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 Majorstuen station, Oslo, Norway Q3 2026 November 3, 2026 Tomas Carlsson | CEO Katarina Wilson | CFO
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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%). • Enterprise value: SEK 8.2bn • ~SEK 7bn cash proceeds • One transaction, two buyers • Closing expected in H2 2027 (subject to approvals) • Meanwhile; business as usual NCC divests Industry and becomes a focused contracting company NCC | Q3 2026
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Reporting structure until the completion of the divestment Industry reported as discontinued operations from Q3 (IFRS 5) NCC continues to benefit from Industry’s earnings and cash flow until closing Therefore NCC also presents financials covering both continuing and discontinued operations
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Impact of IFRS 5 on NCC’s Income statement Refers to Q3 2026 Q3 2025 Comment Net sales NCC excluding Industry 10,066 10,067 EBIT before items affecting comparability NCC excluding Industry 290 294 NCC continued operations carries the full Group costs according to IFRS 5 Items affecting comparability Onerous lease. No cash impact -198 - Relates to NCC’s HQ relocation. Will save SEK 50m annually. Net profit from discontinued operations Industry’s net profit 398 363 Industry net result excludes financing costs, which remain in continuing operations. Net Profit NCC including Industry and IAC 444 534 Group net profit includes Industry. Earnings and cash flow remain with NCC until closing. SEK M
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back Relocation of NCC’s head office; annual savings of ~ SEK 50 M • Move to Hangar 5 (NCC P roperty development project) in H2 2027 • ~SEK 50 M annual savings, full effect 2028 • Market-based rent, smaller office • Letting ratio increases from 70 to 90% • SEK 198 M non -cash lease charge • Reported as item affecting comparability in Q3 under “Other & eliminations”
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Figures in the following section • Include continuing and discontinued operations (Industry) • Exclude items affecting comparability NCC Q3 Supplementary financial information according to IFRS 5
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Good development in Q3 Improved margin in contracting Strong cash flow from operating activities High level of orders received 3.5% Contracting EBIT-margin Q3 (3.1%) 12.8 SEK bn, Q3 (11.1) 1,595 SEK bn, Q3 (353) Improved EBIT 831* Group EBIT Q3, MSEK (767) 7 NCC | Q3 2026 *Excluding items affecting comparability of SEK 198 M
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13 353 14 664 13 264 13 449 14 002 13 392 11 135 14 462 14 751 14 129 12 829 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 High level of orders received in Q3 NCC | Q3 2026 Book to bill = 1 *R12 Orders received / R12 net sales excluding Property Development SEK M Book to bill actual* 8 1.1
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Orders received R12 Q Q Q Q Q 5 Q 5 Q 5 Q 5 Q Q Q 5 5 5 5 0 5 0 55 5 0 5 5 5 5 5 0 5 500 55 000 5 500 0 5 500 55 000 5 500 Increase for the 4th consecutive quarter NCC | Q3 20269 SEK M
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Net sales trailing orders received 4-6 quarters NCC | Q3 2026 11 561 15 448 14 277 20 323 11 077 14 543 14 168 15 929 9 650 14 221 14 340 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 SEK M Property Development 10
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back NCC | Q3 2026 High-voltage power lines, Västra Götaland, Sweden SEK 1 bn Expansion of port, Kjøllefjord, Norway SEK 500 M Office, Lyngby, Denmark SEK 1.2 bn Bridges, Vestland County, Norway SEK 1.4 bn
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Examples of won early involvement, mega projects* in Q3 NCC | Q3 2026 Ice Arena, Rauma, Finland Facilities for mental health care at Aker Hospital, Norway New regiment base in Kristinehamn, Sweden *Early involvement projects are typically not included in the order backlog 12
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Higher order backlog Growth y/y despite closure of non -profitable West Link projects 56 270 54 956 53 498 50 723 52 431 51 478 48 318 46 079 51 507 51 303 50 854 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 SEK M NCC | Q3 2026 Sales R12 excluding Property Development 13
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-100 623 665 844 -170 649 767 692 -237 635 831** Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Improved EBIT driven by industry NCC | Q3 2026 Group EBIT SEK M * *Excluding items affecting comparability of SEK -1,170 M **Excluding items affecting comparability of SEK -198 M 14
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Financial targets NCC | Q3 2026 Earnings per share ≥ 13.9 * Net debt <2.5 1.17 Dividend policy ≈ 0 9+2 of profit after tax 65% of profit after tax* SEKx EBITDA Corporate net debt of SEK -1,428 M x EBITDASEK SEK Target Decided dividend 2025 Target Target *Excluding items affecting comparability Q3 2026, R12 Q3 2026, R12 15
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Level in line with previous year 5.8 4.1 3.6 3.7 4.1 4.0 3.3 3.5 3.3 0 1 2 3 4 5 6 7 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 R12 Health and Safety targets – LTIF4* NCC | Q3 2026 *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 16
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General good market demand Particularly strong demand for defense and security classified buildings Uncertainty in the market for commercial properties Continued positive market outlook NCC | Q3 202617
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Katarina Wilson CFO
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • Strong orders received in Infrastructure, and Building Nordics • Stable profit and higher margin in all contracting business areas • High-quality order backlog NCC’s Contracting units NCC | Q3 2026 Business update Q3 NCC Infrastructure NCC Building Nordics NCC Building Sweden NCC Green Industry Transformation 19
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16 397 15 892 14 111 16 203 12 873 12 052 Infrastructure Building Nordics Building Sweden Order backlog Q3 2026 Net sales R12 Contracting: Higher order backlog vs R12 net sales NCC | Q3 2026 SEK M 20
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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 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net sales EBIT margin R12, % 0 1 2 3 4 0 1 000 2 000 3 000 4 000 5 000 6 000 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net sales EBIT margin R12, % 0 1 2 3 4 0 1 000 2 000 3 000 4 000 5 000 6 000 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net sales EBIT margin R12,% NCC | Q3 2026 SEK M Contracting: Margin improvement in all business areas % SEK M % SEK M % 21 * 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 • Improved EBIT from low level • Market uncertainty given higher long term interest rate • 6 completed project and 3 sold ongoing in the portfolio • NCC sold one property in the Hangar 5 project – no profit recognition NCC Property Development NCC | Q3 2026 Business update Q3 22
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Letting NCC | Q3 2026 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 Q1 2026 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) 89% 73% 23
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If the textboxes disappears after adding or changing an image, right click the image and use – Send to back • Record high Q3 earnings • Good price and productivity improvement in stone materials and asphalt • State investments in road maintenance on high level NCC Industry NCC | Q3 2026 Business update Q3 24
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173 1 748 1 792 1 348 205 1 786 1 945 1 389 129 1 882 1 873 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 5 426 7 143 6 642 6 431 4 867 6 528 6 235 6 504 3 864 6 313 5 762 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Better price/mix more than offsets lower volumes NCC | Q3 2026 Asphalt sold Thousand tonnes Stone materials sold Thousand tonnes 25
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-313 368 338 191 -312 371 473 359 -365 448 541 -6 -4 -2 0 2 4 6 8 10 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 EBIT EBIT margin R12 Higher margin and EBIT in absolute terms* NCC | Q3 2026 SEK M 6% Internal target 26 % *Only Q3 2026 and Q3 2025 are presented in accordance with IFRS 5, the other historical numbers are not presented in accordance with IFRS 5.
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Q3 R12, Oct-Sep FY Jan -Dec SEK M 2026 2025 2026 2025 NCC Group common functions , smaller subsidiaries and business area NCC Green Industry Transformation -33 -40 -433 -429 Dispute -related cost* -61 - -180 -11 Elimination of internal gains -22 -10 -70 -49 Other adj & elim -136 36 -172 -32 EBIT, total -252 -14 -856 -519 Other & eliminations: Higher costs related to items affecting comparability and dispute costs NCC | Q3 202627 *Refers to some specific large projects
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Q3 R12,Oct -Sep Jan-Dec SEK M 2026 2025 2026 2025 EBIT before items affecting comparability 290 294 973 1,070 Items affecting comparability -198 - -1,368 -1,170 EBIT after items affecting comparability 92 294 -395 -100 Financial net -29 -47 -94 -126 EBT 63 246 -489 -227 Tax -16 -75 -206 -274 Net profit/ loss for the period from continuing operations 47 172 -695 -500 Discontinued operations, net after tax 398 363 683 642 Profit/loss from continuing operations and discontinued operations 444 534 -13 142 Earnings per Share (SEK) before items affecting comparability 6.1 5.5 13.9 13.9 P&L statement according to IFRS 5 NCC | Q3 202628
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Strong cash flow in Q3 NCC | Q3 2026 Q3 R12, Oct- Sep Jan- Dec SEK M 2026 2025 2026 2025 Operating activities From operating activities before changes in working capital 1,054 898 2,607 2,523 From property projects 357 -157 -192 -605 Other changes in working capital 184 -388 -20 -6 Cash flow from operating activities 1,595 353 2,395 1,912 Investing activities -102 -163 -706 -761 Cash flow before financing 1,493 190 1,689 1,151 SEK M -2 000 -1 000 0 1 000 2 000 3 000 4 000 5 000 Cashflow before financing Cashflow before financing, R12 29
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Corporate net debt in line with last year NCC | Q3 2026 -1 363 -1 428 -2 500 -2 000 -1 500 -1 000 -500 0 Q3 2025 Q3 2026 Corporate net debt SEK M Sep 30, 2026 R12 1.17 Target <2.5 Net debt* / EBITDA * Corporate net debt excluding pension liabilities and leasing liabilities 30
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Tomas Carlsson CEONCC | Q3 2026
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Good profitability and high cash flow Improved margins in contracting High level of orders received and quality of order backlog Strong foundation NCC | Q3 2026 Overall positive market outlook 32
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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 For definitions and details, please see the quarterly report. Tomas Carlsson CEO tomas.carlsson@ncc.se Katarina Wilson CFO katarina.wilson@ncc.se Tel +46 703 62 87 03 Andreas Koch Head of Communications & IR andreas.koch@ncc.se Tel +46 705 09 77 61 NCC | Q3 2026 Contact information ncc.com/Investor -relations