Slides
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back If you need to change the color of the logo, right click outside work area, choose Format Background from context menu and choose Solid fill – White or Black Skandiaporten, Gothenburg, Sweden February 5, 2026 Tomas Carlsson | CEO Susanne Lithander | CFO Q4 2025 NCC | Q4 2025
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Non-cash impairment charges as previously communicated NCC | Q4 2025 • Impairment charges of ~SEK 1.4 billion • Of which SEK ~900 M related to new assessments of property values in Property Development • Remaining portion mainly relates to a review of tax assets • No cash flow impact
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Strong operating profit* Q4: Strong underlying performance Key achievements 692 Group EBIT Q4, MSEK All-time high Q4 profit in Industry Unchanged dividend High level of orders received +88% Industry EBIT vs Q4 2024 14.5 SEK bn , Q4 9+2 SEK / share NCC | Q4 2025 *Excluding items affecting comparability
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Strong operating profit in Q4 - Despite no profit recognitions in Property Development NCC | Q4 2025 -170 474 510 544 152 503 614 358 -100 623 665 844 -170 649 767 692 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 * Group EBIT SEK M *Excluding divestment of Bergnäset SEK 175 M ** **Excluding items affecting comparability of SEK -1,171 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 14 462 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Good orders received - Focus on early involvement projects that will convert into future orders 1 SEK M NCC | Q4 2025 Book to bill = 1 *R12 Orders received / R12 net sales excluding Property Development SEK M Book to bill actual*
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Order backlog: shift to early collaboration projects Termination of large zero profit recognition projects 58 910 59 359 54 594 53 422 56 270 54 956 53 498 50 723 52 431 51 478 48 318 46 079 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 SEK M NCC | Q4 2025 Sales R12 excluding Property Development
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Renovation, Stockholm, Sweden SEK 1.5 billion Hospital, Oulu, Finland SEK 1.7 billion Office and laboratory, Denmark SEK 2.4 billion NCC | Q4 2025 Example of large orders in Q4
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Net sales: In line with recent years NCC | Q4 2025 12 464 14 854 14 022 15 592 11 561 15 448 14 277 20 323 11 077 14 543 14 168 15 929 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 SEK M Property Development
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To add a subheader, press enter/return after your headline then use this function toggle to body text. EPS: In line with recent years adjusted for property sales NCC | Q4 2025 8 12 14 10 16 16 14* 2019 2020 2021 2022 2023 2024 2025 SEK 2025 14 * Target ≥16 Earnings per share *Excluding items affecting comparability
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Financial targets NCC | Q4 2025 Earnings per share ≥16 14 * Net debt <2.5 0.27 Dividend policy ≈ 60% 9+2 of profit after tax 65% of profit after tax* SEKx EBITDA Corporate net debt of SEK -373 M x EBITDASEK SEK Target Actual 2025 Actual 2025 Proposed dividend 2025 Target Target *Excluding items affecting comparability
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Level in line with previous years 5.8 4.1 3.6 3.7 4.1 4.0 3.3 3.5 0 1 2 3 4 5 6 7 2018 2019 2020 2021 2022 2023 2024 2025 2026 Health and Safety targets – LTIF4* NCC | Q4 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
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back If you need to change the background color of the slide, right click outside work area, choose Format Background from context menu and choose Solid fill – White or Gray (Accent 6, Lighter 80%). Scope 1 & 2: 42 percent reduction of own emissions to 2030 NCC’s updated targets Scope 3: 42 percent reduction of value chain emissions to 2030 Base year 2024 measured in tons of CO 2e - in line with the Paris Agreement NCC shall reach NetZero emissions 2045 Climate and energy: Updated t argets and new base year Net Zero emissions 2045 Scope 1, 2 & 3 42 percent reduction of own emissions to 2030 Base year 2024 measured in tons of CO 2e NCC | Q4 2025
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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 | Q4 2025 Strong demand for asphalt in all markets
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • Strategic review of Industry in 2025 • Purpose: increase shareholder value as Industry’s business logic differs from the rest of NCC • Strong external interest, but bids did not reflect Industry’s value creation trajectory • Industry to become an independent company owned by NCC • Retain several opportunities for the future Strong potential with Industry as a standalone company Share of NCC’s sales NCC Industry 20% NCC | Q4 2025
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Susanne Lithander CFO NCC | Q4 2025
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • Building Nordics: record profit driven by Denmark and Finland • Infrastructure stable • Higher profit in Building Sweden, no provisions • Project starts in Green Industry Transformation NCC’s Contracting units NCC | Q4 2025 Business update Q4 NCC Infrastructure NCC Building Nordics NCC Building Sweden NCC Green Industry Transformation
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Infrastructure ** Building Nordics Building Sweden *** 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 Q3 Q4 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 Q3 Q4 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 Q3 Q4 Net sales EBIT margin*,% NCC | Q4 2025 SEK M Higher earnings and margins % SEK M % SEK M % * R12 EBIT margin. ** Infrastructure excluding profit from divestment in Q3 2023 of SEK 175 M *** Building Sweden excl. non-recurring costs of SEK 250 M in Q4 2024
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • Exceptional performance! • Positive volumes given season and high operational efficiency in Asphalt • High productivity in Stone materials • Increased funding for road maintenance investments drive demand in all markets NCC Industry NCC | Q4 2025 Business update Q4
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188 1 531 1 716 1 222 173 1 748 1 792 1 348 205 1 786 1 945 1 389 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 5 829 7 004 6 647 6 130 5 426 7 143 6 642 6 431 4 867 6 528 6 235 6 504 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Positive volume development in Asphalt and better mix in Stone materials NCC | Q4 2025 Asphalt sold Thousand tonnes Stone materials sold Thousand tonnes
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-261 281 281 99 -313 368 338 191 -312 371 461 359 -6 -4 -2 0 2 4 6 8 10 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 EBIT EBIT margin R12 Record high margin and return EBIT and capital employed NCC | Q4 2025 3 844 3 694 14 22 0 4 8 12 16 20 24 31/12 2024 31/12 2025 Operating Capital Employed ROCE, R12 SEK M SEK M% % 6% Internal target 12 Internal target ROCE 22% ROCE 14%
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • The commercial property market remains cautious • Slow letting • Impairment charges in Q4 NCC Property Development NCC | Q4 2025 Portfolio update Q4
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Letting NCC | Q4 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 Q4 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) 82% 68%
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256 -37 -18 42 87 30 37 564 10 -1 -10 50 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 7 938 7 215 7,6% 0% 2% 4% 6% 8% 10% 12% 31/12 2024 31/12 2025 Operating Capital Employed ROCE R12 Underlying EBIT in quarter reflecting no profit recognitions NCC | Q4 2025 EBIT SEK M* SEK M Internal target12 % *Excluding items affecting comparability 0%*
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Q4 Jan-Dec SEK M 2025 2024 2025 2024 NCC Group common functions , smaller subsidiaries and business area NCC Green Industry Transformation -194 -202 -426 -477 Elimination of internal gains -15 80 -49 78 Pensions and other adj & elim -239 -2 -57 137 EBIT, total -448 -125 -531 -262 Other & eliminations NCC | Q4 2025
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Q4 Jan-Dec SEK M 2025 2024 2025 2024 EBIT before items affecting comparability 692 844 1,938 2,032 Items affecting comparability -1,170 - -1,170 - EBIT after items affecting comparability -479 844 768 2,032 Financial net -37 -65 -137 -169 EBT -516 779 630 1,863 Tax -208 -58 -489 -292 Profit for the period -723 721 142 1,571 Earnings per Share before items affecting comparability 5.0 7.4 13.9 16.1 Earnings per Share after items affecting comparability -7.4 7.4 1.5 16.1 Earnings NCC | Q4 2025
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Strong cash flow in Q4 - Cash conversion > 100% NCC | Q4 2025 Q4 Jan-Dec SEK M 2025 2024 2025 2024 Operating activities From operating activities before changes in working capital 933 1,427 2,523 3,067 From property projects -124 2,270 -605 1,927 Other changes in working capital 1,170 1,283 -6 -356 Cash flow from operating activities 1,978 4,980 1,912 4,638 Investing activities -372 -339 -761 -647 Cash flow before financing 1,607 4,640 1,151 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
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Low corporate net debt provides financial flexibility NCC | Q4 2025 -1 000 -500 0 500 Dec 2024 Dec 2025 Corporate net debt Dec 2024 Dec 2025 SEK M 2025 0.27 Target <2.5 Net debt* / EBITDA * Corporate net debt excluding pension liabilities and leasing liabilities 205 -373
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Tomas Carlsson CEO NCC | Q4 2025
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Om du behöver ändra bakgrundsfärgen på bilden, högerklicka utanför arbetsytan, välj Formatera bakgrund från menyn och välj Hel fyllning - Vit eller Grå (dekorfärg 6, ljus 80%). Katarina Wilson Tomas Brannemo New members in Senior Management Team • Tomas Brannemo • New Head of NCC Infrastructure • Background as manager in international companies: Johnson Controls, Xylem, ABB, Volvo CE • Starting in March • Katarina Wilson • New CFO • Currently COO and previously CFO for AcadeMedia • Starting in Q2 NCC | Q4 2025
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back If you need to change the color of the logo, right click outside work area, choose Format Background from context menu and choose Solid fill – White or Black Annual General Meeting • Date: May 5, 2026 • Location: SPACE in Stockholm • Detailed information will be provided closer to the AGM • The annual report published at the latest on April 14, 2026 AGM 2022, Stockholm, Sweden NCC | Q4 2025
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Good underlying profitability and strong cash flow Industry all-time high profit Contracting higher Y/Y High level of orders received Unchanged dividend 9+2 SEK Good performance and positive outlook NCC | Q4 2025 Industry to become a standalone company
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back If you need to change the color of the logo, right click outside work area, choose Format Background from context menu and choose Solid fill – White or Black Contact information NCC | Q4 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 ncc.com/Investor -relations