Slides
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3rd quarter 2025 CEO Anders Gustafsson CFO Åsgeir Nord
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Third quarter confirms that we are on the right track Order backlog at solid levels Improved margin to 3.6% shows disciplined approach and strategic focus Reduced cash flow – expect cash release during Q4 Timing effects in Finland and Sweden impact revenue on short term Moderate order intake, strong start for fourth quarter Market outlook for sustainable infrastructure remains favorable Confident on 2025 EBIT-margin, range of NOK 135-140 million Will report on two additional segments, Machines and Special Operations (Gunnar Knutsen and NRC Kept), from 2026 Expect more than 3.0% in margin and approximately NOK 7.5 billion in revenue in 2026 Summary from CEO
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Change the direction of the arrows by rotating them 90 degrees at a time NOK 1.8 Third quarter with profit improvement Key figures Q3 2025 Revenue Q3 2024: NOK 2.1 billion NOK 0.9 Order intake Q3 2024: NOK 1.0 billion 3.6% EBIT margin Q3 2024: 1.9% NOK 8.5 Order backlog Q3 2024: NOK 6.8 billion NOK 65 EBIT Q3 2024: NOK 40 million NOK -95 Operating cash flow Q3 2024: NOK -48 million billion million billion million billion
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Order backlog at solid levels Backlog NOK million Order intake & Book-to-bill LTM Order backlog (total)1 Order backlog execution1 NOK million NOK million 6 613 6 940 8 195 7 766 6 765 7 971 8 875 9 026 8 535 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1 321 2 404 3 040 1 327 3 626 3 582 Current year (Q4) Next year Following years Order backlog per Q3 2024 Order backlog per Q3 2025 773 2 0242 493 1 327 969 1 817 2 238 1 751 900 0,7 0,8 1,0 1,0 1,0 1,0 0,9 1,0 1,0 0,0 0,2 0,4 0,6 0,8 1,0 1,2 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Unannounced Announced LTM book-to-bill NRC Group expects the Book-to-bill to exceed 1.0x from Q4 and onwards 1. In Q4 2024 a new principle for order backlog recognition was implemented. Order backlog figures for periods preceding this have not been restated. In addition, order backlog for Maintenance contracts in Sweden have been revised (increased) in Q3. The numbers for 2024 and 2025 are not directly comparable.
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1. LTI: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors) 2. Injury that results in prolonged disability Lowest figure since we started measuring LTI systematically Health and safety LTI1 Serious injuries2Sickness absence 6,0 5,6 4,7 2,1 2022 2023 2024 LTM Q3 2025 4,2 % 3,8 % 3,7 % 3,8 % 2022 2023 2024 LTM Q3 2025 2 0 2 0 2022 2023 2024 YTD Q3 2025
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Solid EBIT, temporarily decrease in revenue mainly due to timing effect Profit & loss NOK million Revenue LTM Notes EBIT was NOK 65 million in the quarter, significantly up from third quarter last year Revenue down from third quarter last year due to i) timing effects in Sweden and Finland, ii) reduction of change orders and iii) a reduced order intake in the quarter Robust revenue growth expected from second quarter 2026 6 8866 732 6 747 6 697 6 956 6 892 6 851 6 8676 581 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (Amounts in NOK million) Q3 2025 Q3 2024 YTD Q3 2025 YTD Q3 2024 FY 2024 Revenue 1 818 2 103 4 845 5 156 6 892 Operating expenses -1 700 -2 015 -4 589 -5 104 -6 790 Other income and expenses 0 0 0 -59 -77 Depreciation and amortisation -53 -48 -158 -142 -844 EBIT 65 40 98 -800 -820 EBIT margin 3.6% 1.9% 2.0% -15.5% -11.9 % Net financial items -23 -20 -66 -62 -81 Share of loss from associates and JVs 0 -18 0 -18 -18 Taxes -11 -11 -11 -6 -81 Net profit / loss 31 -9 21 -887 -1 000 -12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 -150 -100 -950 -50 -900 0 -850 50 -800 100 -750 150 -250 -200 Q2 24 -11,3% Q3 24 -11,9% Q4 24 -10,9% Q1 25 0,8% Q2 25 1,2% 1,6% -244 105 56 -750 -783 -820 -748 Q3 25 Q3 23 -3,5% 0,8% Q4 23 Q1 24 -11,2% 53 79 EBIT LTM NOK million and percent
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Norway NOK million NOK million Restored profit – order backlog renewal remains priority Operational review NRC Group Norway Order backlog (total) (NOK million) Q3 2025 Q3 2024 Revenue 552 569 EBIT 19 12 EBIT margin 3.4% 2.2 % Order intake 417 282 Key figures Notes Steady improvement in EBIT from same quarter last year Gunnar Knutsen continues to deliver solid results ETM-project nearly completed, preparing final settlement Order backlog needs strengthening, especially within civil 133 116 -213 -230 -274 -214 12 18 -50 -40 -30 -20 -10 0 10 20 -300 -250 -200 -150 -100 -50 0 50 100 150 5,9% Q3 23 5,4% Q4 23 0,5% Q1 24 -10,3% Q2 24 -11,3% Q3 24 -13,6% Q4 24 -10,3% Q1 25 0,6% Q2 25 0,9% Q3 25 10 Revenue LTM EBIT LTM NOK million and percent 2 247 2 136 2 091 2 061 2 030 2 016 2 073 2 125 2 108 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 389 711 585 372 824 257 Current year (Q4) Next year Following years Order backlog per Q3 2024 Order backlog per Q3 2025
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Sweden NOK million NOK million Profit trends upward despite decreased revenue Operational review NRC Group Sweden Order backlog (total)1 Key figures Notes 1 9851 8771 9731 859 2 1142 1222 035 2 2152 107 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (NOK million) Q3 2025 Q3 2024 Revenue 592 701 EBIT 10 10 EBIT margin 1.8% 1.4 % Order intake 190 294 Decreased revenue from same quarter last year, mainly due to decline in the Rail division. Timing effect for certain projects, especially rail project in Nyköping, and less change orders. Increased margin compared to last year – on lower revenue Weak order intake for the quarter, strong start in Q4 Order backlog at robust levels -56 -60 -53 -30 -33 44 45 -25 -20 -15 -10 -5 0 5 -450 -50 0 50 -500 -21,8% Q3 23 -3,0% Q4 23 0,5% Q1 24 Q2 24 -2,5% Q3 24 -1,4% Q4 24 -1,6% Q1 25 2,0% Q2 25 2,1% Q3 25 -432 9 -3,2% Revenue LTM EBIT LTM NOK million and percent 375 836 1 775 406 1 435 2 043 Current year (Q4) Next year Following years Order backlog per Q3 2024 Order backlog per Q3 2025 1. In Q4 2024 a new principle for order backlog recognition was implemented. Order backlog figures for periods preceding this have not been restated. In addition, order backlog for maintenance contracts was revised (increased) as of Q3. The increase is not included in the order intake for the quarter. The numbers for 2024 and 2025 are not directly comparable.
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Finland NOK million Significant increase in profits – despite revenue timing effects Operational review NRC Group Finland Order backlog (total)1 Key figures Notes 2 679 2 753 2 709 2 806 2 842 2 782 2 775 2 559 2 399 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (NOK million) Q3 2025 Q3 2024 Revenue 682 841 EBIT 52 31 EBIT margin 7.7 % 3.7 % Order intake 293 393 Significant improvement in EBIT from third quarter last year Revenue reduced from same quarter last year, mainly caused by timing effects in light-rail and the maintenance area, in addition to reduced rail and materials volumes. Expect revenue growth from second quarter 2026 88 83 78 -432 -450 -458 -440 57 79 -20 -15 -10 -5 0 5 -500 -400 -300 -200 -100 0 100 3,3% Q3 23 3,0% Q4 23 2,9% Q1 24 -15,4% Q2 24 -15,8% Q3 24 -16,4% Q4 24 -15,9% Q1 25 2,2% Q2 25 3,3% Q3 25 Revenue LTM EBIT LTM NOK million NOK million and percent 556 858 681 549 1 367 1 283 Current year (Q4) Next year Following years Order backlog per Q3 2024 Order backlog per Q3 2025 1. In Q4 2024 a new principle for order backlog recognition was implemented. Order backlog figures for periods preceding this have not been restated.
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123 -95 36 -16 -76 -4 Expect significant cash release after final resolution of ETM project Reduced cash flow, cash release expected in the fourth quarter Cash flow and working capital NOK million Cash flow from operations NOK million Change in cash Q3 2025 NOK million Net working capital (NWC) 12 306 -126 7 -48 198 -150 83 -95 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 208 -62 55 -49 36 -125 68 87 277 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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Net interest-bearing debt, maturity profile and leverage ratio Financial position NOK million Net interest-bearing debt (NIBD) Leverage ratio: NIBD/EBITDA adj. LTMTerm loan and bond maturities NOK million Ratio Long-term covenant target < 3.25x 150 400 391 941 Bank debt Bond Leasing NIBD 3,0 2,3 2,6 5,1 7,8 6,1 6,7 3,0 3,1 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 14 58 72 400 2025 2026 2027 Term loan Bond Expects a significant reduction from Q4 ‘25
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Solid headroom on all covenants Financial covenants Bank term loan and overdraft facility Covenant Q3 25 Calculated Q3 25 Minimum adj. EBITDA LTM > NOK 210 million NOK 301 million Minimum available liquidity > NOK 75 million NOK 384 million Equity ratio ≥ 25 % 39 % Borrowing base ≤ 60 % of accounts receivables 2 % Leverage ratio Suspended until Q4 25 (≤ 3.25)1 3.2 Interest coverage ratio Suspended until Q4 25 (≥ 3.0)1 3.4 Bond Equity ratio ≥ 25 % 39 % Interest coverage ratio > 2.02 3.5 1. The waiver was lifted in Q3 25 as the company is in full compliance with all covenant requirements 2. Increases to 2.5 from Q4 and onwards
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Q3 2025 Summary Financials Third quarter confirms we are on the right track EBIT of NOK 65 million in the quarter (3.6%) Moderate order intake, strong start for fourth quarter Market outlook for sustainable infrastructure remains favorable, order backlog at NOK 8.5 billion Confident on 2025 guiding of more than 2.0% EBIT-margin, in range of NOK 135 – 140 million for full year Operations Improved margin shows disciplined approach and strategic focus Timing effects in Finland and Sweden impacts revenue growth ETM is largely finalised, documentation is remaining Will report on two additional segments, Machines and Special Operations, from 2026
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EBIT margin Revenue Guiding Targets for long-term strategy 2028 targets >5.0% >NOK 10 bn 2025 >2.0% NOK 135 - 140 million <NOK 7 bn Linear profit improvement towards 2028 2026 >3.0% ~NOK 7.5 bn
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Q4 2025 results 17 February
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Appendix
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Interim condensed consolidated statement of profit or loss
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Interim condensed consolidated statement of financial position
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Interim condensed consolidated statement of cash flows
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Reconciliation of EBIT adj. from EBIT
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1. NRC Group estimates. Assumes 50% share of alliance contracts in light rail. High demand for infrastructure – continued robust tender pipeline BNOK value, next 9 months (submission) NOK 25 billion tender pipeline in Group1 Notes Continued high tender pipeline across all countries Foundation for future profitable growth for NRC Group Governmental support to upgrade and build sustainable infrastructure, presents significant opportunities (10 years National Transportation Plans) Q3 2025: NOK 4 billion from Finland not included in tender pipeline (Turku and Helsinki Alliance projects still in design phase. Amount is related to construction phase) 18 19 25 30 21 35 34 31 29 30 27 29 25 28 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Reduction due to change in principal FI Norway Sweden Finland
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