Slides
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Fredericia, Denmark October 23, 2025 Tomas Carlsson | CEO Susanne Lithander | CFO Q3 2025 NCC | Q3 2025
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Strong EBIT growth Strong performance Key achievements +15% Group EBIT Q3 y/y All-time high profit in Industry Rapid growth in early involvement projects Solid development in Contracting 461 Industry EBIT Q3, MSEK 3.1% Q3 EBIT margin ~40 Projects > 500 MSEK NCC | Q3 20252
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Strong earnings development - Despite negative contribution from Property Development NCC | Q3 2025 -170 474 510 544 152 503 614 358 -100 623 665 844 -170 649 767 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 * Group EBIT SEK M 3 *Excluding divestment of Bergnäset (SEK 175 M)
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16,288 14,691 9,681 16,159 13,353 14,664 13,264 13,449 14,002 13,392 11,135 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Stable orders received - Focus on early involvement projects, that will convert into orders 0.93 4 NCC | Q3 2025 Book to bill = 1 *R12 Orders received / R12 net sales excluding Property Development SEK M Book to bill actual*
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High win rate of early involvement mega projects* in Q3 Power lines, Västra Götaland, Sweden SEK 7.5 bn Prison, Trelleborg, Sweden 110,000m2 Steel mill, Luleå, Sweden EUR 4.5 bn total investments NCC | Q3 20255 NCC to develop a 150,000m 2 building complex *Early involvement projects are typically not included in the order backlog
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Examples of early involement projects* > SEK 500 M NCC | Q3 20256 • Water treatment plant, Östersund • Prison Tidaholm, Skaraborg • Görväln verket, w ater treatment plant • Järfällahus, frame agreement • Johannisborg s ring road , Norrköping • Power lines Porjus-Vitåfors, Svenska kraftnät • Raw water pipeline Uddevalla - Trollhättan • Prison, Trelleborg • Boliden’s electrolysis plant Skellefteå • Torvalla swimming facility, Haninge • Waste water treatment plant Falun • Center for elite athletics , Oslo • Office project Marmormolen, Copenhagen • Hospital building Oulu • Reconstruction railway stations in Oslo region, Bane NOR • Construction for fossil -free sponge -iron production , Gällivare, LKAB • Sorting plant Gällivare , LKAB • Five GIS Stations, Stockholm, Svenska kraftnät • Steel mill Luleå, SSAB • Overhead transmission lines Västra Götaland, Svenska kraftnät • Nya Rya water treatment plant, Göteborg ~40 ongoing projects *Early involvement projects are typically not included in the order backlog
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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 48,318 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 SEK M 7 NCC | Q3 2025 Sales R12 excl PD
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Prison, Kristianstad, Sweden SEK 650 M Police office, Karlstad, Sweden SEK 500 M Refurbishment, Kolding, Denmark SEK 520 M NCC | Q3 20258 Example of orders in Q3
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Net sales: In line with recent years NCC | Q3 2025 12,464 14,854 14,022 15,592 11,561 15,448 14,277 20,323 11,077 14,543 14,168 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 SEK M 9 Property Development
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Financial targets NCC | Q3 2025 Earnings per share ≥16 16.2 Net debt <2.5 0.5 Dividend policy ≈ 60% 9+2 of profit after tax 68% of profit after tax SEKx EBITDA Corporate net debt of SEK -1,363 M x EBITDASEK SEK 10 Target Actual Q3 2025, R12 Actual Q3 2025, R12 Actual 2024 Target Target
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• Contract terminated • Termination lacks legal ground • NCC intends to file substantial damage claims • No Q3 impact • Zero profit recognition • 1 billion SEK decrease in order backlog for Infrastructure in Q4 Project Korsvägen Gothenburg NCC | Q3 2025 11
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Targets, climate and energy 2030: -75% NCC’s own emissions (Scope 1 & 2) 2030: -50% NCC’s value chain emissions (Scope 3) 30 June 2025: -60% 30 June 2025: - Ready-mix concrete - Steel reinforcement - Transportation and machine services 2,1 ton CO2e per MSEK net sales -23% -57% +28% kg CO2e per purchased volume or MWh From Q3 2025, internally purchased asphalt is not reported in scope 3. Its production is reported under scope 1 and 2. NCC | Q3 202512
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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 Q3 2025 2026 Health and Safety targets – LTIF4* NCC | Q3 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 13
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General good market demand Particularly strong demand for infrastructure, industrial and public buildings Commercial properties remains cautious Continued positive market outlook NCC | Q3 202514 Strong demand for asphalt and stone
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Susanne Lithander CFO
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• Record high volume of early involvement projects • Higher profit and margins in Building Sweden • Building Nordics: good performance driven by Denmark • Solid Infrastructure • Good progress in Green Industry Transformation NCC’s Contracting units NCC | Q3 202516 Business update Q3 NCC Infrastructure NCC Building Nordics NCC Building Sweden NCC Green Industry Transformation
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0 1 2 3 4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Infrastructure Building Nordics Building Sweden Internal target Contracting margins in positive trend *R12 EBIT margin. Infrastructure excluding profit from divestment in Q3 2023 of SEK 175 M and Building Sweden excl. non-recurring costs of SEK 250 M in Q4 2024 %* NCC | Q3 202517
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• Stellar performance! • High volumes and good operational efficiency in Asphalt • High productivity in Stone materials • Increased funding for road maintenance investments drive demand NCC Industry NCC | Q3 202518 Business update Q3
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188 1,531 1,716 1,222 173 1,748 1,792 1,348 205 1,786 1,945 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 5,829 7,004 6,647 6,130 5,426 7,143 6,642 6,431 4,867 6,528 6,235 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Higher volumes in Asphalt and better mix in Stone materials NCC | Q3 2025 Asphalt sold Thousand tonnes Stone materials sold Thousand tonnes 19
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-261 281 281 99 -313 368 338 191 -312 371 461 -6 -4 -2 0 2 4 6 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 EBIT EBIT margin R12 Record high margin and return EBIT and capital employed NCC | Q3 2025 4,580 4,382 11.3 17.1 0 2 4 6 8 10 12 14 16 18 20 30/9 2024 30/9 2025 Operating Capital Employed ROCE, R12 SEK M SEK M% % 20 6% Internal target 12 Internal target
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• The commercial property market remains cautious • Unchanged letting rate • Divestments and exit Norway NCC Property Development NCC | Q3 202521 Portfolio update Q3
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Letting NCC | Q3 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 Q3 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% 66% 22
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256 -37 -18 42 87 30 37 564 10 -1 -10 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 10,157 8,024 2.1% 6.8% 0% 2% 4% 6% 8% 10% 12% 30/9 2024 30/9 2025 Operating Capital Employed ROCE R12 EBIT in quarter reflecting no profit recognitions and exit Norway NCC | Q3 2025 EBIT SEK M SEK M 23 Internal target12 %
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Q3 FY Jan-Dec SEK M 2025 2024 2024 NCC Group common functions , smaller subsidiaries and business area NCC Green Industry Transformation -39 -48 -477 Elimination of internal gains -10 -8 78 Pensions and other adj & elim 47 45 137 EBIT, total -2 -11 -262 Other & eliminations NCC | Q3 202524
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Q3 Jan-Dec SEK M 2025 2024 2024 Earnings in segments (all BAs) 769 676 2,294 Other & Eliminations -2 -11 -262 EBIT 767 665 2,032 Financial net -49 -53 -169 EBT 718 612 1,863 Tax -183 -140 -292 Profit for the period 534 472 1,571 Earnings per Share 5.5 4.8 16.1 Improved EBIT NCC | Q3 202525
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Improved cash flow y/y from higher profit and lower WC NCC | Q3 2025 Q3 Jan- Dec SEK M 2025 2024 2024 Operating activities From operating activities before changes in working capital 898 785 3,067 From property projects -157 -246 1,927 Other changes in working capital -388 -783 -356 Cash flow from operating activities 353 -244 4,638 Investing activities -163 -65 -647 Cash flow before financing 190 -309 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 | Q3 2025 -3,891 -1,363 Q3 2024 Q3 2025 SEK M Actual Sep 30, 2025 R12 0.5 Target <2.5 Net debt* / EBITDA * Corporate net debt excluding pension liabilities and leasing liabilities 27
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Tomas Carlsson CEO
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Industry all-time high profit Contracting remains strong High growth in early involvement projects Good demand in contracting and asphalt and stone Ongoing strategic review of Industry - high interest Strong performance and positive outlook NCC | Q3 202529
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Contact information NCC | Q3 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 ncc.com/Investor -relations