Ncc Group Plc · LSE:NCC
Ncc — Q3 2025 Earnings Presentation
32 slides from Ncc's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025
Q3 2025 October 23, 2025 Tomas Carlsson | CEO Susanne Lithander | CFO NCC | Q3 2025 Fredericia, Denmark
Slide 2: Strong performance
Strong performance Key achievements Strong EBIT All-time high profit Solid development Rapid growth in growth in Industry in Contracting early involvement projects +15% 461 3.1% ~40 Group EBIT Industry EBIT Q3 EBIT Projects Q3 y/y Q3, MSEK margin > 500 MSEK 2 NCC | Q3 2025
Slide 3: Strong earnings development
Strong earnings development - Despite negative contribution from Property Development Group EBIT SEK M 844 767 665 649 614 * 623 510 544 503 474 358 152 -100 -170 -170 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 *Excluding divestment of Bergnäset (SEK 175 M) 3 NCC | Q3 2025
Slide 4: Stable orders received
Stable orders received - Focus on early involvement projects, that will convert into orders SEK M 16,288 16,159 14,691 14,664 14,002 13,353 13,264 13,449 13,392 11,135 9,681 Book to bill = 1 0.93 Book to bill actual* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 *R12 Orders received / R12 net sale
Slide 5: High win rate of early involvement mega projects in Q3
High win rate of early involvement mega projects* in Q3 Power lines, Västra Götaland, Sweden Prison, Trelleborg, Sweden Steel mill, Luleå, Sweden SEK 7.5 bn 110,000m2 EUR 4.5 bn total investments NCC to develop a 150,000m2 building complex *Early involvement projects are typically not included in th
Slide 6: Examples of early involvement projects > SEK 500 M
Examples of early involement projects* > SEK 500 M • Water treatment plant, Östersund • Boliden’s electrolysis plant • Construction for fossil-free Skellefteå sponge-iron production, • Prison Tidaholm, Skaraborg Gällivare, LKAB • Torvalla swimming facility, • Görvälnverket, water treatment Haninge •
Slide 7: Order backlog in line with strategic priorities
Order backlog in line with strategic priorities Negative impact y/y from strengthened SEK SEK M 58,910 59,359 56,270 54,956 54,594 53,422 53,498 Sales R12 excl PD 52,431 51,478 50,723 48,318 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 7 NCC | Q3 2025
Slide 8: Example of orders in Q3
Example of orders in Q3 Prison, Kristianstad, Sweden Police office, Karlstad, Sweden Refurbishment, Kolding, Denmark SEK 650 M SEK 500 M SEK 520 M 8 NCC | Q3 2025
Slide 9: Net sales: In line with recent years
Net sales: In line with recent years SEK M 20,323 15,592 15,448 14,854 14,543 14,022 14,277 14,168 12,464 Property 11,561 11,077 Development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 9 NCC | Q3 2025
Slide 10: Financial targets
Financial targets Earnings per share Net debt Dividend policy Target Target Target ≥16 SEK <2.5 x EBITDA ≈ 60% of profit after tax Actual Q3 2025, R12 Actual Q3 2025, R12 Actual 2024 16.2 SEK 0.5 x EBITDA Corporate net debt of SEK -1,363 M 9+2 SEK 68% of profit after tax 10 NCC | Q3 2025
Slide 11: Project Korsvägen Gothenburg
Project Korsvägen Gothenburg • 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 11 NCC | Q3 2025
Slide 12: Targets, climate and energy
Targets, climate and energy 2030: 2030: -75% -50% NCC’s own emissions NCC’s value chain emissions (Scope 1 & 2) (Scope 3) 30 June 2025: 30 June 2025: -60% - Ready-mix concrete -23% - Steel reinforcement -57% - Transportation and +28% machine services 2,1 ton CO2e per MSEK net sales kg CO2e per purch
Slide 13: Health and Safety targets – LTIF4
Health and Safety targets – LTIF4* Improvement in recent years 7 6 5.8 5 4.1 4.1 4.0 4 3.3 3.6 3.7 2.9 3 Target 2026 2 ≤2.0 1 0 2018 2019 2020 2021 2022 2023 2024 Q3 2025 2026 *LTIF4 – Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties per one mil
Slide 14: Continued positive market outlook
Continued positive market outlook General good Particularly Strong demand for Commercial market demand strong demand asphalt and stone properties for infrastructure, remains cautious industrial and public buildings 14 NCC | Q3 2025
Slide 15: Susanne Lithander, CFO
Susanne Lithander CFO
Slide 16: NCC's Contracting units
NCC’s Contracting NCC units Infrastructure Business update Q3 • Record high volume of early involvement NCC projects Building Nordics • Higher profit and margins in Building Sweden • Building Nordics: good performance driven by Denmark NCC • Solid Infrastructure Building Sweden • Good progress in Gr
Slide 17: Contracting margins in positive trend
Contracting margins in positive trend %* 4 Infrastructure 3 Building Nordics 2 Building Sweden Internal target 1 0 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 *R12 EBIT margin. Infrastructure excluding profit from divestment in Q3 2023 of SEK 175 M and Building Sweden excl. non-recurring costs o
Slide 18: NCC Industry
NCC Industry Business update Q3 • Stellar performance! • High volumes and good operational efficiency in Asphalt • High productivity in Stone materials • Increased funding for road maintenance investments drive demand 18 NCC | Q3 2025
Slide 19: Higher volumes in Asphalt and better mix in Stone materials
Higher volumes in Asphalt and better mix in Stone materials Asphalt sold Stone materials sold Thousand tonnes Thousand tonnes 7,004 7,143 6,647 6,642 6,528 6,431 1,945 6,130 6,235 5,829 1,716 1,748 1,792 1,786 5,426 1,531 4,867 1,348 1,222 188 173 205 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1
Slide 20: Record high margin and return
Record high margin and return EBIT and capital employed SEK M % SEK M % Internal 461 66% target 20 368 371 18 338 17.1 4 281 281 4,580 4,382 16 191 14 2 Internal 99 12 12 target 11.3 0 10 8 -2 6 4 -4 -261 2 -313 -312 -6 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 30/9 2024 30/9 2025 2023 2024 2025 EBIT EBIT
Slide 21: NCC Property Development
NCC Property Development Portfolio update Q3 • The commercial property market remains cautious • Unchanged letting rate • Divestments and exit Norway 21 NCC | Q3 2025
Slide 22: Letting
Letting Lettable space incl SPP, sqm 250,000 100% 81% Previously let area, sqm 200,000 80% Remaining unlet area, sqm 66% 150,000 60% Sold, no letting Let during quarter, sqm 100,000 40% Completion ratio Letting ratio 50,000 20% (economic occupancy rate) Let during quarter (% of available unlet area)
Slide 23: EBIT in quarter reflecting no profit recognitions and exit Norway
EBIT in quarter reflecting no profit recognitions and exit Norway EBIT SEK M SEK M % Internal 12 12% target 10,157 564 10% 8,024 8% 6.8% 6% 256 4% 87 2.1% 2% 42 30 37 10 0% -1 30/9 30/9 -18 -10 -37 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Capital Employed ROCE R12 2023 2024 2025 23 NCC |
Slide 24: Other & eliminations
Other & eliminations Q3 FY Jan-Dec SEK M 2025 2024 2024 NCC Group common functions, smaller subsidiaries and business area NCC Green -39 -48 -477 Industry Transformation Elimination of internal gains -10 -8 78 Pensions and other adj & elim 47 45 137 EBIT, total -2 -11 -262 24 NCC | Q3 2025
Slide 25: Improved EBIT
Improved EBIT 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 25 NCC | Q3 2025
Slide 26: Improved cash flow y/y from higher profit and lower WC
Improved cash flow y/y from higher profit and lower WC Jan- Q3 Dec SEK M SEK M 2025 2024 2024 5,000 Operating activities 4,000 From operating activities 3,000 before changes in 898 785 3,067 working capital 2,000 1,000 From property projects -157 -246 1,927 0 Other changes in -388 -783 -356 working
Slide 27: Low corporate net debt provides financial flexibility
Low corporate net debt provides financial flexibility SEK M Net debt* / EBITDA Target -1,363 <2.5 Actual Sep 30, 2025 R12 -3,891 0.5 Q3 2024 Q3 2025 * Corporate net debt excluding pension liabilities and leasing liabilities 27 NCC | Q3 2025
Slide 28: Tomas Carlsson, CEO
Tomas Carlsson | CEO
Slide 29: Strong performance and positive outlook
Strong performance and positive outlook Industry Contracting High growth Good demand Ongoing all-time high remains in early in contracting strategic profit strong involvement and asphalt review of projects and stone Industry - high interest 29 NCC | Q3 2025
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Slide 31: Contact information
Contact information Tomas Carlsson Susanne Lithander CEO CFO susanne.lithander@ncc.se tomas.carlsson@ncc.se Tel +46 730 37 08 74 Andreas Koch Head of Communications & IR ncc.com/Investor-relations andreas.koch@ncc.se Tel +46 705 09 77 61 For definitions and details, 31 please see the quarterly repor
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