Af Gruppen Asa Class A · OSL:AFG
Af Gruppen Asa Class A — Q2 2026 Earnings Presentation
27 slides from Af Gruppen Asa Class A's earnings presentation, Aug 28, 2026
Slide 1: AF Gruppen ASA Q2 2026
AF Gruppen ASA Q2 2026 28 August 2026 Campus Diakonhjemmet, AF Bygg Oslo. Photo: AF Gruppen/Max Emanuelson
Slide 2: Overview
Overview Revenue growth, good profitability and record high order backlog ▪ Revenue of NOK 9,052 (7,808) million in Q2 and NOK 17,030 (14,937) million year-to-date ▪ Operating profit of NOK 523 (390) million in Q2 and NOK 846 (613) million year-to-date ▪ Operating margin of 5.8% (5.0%) in Q2 and NOK
Slide 3: Health and Safety
Health and Safety Total recordable injury frequency Lost-time injury frequency (LTIF) Sick leave (TRIF) 1.5 10.0 5.0% 4.5% 4.4% 8.5 4.2% 8.0 7.7 8.0 4.0% 1.0 0.8 0.8 6.0 3.0% 4.0 2.0% 0.5 0.4 2.0 1.0% 0.0 0.0 0.0% 2023 2024 2025 YTD Q2 26 2023 2024 2025 YTD Q2 26 2023 2024 2025 YTD Q2 26 26 26 26 Nu
Slide 4: Revenues and Earnings
Revenues and Earnings Revenue Operating profit Operating margin NOK million NOK million 10,000 9,052 700 8.0% 7,808 600 7.0% 8,000 523 5.8% 500 6.0% 5.0% 6,000 390 5.0% 400 4.0% 4,000 300 3.0% 200 2.0% 2,000 100 1.0% 0 0 0.0% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4
Slide 5: Return on Capital Employed
Return on Capital Employed Earnings before taxes and interest Average capital employed * Return on capital employed expense * NOK million NOK million 1,979 2,000 6,000 5,589 40% 1,725 5,113 33.7% 35.4% 5,000 1,500 30% 4,000 1,000 3,000 20% 2,000 500 10% 1,000 0 0 0% 2022 2023 2024 2025 YTD 2022 2023
Slide 6: Cash Flow Statement
Cash Flow Statement YTD YTD NOK million Q2 2026 Q2 2025 2026 2025 Cash flow from operations EBIT 523 390 846 613 Depreciation, amortisation and impairment 161 178 332 361 Change in net working capital -422 101 -491 76 NOK million Taxes paid -52 -28 -121 -73 3,500 Other 10 -60 2 -67 3,038 3,000 Cash
Slide 7: Net Interest-Bearing Receivable (Debt) and Liquidity
Net Interest-Bearing Receivable (Debt) and Liquidity Net interest-bearing receivable (debt) Components net interest-bearing receivables (debt) NOK million NOK million 2,000 4,000 1,500 3,000 1,000 131 2,000 -263 500 131 1,000 1,293 0 0 -500 -263 -1,000 -1,000 -1,500 -2,000 Q2 25 Q3 25 Q4 25 Q1 26 Q2
Slide 8: Balance Sheet
Balance Sheet NOK million 30.06.26 30.06.25 31.12.25 Equity share Non-current assets 10,007 8,931 9,079 Long term debt Equity Current assets, ex. cash 6,374 5,774 5,621 Cash and cash equivalents 1,293 931 2,391 Egenkapitalandel*: 22.8% Total assets 17,675 15,636 17,092 (21.3%) Equity 4,036 3,329 3,9
Slide 9: Climate and Environment
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% 95% 95% 100,000 45,020 87% 83,669 40,000 35,698 80% 80,000 2 68,199 30,000 60% 60,000 1 20,000 18,376 16,710 40%
Slide 10: Business Areas
Business Areas Q2 2026 AF Anlegg has signed a contract for the construction of the Stad Ship Tunnel. Illustration: AF Gruppen/Kystverket/Norconsult
Slide 11: Civil Engineering: High Activity and a Very Good Result
Civil Engineering High Activity and a Very Good Result NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 3,068 2,867 5,800 5,233 EBIT 230 179 374 245 EBT 263 202 438 291 EBIT % 7.5% 6.2% 6.5% 4.7% EBT % 8.6% 7.1% 7.5% 5.6% ▪ Civil Engineering increases revenues by 7% compared to Q2 of last year and deliv
Slide 12: Construction: Stable Activity and Improved Profitability
Construction Stable Activity and Improved Profitability NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 2,401 2,380 4,669 4,494 EBIT 114 86 193 155 EBT 121 92 211 170 EBIT % 4.8% 3.6% 4.1% 3.4% EBT % 5.0% 3.9% 4.5% 3.8% ▪ Construction has stable activity and improved profitability compared to Q2 of las
Slide 13: Betonmast: Increased Activity and Good Profitability
Betonmast Increased Activity and Good Profitability NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 1,063 918 2,142 1,962 EBIT 56 38 103 80 EBT 69 50 128 105 EBIT % 5.3% 4.1% 4.8% 4.1% EBT % 6.5% 5.5% 6.0% 5.4% ▪ Betonmast increases revenues by 16% compared to Q2 of last year and has good profitability
Slide 14: Property: Weak Result
Property Weak Result NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 4 3 8 8 EBIT -15 -6 -23 -15 EBT -10 -2 -12 -7 Invested capital 746 862 746 862 ▪ Property has a weak result in Q2. Sales contracts for 23 (61) units were signed in the quarter, of which 12 (29) represent AF’s share. Two residential un
Slide 15: Energy and Environment: Very Good Profitability and High Order Intake
Energy and Environment Very Good Profitability and High Order Intake NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 590 339 1,145 704 EBIT 59 18 93 36 EBT 55 17 78 35 EBIT % 10.1% 5.2% 8.1% 5.1% EBT % 9.2% 5.1% 6.9% 5.0% ▪ Energy and Environment has a revenue growth of 74% compared to Q2 of last year,
Slide 16: Sweden: Increased Activity and Good Profitability
Sweden Increased Activity and Good Profitability NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 1,534 1,225 2,676 2,186 EBIT 77 78 124 118 EBT 77 76 124 114 EBIT % 5.0% 6.3% 4.6% 5.4% EBT % 5.0% 6.2% 4.6% 5.2% ▪ Sverige has revenue growth of 25 % from the same quarter last year and a good result in th
Slide 17: Offshore: High Activity and Improved Profitability
Offshore High Activity and Improved Profitability NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 476 282 801 543 EBIT 18 2 12 4 EBT 4 -4 -11 -10 EBIT % 3.7% 0.7% 1.4% 0.8% EBT % 0.8% -1.6% -1.4% -1.8% ▪ Offshore has a revenue growth of 69%, driven by both acquisition and organic growth. The profitabil
Slide 18: Record High Order Backlog
Record High Order Backlog Development in order backlog Order backlog business areas NOK million NOK million 49,765 50,000 Construction Civil 11,369 40,000 Engineering 20,049 30,000 Order backlog: 49 765 Betonmast 20,000 (44 493) 4,606 10,000 Energy and Environment Offshore 3,662 0 2023 2024 2025 202
Slide 19: Offshore
Offshore Q2 2026 | Theme presentation 19 Photo: AF Offshore Decom/Woldcam
Slide 20: Our Offshore Operations
Our Offshore Operations REVENUE Q2 RESULTS Q2 SAFETY - HSE LTI-1 RATE 476 NOK million 18 3.7 EBIT MNOK EBIT (%) 0.0 ORDER RESERVE AND REVENUE BUSINESS UNITS Order reserve Revenue last 12 months NOK bn. Growth: +94% 4.0 3.3 2.9 3.0 2.0 2.0 1.7 1.8 1.8 1.0 1.0 0.0 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 20 All
Slide 21: Producing fields and ageing infrastructure underpin predictable activity levels, offshore wind adding further upside
Producing fields and ageing infrastructure underpin predictable activity levels, offshore wind adding further upside Oil and gas remain key for decades¹ 90% allocated to existing fields³ Big structural volumes through 2037⁴ Offshore wind opportunity⁵ Global upstream investment since 2019, UKCS topsi
Slide 22: AF Gruppen provides a broad range of offshore services and solutions
AF Gruppen provides a broad range of offshore services and solutions End-to-End Decommissioning Life Extension, Well Abandonment Specialised Well & Subsea (EPRD) and Decommissioning Services Offshore Modifications, Service Offshore Wind and Marine Air and Cooling Systems (HVAC-R) and Maintenanc
Slide 23: We help optimise resource utilisation and support the offshore sector's transition
We help optimise resource utilisation and support the offshore sector's transition Cat3 FPF-1 og Alba Eider Alpha EPRD Disposal Disposal LOGGS Andrew platform TenneT EPRD End-to-End Decommissioning HVAC-R Offshore Wind Photos: AF Gruppen, Woldcam,. Illustrasjon: TenneT. 23
Slide 24: The acquisition of AF Claxton: A specialist company that broadens the offshore service offering
The acquisition of AF Claxton: A specialist company that broadens the offshore service offering Who is AF Claxton? What does AF Claxton add? Leading international provider of technology-driven services ▪ Strategic fit: Engineering expertise and proprietary tools within offshore decommissioning ▪ Bre
Slide 25: The way forward: A broader platform provides a basis for profitable growth
The way forward: A broader platform provides a basis for profitable growth • Strengthen the core: Further develop strong specialist companies with their own management, their own expertise and continued development of proprietary technology • Leverage the breadth: Sell more services to more customer
Slide 26: Summary
Summary NOK million Q2 26 Q2 25 1H 26 1H 25 Revenues 9,052 7,808 17,030 14,937 EBIT 523 390 846 613 EBT 528 388 846 603 EBIT % 5.8% 5.0% 5.0% 4.1% EBT % 5.8% 5.0% 5.0% 4.0% ▪ High activity ▪ Good profitability ▪ Record high order backlog and solid financial position ▪ Order intake: NOK 14,331 (8,068
Slide 27: Thank you for your attention
Thank you for your attention Presentation of Q3: 13 November 2026 Qvarteret, AF Byggfornyelse. Photo: AF Gruppen/Colin Eick