Slides
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3rd quarter 2026 CEO Anders Gustafsson CFO Åsgeir Nord
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Margins delivering on plan – next phase is profitable growth Prioritise profitability over short- term volume with disciplined project selection and operational excellence. Finland is leading the way, revenue up 37%. EBIT up 40% to NOK 91 million with margin of 4.9%, strongest quarter since the restart. Tender pipeline at a high of NOK 44 billion for 2027 – solid demand for critical infrastructure. Strategic review of Gunnar Knutsen is ongoing. ETM negotiations with Bane NOR (claim NOK 566 million) in final phase. Demanding 2026 commercially – lifting order intake, particularly in Norway, is our top priority. Improved profitability in Norway, Sweden and Kept. Finland stable as light rail contracts are in early phases. Machine delivering a solid quarter. Gunnar Knutsen profitable in transition phase. Refinancing on track – we expect to agree terms with a selected bank before year-end.
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Change the direction of the arrows by rotating them 90 degrees at a time NOK 1.8 Strongest quarter since restart of NRC Group Key figures Q3 2026 Revenue Q3 2025: NOK 1.8 billion NOK 1.2 Order intake Q3 2025: NOK 0.9 billion 4.9% EBIT margin Q3 2025: 3.6% NOK 7.9 Order backlog Q3 2025: NOK 8.5 billion NOK 91 EBIT Q3 2025: NOK 65 million NOK -27 Operating cash flow Q3 2025: NOK -95 million billion million billion millionbillion
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Strengthening the order backlog is key priority – Finland is leading the way NOK billion Order intake & Book-to-bill LTM Order backlog (total) Order backlog for execution NOK billion NOK billion
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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 Zero serious injuries and stable sickness absence – stepping up efforts on LTI Health and safety LTI1 Serious injuries2Sickness absence
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Profitability over volume drives margin improvement Profit & loss NOK billion Notes EBIT of NOK 91 million, a substantial improvement compared to last year Revenue in line with last year despite weaker SEK and EUR Net profit almost doubled from same quarter last year – Q3 result corresponds to an EPS of 0.33 -150 -100 -950 -50 -900 0 -850 50 -800 100 -750 150 -250 -200 EBIT NOK million Revenue
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Norway NOK million NOK million Main priority on order intake in a temporarily demanding market Operational review NRC Group Norway Order backlog for execution Key figures Notes Revenue decreased and win rate below our ambition, delayed and cancelled tenders from our biggest client Bane NOR. Potential for profitable growth going forward with solid pipeline. Improving order intake, especially within civil work, is top priority. Higher project releases in 2026, due to projects entering final stages, drive EBIT ETM negotiations in final phase, announcement to market when concluded Ensuring more efficient use of overhead resources in challenging market, previous division director will lead operations in Norway going forward EBIT NOK million Figures from 2024 & 2025 are presented excluding Special Operations (Gunnar Knutsen and Kept). Figures for 2025 are presented excluding the Norwegian part of the Machine segment. Revenue
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Sweden NOK million NOK million EBIT back in black – tender capacity significantly strengthened Operational review NRC Group Sweden Order backlog for execution Key figures Notes Clear improvement in profitability compared to last year Revenue on the soft side, due to weakened SEK/NOK Significant strengthening of tender capacity Pipeline for 2027 is at high levels 50 NOK million Figures from 2025 are presented excluding the Swedish part of the Machine segment. Revenue EBIT
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Finland Solid revenue growth with margins expected to follow as projects mature Operational review NRC Group Finland Order backlog for execution Key figures Notes Considerable revenue increase in the quarter, and set to continue next year Operational efficiency, with EBIT-margins expected to increase as projects progress towards completion New light rail projects are still in early phase, margins will be recognised gradually NOK million NOK million Figures from 2025 are presented excluding the Finnish part of the Machine segment. Revenue EBIT
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Special operations GK profitable, despite transition period - Kept steadily improving Key figures NOK million NOK million EBIT Gunnar Knutsen AS (GK) Key figures NOK million NOK million EBIT NRC Kept AS Revenue Revenue
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Machine Supreme margins during high season Operational review NRC Group Machine Notes Delivering impressive profitability in what is seasonally a strong quarter, of which gain from sale of machines comprised NOK 4.6 million Revenue in line with last year Increasing focus on external sales Segment to be combined with Special Operations going forward NOK million NOK million EBIT Key figures Revenue
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Seasonally weak cash flow, but substantially improved year-on-year Cash flow and working capital NOK million Cash flow from operations NOK million Change in net cash Q3 2026 NOK million Net working capital (NWC)
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7,8 6,1 6,7 3,0 3,1 2,1 2,6 2,2 2,2 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Leverage at 2.2x – comfortable headroom ahead of refinancing Financial position NOK million Net interest-bearing debt (NIBD) Leverage ratio: NIBD/adj. EBITDA LTMTerm loan and bond maturities NOK million Ratio Covenant requirement ≤3.25x Notes In line with plan to refinance bond and bank debt by Q1 2027 Leverage ratio comfortably below target, restated from 1.8x to 2.2x for Q2 2026
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Covenant metrics well inside thresholds Financial covenants Bank term loan and overdraft facility Covenant Q3 26 Calculated Q3 26 Equity ratio ≥ 25 % 39 % Borrowing base ≤ 60 % of AR* 3.6 % Leverage ratio ≤ 3.25 2.2 Interest coverage ratio ≥ 3.0 5.1 Bond Equity ratio ≥ 25 % 39 % Interest coverage ratio ≥ 2.5 5.1 * Accounts Receivables
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Q3 2026 Summary Financials Operations EBIT of NOK 91 million in the quarter, EBIT margin of 4.9% (3.6%) Revenue of NOK 1.8 billion, order intake of NOK 1.2 billion Order backlog of NOK 7.9 billion, excluding additional estimated value of two light rail contracts Operating cash flow of NOK -27 million Tender pipeline for 2027 at NOK 44 billion, uncertainty is timing – whether/when clients announce tenders Finland is already delivering on targets Sweden is developing positively Machine’s first year as a separate segment develops well Norway is lagging on order intake ETM negotiation in Norway is in a final phase Kept continues to improve Gunnar Knutsen delivering in transition after completing a major multi-year contract Sweden Finland Norway
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Ambitions for profitable growth Long-term strategy 2027 Order intake > 10 billion NOK EBIT margin > 3.5% 2028 Order intake > 12 billion NOK EBIT margin > 5.0% 2026 Revenue ~ 6.5 billion NOK EBIT margin > 3.0% NewAdjusted New Adjusted
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Q4 2026 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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High demand for infrastructure – continued robust tender pipeline BNOK value, next 9 months (submission) NOK 43 billion tender pipeline in Group Notes Growing 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) Increase in civil infrastructure for Norway and Sweden
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