136,994 96,612 136,994 96,612 136,994 88,350 INTERIM REPORT JANUARY–SEPTEMBER 2026 9 / 29
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Business segment Consulting Business segment Consulting Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Revenue, EUR thousand 21,127 28,271 72,499 85,972 100,207 113,680 Operating profit (EBIT), EUR thousand 130 1,262 746 2,899 1,464 3,617 Operating margin, % 0.6% 4.5% 1.0% 3.4% 1.5% 3.2% Order intake, EUR thousand 13,423 16,655 45,190 59,963 73,931 88,704 Average number of full-time employees (FTEs) 570 719 597 729 679 703 whereof own employees 414 519 426 522 492 502 whereof subcontractors 156 200 171 207 187 201 Revenue per average number of FTEs, EUR thousand 37 39 121 118 148 162 Revenue in the Consulting segment decreased by 25 percent year on year, from EUR 28.3 million to EUR 21.1 million. The decrease was primarily due to continued lower demand for project personnel services in Norway’s offshore market and more selective order intake. Operating profit amounted to EUR 0.1 million (1.3), corresponding to an operating margin of 0.6 percent (4.5). Cost-efficiency and business transition measures taken earlier in 2026 in Norway have yet to take full effect. The total number of assigned consultants, including both project employees and subcontractors, decreased comp - ared with the corresponding quarter of the previous year. Order intake amounted to EUR 13.4 million (16.7) for the quarter. The lower order intake reflected continued selec- tivity and lower activity in parts of the consulting market. Order intake over the last twelve months amounted to EUR 73.9 million, corresponding to a book-to-bill ratio of 0.7. Share of total Group revenue, Q3/2026 Consulting, 11% Share of total Group revenue, R12 Consulting, 16% 11%16% Revenue and operating margin EUR million Q3/26Q2/26Q1/26Q4/25Q3/25 Order intake EUR million Q3/26Q2/26Q1/26Q4/25Q3/25 Operating margin, % 2.1% 4.5% 2.6% 0.4% 14.0 16.7 28.7 17.7 13.4 24.7 28.3 27.7 26.6 21.1 0.6% INTERIM REPORT JANUARY–SEPTEMBER 2026 10 / 29
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Significant events Projects and contracts In July, an Early Works Agreement (EWA) was entered into with SSAB EMEA AB regarding preparatory works for a steel coil logistics facility in connection with SSAB’s planned mini-mill in Luleå. The agreement covers early project phases, including design, engineering, project management and preparatory works, while negotiations regarding potential subsequent phases are ongoing. In July, the joint venture NYAB-AZVI AB received an order from Uppsala Municipality for Phase 2 of the Uppsala tramway project. The joint venture is owned 50 percent each by NYAB and AZVI, and the value of Phase 2 is estimated at SEK 6.5 billion. NYAB has included its share of the order value in its reported order backlog and recognises its share of the joint venture’s result in accordance with the equity method as the project progresses. In September, an agreement was signed with Svenska kraftnät for Phase 2 of the Letsi–Svartbyn collaboration project. The agreement is valued at approximately SEK 1.6 billion and covers the construction and commission- ing of a new 400 kV overhead power line in Norrbotten. The project thereby progressed from planning and engineering to the execution phase. Changes in the Executive Management Team Daniel Wallström assumed the role of Head of Consult- ing on 1 July 2026 and became a member of the Group Executive Management Team. Other information Personnel At the end of the quarter, the total number of personnel was 948 (1,073). In the Civil Engineering segment, NYAB had 370 employees in Sweden (362) and 202 in Finland (149). In the Consulting segment, NYAB had 361 employees (544), of which 115 were permanent (115) and 246 were temporary employees (429), as well as 151 self-employed consultants/subcontractors (200), who are included in the calculation of revenue per FTE for the Consulting segment, but not in the total number of personnel in the Group. Risks and uncertainties There have been no material changes to risks or risk management in comparison with NYAB’s Annual & Sustainability Report for the financial year 2025. Share and shareholders At the end of the quarter, the total number of shares amounted to 712,993,008 (712,993,008). NYAB held 1,254,362 treasury shares (1,254,362), corresponding to 0.18 percent (0.18) of the total number of shares in the Company. The number of shares outstanding amounted to 711,738,646 (711,738,646). The average number of shares outstanding during the quarter amounted to 711,738,646 (711,750,949) and during the period January–September to 711,738,646 (711,166,927). NYAB shares are traded on Nasdaq First North Premier Growth Market Sweden. A total of 53,216,298 shares were traded during the third quarter. The volume-weighted average price for the quarter was SEK 6.77. The market value of outstanding shares at the end of the quarter was SEK 5,502 million, corresponding to EUR 486 million. The largest shareholders of the Company at the end of the quarter were Holding Investment Förvaltning i Luleå AB (ownership 35.1 percent, a company under joint control of Board member and CEO Johan Larsson and COO Mikael Ritola), Säthergrens Entreprenad AB (ownership 10.5 percent), and Andament Oy (ownership 6.6 percent). Members of the Board and Executive Management, as well as companies under their control and related persons, owned a total of 40.6 percent of all shares in the Company. Events after the reporting period In October, Peter Franks was appointed CFO for the Group. He has served as interim CFO and member of the Executive Management Team since 1 June 2026. INTERIM REPORT JANUARY–SEPTEMBER 2026 11 / 29
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Financial calendar Year-end Report 2026 25 February 2027 Annual and Sustainability Report 2026 15 April 2027 Interim Report January–March 2027 11 May 2027 Interim Report January–June 2027 12 August 2027 Interim Report January–September 2027 4 November 2027 NYAB’s Annual General Meeting 2027 is planned to be held on 20 May in Luleå. More information about the Annual General Meeting is available on NYAB’s website. Presentation of the Interim Report NYAB will arrange a live audiocast on Wednesday 4 November 2026 at 10:00 CET, where CEO Johan Larsson and CFO Peter Franks will present financial information and significant events for the third quarter of 2026. The audiocast will be held in English. Registration and access to the audiocast are available at: https://nyabgroup.events.inderes.com/q3-report-2026. A recording will be available after the event. Participants who wish to ask questions can do so by attending the teleconference: https://events.inderes.com/ nyabgroup/q3-report-2026/dial-in . Dial-in numbers will be provided upon registration. Contacts NYAB’s Investor Relations can be contacted by e-mail, ir@nyabgroup.com, phone +46 70 880 42 23 NYAB’s Certified Adviser is Augment Partners AB, info@augment.se, phone +46 8 604 22 55 Assurance by the Board of Directors The Board of Directors and CEO hereby assure that the Interim Report provides a true and fair view of the parent company’s and the Group’s operations, financial position, and result of operations, and describes the material risks and uncertainties facing the parent company and the companies included in the Group. Luleå, 4 November 2026 NYAB AB (publ) Corporate identity number: 559488-0667 Jan Öhman Chairman of the Board Lars-Eric Aaro Board member Barbro Frisch Board member Johan K Nilsson Board member Ingrid Stenmark Board member Kim Wiio Board member Johan Larsson Board member and CEO This report has been subject to review by the Company’s auditors. INTERIM REPORT JANUARY–SEPTEMBER 2026 12 / 29
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Review report NYAB AB (publ), corporate identity number 559488-0667 To The Board of Directors in NYAB AB (publ) Introduction We have reviewed the condensed interim report for NYAB AB (publ) as at 30 September 2026 and for the nine months period then ended. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the Interna- tional Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all sig- nificant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, 4 November 2026 Ernst & Young AB Charlotte Holmstrand Authorized Public Accountant INTERIM REPORT JANUARY–SEPTEMBER 2026 13 / 29
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Consolidated statement of income Consolidated statement of comprehensive income EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Revenue 190,177 150,066 452,191 392,537 606,649 546,995 Other operating income 110 204 351 502 444 594 Materials and services -154,302 -119,437 -359,953 -313,266 -478,149 -431,462 Personnel costs -15,368 -13,990 -49,324 -42,364 -65,834 -58,874 Other operating expenses -3,658 -3,963 -12,959 -14,612 -18,435 -20,089 Depreciation, amortisation and impairment -1,938 -1,613 -5,478 -4,815 -7,183 -6,519 OPERATING PROFIT 15,021 11,267 24,828 17,981 37,492 30,645 Finance income 659 -41 1,385 832 1,837 1,284 Finance expenses -346 -542 -492 -2,602 -1,656 -3,766 Finance income and expenses total 313 -584 893 -1,770 181 -2,482 Share of result of associates and joint ventures 47 -34 822 -139 543 -418 PROFIT BEFORE TAX 15,381 10,650 26,543 16,072 38,216 27,744 Income tax -2,807 -2,196 -5,120 -3,759 -7,789 -6,428 PROFIT FOR THE PERIOD 12,574 8,454 21,423 12,313 30,427 21,316 Attributable to: Equity holders of the parent company 12,574 8,454 21,423 12,313 30,427 21,316 Non-controlling interests – – – – – – Earnings per share attributable to equity holders of the parent Earnings per share, basic, EUR 0.018 0.012 0.030 0.017 0.043 0.030 Earnings per share, diluted, EUR 0.018 0.012 0.030 0.017 0.043 0.030 EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Profit for the period 12,574 8,454 21,423 12,313 30,427 21,316 Other comprehensive income Items that will not be reclassified to profit or loss Fair value changes on equity instruments through other comprehensive income -664 -1 -693 -3 -694 -4 Tax relating to items that will not be reclassified – – – – – – Items that may be reclassified subsequently to profit or loss Change in cumulative translation adjustments -767 428 -1,183 813 -159 1,837 TOTAL COMPREHENSIVE INCOME 11,143 8,880 19,547 13,123 29,574 23,149 Total comprehensive income attributable to: Equity holders of the parent company 11,143 8,880 19,547 13,123 29,574 23,149 Non-controlling interests – – – – – – INTERIM REPORT JANUARY–SEPTEMBER 2026 14 / 29
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Consolidated balance sheet EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 138,491 138,706 138,817 Other intangible assets 8,101 8,933 8,520 Tangible assets 13,893 14,187 14,068 Right-of-use assets 7,299 5,884 6,194 Participations in associates and joint ventures 17,467 17,194 16,789 Other non-current receivables and investments 320 1,570 1,567 Deferred tax assets 532 204 354 Total non-current assets 186,103 186,677 186,308 Current assets Inventories 6,188 2,603 1,400 Contract assets 73,676 43,835 31,528 Trade receivables 67,880 76,621 87,704 Other receivables 14,173 5,412 12,373 Cash and cash equivalents 26,105 18,313 31,396 Total current assets 188,022 146,785 164,400 TOTAL ASSETS 374,125 333,462 350,708 EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company Share capital 80 80 80 Other contributed capital 112,054 122,018 122,018 Other reserves -577 -147 -147 Translation differences -2,392 -2,233 -1,209 Retained earnings including profit for the period 110,634 79,615 88,785 Total equity attributable to equity holders of the parent company 219,799 199,333 209,527 Non-controlling interests – – – Total equity 219,799 199,333 209,527 Non-current liabilities Interest-bearing liabilities 1,513 9,418 4,119 Lease liabilities 3,910 3,784 3,683 Provisions 200 246 67 Deferred tax liabilities 5,616 5,921 5,733 Total non-current liabilities 11,239 19,369 13,603 Current liabilities Interest-bearing liabilities 12,160 4,810 5,669 Lease liabilities 3,335 2,131 2,471 Contract liabilities 34,939 31,624 42,602 Trade and other payables 92,653 76,196 76,837 Total current liabilities 143,087 114,761 127,579 TOTAL LIABILITIES 154,326 134,130 141,181 TOTAL EQUITY AND LIABILITIES 374,125 333,462 350,708 INTERIM REPORT JANUARY–SEPTEMBER 2026 15 / 29
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Consolidated statement of changes in equity EUR thousand Share capital Other contributed capital Other reserves Translation differences Retained earnings including profit for the period Total equity Equity 1 Jan 2025 80 129,123 -143 -3,046 67,232 193,246 Profit for the period Q1-Q3 2025 – – – – 12,313 12,313 Other comprehensive income Q1-Q3 2025 – – -3 813 – 810 Total comprehensive income – – -3 813 12,313 13,123 Share-based payments – – – – 69 69 Dividend – -7,105 – – – -7,105 Total transactions with equity holders of the parent company – -7,105 – – 69 -7,036 EQUITY 30 Sep 2025 80 122,018 -147 -2,233 79,615 199,333 Profit for the period Q4 2025 – – – – 9,003 9,003 Other comprehensive income Q4 2025 – – -1 1,024 – 1,023 Total comprehensive income – – -1 1,024 9,003 10,026 Share-based payments – – – – 168 168 Total transactions with equity holders of the parent company – – – – 168 168 EQUITY 31 Dec 2025 80 122,018 -147 -1,209 88,785 209,527 Equity 1 Jan 2026 80 122,018 -147 -1,209 88,785 209,527 Profit for the period Q1-Q3 2026 – – – – 21,423 21,423 Other comprehensive income Q1-Q3 2026 – – -693 -1,183 – -1,876 Total comprehensive income – – -693 -1,183 21,423 19,547 Transfer of FVOCI reserve on disposal – – 263 – -263 – Share-based payments – – – – 689 689 Dividend – -9,964 – – – -9,964 Total transactions with equity holders of the parent company – -9,964 – – 689 -9,275 EQUITY 30 Sep 2026 80 112,054 -577 -2,392 110,634 219,799 INTERIM REPORT JANUARY–SEPTEMBER 2026 16 / 29
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Consolidated cash flow statement EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Cash flows from operating activities Profit for the period 12,574 8,454 21,423 12,313 30,427 21,316 Adjustments to profit for the period - Depreciation, amortisation and impairment 1,938 1,613 5,478 4,815 7,183 6,519 - Finance income and expenses -313 584 -893 1,770 -181 2,482 - Gain/loss on disposal of non-current assets -49 -99 30 140 33 143 - Income tax expense 2,807 2,196 5,120 3,759 7,789 6,428 - Share of result of associates and joint ventures -47 34 -822 139 -543 418 - Other adjustments -1,515 58 -1,038 -98 -883 57 Total adjustments 2,821 4,386 7,875 10,524 13,398 16,048 Changes in working capital Changes in inventories 695 740 -4,824 8,638 -3,612 9,850 Changes in trade and other receivables -26,145 -17,815 -27,059 -17,091 -30,552 -20,584 Changes in trade and other payables 5,116 15,776 9,684 14,849 17,928 23,092 Total changes in working capital -20,334 -1,299 -22,199 6,396 -16,236 12,358 Interest received 94 28 645 62 774 192 Interest paid -238 -355 -706 -1,401 -1,046 -1,740 Other financial items -70 -440 -168 -461 -183 -476 Income tax paid -1,087 -719 -4,628 -3,569 -5,667 -4,609 Net cash flows from operating activities -6,240 10,055 2,242 23,864 21,467 43,088 EUR thousand Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 R12 2025 Cash flows from investing activities Business combinations – -9 – -29,130 – -29,130 Disposal of subsidiaries 166 – 297 – 297 – Purchase of tangible and intangible assets -1,127 -982 -2,406 -2,584 -3,047 -3,225 Proceeds from sale of tangible and intangible assets 441 192 700 431 825 556 Proceeds from associates and joint ventures – – – 500 – 500 Other investments 520 0 602 7 527 -68 Net cash flows from investing activities 0 -798 -807 -30,778 -1,398 -31,369 Cash flows from financing activities Proceeds from borrowings 512 16 662 34,341 8,585 42,264 Repayment of borrowings -1,216 -1,196 -3,325 -31,948 -16,658 -45,282 Repayment of lease liabilities -1,042 -277 -2,808 -903 -3,407 -1,502 Change in utilised bank overdraft facility 8,328 -5,372 7,374 – 8,328 954 Dividend paid – – -9,964 -7,105 -9,964 -7,105 Net cash flows from financing activities 6,582 -6,829 -8,061 -5,615 -13,117 -10,670 Net change in cash and cash equivalents 342 2,428 -6,626 -12,529 6,952 1,049 Cash and cash equivalents at the beginning of the period 25,107 15,802 31,396 30,613 18,313 30,613 Impact of the changes in foreign exchange rates 656 83 1,335 229 840 -267 Cash and cash equivalents, end of period 26,105 18,313 26,105 18,313 26,105 31,396 INTERIM REPORT JANUARY–SEPTEMBER 2026 17 / 29
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Notes 1. Basis of preparation and accounting policies Basis of preparation NYAB AB (publ), corporate identity number 559488- 0667, is the parent company of the NYAB Group. This Interim Report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act. The Interim report should be read together with NYAB’s annual report for the financial year 2025. The Interim report is presented in thousands of euros unless stated otherwise. The figures have been rounded and therefore the sum of the individual figures may differ from the total presented. Accounting policies The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards, as endorsed by the EU. The Interim report has been prepared in accordance with the key accounting policies presented in NYAB’s annual report for the financial year 2025, except for the new and amended IFRS Accounting Standards that came into effect on 1 January 2026. The new and amended standards have not had any impact on the figures presented in the Interim Report. IFRS 18 “Presentation and Disclosure in Financial State- ments” is effective for annual reporting periods beginning from 1 January 2027. The Group has initiated its implementation work, including an assessment of income and expense classifications and the mapping of reporting data. The work performed to date indicates that the main effects will relate to the presentation of the consolidated income statement, including classifications and subtotals, and related disclosures. The detailed impact and the required changes to the Group’s reporting are still being assessed. Significant judgements, estimates and assumptions The preparation of an interim report in accordance with IAS 34 requires management to make judgements and to use estimates and assumptions that affect the amount of assets and liabilities and the amount of income and expenses reported for the reporting period. Such estimates and assumptions by management are based on previous experience and other relevant factors. The significant judgements, estimates and assumptions applied are consistent with those used in the consol- idated financial statements for 2025. Accounting policies for the parent company The parent company financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. INTERIM REPORT JANUARY–SEPTEMBER 2026 18 / 29
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2. Segment information NYAB has two operating segments – Civil Engineering and Consulting – based on internal reporting reviewed by the Group CEO together with the Board of Directors (CODM). The two operating segments also constitute the Group’s reportable segments. Performance is monitored and resources are allocated based on this segment structure. NYAB’s Civil Engineering segment includes project execution business operations within infrastructure, energy, and industrial construction that are carried out by NYAB’s country organisations in Sweden and Finland. Operations within the Civil Engineering segment are subject to seasonality, as project execution is most active during favourable weather conditions, which has an impact on the timing of revenues and cash flows. Revenue recognition in the Civil Engineering segment is generally based on the percentage of completion of the projects. NYAB’s Consulting segment consists of engineering, project management, and project personnel services that are offered under the Sitema brand in Finland and under Dovre Solutions brand in Norway and other global regions. Operations within the Consulting segment are more evenly distributed throughout the year, with limited seasonal variation. Operations are mainly project-driven and consist of deliveries for private and public sector clients within energy, infrastructure and industry. Revenue recognition in the Consulting segment is generally based on hours or days worked by consultants. Pricing between the segments within the Group follows market terms. Group functions within the parent company NYAB AB consist mainly of senior group management and group resources for Finance, HR, and Communication. Costs for the group functions are allocated to the segments based on the segment revenue share of the Group’s total revenue. Financial impacts for specific items such as intangible asset amortisation and costs related to NYAB’s Share Performance Program are not allocated to the segments and constitute a financial impact only on the Group consolidated level. Q1-Q3 2026 EUR thousand Civil Engineering Consulting Other/ eliminations Group total Revenue 381,071 72,499 -1,379 452,191 External revenue 380,624 71,567 – 452,191 Internal revenue 447 932 -1,379 – Other operating income 601 3 -253 351 Operating profit (EBIT) 24,429 746 -347 24,828 Finance income and expenses – – 893 893 Share of result of associates and joint ventures 822 – – 822 Income tax – – -5,120 -5,120 Profit for the period 21,423 Q1-Q3 2025 EUR thousand Civil Engineering Consulting Other/ eliminations Group total Revenue 307,415 85,972 -850 392,537 External revenue 307,208 85,329 – 392,537 Internal revenue 207 643 -850 – Other operating income 357 37 108 502 Operating profit (EBIT) 17,907 2,899 -2,824 17,981 Finance income and expenses – – -1,770 -1,770 Share of result of associates and joint ventures -139 – – -139 Income tax – – -3,759 -3,759 Profit for the period 12,313 INTERIM REPORT JANUARY–SEPTEMBER 2026 19 / 29
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3. Financial assets and liabilities 30 Sep 2026 EUR thousand Fair value hierarchy level Fair value through profit or loss Fair value through other comprehensive income Amortised cost Carrying amount Non-current financial assets Equity instruments Level 3 – 226 – 226 Other non-current receivables – – 94 94 Current financial assets Derivatives Level 2 7,596 – – 7,596 Trade receivables – – 67,880 67,880 Other receivables – – 1,787 1,787 Cash and cash equivalents – – 26,105 26,105 Total financial assets 7,596 226 95,866 103,688 Non-current financial liabilities Interest-bearing liabilities – – 1,513 1,513 Current financial liabilities Interest-bearing liabilities – – 12,160 12,160 Trade and other payables – – 61,969 61,969 Total financial liabilities – – 75,642 75,642 Fair value measurement Financial instruments measured at fair value are classified according to a fair value hierarchy into three different levels. The classification is based on the input data used in the valuation. Level 1 The fair value of financial assets and liabilities classified as Level 1 is based on unadjusted quoted prices in active markets at the closing date. Level 2 The fair value of financial assets and liabilities classified within Level 2 is determined using valuation techniques based on directly or indirectly observable market inputs. Such inputs include, for example, interest rates, yield curves, credit spreads, volatility, and market-based dividend estimates. Level 3 The fair value of financial assets and liabilities classified as Level 3 is based on unobservable inputs. Level 3 consists mainly of investments in unlisted shares classified as other investments for which the fair value has been determined using valuation techniques with unobservable inputs. The input parameters of Level 3 of the fair value hierarchy for equity investments are specified taking into account economic developments and available industry and corporate data. The counterparty’s credit risk is taken into account when determining fair value. No transfers of financial instruments between the levels of the fair value hierarchy occurred during the reporting period. INTERIM REPORT JANUARY–SEPTEMBER 2026 20 / 29
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30 Sep 2025 EUR thousand Fair value hierarchy level Fair value through profit or loss Fair value through other comprehensive income Amortised cost Carrying amount Non-current financial assets Equity instruments Level 3 – 1,467 – 1,467 Current financial assets Trade receivables – – 76,621 76,621 Other receivables Level 3 23 – 1,779 1,802 Cash and cash equivalents – – 18,313 18,313 Total financial assets 23 1,467 96,713 98,203 Non-current financial liabilities Interest-bearing liabilities – – 9,418 9,418 Current financial liabilities Interest-bearing liabilities – – 4,810 4,810 Trade and other payables – – 58,716 58,716 Total financial liabilities – – 72,944 72,944 Movements in level 3 financial instruments measured at fair value EUR thousand 1 Jan 2026 Total gains/losses Purchases Disposals/ conversions Transfers 30 Sep 2026 Equity instruments 1,467 -693 – -548 – 226 Financial risk management The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group’s principal financial assets include trade receivables, and cash and short-term deposits that derive directly from its operations. The Group also holds derivative financial instruments and equity instruments. The Group is exposed to liquidity risk, interest rate risk, foreign currency risk and credit risk. The Group’s Board of Directors oversees the management of these risks. The Group’s senior management monitors and reports to the Board of Directors that the Group’s financial risk activities are governed by appropriate principles and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. The Group does not use derivatives in its risk management. A total return swap (derivative) is used to secure delivery of shares under Long-Term Incentive Plans in accordance with the decision of the Annual General Meeting. The Board of Directors reviews and approves policies for managing each of these risks. There have been no significant changes in the Group’s financial risk management during the reporting period. INTERIM REPORT JANUARY–SEPTEMBER 2026 21 / 29
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4. Assets Other intangible assets EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at 1 January 15,101 5,908 5,908 Business combinations – 9,168 9,176 Additions 31 40 77 Translation differences 754 21 -59 Acquisition cost at the end of the period 15,886 15,137 15,101 Accumulated amortisation and impairment losses at 1 January -6,582 -5,076 -5,076 Amortisation and impairment losses for the period -1,118 -1,114 -1,489 Translation differences -85 -14 -17 Accumulated amortisation and impairment losses at the end of the period -7,785 -6,204 -6,582 Carrying amount at the end of the period 8,101 8,933 8,520 Goodwill EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at 1 January 141,669 125,232 125,232 Business combinations – 16,196 16,196 Translation differences -331 127 240 Acquisition cost at the end of the period 141,338 141,555 141,669 Accumulated impairment losses at 1 January -2,852 -2,845 -2,845 Translation differences 5 -4 -6 Accumulated impairment losses at the end of the period -2,847 -2,849 -2,852 Carrying amount at the end of the period 138,491 138,706 138,817 INTERIM REPORT JANUARY–SEPTEMBER 2026 22 / 29
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Tangible assets EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at 1 January 25,290 23,007 23,007 Business combinations – 96 96 Additions 2,375 1,586 1,854 Divestments and disposals -515 -478 -516 Translation differences -720 506 849 Acquisition cost at the end of the period 26,430 24,718 25,290 Accumulated depreciation and impairment losses at 1 January -11,222 -8,699 -8,699 Divestments and disposals 177 199 231 Depreciation for the period -1,783 -1,872 -2,457 Translation differences 291 -159 -297 Accumulated depreciation and impairment losses at the end of the period -12,537 -10,531 -11,222 Carrying amount at the end of the period 13,893 14,187 14,068 Right-of-use assets EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at 1 January 11,315 8,076 8,076 Business combinations 725 1,225 1,226 Additions 3,345 2,468 3,568 Divestments and disposals -1,183 -1,710 -1,955 Translation differences -315 234 400 Acquisition cost at the end of the period 13,887 10,292 11,315 Accumulated depreciation and impairment losses at 1 January -5,121 -4,030 -4,030 Divestments and disposals 914 1,573 1,696 Depreciation for the period -2,577 -1,829 -2,574 Translation differences 196 -122 -214 Accumulated depreciation and impairment losses at the end of the period -6,588 -4,408 -5,121 Carrying amount at the end of the period 7,299 5,884 6,194 INTERIM REPORT JANUARY–SEPTEMBER 2026 23 / 29
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6. Related-party transactions NYAB’s related parties include significant shareholders, the Group’s parent company, subsidiaries, associates, joint ventures, members of the Board of Directors and the Executive Management Team, including the CEO of the parent company, and their close family members and entities where these persons exercise control or joint control. Transactions with associates, joint ventures and other related parties Associates and joint ventures Other related parties1 Total EUR thousand Q1–Q3 2026 Q1–Q3 2025 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Sales 10,633 29,109 32,038 – 2 2 10,633 29,110 32,039 Interest income on loan receivables and other income 3 – 1 – – – 3 – 1 Purchases – – – 738 156 207 738 156 207 Balances with associates, joint ventures and other related parties Associates and joint ventures Other related parties1 Total EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 30 Sep 2026 30 Sep 2025 31 Dec 2025 30 Sep 2026 30 Sep 2025 31 Dec 2025 Short-term receivables 1,944 2,503 1,495 – 14 – 1,944 2,517 1,495 Short-term liabilities – – – 87 20 29 87 20 29 1 Other related parties include transactions carried out with the members of the Board of Directors and other key management personnel and their immediate family members or entities controlled by them. Other related parties include JKN Advokat Kommanditbolag, which is related to Board member Johan K Nilsson and provides legal services to NYAB companies on arm’s length terms. 5. Pledged assets and contingent liabilities EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Pledged assets Business mortgages 28,666 29,215 29,706 Other guarantees provided 1,465 1,499 1,530 Pledged subsidiary shares 284,177 259,492 259,554 Total 314,308 290,205 290,790 Contingent liabilities Guarantee liabilities from project contracts 46,688 42,374 41,943 Total 46,688 42,374 41,943 INTERIM REPORT JANUARY–SEPTEMBER 2026 24 / 29
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Parent company income statement EUR thousand Q1-Q3 2026 Q1-Q3 2025 2025 Revenue 5,420 4,965 6,621 Other operating income 178 352 454 Other external expenses -2,587 -2,191 -2,996 Personnel costs -3,255 -2,942 -4,390 Depreciation, amortisation and impairment -36 -60 -85 Other operating expenses -5 -24 -29 Operating profit (loss) -285 100 -424 Net financial items 12,371 5,017 4,326 Profit after financial items 12,086 5,117 3,902 Appropriations – – 4,343 Profit before tax 12,086 5,117 8,245 Income tax 63 – -560 Profit for the period 12,149 5,117 7,685 The Parent Company has no items of other comprehensive income. Parent company balance sheet EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets – 20 – Tangible assets 94 – 99 Financial fixed assets 291,094 292,122 292,034 Total non-current assets 291,189 292,142 292,133 Current assets Current receivables 12,462 1,593 4,103 Cash and cash equivalents 1,211 1,497 996 Total current assets 13,673 3,090 5,100 Total assets 304,861 295,232 297,232 EQUITY AND LIABILITIES Equity 266,205 261,109 263,906 Provisions – – – Non-current liabilities 4,775 8,457 3,293 Current liabilities 33,881 25,666 30,033 Total liabilities 38,656 34,123 33,326 Total equity and liabilities 304,861 295,232 297,232 INTERIM REPORT JANUARY–SEPTEMBER 2026 25 / 29
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Key figures by quarter Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Revenue, EUR thousand 190,177 161,903 100,111 154,458 150,066 135,757 106,714 117,118 93,551 Change in revenue from previous quarter, % 17.5% 61.7% -35.2% 2.9% 10.5% 27.2% -8.9% 25.2% 22.9% EBITDA, EUR thousand 16,959 10,115 3,232 14,368 12,881 7,351 2,565 13,602 10,080 EBITDA margin, % 8.9% 6.2% 3.2% 9.3% 8.6% 5.4% 2.4% 11.6% 10.8% Operating profit (EBIT), EUR thousand 15,021 8,287 1,520 12,663 11,267 5,729 985 12,267 8,901 Operating margin, % 7.9% 5.1% 1.5% 8.2% 7.5% 4.2% 0.9% 10.5% 9.5% Profit for the period, EUR thousand 12,574 7,727 1,122 9,003 8,454 4,209 -350 9,261 6,693 Earnings per share (EPS), basic, EUR 0.018 0.011 0.002 0.013 0.012 0.006 0.000 0.013 0.009 Earnings per share (EPS), diluted, EUR 0.018 0.011 0.002 0.013 0.012 0.006 0.000 0.013 0.009 Balance sheet total, EUR thousand 374,125 348,465 335,142 350,708 333,462 312,925 323,727 285,318 261,883 Interest-bearing liabilities and lease liabilities, EUR thousand 20,918 13,124 13,489 15,942 20,144 26,163 42,550 13,991 15,165 Equity, EUR thousand 219,799 208,323 211,226 209,527 199,333 190,450 195,445 193,246 184,521 Return on equity, R12, % 14.5% 13.2% 11.2% 10.6% 11.2% 10.8% 9.0% 8.9% 6.0% Return on capital employed, R12, % 16.5% 15.6% 13.4% 14.0% 14.2% 13.3% 11.3% 12.0% 9.1% Equity ratio, % 64.8% 66.9% 70.9% 68.0% 66.0% 65.4% 63.3% 73.1% 73.9% Net debt, EUR thousand -5,187 -11,982 -21,286 -15,454 1,831 10,360 8,074 -16,622 1,454 Net gearing, % -2.4% -5.8% -10.1% -7.4% 0.9% 5.4% 4.1% -8.6% 0.8% Net debt/EBITDA, R12 -0.12 -0.30 -0.56 -0.42 0.05 0.31 0.26 -0.55 0.06 Free cash flow, EUR thousand -6,240 1,837 5,840 18,633 9,256 5,482 -21,652 18,345 -8,332 Cash conversion, % -36.8% 18.2% 180.7% 129.7% 71.9% 74.6% -844.2% 134.9% -82.7% Order intake, EUR thousand 555,034 180,618 183,349 132,849 118,287 180,758 149,129 60,259 132,828 Book-to-bill 2.9 1.1 1.8 0.9 0.8 1.3 1.4 0.5 1.4 Number of employees at the end of the period 948 970 993 1,026 1,073 1,093 978 492 487 INTERIM REPORT JANUARY–SEPTEMBER 2026 26 / 29
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Definitions and calculation formulas for key figures and alternative performance measures This report includes financial performance indicators that are based on IFRS Accounting Standards. In addition, other alternative indicators are disclosed when they complement performance indicators defined by IFRS Accounting Standards. The basis for disclosed alternative indicators is that they are used by management to evaluate financial performance and thus believed to give analysts and other stakeholders valuable information. Calculation formulas for financial performance indicators and alternative indicators are presented below, and derivations of significant alternative indicators are provided on the next page. Key figure Calculation formula EBITDA = Operating profit + depreciation, amortisation and impairment EBITDA margin, % = EBITDA Revenue x 100% Operating profit (EBIT) = Profit before tax – finance income and expenses – share of result of associates and joint ventures Operating margin, % = Operating profit (EBIT) Revenue x 100% Earnings per share (EPS), basic, EUR = Profit for the period attributable to equity holders of the parent company Weighted average number of shares outstanding during the period Earnings per share (EPS), diluted, EUR = Profit for the period attributable to equity holders of the parent company Weighted average number of shares outstanding during the period (adjusted for the impact of all diluting potential shares) Return on equity (ROE), % = Profit for the period (R12) Average shareholder’s equity x 100% Return on capital employed (ROCE), % = Profit before tax + finance income and expenses (R12) Average shareholders’ equity + average interest-bearing liabilities and lease liabilities x 100% Equity ratio, % = Shareholders’ equity Balance sheet total – advances received (contract liabilities) x 100% Key figure Calculation formula Net debt = Interest-bearing liabilities and lease liabilities – cash and cash equivalents Net gearing, % = Net debt Shareholders’ equity x 100% Net debt/EBITDA = Net debt EBITDA, R12 Order backlog = Amount of unrecognised revenue from customer contracts at the end of the period Free cash flow = Cash flow from operating activities + cash flow from investing activities Cash conversion, % = Free cash flow EBITDA x 100% Order intake = Signed contracts for the period Book-to-bill = Order intake Revenue Revenue per average number of FTEs = Revenue Average number of full-time employees (FTEs) including subcontractors INTERIM REPORT JANUARY–SEPTEMBER 2026 27 / 29
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Key figure Derivations for Q3 2026 EBITDA Operating profit Depreciation, amortisation and impairment + = 15,021 1,938 16,959 EBITDA margin, % EBITDA Revenue ÷ = 16,959 190,177 8.9% Operating margin, % Operating profit (EBIT) Revenue ÷ = 15,021 190,177 7.9% Return on equity (ROE), % Profit for the period (R12) Average shareholder’s equity ÷ = 30,427 ((199,333 14.5% + 219,799) ÷ 2) Return on capital employed (ROCE), % Profit before tax (R12) Finance income and expenses (R12) Average shareholder’s equity Average interest-bearing liabilities and lease liabilities + ÷ + = 38,216 -181 ((199,333 ((20,144 16.5% + + 219,799) 20,918) ÷ ÷ 2) 2) Equity ratio, % Shareholders’ equity Balance sheet total Advances received (contract liabilities) ÷ - = 219,799 (374,125 34,939) 64.8% Key figure Derivations for Q3 2026 Net debt Interest-bearing liabilities and lease liabilities Cash and cash equivalents - = 20,918 26,105 -5,187 Net gearing, % Net debt Shareholders’ equity ÷ = -5,187 219,799 -2.4% Net debt/EBITDA Net debt EBITDA, R12 ÷ = -5,187 44,674 -0.12 Free cash flow Cash flows from operating activities Cash flows from investing activities + = -6,240 0 -6,240 Cash conversion, % Free cash flow EBITDA ÷ = -6,240 16,959 -36.8% Book-to-bill Order intake Revenue ÷ = 555,034 190,177 2.9 INTERIM REPORT JANUARY–SEPTEMBER 2026 28 / 29
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