Nrc Group Asa · OSL:NRC
Nrc Group Asa — Q4 2025 Earnings Presentation
22 slides from Nrc Group Asa's earnings presentation, Feb 17, 2026
Slide 1: 4th quarter and full year 2025
4 quarter and th full year 2025 CEO Anders Gustafsson CFO Åsgeir Nord
Slide 2: Summary from CEO
Summary from CEO Significant improvement in profitability in 2025, EBIT at NOK 141 million (2.1%). Revenue of NOK 6.6 billion - in line with guiding. Clear improvement across all three countries for 2025 Operating cash flow improved to NOK 247 million, with a cash release of NOK 196 million in Q4 Or
Slide 3: Significant improvement across major KPIs
Significant improvement across major KPIs Key figures Q4 2025 Revenue EBIT EBIT margin NOK 1.7 billion NOK 43 million 2.5% Q4 2024: NOK 1.7 billion Q4 2024: NOK -19 million Q4 2024: -1.1% Order intake Order backlog Operating cash flow NOK 2.2 billion NOK 9.2 billion NOK 247 million Q4 2024: NOK 1.8
Slide 4: Order backlog supports profitable growth
Order backlog supports profitable growth Backlog Order intake & Book-to-bill LTM Order backlog (total)1 Order backlog execution1 NOK million NOK million NOK million As previously communicated, NRC Group expects the Book-to-bill to exceed 1.0x from Q4 and onwards 1. Order backlog for maintenance cont
Slide 5: Strong focus on safety for our employees
Strong focus on safety for our employees Health and safety LTI1 Sickness absence Serious injuries2 1. LTI: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors) 2. Injury that results in prolonged disability
Slide 6: Delivering full year EBIT at NOK 141 million
Delivering full year EBIT at NOK 141 million Profit & loss Revenue EBIT NOK billion NOK million and percent 150 100 50 0 -50 -100 -150 -200 -250 -750 -800 -850 -900 -950 Notes EBIT was NOK 43 million in the quarter, significantly up from fourth quarter last year Revenue remained stable compared to s
Slide 7: Margins back on a positive trajectory
Norway Margins back on a positive trajectory Operational review NRC Group Norway Revenue EBIT Order backlog execution NOK billion NOK million and percent NOK million Key figures Notes Steady improvement in EBIT from same quarter last year Strong performance especially in Gunnar Knutsen Order backlog
Slide 8: Full year EBIT at NOK 29 million - backlog supports long-term guiding
Sweden Full year EBIT at NOK 29 million - backlog supports long-term guiding Operational review NRC Group Sweden Revenue EBIT Order backlog execution NOK billion NOK million and percent NOK million 50 Key figures Notes Decreased revenue from same quarter last year, mainly due to decline in the Rail
Slide 9: Clear turnaround in profitability
Finland Clear turnaround in profitability Operational review NRC Group Finland Revenue EBIT Order backlog execution NOK billion NOK million and percent NOK million Key figures Notes Marked improvement in EBIT from fourth quarter last year Revenue reduced from same quarter last year, mainly caused by
Slide 10: Substantial cash release in the quarter
Substantial cash release in the quarter Cash flow and working capital Net working capital (NWC) Cash flow from operations Change in cash Q4 2025 NOK million NOK million NOK million
Slide 11: Solid financial position – significant reductions in debt and leverage ratio
Solid financial position – significant reductions in debt 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 Covenant requirement <3.25x 7,8 6,7 6,1 5,1 3,0 3,1 2,6 2,3 2,1 Q4 23 Q1 2
Slide 12: Comfortable headroom on all covenants
Comfortable headroom on all covenants Financial covenants Bank term loan and overdraft facility Covenant Q4 25 Calculated Q4 25 Minimum adj. EBITDA LTM NA from Q4 Minimum available liquidity NA from Q4 Equity ratio ≥ 25 % 40 % Borrowing base ≤ 60 % of accounts receivables 0% Leverage ratio ≤ 3.25 2.
Slide 13: Q4 2025 Summary
Q4 2025 Summary Financials EBIT of NOK 43 million in the quarter (2.5%), revenues of NOK 1.7 billion Operating cash flow improved to NOK 247 million, with a cash release of NOK 196 million Increased order intake to NOK 2.2 billion Order backlog improved to over NOK 9 billion, larger part of orders f
Slide 14: Guiding
Guiding Targets for long-term strategy 2026 2028 targets Revenue ~NOK 7.5 bn >NOK 10 bn EBIT margin >3.0% >5.0% Linear profit margin improvement towards 2028
Slide 15: Q1 2026 results 13 May
Q1 2026 results 13 May
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 27 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 Governmental support to upgrade and build
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