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The new emergency hospital in Västerås , SwedenNCC | Q2 2025 July 15, 2025 Tomas Carlsson | CEO Susanne Lithander | CFO Q2 2025
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Q4 2024 Q2 2025 -100 623 665 844 -170 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 649 Operating profit, SEK MNet sales, SEK M 11,561 15,448 14,277 20,323 11,077 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 14.543 NCC | Q2 20252
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Q4 2024 Q2 2025 56,270 54,956 53,498 50,723 52,431 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 51,478 Order backlog, SEK MOrders received, SEK M 13,353 14,664 13,264 13,449 14,002 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 13,392 NCC | Q2 20253
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Consistent good performance Q2 highlights Group Higher EBIT and margins Infrastructure Solid development Building Nordics Good performance driven by Denmark Fair letting in Property Development Water treatment, Kungsängsverket , Sweden Industry Continued strong performance and demand High orders received in Building Sweden WoodHub, Odense, Denmark 4 NCC | Q2 2025
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EBIT: Good development in Contracting and Industry NCC | Q2 2025 -170 474 510 544 152 503 614 358 -100 623 665 844 -170 649 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 * SEK M 5 *Excluding divestment of Bergnäset (SEK 175 M)
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New steel mill, SSAB, Luleå , SwedenOulu Hospital , Finland Five GIS (transformer) stations in Stockholm, Sweden Early involvement-projects: Customer value driven by process and know-how
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16,288 14,691 9,681 16,159 13,353 14,664 13,264 13,449 14,002 13,392 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Stable orders received H1 2025 Increased number of early involvement -projects 1.0 7 NCC | Q2 2025 Book to bill 1* *R12 orders received / net sales excluding Property Development SEK M
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Healthy order backlog in line with strategic priorities Negative impact y/y from strengthened SEK 58,910 59,359 54,594 53,422 56,270 54,956 53,498 50,723 52,431 51,478 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 SEK M 8 NCC | Q2 2025
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Metallum , Espoo , Finland Redevelopment of office building in Espoo, Finland SEK 500 M New police station in Örnsköldsvik, Sweden SEK 440 M 14 asphalt agreements in Norway SEK 750 M
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Sales: Continued disciplined approach in selecting projects NCC | Q2 2025 12,464 14,854 14,022 15,592 11,561 15,448 14,277 20,323 11,077 14,543 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 SEK M 10 Property Development
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Financial targets NCC | Q2 2025 Earnings per share ≥16 15.6 Net debt <2.5 0.53 Dividend policy ≈ 60% 9+2 of profit after tax 68% of profit after tax SEKx EBITDA Corporate net debt of SEK -1,388 M x EBITDASEK SEK 11 Target Actual Q2 2025, R12 Actual Q2 2025, R12 Actual 2024 Target Target
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Improvement in recent years 5.8 4.1 3.6 3.7 4.1 4.0 3.3 2.9 0 1 2 3 4 5 6 7 2018 2019 2020 2021 2022 2023 2024 Q2 2025 2026 Health and Safety targets – LTIF4* NCC | Q2 2025 *LTIF4 – Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties per one million worked hours. Target 2026 ≤2.0 12
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General good market demand Particularly strong demand for infrastructure, industrial and public buildings Commercial properties remains slow Continued positive market outlook NCC | Q2 202513 Strong demand for asphalt and stone
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Susanne Lithander CFO NCC | Q2 202514
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• Solid Infrastructure with good demand situation • Building Nordics, good performance driven by Denmark • Strong orders received in Building Sweden • Green Industry Transformation signed a long-term partnering agreement with SSAB NCC’s Contracting units NCC | Q2 202515 Business update Q2 NCC Infrastructure NCC Building Nordics NCC Building Sweden NCC Green Industry Transformation
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17,136 13,598 15,696 18,147 13,612 13,493 Infrastructure Building Nordics Building Sweden Order backlog Net sales R12 Healthy order backlog in line with sales R12 Order backlog and sales for contracting units NCC | Q2 2025 SEK M 16
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Building Nordics Building SwedenInfrastructure 0 1 2 3 4 0 1,000 2,000 3,000 4,000 5,000 6,000 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Net sales EBIT margin, % SEK M NCC | Q2 2025 0 1 2 3 4 0 1,000 2,000 3,000 4,000 5,000 6,000 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Net sales EBIT margin, % 0 1 2 3 4 0 1,000 2,000 3,000 4,000 5,000 6,000 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Net sales EBIT margin,% Stable EBIT-margins*. Sales development reflecting selective project approach % SEK M % SEK M % 17 *R12. Excluding capital gain in Infrastructure Q3 2023 of SEK 175M and provision of SEK 250 in Building Sweden Q4 2024.
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• Strong overall development • EBIT and margins on a good level • Strong demand • Increased funding for road maintenance investments drive demand NCC Industry NCC | Q2 202518 Business update Q2
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188 1,531 1,716 1,222 173 1,748 1,792 1,348 205 1,786 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 5,829 7,004 6,647 6,130 5,426 7,143 6,642 6,431 4,867 6,528 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Strong Asphalt volumes. Shifting to better value mix in Stone materials NCC | Q2 2025 Asphalt sold Thousand tonnes Stone materials sold Thousand tonnes 19
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-261 281 281 99 -313 368 338 191 -312 371 -6 -4 -2 0 2 4 6 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 EBIT EBIT margin R12 Continued improved earnings and return EBIT and capital employed NCC | Q2 2025 4,855 4,592 9.7 13.9 0 2 4 6 8 10 12 14 16 30/6 2024 30/6 2025 Operating Capital Employed ROCE, R12 SEK M SEK M% % 20 6% Internal target 12 Internal target
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• Fair letting vs. commercial market • No projects profit recognized • New projects started • 9 projects in the portfolio, 6 completed unsold and 3 ongoing sold NCC Property Development NCC | Q2 202521 Portfolio update Q2
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256 -37 -18 42 87 30 37 564 10 -1 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 9,926 7,905 1.5% 7.1% 0% 2% 4% 6% 8% 10% 12% 30/6 2024 30/6 2025 Operating Capital Employed ROCE R12 Better capital efficiency NCC | Q2 2025 EBIT SEK M SEK M 22 Internal target12 %
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Fair letting vs. commercial market in general NCC | Q2 2025 Lettable space incl SPP, sqm 0% 20% 40% 60% 80% 100% 0 50,000 100,000 150,000 200,000 250,000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Previously let area, sqm Sold, no letting Let during quarter, sqm Remaining unlet area, sqm Completion ratio Letting ratio (economic occupancy rate) Let during quarter (% of available unlet area) 81% 64% 23
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Q2 FY Jan -Dec SEK M 2025 2024 2024 NCC Group common functions , smaller subsidiaries and business area NCC Green Industry Transformation -91 -122 -477 Elimination of internal gains -17 -11 78 Pensions and other adj & elim 69 41 137 EBIT, total -39 -91 -262 Other & eliminations NCC | Q2 202524
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Q2 Jan-Dec SEK M 2025 2024 2024 Earnings in segments (all BAs) 688 715 2,294 Other & Eliminations -39 -91 -262 EBIT 649 623 2,032 Financial net -46 -34 -169 EBT 603 589 1,863 Tax -136 -118 -292 Profit for the period 467 472 1,571 Earnings per Share 4.8 4.8 16.1 Stable EPS Improved EBIT, while slightly higher financial net & tax NCC | Q2 202525
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Improved cash flow y/y in seasonally low quarter NCC | Q2 2025 Q2 Jan- Dec SEK M 2025 2024 2024 Operating activities From operating activities before changes in working capital 702 669 3,067 From property projects -142 -232 1,927 Other changes in working capital -621 -726 -356 Cash flow from operating activities -61 -289 4,638 Investing activities -155 -94 -647 Cash flow before financing -216 -383 3,990 SEK M -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Cashflow before financing Cashflow before financing, R12 26
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Low corporate net debt provides financial flexibility NCC | Q2 2025 -3,409 -1,388 Q2 2024 Q2 2025 SEK M Actual Jun 30, 2025 R12 0.53 Target <2.5 Net debt* / EBITDA * Corporate net debt excluding pension liabilities and leasing liabilities 27
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Tomas Carlsson CEO NCC | Q2 202528
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Overall a solid quarter Continued positive performance and outlook 29 Good orders received and healthy backlog Good demand in contracting and industry Strategic review of business area Industry according to plan Increased number of early involvement projects NCC | Q2 2025
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ncc.com/Investor -relations The new emergency hospital in Västerås , Sweden Contact information NCC | Q2 2025 For definitions and details, please see the quarterly report. Tomas Carlsson CEO tomas.carlsson@ncc.se Susanne Lithander CFO susanne.lithander@ncc.se Tel +46 730 37 08 74 Andreas Koch Head of Communications & IR andreas.koch@ncc.se Tel +46 705 09 77 61 31