Slides
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Third Quarter 2025 November 13. 2025 Jan Jahren, CEO Sverre Hærem, EVP & CFO Christian Wieland Dep. CEO & EVP Sentia Sweden
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Sentia Q3 20252 HighlightsQ3 2025 FornebuportenRevenue of MNOK 2 850 (2 539) – up by 12,2% from Q3 2024EBT MNOK 189 (181) Order intake of MNOK 1 043 (1 063)Order backlog of MNOK 19 535 (15 816) Net financial position of MNOK 3 254 (3 002) Strong growth and a solid result in the quarter Valhall, Stavanger
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HMS 3 Number of injuries LTI-rate* Sick leave rate Per quarter, Sentia employees, hired staff and sub-contractors12-month rolling– Sentia employees, hired staff and subcontractorsPer quarter, Sentia employees * LTI-rate = Number of lost-time injuries and severe personnel injuries not resulting in lost-time, including subcontractor employees, per million hours worked Sentia Q3 20254 7 4 2 7 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2,4 2,0 1,8 2,1 Q4 24 Q1 25 Q2 25 Q3 254,4 % 4,6 % 4,9 % 4,8 % 4,6 % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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Continued strong order backlog Order intake 4 Order backlogNOK billionNOK billion Sentia Q3 20251,1 2,8 5,0 6,0 1,0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 202515,8 16,1 18,3 21,3 19,5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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Kjøpsvik school and kindergarten Petersborggata 7 5 New projects in the quarter- HENT Location: Bodø Developer: AvinorContract value: MNOK 450Scope: 6 000 m2Completion: 2028Location: TromsøDeveloper: Total prosjekt ASContract value: MNOK 156Scope: 4 030 m2Completion: 2027 Air Traffic Control Centre Bodø Airport Location:KjøpsvikDeveloper: Narvik municipalityContract value: MNOK 140Scope: 2 400 m2Completion: 2028Sentia Q3 2025 Illustrasjon | Archus Arkitekter AS
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New project in the quarter– Sentia Sweden Sentia Q3 20256 Location: StockholmDeveloper: HemsöContract value: to be determined after phase 1Scope: 12 000 m2Completion: 2027Sätra Ice Rink
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The market Sentia Q120257 Sentia Q3 2025 Current situation•Market downturn in 2025 in both Norway and Sweden•Challenging market for residential construction•Increased competition and more bidders on each projectMarket outlook•Expected increase in residential construction in 2026 could impact the entire market•Growth areas:•Military investments•Maintenance of healthcare buildings•Nursing homes and care facilities•Industry – Data centres and land-based aquaculture facilities•Destination hotels Holtermanns veg, Trondheim
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Sentia Sweden Christian WielandDeputy CEO & EVP Sentia Sweden Sentia Q3 2025
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9 Sentia Q3 2025 A strong challenger in the Swedish construction market Sentia Sweden consists of the construction companies Vestia, SSEA and MålbyggTurnkey contractor with broad expertise – from urban development to complex projects Partnering in focus – with the customer at the coreStrong local presence – from Malmö to KirunaHQ Kiruna HQ Stockholm HQ Gothenburg Office locationOngoing projectDelivered projectSelected projects
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Growth driven by partnering Sentia Q3. 2025 Low order backlog, but increased predictability for future developmentsHigh order backlog•Strong business model with partnering at the core•Revenue growth up 46% year-to-date compared to the same period last year•Order backlog up 141% compared to the same period last year Selected project from the order backlog Kaj 16 | 41 500m2Contract awarded647 MSEK623 MSEK32 MSEKPhase 1 Q4 ‘22Phase 2 – part 1 Q4 ‘24Phase 2 – part 2 Q2 ‘25Phase 1 (2-5% of revenue)DevelopmentPhase 2 (95-98% of revenue)ConstructionPre-project
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1174% of revenue in 2025 is from repeat customers Customer loyalty index 2025(1)Phase 1 and Phase 295/10092/100Note: (1) rolling 12 months, from customer survey. Average of phase 1 and 2. Sentia Q3. 2025 Strong customer relations strengthens market position Customer satisfaction index 2025(1)Phase 1 and Phase 2 SectorTop 10 customersPublicPublicGÂLLIVARE KOMMUNPublicKUNGÂLVS KOMMUNPublicPublicPrivatePrivatePrivatePrivatePrivate Other selected customers
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Sentia Q3 202512 Strategic partnering – program “Lyftet” with Mölndals Municipality A lift for Mölndal – building the future Cure valuesShared knowledge, trust and dedication – every day! Vision“Lyftet” – sustainable buildings for the best start to lifelong learning ResultEight projects –kindergarten, schools and educational facilities in Mölndal
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Sentia 3.kv 202513 “Lyftet” in Mölndal – implementation of the programme 20202021202220232025Vestia and Mölndalentered a long-term strategic partneringEight projectsFässberg building H and building L Almås schoolbuilding CStretereds schoolBrattås schoolÔstergårds schoolpart 2Västerberg schoolBifrosts preschool2024Ôstergård school, part 1 Västerberg school Ôstergård school Bifrosts preschool Almås school building CA total of 935 MSEK215 MSEK21 MSEK509 MSEK67 MSEK123 MSEK
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14Sentia Q3 2025 Other ongoing partnering projects in phase 1 Stockholm university of arts | 36 000m2 Multi-activity house | 20 600m2 Kungälv Arena | 50,000m2 Infrastructure204 MSEKStructural works286 MSEKPhase 2 – part 1 Q2 ‘25Phase 1 ongoingPhase 1 ongoingPhase 1 ongoingPhase 2 – part 1 Q2 ‘25
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Q3Results and Financial statusSentia Q3 202515
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Q3 2025 – Sentia 16 Revenues MNOKEBT and EBT margin MNOK•Revenue growth of 12,2% in the quarter•77% (71%) of revenue from partnering and collaboration •Solid performance and stable profit margin•Earnings before tax up by 4,3% YTDQuarterJan-Sep 2024Jan-Sep 2025Q3 2024Q3 2025MNOK7 9348 6142 5392 850Revenues433390153159EBIT521504181189EBT5,5%4,5%6,0%5,6%EBIT margin6,6%5,9%7,1%6,6%EBT margin2 5392 5972 8362 9292 850Q3 24 Q4 24 Q1 25 Q2 25 Q3 251811191142021897,1%4,6%4,0%6,9%6,6%Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Public 61 % Private 39 % 39 %26 %15 %9 %2 %4 %2 %3 %CommercialEducationPublic Adm.HealthResidentialInfrastructureOtherSportsarenaSentia Q3 2025
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HENT 17 Revenues MNOKEBT and EBT margin MNOK•Revenue growth of 4,1% in the quarter•72% (69%) of revenue is from collaboration agreements•The quarterly result is affected by several large project deliveries •Order intake of MNOK 499 (642), and an order backlog of MNOK 15 830 (14 279) at the end of the quarter YTDQuarterJan-Sep 2024Jan-Sep 2025Q3 2024Q3 2025MNOK6 8407 0062 2212 312Revenues381383143146EBIT481480177172EBT5,6%5,5%6,5%6,3%EBIT margin7,0%6,9%8,0%7,5%EBT margin40 %28 %12 %11 %1 %4 %2 %2 %CommercialEducationPublic Adm.HealthResidentialInfrastructureOtherSportsarenaPublic 61 % Private 39 % 2 2212 1612 3292 3652 312Q3 24 Q4 24 Q1 25 Q2 25 Q3 251771581441641728,0%7,3%6,2%6,9%7,5%Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Sentia Q3 2025
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Sentia Sweden 18 Revenues MNOKEBT and EBT margin MNOKYTDQuarterJan-Sep 2024Jan-Sep 2025Q3 2024Q3 2025MNOK1 0981 609319538Revenues52671022EBIT60681222EBT4,7%4,1%3,1%4,0%EBIT margin5,5%4,3%3,9%4,2%EBT margin•Revenue growth of 69% in the quarter due to several projects which were in phase 1 in 2024 are now in the construction phase•99% (80%) of revenue is from partnering agreements•High activity and improved results •Order intake of MNOK 546 (422), and an order backlog of MNOK 3 705 (1 537) at the end of the quarterPublic 59 % Private 41 % 36 %17 %30 %4 %5 %8 %CommercialEducationPublic Adm.HealthResidentialSportsarena 319437507563538Q3 24 Q4 24 Q1 25 Q2 25 Q3 2512202323223,9%4,6%4,5%4,2%4,2%Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Sentia Q3 2025
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Cash flow – Sentia 19 Cashflow from operations MNOKYTDQuarterJan-Sep 2024Jan-Sep 2025Q3 2024Q3 2025MNOK433390153159EBIT71802227Depreciation and amortisation-33-173-4Paid taxes-343-29722627Change in working capital129155404210Cash flow from operations-2673 085-26527Cash flow from investing activities-453-78400Dividends paid-68-1244-27Other financing activities-521-9085-27Cash flow from financing activities-6582 332144210Cash flow for the period 404790-260206210Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Sentia Q3 2025
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A strong financial position ensures stability and flexibility 20 Cash and interest-bearing receivables Interest-bearing debt Net financial position MNOK MNOK MNOK•Reduction in interest-bearing debt due to the conversion of synthetic shares in connection with the IPO in Q23 3294 1253 0863 2633 471Q3 24 Q4 24 Q1 25 Q2 25 Q3 25327359372226217Q3 24 Q4 24 Q1 25 Q2 25 Q3 253 0023 7672 7143 0373 254Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Sentia Q3 2025
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Balance sheet - Sentia 21 Equity share MNOKShort-term debtEquityLong-term debt31.12.2430.09.2430.09.25MNOK1 4351 4571 429Non-current assets1 2101 3211 354Current assets, excl. Cash amd int.-bearing rec.4 1253 3293 471Cash and interest-bearing receivables6 7706 1086 254Total assets1 8021 7301 497Equity280250132Long-term interest-bearing debt276445371Other long-term debt797685Short-term interest-bearing debt4 3343 6064 168Other short-term debt6 7706 1086 254Total equity and debtEquity share23,9%(28,3%) Sentia Q3 20251 4975044 253
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Return on capital employed 22 EBIT Capital employed Return on capital employed MNOK, last four quarters MNOK, average last four quarters EBIT/average capital employed5665395175232024 Q1 2025 Q2 2025 Q3 20251 9781 8871 8211 7352024 Q1 2025 Q2 2025 Q3 202528,6%28,6%28,4%30,1%2024 Q1 2025 Q2 2025 Q3 2025Sentia Q3 2025
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Summary 23 •Continued strong growth, particularly in Sweden•Solid operations throughout the organization•Strong results driven by several large project handovers during the quarter•Order intake in the quarter impacted by a market with limited growth and strong competition •Robust order backlog•Strong financial positionSentia Q3 2025 Fornebubanen, Oslo
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