Slide 1: Q4 2024
Q4 2024 Tomas Carlsson, CEO Susanne Lithander, CFO February 10, 2025 10 February 2025 © NCC | Q4 2024 Våghuset & Brick Studios, Gothenburg, Sweden
Slide 2: Q4 2024 net sales and operating profit
Q4 2024 Net sales, SEK M Operating profit, SEK M 844 152 503 789 358 623 665 -100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024
Slide 3: Orders received and order backlog
Q4 2024 Orders received, SEK M Order backlog, SEK M
Slide 4: Tomas Carlsson
Tomas Carlsson 10 February 2025 © NCC | Q4 2024
Slide 5: Strong fourth quarter and full year 2024
Strong fourth quarter and full year 2024 All-time high for three Business Areas, strong cash-flow Reaching target of Strong performance in Infrastructure stable SEK 16 EPS Industry throughout and meeting strong the year demand Vännäs, Sweden Record high earnings Improved profit in Proposed dividend
Slide 6: Stable orders received
Stable orders received Book-to-bill of 1.0. Disciplined approach to tenders SEK M Book-to-bill,R12 18,000 1.5 16,000 14,000 12,000 1.0 1.0 10,000 8,000 6,000 0.5 4,000 16,635 12,763 11,607 12,280 16,288 14,691 16,159 13,353 14,664 13,264 13,449 9,681 2,000 0 0.0 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1
Slide 7: Robust order backlog
Robust order backlog SEK M 60,000 50,000 40,000 30,000 20,000 10,000 62,510 60,960 59,047 54,995 58,910 59,359 54,594 53,422 56,270 54,956 53,498 50,723 0 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 10 February 2025 © NCC | Q4 2024 Drammen, Norwau
Slide 8: Refurbishment of metro station in Norway, Denmark projects
Refurbishment of metro Refurbishment projects in station in Norway, Denmark, SEK 1.3 billion SEK 350 M Majorstuen metro station, Oslo, Norway Upgrade and extension Hagalund Depå, Sweden, SEK 350 M Hagalunds depot, Solna, Sweden Gellerup, Aarhus, Denmark
Slide 9: Net sales - up in Q4 and full-year
Ngt stenmaterial Net sales - up in Q4 and full-year SEK M 25,000 20,000 15,000 10,000 5,000 10,111 14,001 14,068 16,018 12,464 14,854 14,022 15,592 11,561 15,448 14,277 20,323 0 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 10 February 2025 © NCC | Q4 2024
Slide 10: EBIT up in the quarter and YTD
EBIT up in the quarter and YTD SEK M 1,000 800 175 600 400 200 474 510 544 152 503 614 358 623 665 844 0 -170 -100 -200 -400 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 *EBIT in Q3 2023 Bergnäset divestment 175 MSEK included 10 February 2025 © NCC | Q4 2024
Slide 11: EBIT in Q4: Property Development, Industry and Building Nordics drive improvement
EBIT in Q4: Property Development as well as Industry and Building Nordics drive improvement EBIT, Q4 SEK M 1000 111 900 844 800 522 -52 700 600 500 400 45 358 300 -10 92 262 200 -222 100 10 February 2025 © NCC | Q4 2024
Slide 12: Building Sweden in Q4: Decline due to provisions
Building Sweden in Q4: Decline due to provisions EBIT, Q4 SEK M 1000 111 900 844 522 -52 • Portfolio review of pre-inflation 800 projects (mainly finalized) 700 • Provisions of ~SEK 250 million 600 500 • More recent projects and order 45 backlog have better profile 400 358 300 -10 92 262 • Gradual i
Slide 13: Building Nordics in Q4: Strong performance
Building Nordics in Q4: Strong performance EBIT, Q4 SEK M 1000 111 900 844 • Denmark continues to develop 800 522 -52 strongly 700 • Good development in Finland in 600 spite of weak market 500 • Norway, good progress in 400 45 turnaround 358 -10 300 92 262 • Lower orders received vs 200 exceptional
Slide 14: Industry in Q4: Record high earnings
Industry in Q4: Record high earnings EBIT, Q4 SEK M 1000 111 900 844 800 522 -52 • Good development in both asphalt and stone operations 700 600 • Higher volumes and improved margins 500 • Operational discipline 400 45 358 -10 • Price increases and lower input 300 92 262 costs 200 -222 100 10 Februa
Slide 15: Property Development in Q4: Exceptional performance in cautious market
Property Development in Q4: Exceptional performance in cautious market EBIT, Q4 SEK M 1000 111 900 844 -52 • Profit recognition from three 800 522 transactions 700 • Transaction volumes of around 600 SEK 4 billion 500 • The market for commercial 400 45 properties remains cautious 358 300 -10 92 262
Slide 16: EBIT in 2024 FY: Strong year
EBIT in 2024 FY: Strong year SEK M 2 500 476 2 032 2 000 - 175 1 802 184 - 83 - 13 83 1 500 - 242 1 000 500 0 10 February © NCC | Q4 2024 2025
Slide 17: EPS target met for second consecutive year
EPS target met for second consecutive year Earnings per share ≥16.00 SEK 2024 2024 8 12 14 10 16 16 16.1 2019 2020 2021 2022 2023 2024 SEK SEK © NCC | Q4 2024 10 February 2025
Slide 18: Financial targets
Financial targets Earnings per share Net debt Dividend policy ≥16.00 < 2.5 ≈ 60% SEK x EBITDA of profit after tax 2024 2024 2024 16.1 -0.08 9+2 SEK x EBITDA SEK 68% of profit after tax Net cash position of ~SEK 200 M 10 February 2025 © NCC | Q4 2024
Slide 19: Positive development in 2024
Health and Safety targets – LTIF4* Positive development in 2024 7 6 5.8 5 4.1 4.1 4.0 Outcome 4 2024 3.3 3.3 3 3.6 3.7 Target 2 2026 2.0 1 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 *LTIF4 - Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties p
Slide 20: Continued positive market outlook
Continued positive market outlook • Good market demand and positive outlook for key segments • Particularly strong demand for infrastructure, industrial and public buildings • Office and residential market remains cautious 10 February 2025 © NCC | Q4 2024 Hagastadens subway station, Sweden
Slide 21: Strategic review NCC Industry
Strategic review Share of sales NCC Industry NCC Industry 20% • Various options to be evaluated • Purpose to develop the business area and increase shareholder value • Carried out in 2025
Slide 22: Susanne Lithander
Susanne Lithander 10 February 2025 © NCC | Q4 2024
Slide 23: NCC's Contracting units business update Q4
NCC’s Contracting units Business update Q4 • NCC Infrastructure • NCC Building Nordics • NCC Building Sweden • NCC Green Industry Transformation 10 February 2025 © NCC | Q4 2024 Kronløbsøen, Copenhagen, Denmark
Slide 24: Order backlog in line with 12 months net sales
Order backlog in line with 12 months net sales SEK M 20,000 15,000 10,000 5,000 16,824 18,105 16,720 13,884 14,980 14,012 0 Infrastructure Building Nordics Building Sweden Order backlog, Q4 2024 Net sales R12, Q4 2024 10 February 2025 © NCC | Q4 2024
Slide 25: Stable net sales
Stable net sales Improved margins in Building Nordics, stable in Infrastructure. Risk provision in Sweden SEK M Infrastructure % SEK M Building Nordics % SEK M Building Sweden % 6,000 4 6,000 6 6,000 4 3 5,000 5,000 5 5,000 3 2 4,000 4,000 4 4,000 1 3,000 2 3,000 3 3,000 0 -1 2,000 2,000 2 2,000 1 -
Slide 26: Segment split – net sales 2024
Segment split – net sales 2024 Infrastructure Building Nordics Building Sweden Energy & Water treatment 31% Public buildings 37% Public buildings 37% 7% 4% 6% 13% 15% 13% 12% 5% (6) (6) (10) (12) (17) (10) (14) (4) 28% (24) 14% 20% 19% (22) (27) (25) 37% 37% (31) (31) 21% 18% 31% (18) (18) (25) Road
Slide 27: NCC Infrastructure
Share of net sales % NCC Infrastructure SE 70 DK 17 NO 13 Stable development Solid orders received Stable underlying profit and margin* SEK M 20,000 723 4% 700 175 600 15,000 3 500 400 10,000 2 300 5,000 200 1 15,391 17,256 16,707 17,667 18,919 18,105 100 429 548 535 0 0 0 2022 2023 2024 2022 2023 2
Slide 28: NCC Building Nordics
Share of net sales % NCC Building Nordics DK 52 NO 19 FI 29 Record high earnings Lower orders received compared to strong 2023 Improved profit driven by Denmark and Finland SEK M 20,000 4% 700 600 15,000 3 500 400 10,000 2 300 5,000 200 1 12,321 13,568 16,654 14,615 11,392 13,884 100 347 343 426 0 0
Slide 29: NCC Building Sweden
NCC Building Sweden Impact from portfolio risk revaluation Orders received and net sales marginally lower Lower profit due to provision SEK M 20,000 4% 700 600 15,000 3 500 400 10,000 2 300 5,000 200 1 14,711 14,178 12,661 14,475 12,239 14,012 100 30 252 272 % 0 0 0 2022 2023 2024 2022 2023 2024 Ord
Slide 30: NCC Green Industry Transformation
NCC Green Industry Transformation Business update • Several ongoing discussions • Long-term contract with LKAB signed during 2024 10 February 2025 © NCC | Q4 2024
Slide 31: NCC Industry
NCC Industry Business update Q4 • Continued strong delivery • All time high earnings • Operational discipline, price increases and lower input costs 10 February 2025 © NCC | Q4 2024
Slide 32: Earnings up ~50% Y/Y - ROCE exceed 12%
Earnings up ~50% Y/Y - ROCE exceed 12% SEK M % SEK M % 400 6% 6 10,000 16% 300 9,000 4 14.0% 14% 200 8,000 12% 12% 2 100 7,000 240 50 23 281 281 99 368 338 191 0 0 6,000 10% -305 -261 -313 8.9% -100 5,000 8% -2 4,090 -200 3,844 4,000 6% -4 -300 3,000 4% -400 -6 2,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 33: Slight volume growth despite price increases
Slight volume growth despite price increases Asphalt sold, Stone materials sold, thousands of tons thousands of tons 2,000 9,000 1,800 8,000 1,600 7,000 1,400 6,000 1,200 5,000 1,000 4,000 800 3,000 600 400 2,000 199 188 173 1,532 1,737 1,334 1,531 1,716 1,222 6,347 7,970 7,132 6,993 5,829 7,004 6,6
Slide 34: Sales and EBIT 2024 FY
Share of net sales % Sales and EBIT 2024 FY SE 53 DK 23 NO 22 FI 2 Strong performance Good demand and commercial skills drive sales Operational discipline, higher prices and lower cost drive profit 20,000 SEK M 700 5 600 4 15,000 500 400 3 10,000 300 2 200 5,000 1 11,638 11,268 11,459 11,485 12,884
Slide 35: NCC Property Development
NCC Property Development Portfolio update Q4 • Three projects profit recognized • One new project started • 8 projects in the portfolio, all offices • Higher letting in the quarter, 9 new contracts signed 10 February 2025 © NCC | Q4 2024 MIMO, Gothenburg, Sweden
Slide 36: Record profit and reduced capital employed
Record profit and reduced capital employed EBIT SEK M SEK M % 10,000 12% 12% 650 9,000 564 10% 550 8,000 7,000 450 8% 7.6% 6,000 350 5,000 6% 9,592 268 256 4,000 7,938 250 183 4% 3,000 150 2.8% 87 2,000 2% 29 42 30 37 1,000 50 1 0 0% -50 -37 -18 31/12 2023 31/12 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 37: Letting sqm over time
Letting sqm over time Lettable space incl SPP, sqm 300,000 100% 90% 250,000 77% 80% 64% 70% 200,000 60% 150,000 50% 40% 100,000 30% 20% 50,000 10% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 Previously let area, sqm Sold, no letting Let during quarter, sqm Remaining unlet area, sqm Compl
Slide 38: NCC Property Development
NCC Property Development Q4: 5 completed unsold, 1 ongoing unsold, 2 ongoing sold Expected time of profit recognition for sold projects 2024 2025 2026 2027 2028 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Våghuset, Brick Studios Park Central Yrket & Mimo Ongoing projects Completed unsold projects S
Slide 39: Other & eliminations
Other & eliminations Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 NCC Group common functions, Increased costs due to smaller subsidiaries and IT development & new business area NCC Green business area Green Industry Transformation -202 -168 -477 -344 Industry Transformation Elimination of internal g
Slide 40: Earnings
Earnings Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 Earnings in segments (all BAs) 968 543 2,294 1,982 Other & Eliminations -125 -184 -262 -179 EBIT 844 358 2,032 1,802 Financial net -65 -4 -169 1 EBT 779 354 1,863 1,803 Tax -58 38 -292 -230 Profit for the period 721 392 1,571 1,573 Earnings per S
Slide 41: Very strong cash flow
Very strong cash flow Property projects and cash from operations drive CF Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 SEK M OPERATING ACTIVITIES 5,000 From operating activities before changes in working 4,000 capital 1,427 599 3,067 2,122 3,000 From property projects 2,270 -390 1,927 -1,684 2,000 O
Slide 42: High financial flexibility with net cash position
High financial flexibility with net cash position SEK M 500 Net debt* / EBITDA 205 0 -2,374 Target < 2.5 -500 Dec 31, 2024 -0.08 -1,000 *Corporate net debt excluding pension liabilities and leasing liabilities -1,500 -2,000 -2,500 Q4 2023 Q4 2024 10 February 2025 © NCC | Q4 2024
Slide 43: Tomas Carlsson
Tomas Carlsson 10 February 2025 © NCC | Q4 2024
Slide 44: Annual General Meeting
Annual General Meeting • Date: May 7, 2025 • Location: Hotel At Six in Stockholm • Detailed information will be provided closer to the AGM • The annual report published at the latest on April 15, 2025 AGM 2022, Stockholm, Sweden 10 February 2025 © NCC | Q4 2024
Slide 45: In summary
In summary • A great quarter and a strong year • Record high cash flow • Record high earnings in Property Development, Industry and Building Nordics • Positive market outlook • High financial flexibility 10 February 2025 © NCC | Q4 2024 Ålesund, Norway
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Slide 47: Contact information
Contact information Tomas Carlsson, CEO tomas.carlsson@ncc.se Susanne Lithander, CFO susanne.lithander@ncc.se Tel +46 730 37 08 74 Andreas Koch, Head of Communications & IR andreas.koch@ncc.se Tel +46 705 09 77 61 ncc.com/Investor-relations For definitions and details, please see the quarterly repor
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