Af Gruppen Asa Class A · OSL:AFG
Af Gruppen Asa Class A — Q4 2025 Earnings Presentation
34 slides from Af Gruppen Asa Class A's earnings presentation, Feb 13, 2026
Slide 1: AF Gruppen ASA Q4 2025
AF Gruppen ASA Q4 2025 13 February 2026 Breakthrough of the Sogn-Ulven cable tunnel. Photo: Catchlight
Slide 2: Overview
4th quarter 2025 Overview Revenue growth, very good profitability and solid order backlog ▪ Revenue of NOK 9,252 (8,595) million in Q4 and NOK 31,992 (30,638) million for the full year ▪ Earnings before tax of NOK 653 (589) million in Q4 and NOK 1,653 (1,085) million for the full year ▪ Profit margi
Slide 3: Health and Safety
4th quarter 2025 Health and Safety Total recordable injury frequency Lost-time injury frequency (LTIF) Sick leave (TRIF) 1.5 10.0 5.0% 4.5% 4.5% 8.7 8.0 4.1% 8.0 4.0% 6.9 1.0 6.0 3.0% 0.5 4.0 2.0% 0.5 0.4 0.2 2.0 1.0% 0.0 0.0 0.0% 2022 2023 2024 2025 Q4 25 2022 2023 2024 2025 Q4 25 2022 2023 2024 20
Slide 4: Revenues and Earnings
4th quarter 2025 Revenues and Earnings Revenues Earnings before tax Profit margin NOK million NOK million Margin 10,000 700 653 8.0% 9,252 9,000 8,595 6.9% 7.1% 600 589 7.0% 8,000 6.0% 7,000 500 6,000 5.0% 400 5,000 4.0% 300 4,000 3.0% 3,000 200 2.0% 2,000 100 1.0% 1,000 0 0 0.0% Q4 24 Q1 25 Q2 25 Q
Slide 5: Return on Capital Employed
4th quarter 2025 Return on Capital Employed Earnings before tax and interest Average capital employed * Return on capital employed expense * NOK million NOK million 2,000 6,000 40% 1,725 5,113 33.7% 5,000 4,816 1,500 30% 1,197 4,000 24.8% 1,000 3,000 20% 2,000 500 10% 1,000 0 0 0% 2021 2022 2023 202
Slide 6: Cash Flow Statement
4th quarter 2025 Cash Flow Statement NOK million Q4 Q4 2025 2024 Cash flow from operations 2025 2024 EBIT 643 607 1,662 1,149 NOK million Depreciation, amortisation and impairment 213 187 772 701 3,500 Change in net working capital 278 415 809 700 3,038 Taxes paid -6 -155 -102 -298 3,000 Other 0 27
Slide 7: Net Interest-Bearing Debt and Liquidity
4th quarter 2025 Net Interest-Bearing Debt and Liquidity Net interest-bearing receivables (debt) Components net interest-bearing receivables (debt) NOK million NOK million 1,274 1,500 3,000 1,274 2,000 99 1,000 2,391 1,000 500 99 0 0 -1,000 -500 -2,000 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25
Slide 8: Balance Sheet
4th quarter 2025 Balance Sheet Equity share NOK million 31.12.25 31.12.24 Non-current assets 9,079 8,451 Long term debt Equity Current assets, ex. cash 5,621 5,519 Cash and cash equivalents 2,391 1,033 Equity-share*: 23.1 % Total assets 17,092 15,003 (23.2 %) Equity 3,949 3,488 Long term debt 2,145
Slide 9: Climate and environment
4th quarter 2025 Climate and environment Greenhouse gas emissions Recycled contaminated masses and Source separation rate (scope 1 and 2) metal from demolition services Tonnes CO2e Tonnes 50,000 100% 95% 97% 96% 100,000 45,020 90% 42,954 40,000 35,698 80% 80,000 72,725 2 30,000 60% 60,000 50,651 1 2
Slide 10: Business Areas
Business Areas 4th quarter 2025 Construction site for the new Mo I Rana airport. Photo: AF Gruppen
Slide 11: Civil Engineering: A High Activity Level and a Solid Result
Civil Engineering A High Activity Level and a Solid Result NOK million Q4 25 Q4 24 2025 2024 Revenues 3,116 2,793 11,190 9,590 EBIT 282 249 723 655 EBT 313 269 824 723 EBIT % 9.0% 8.9% 6.5% 6.8% EBT % 10.1% 9.6% 7.4% 7.5% ▪ Civil Engineering has increased revenues by 12% compared to the same quarter
Slide 12: Construction: Stable Activity and Very Good Profitability
Construction Stable Activity and Very Good Profitability NOK million Q4 25 Q4 24 2025 2024 Revenues 2,410 2,382 8,961 8,881 EBIT 189 118 446 337 EBT 212 126 489 351 EBIT % 7.8% 5.0% 5.0% 3.8% EBT % 8.8% 5.3% 5.5% 4.0% ▪ Construction has a consistent activity level and a very good result in the quart
Slide 13: Betonmast: Lower Activity, but Solid Profitability
Betonmast Lower Activity, but Solid Profitability NOK million Q4 25 Q4 24 2025 2024 Revenues 1,132 1,322 4,148 4,367 EBIT 95 92 222 120 EBT 107 104 270 163 EBIT % 8.4% 7.0% 5.3% 2.8% EBT % 9.5% 7.9% 6.5% 3.7% ▪ Betonmast has a lower activity level compared to the same quarter of last year, but has s
Slide 14: Property: A Good Result Driven by Land Sale
Property A Good Result Driven by Land Sale NOK million Q4 25 Q4 24 2025 2024 Revenues 6 7 19 23 EBIT 22 -11 5 -39 EBT 28 -9 24 -25 Capital employed 751 846 751 846 ▪ Property has a good result in the quarter driven by two land sales. AF Eiendom has sold its share of the development project Rådhushag
Slide 15: Energy and Environment: Very Good Profitability in the Quarter
Energy and Environment Very Good Profitability in the Quarter NOK million Q4 25 Q4 24 2025 2024 Revenues 594 401 1,641 1,510 EBIT 45 30 100 93 EBT 42 29 95 90 EBIT % 7.5% 7.4% 6.1% 6.2% EBT % 7.1% 7.1% 5.8% 5.9% ▪ Energy and Environment has increased revenues from Q4 of last year, mainly due to the
Slide 16: Sweden: Stable Activity and Very Good Profitability
Sweden Stable Activity and Very Good Profitability NOK million Q4 25 Q4 24 2025 2024 Revenues 1,511 1,472 4,742 5,399 EBIT 110 75 292 79 EBT 110 71 288 65 EBIT % 7.3% 5.1% 6.2% 1.5% EBT % 7.3% 4.8% 6.1% 1.2% ▪ Sweden has a consistent activity level and deliver a very good result in Q4. ▪ Kanonaden,
Slide 17: Offshore: A Negative Result Due To a Project Loss
Offshore A Negative Result Due To a Project Loss NOK million Q4 25 Q4 24 2025 2024 Revenues 577 258 1,507 1,081 EBIT -88 5 -86 -201 EBT -96 -9 -115 -236 EBIT % -15.3% 2.0% -5.7% -18.6% EBT % -16.7% -3.6% -7.7% -21.8% ▪ Offshore has a negative result in the quarter driven by a project loss in AF Offs
Slide 18: Solid Order Backlog
4th quarter 2025 Solid Order Backlog Development in Order Backlog Order Backlog Business Areas NOK million NOK million 44,716 Offshore Civil 45,000 1,965 Engineering 40,000 Sweden 17,966 35,000 7,196 30,000 Energy and Environment Order 25,000 2,635 backlog 20,000 44,716 15,000 (40,351) 10,000 Betonm
Slide 19: AF Gruppen Sweden – Theme presentation
AF Gruppen Sweden Q4 2025 | Theme presentation Photo: AF Gruppen / Kicki Nilsson
Slide 20: AF Gruppen Sweden in a nutshell
Business Area Sweden AF Gruppen Sweden in a nutshell Revenue (2025) EBIT (2025) Employee count (2025) 4,742 NOK million 292 NOK million 6.2% 822 Safety (2025) EBT (2025) Salaried employees 377 0.4 288 6.1% Skilled workers LTI1-rate NOK million 445 20
Slide 21: A wide range of projects within residential, schools, health facilities, commercial property and infrastructure
Business Area Sweden A wide range of projects within residential, schools, health facilities, commercial property and infrastructure Elverket, Residential project Söderåsen logistics park Gårdsjö strand, Care homes Slottsskogen Sporthall, Göteborg Water and sewage, Trelleborg Energy, Svenska kraftnä
Slide 22: Greater emphasis on safety has resulted in clear improvements
Business Area Sweden Greater emphasis on safety has resulted in clear improvements LTI1-rate 4 3.2 3 2.2 2 1.8 1.3 1.1 1 0.6 0.4 Series 1 0 2019 2020 2021 2022 2023 2024 2025 22
Slide 23: Revenue and profitability trend per quarter
Business Area Sweden Revenue and profitability trend per quarter NOK million 7.3 % 6.3 % 6.2 % 5.1 % 4.2 % 0.1 % 0.1 % 0.1 % 1,401 1,472 1,511 1,361 1,165 1,225 960 1,045 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Revenue EBIT% AF Presentasjonsmal 23
Slide 24: Historical development in revenue and profitability
Business Area Sweden Historical development in revenue and profitability Revenue EBIT-margin NOK million % 6.1% 6.2% 7,445 7,501 5.3% 5,399 4,742 4,138 4,325 1.7% 1.5% 2020 2021 2022 2023 2024 2025 -2.0% 2020 2021 2022 2023 2024 2025 AF Presentasjonsmal 24
Slide 25: Major structural and organisational measures implemented
Business Area Sweden Major structural and organisational measures implemented Portfolio clean-up completed Consolidation of entities Divestment Unprofitable projects are Betonmast Sweden-portfolio Sale of AF Prefab in finalised Mälardalen Reorganisation Growth Split of Kanonaden to two Organic and s
Slide 26: The residential market still has low activity
Business Area Sweden The residential market still has low activity. Commercial market compensates somewhat, particularly through public demand ▪ A lower interest rate has not yet had a notable ▪ The order backlog has shifted from a large impact majority of residential to a majority of ▪ Large supply
Slide 27: Careful optimism in the residential market
Business Area Sweden Careful optimism in the residential market Residential units approved ▪ Expected moderate increase in new-build of Units per year residential properties 60 000 55 000 ▪ Investments in residential will remain below levels 50 000 seen in 2022 45 000 40 000 ▪ New amortisation requi
Slide 28: Increased investments in promising segments like energy and defense
Business Area Sweden Increased investments in promising segments like energy and defense Defense Energy ▪ Significantly increased investments since ▪ Svenska kraftnät plans a doubling of 2018 and continued growth expected in years investments from 2025 to 2028 to come. Swedish defense budget is 2.8%
Slide 29: Investments in water and sewerage has tripled
Business Area Sweden Investments in water and sewerage has tripled the last 15 years ▪ Svenskt Vatten estimates annual investment demand to SEK 31 billion annually until 2040 ▪ 50% of investments are newbuild and rehabilitation of water and sewerage facilities Drivers ▪ Urbanisation and capacity ▪ E
Slide 30: Early identification of growth segments has increased the order backlog
Business Area Sweden Early identification of growth segments has increased the order backlog and ensured strong positioning within selected segments • Increasing share of public construction Development in order backlog NOK million demand replaces reduced demand from 8 531 8 479 9 000 8 071 private
Slide 31: AF acquires H.A. Bygg Entreprenad AB
Business Area Sweden AF acquires H.A. Bygg Entreprenad AB ▪ Strengthening its concrete operations in Sweden. ▪ Acquires 70 per cent of the shares in H.A. Bygg Entreprenad AB (HAB). The remaining 30 per cent will continue to be owned by the company’s employees ▪ HAB has 62 employees and recorded an a
Slide 32: The road ahead
Business Area Sweden The road ahead ▪ Leadership and expertise ▪ We will attract, develop and retain the industry's best management and technical expertise ▪ Controlled and profitable growth ▪ Risk management ▪ Identify new opportunities and segments for organic and structural growth ▪ Safety ▪ Ever
Slide 33: Summary
4th quarter 2025 Summary NOK million Q4 25 Q4 24 2025 2024 Revenues 9,252 8,595 31,992 30,638 EBIT 643 607 1,662 1,149 EBT 653 589 1,653 1,085 EBIT % 7.0% 7.1% 5.2% 3.8% EBT % 7.1% 6.9% 5.2% 3.5% ▪ A positive development in H1-value ▪ Increased activity level ▪ A good result with a very good profita
Slide 34: Thank you for your attention
Thank you for your attention Q1 | 13 May 2026 AF Anlegg rehabilitates Bjølsegrøvatn dam. Photo: AF Gruppen