Nrc Group Asa · OSL:NRC
Nrc Group Asa — Q3 2025 Earnings Presentation
22 slides from Nrc Group Asa's earnings presentation, Nov 4, 2025
Slide 1: 3rd quarter 2025
3 quarter 2025 rd CEO Anders Gustafsson CFO Åsgeir Nord
Slide 2: Summary from CEO
Summary from CEO Third quarter confirms that we are on the right track Order backlog at solid levels Improved margin to 3.6% shows disciplined approach and strategic focus Reduced cash flow – expect cash release during Q4 Timing effects in Finland and Sweden impact revenue on short term Moderate ord
Slide 3: Third quarter with profit improvement
Third quarter with profit improvement Key figures Q3 2025 Revenue EBIT EBIT margin NOK 1.8 billion NOK 65 million 3.6% Q3 2024: NOK 2.1 billion Q3 2024: NOK 40 million Q3 2024: 1.9% Order intake Operating cash flow Order backlog NOK 0.9 billion NOK -95 million NOK 8.5 billion Q3 2024: NOK 1.0 billio
Slide 4: Order backlog at solid levels
Order backlog at solid levels Backlog Order intake & Book-to-bill LTM Order backlog (total)1 Order backlog execution1 NOK million NOK million NOK million 1,2 8 875 9 026 3 626 3 582 8 535 8 195 1,0 7 971 7 766 1,0 1,0 1,0 1,0 2 238 1,0 1,0 3 040 2 493 2 024 6 940 6 765 0,9 6 613 1 817 0,8 0,8 1 751
Slide 5: Lowest figure since we started measuring LTI systematically
Lowest figure since we started measuring LTI systematically Health and safety LTI1 Sickness absence Serious injuries2 4,2 % 6,0 5,6 2 2 4,7 3,8 % 3,8 % 2,1 3,7 % 0 0 2022 2023 2024 LTM Q3 2022 2023 2024 LTM Q3 2022 2023 2024 YTD Q3 2025 2025 2025 1. LTI: Injuries resulting in absence at least one fu
Slide 6: Solid EBIT, temporarily decrease in revenue mainly due to timing effect
Solid EBIT, temporarily decrease in revenue mainly due to timing effect Profit & loss YTD Q3 YTD Q3 Revenue LTM EBIT LTM (Amounts in NOK million) Q3 2025 Q3 2024 2025 2024 FY 2024 NOK million NOK million and percent Revenue 1 818 2 103 4 845 5 156 6 892 Operating expenses -1 700 -2 015 -4 589 -5 104
Slide 7: Restored profit – order backlog renewal remains priority
Norway Restored profit – order backlog renewal remains priority Operational review NRC Group Norway Revenue LTM EBIT LTM Order backlog (total) NOK million NOK million and percent NOK million 2 247 150 133 116 20 2 136 2 091 2 061 2 125 2 108 824 2 030 2 016 2 073 100 12 18 10 50 0,6% 0,9% 711 10 5,4
Slide 8: Profit trends upward despite decreased revenue
Sweden Profit trends upward despite decreased revenue Operational review NRC Group Sweden Revenue LTM EBIT LTM Order backlog (total)1 NOK million NOK million and percent NOK million 44 45 50 5 2 1142 122 2 035 2 215 2 107 2,0% 2,1% 1 985 2 043 1 877 1 973 1 859 -3,0% 9 -1,4% 0 -3,2% 1 775 0 0,5% -2,
Slide 9: Significant increase in profits – despite revenue timing effects
Finland Significant increase in profits – despite revenue timing effects Operational review NRC Group Finland Revenue LTM EBIT LTM Order backlog (total)1 NOK million NOK million and percent NOK million 88 83 78 79 100 57 5 1 367 1 283 2 806 2 842 2 782 2 775 2 679 2 753 2 709 3,3% 3,0% 2,9% 3,3% 2 5
Slide 10: Reduced cash flow, cash release expected in the fourth quarter
Reduced cash flow, cash release expected in the fourth quarter Cash flow and working capital Net working capital (NWC) Cash flow from operations Change in cash Q3 2025 NOK million NOK million NOK million 306 277 123 208 198 87 83 68 55 36 12 36 7 -48 -49 -95 -62 -95 -126 -125 -150 Q3 23 Q4 23 Q1 24
Slide 11: Net interest-bearing debt, maturity profile and leverage ratio
Net interest-bearing debt, maturity profile and leverage ratio Financial position Net interest-bearing debt (NIBD) Term loan and bond maturities Leverage ratio: NIBD/EBITDA adj. LTM NOK million NOK million Ratio Long-term covenant target < 3.25x 391 941 7,8 6,7 6,1 5,1 400 400 3,0 3,0 3,1 2,6 2,3 15
Slide 12: Solid headroom on all covenants
Solid headroom on all covenants Financial covenants Bank term loan and overdraft facility Covenant Q3 25 Calculated Q3 25 Minimum adj. EBITDA LTM > NOK 210 million NOK 301 million Minimum available liquidity > NOK 75 million NOK 384 million Equity ratio ≥ 25 % 39 % Borrowing base ≤ 60 % of accounts
Slide 13: Summary
Q3 2025 Summary Financials Third quarter confirms we are on the right track EBIT of NOK 65 million in the quarter (3.6%) Moderate order intake, strong start for fourth quarter Market outlook for sustainable infrastructure remains favorable, order backlog at NOK 8.5 billion Confident on 2025 guiding
Slide 14: Guiding
Guiding Targets for long-term strategy 2025 2026 2028 targets Revenue <NOK 7 bn ~NOK 7.5 bn >NOK 10 bn EBIT margin >2.0% >3.0% >5.0% NOK 135 - 140 million Linear profit improvement towards 2028
Slide 15: Q4 2025 results 17 February
Q4 2025 results 17 February
Slide 16: Appendix
Appendix
Slide 17: Interim condensed consolidated statement of profit or loss
Interim condensed consolidated statement of profit or loss
Slide 18: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position
Slide 19: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows
Slide 20: Reconciliation of EBIT adj. from EBIT
Reconciliation of EBIT adj. from EBIT
Slide 21: High demand for infrastructure – continued robust tender pipeline
High demand for infrastructure – continued robust tender pipeline NOK 25 billion tender pipeline in Group1 Notes BNOK value, next 9 months (submission) Continued high tender pipeline across all countries Foundation for future profitable growth for NRC Group 35 Governmental support to upgrade and bui
Slide 22: Disclaimer
Disclaimer This draft presentation (hereinafter referred to as the “Presentation”) has been Should one or more of these risks or uncertainties materialise, or should prepared exclusively for information purposes and does not constitute an offer underlying assumption prove incorrect, actual results m