Slide 1: Q4 Fourth Quarter 2025
Q4 Fourth Quarter 2025 February 13, 2026 Jan Jahren, CEO Sverre Hærem, EVP & CFO
Slide 2: Highlights
Q4 2025 Highlights Continued solid growth and a very good quarterly result Revenue of MNOK 3 158 (2 597) – up by 21,6 % from Q4 2025 Earnings before tax of MNOK 227 (119) Order intake MNOK 1 676 (2 848) Order backlog MNOK 18 052 (16 067) Net financial position MNOK 4 135 (3 765) Proposed dividend of
Slide 3: Health and safety
Health and safety Number of injuries LTI-rate* Sick leave rate Per quarter – Sentia employees, hired staff and 12-month rolling – Sentia employees, hired staff Per quarter, Sentia Employees subcontractors and subcontractors 7 7 7 2,4 4,9 % 4,8 % 5,0 % 2,1 2,1 4,6 % 4,6 % 2,0 4 1,8 2 Q4 24 Q1 25 Q2 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 16,1 2,8 1,7 1,0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Order backlog as of 31.12.25 amounts to 153 % of full year revenues 4 Q4 2025
Slide 5: New projects in the quarter
New projects in the quarter HENT Sentia Sweden New datacentre facility Vattenpalatset Location: Narvik Location: Lerum Developer: Aker Nscale Developer: Lerums municipality Contract value: the parties agreed not to disclose Contract value: MSEK 200 Scope: 25 MW Scope: 3 643 m2 Completion: 2026 Compl
Slide 6: An attractive market segment – Datacentres
An attractive market segment – Datacentres Q4 2025
Slide 7: Datacentre – a fast-growing market with high entry barriers
Datacentre – a fast-growing market with high entry barriers Forces Datacentre Market High barriers AI Critical infrastructure for AI Fast-growing demand Capital-intensive Cloud solutions and cloud solutions Access to energy Data storage Execution capability Digitalization 7 Q4 2025
Slide 8: Datacentre
Datacentre Building and infrastructure MEP – mechanical, electrical, plumbing Includes planning, design and installation • Mechanical systems • Electrical systems • Plumbing systems GPU – graphics processing unit Generators are provided as an add-on (type-dependent) 8 Q4 2025
Slide 9: Datacentre – key characteristics
Datacentre – key characteristics Speed & scale Capital-intensive Contracts • A different mindset • Estimated distribution of construction costs: EPC: Engineering (E) • New structures and priorities Procurement (P) • 30 % Building (also referred Construction (C) • Rapid progress to as «Civil» or «B&I
Slide 10: Datacentre – two ongoing projects
Datacentre – two ongoing projects Skygard Aker Nscale Development Speed Cost-control Execution Photo: A-lab Collaboration agreements with general contract EPC – engineering, procurement and construction (building and infrastructure) Part 1 ongoing Part 1 ongoing 10 Q4 2025
Slide 11: Q4 Results and Financial status
Q4 Results and Financial status Q4 2025
Slide 12: Q4 2025 - Sentia
Q4 2025 - Sentia Revenue EBT og EBT margin MNOK MNOK Quarter Full year 3 158 227 MNOK Q4 2025 Q4 2024 2025 2024 2 836 2 929 2 850 202 2 597 189 Revenue 3 158 2 597 11 772 10 531 119 114 EBIT 187 133 576 566 6,9% 7,2% 6,6% EBT 227 119 731 640 4,6% 4,0% EBIT margin 5,9 % 5,1 % 4,9 % 5,4 % EBT margin 7
Slide 13: HENT
HENT Revenue EBT og EBT margin MNOK MNOK Quarter Full year 2 329 2 365 2 312 2 397 203 MNOK Q4 2025 Q4 2024 2025 2024 2 161 172 158 164 144 Revenue 2 397 2 161 9 404 9 001 EBIT 167 128 550 509 8,5% 7,3% 6,9% 7,5% EBT 203 158 683 639 6,2% EBIT margin 7,0 % 5,9 % 5,9 % 5,7 % EBT margin 8,5 % 7,3 % 7,3
Slide 14: Sentia Sweden
Sentia Sweden Revenue EBT og EBT margin MNOK MNOK Quarter Full year 760 31 MNOK Q4 2025 Q4 2024 2025 2024 563 23 23 22 538 Revenue 760 437 2 369 1 535 507 20 437 EBIT 30 19 97 71 EBT 31 20 100 81 4,6% 4,5% 4,2% 4,2% 4,1% EBIT margin 4,0 % 4,3 % 4,1 % 4,6 % EBT margin 4,1 % 4,6 % 4,2 % 5,2 % Q4 24 Q1
Slide 15: Cashflow - Sentia
Cashflow - Sentia __ Quarter __ Full year MNOK Q4 2025 Q4 2024 _ 2025 2024 Cashflow from operations MNOK EBIT 187 133 576 566 Deprecation 28 24 107 96 860 Paid taxes -66 -135 -83 -168 790 Change in working capital 711 768 415 425 Cashflow from operations 860 790 1 015 919 _ _ _ _ _ Cashflow from inv
Slide 16: 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 4 332 372 4 135 4 125 359 3 765 3 471 3 254 3 263 3 037 3 086 2 714 226 217 197 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25
Slide 17: Balance sheet - Sentia
Balance sheet - Sentia Equity MNOK 2025 2024 MNOK Non-current assets 1 427 1 435 Current assets, excl. cash and cash equivalents 1 190 1 210 Cash and cash equivalents 4 332 4 125 Equity Total assets 6 949 6 770 1 695 ___ _ Equity 1 695 1 802 Equity share 24,4 % 121 Long-term Long-term interest-beari
Slide 18: Return on capital employed
Return on capital employed EBIT Capital employed Return on capital employed MNOK, last four quarters MNOK, average last four quarters EBIT/average capital employed 566 576 1 978 539 1 887 517 523 1 821 1 735 1 668 34,6 % 30,1 % 28,6 % 28,6 % 28,4 % 2024 Q1 25 Q2 25 Q3 25 Q4 25 dec.24 Q1 25 Q2 25 Q3
Slide 19: Good momentum going into 2026 – Highlights of ongoing projects
Good momentum going into 2026 Highlights of ongoing projects Multi-activity house, Gälliväre Borlänge police station, Borlänge Kaj 16, Gothenburg New Bodø Airport, Bodø The Fornebu Line, Oslo Oslo Spektrum, Oslo 19 Q4 2025
Slide 20: Summary
Summary • Continued strong growth in the quarter contributes to solid growth for the full year • A strong quarterly result contributes to a very good full year result • Strong project performance and solid operational execution across the organization • Solid order backlog • Strong financial positio
Slide 21: Thank you
Thank you Next quarterly presentation: Q1 – May 12, 2026 New Bodø Airport– the passenger terminal in development Photo: Tor O. Iversen/Avinor