Slide 1: Q1 First Quarter 2026
We build responsibly – for people, society and the future Q1 First Quarter 2026 Jan Jahren, CEO Sverre Hærem, EVP & CFO May 12, 2026 Kaj 16
Slide 2: Highlights
Highlights 2026 starts with solid growth and a strong financial position • Revenue of MNOK 3 195 (2 836) – up 12,7% from Q1 2025 • Earnings before tax MNOK 172 (114) • Order intake MNOK 3 686 (5 021) • Order backlog MNOK 18 281 (18 252) • Net financial position MNOK 4 244 (2 715) The Whale - Andøya
Slide 3: Health and safety
Health and safety Number of injuries LTI-rate* Sick leave rate Own employees, hired staff and subcontractors Own employees, hired staff and subcontractors Own employees 7 7 6 2,3 5,5% 2,0 2,1 2,1 4,9% 4,8% 5,0% 4,6% 4 1,8 2 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 2
Slide 4: Continued strong order backlog
Continued strong order backlog Order intake Order backlog NOK billion NOK billion 6,0 21,3 19,5 5,0 18,3 18,1 18,3 3,7 1,7 1,0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 4
Slide 5: New projects in the quarter - HENT
New projects in the quarter - HENT Krokstad nursing home Tinden Frydenlund primary school Rådhuskvartalet property HENT HENT HENT HENT Photo: Nordic Office of Architecture Photo: Vis-á-Vis architecture Location: Krokstad Location: Stavanger Location: Narvik Location: Sandvika Developer: Drammen muni
Slide 6: New project in the quarter – Sentia Sweden
New project in the quarter – Sentia Sweden Stockholms University of arts SSEA Location: Stockholm Developer: Atrium Ljungberg Contract value: 1 370 MSEK Scope: 36 000 m2 Completion: 2030 6
Slide 7: One major Phase 1 project in the quarter
One major Phase 1 project in the quarter Development of Equinor’s new headquarters HENT Location: Stavanger Developer: Base Property and Forusbeen 50 AS Scope: 100 000 kvm 7
Slide 8: Renovation and maintenance market
Renovation and maintenance market Theme
Slide 9: Renovation and maintenance (R&M)
Renovation and maintenance (R&M) R&M is a growth area • The R&M segment is overtaking newbuilds in market share • The EU’s Energy Performance of Buildings Directive (EPBD) is driving upgrades of public building stock • Oslobygg and Statsbygg are forecasting a significantly higher R&M share going for
Slide 10: What is driving R&M growth?
What is driving R&M growth? Public demand Climate requirements and EPBD Transformation market Oslobygg and Statsbygg are forecasting The EUs EPBD requires upgrades to Refurbishment from offices to residential a much higher R&M share. Sykehusbygg public and private building stock. Energy and new uses
Slide 11: Sentia is well positioned in a growing R&M market
Sentia is well positioned in a growing R&M market R&M share of 2025 revenue • Established R&M expertise built over time • Well aligned with our collaborative business model • Experience with complex R&M projects in operational buildings, where parts of the 32% Sweden building remain in use. R&M 81%
Slide 12: Selected private R&M projects in our portfolio
Selected private R&M projects in our portfolio Sommerro Britannia Villa Copenhagen Volvo SCVL HENT HENT HENT Vestia Photo: Lars Petter Pettersen Photo: Lars Petter Pettersen Photo: Villa Copenhagen Rehabilitation and conversion of Oslo Lysverker’s Rehabilitation and restoration of Hotel. Modernizati
Slide 13: Selected public R&M projects in our portfolio
Selected public R&M projects in our portfolio Nordland Hospital Norwegian School of Economics Normoria Traktören HENT HENT HENT Vestia Ongoing Ongoing Photo: Nordland Hospital Photo: Norwegian School of Economics Photo: Frode Rabbevåg Renovation and expansion of Nordland Hospital Renovation and spac
Slide 14: Selected smaller-scale R&M projects in our portfolio
Selected smaller-scale R&M projects in our portfolio Rokade B2 - Rikshospitalet Wasmuthgården Ortun Primary School Kviberg Nedre Kasern HENT HENT HENT Vestia Ongoing Photo: Oslo University Hospital HF Photo: Jørn-Arne Tomasgard Renovation and reorganization of premises and Renovation and refurbishme
Slide 15: First quarter – Results and Financial status
First quarter Results and Financial status
Slide 16: Q1 2026 - Sentia
Q1 2026 - Sentia Revenue EBT og EBT margin Quarter Full year MNOK MNOK 3 157 3 195 227 MNOK Q1 2026 Q1 2025 2025 2 929 2 836 2 850 202 189 172 Revenue 3 195 2 836 11 772 EBIT 144 103 576 114 6,9% 7,2% EBT 172 114 731 6,6% 5,4% 4,0% EBIT margin 4,5% 3,6% 4,9% EBT margin 5,4% 4,0% 6,2% Q1 25 Q2 25 Q3
Slide 17: HENT
HENT Revenue EBT og EBT margin Quarter Full year MNOK MNOK 2 509 203 MNOK Q1 2026 Q1 2025 2025 2 329 2 365 2 312 2 398 172 164 154 144 Revenue 2 509 2 329 9 404 8,5% EBIT 129 114 550 7,4% 6,9% 6,2% 6,1% EBT 154 144 684 EBIT margin 5,1% 4,9% 5,9% EBT margin 6,1% 6,2% 7,3% Q1 25 Q2 25 Q3 25 Q4 25 Q1 2
Slide 18: Sentia Sweden
Sentia Sweden Revenue EBT og EBT margin Quarter Full year MNOK MNOK 760 MNOK Q1 2026 Q1 2025 2025 686 31 563 540 26 Revenue 686 507 2 370 507 23 23 23 EBIT 26 22 97 4,5% 4,3% 4,1% 4,1% 3,8% EBT 26 23 100 EBIT margin 3,8% 4,3% 4,1% EBT margin 3,8% 4,5% 4,2% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q
Slide 19: Cashflow - Sentia
Cashflow - Sentia __ Quarter Full year Cashflow from operations MNOK Q1 2026 Q1 2025 _ 2025 MNOK EBIT 144 103 576 Deprecation 26 25 107 860 Paid taxes -5 -8 -83 Change in working capital -48 -380 406 Non-cash effect 4 0 9 Cashflow from operations 121 -260 1 015 _ _ _ -0 206 210 Cashflow from investi
Slide 20: A strong financial position ensures stability and flexibility
A strong financial position ensures stability and flexibility Cash and cash equivalents Interest-bearing debt Net financial position MNOK MNOK MNOK 4 331 4 441 371 4 134 4 244 3 470 3 252 3 262 3 036 3 086 226 2 715 218 197 197 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25
Slide 21: Balance sheet - Sentia
Balance sheet - Sentia MNOK 31.03.26 31.03.25 31.12.25 Equity and debt Non-current assets 1 399 1 441 1 427 MNOK Current assets, excl. cash 1 320 1 394 1 191 Cash and cash equivalents 4 441 3 086 4 331 Equity Total assets 7 160 5 921 6 949 1 802 ___ _ _ Equity 1 802 1 118 1 696 EK-share 25,2% 145 Lo
Slide 22: Return on capital employed
Return on capital employed EBIT Capital employed Return on capital employed MNOK, 12-months rolling MNOK, average last four quarters EBIT/average capital employed 617 1 887 1 821 1 795 576 1 735 540 1 668 517 523 34,6% 34,4% 30,1% 28,6% 28,4% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1
Slide 23: Summary
Summary • Increasing activity and solid growth, with several projects in the production phase in both Norway and Sweden • Overall good profitability across the portfolio • Solid momentum going into the year with several new projects won • Strong financial position Salmon Evolution 23
Slide 24: Next quarterly presentation: Q2 – August 27, 2026
Next quarterly presentation: Q2 – August 27, 2026 Sentia builds responsibly – for people, society and the future