Slide 1: AF Gruppen ASA Q2 2025
AF Gruppen ASA Q2 2025 29 August 2025 The glass hall in Construction City. Photo: AF Gruppen
Slide 2: Overview
2nd quarter 2025 Overview Good profitability and a solid order backlog ▪ Revenue of NOK 7,808 (7,651) million in Q2 and NOK 14,937 (14,838) million year-to-date ▪ Earnings before tax of NOK 388 (21) million in Q2 and NOK 603 (207) million year-to-date ▪ Profit margin of 5.0% (0.3%) in Q2 and 4.0% (1
Slide 3: Health and safety
2nd 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% 4.1% 4.2% 8.0 7.2 7.3 4.0% 6.9 1.0 6.0 3.0% 0.6 0.5 4.0 2.0% 0.5 0.2 2.0 1.0% 0.0 0.0 0.0% 2022 2023 2024 YTD Q2 25 2022 2023 2024 YTD Q2 25 2022 2023 2024 YTD
Slide 4: Revenue and earnings
2nd quarter 2025 Revenue and earnings Revenue Earnings before tax Profit margin NOK million NOK million 9,000 700 7.0% 8,000 7,651 7,808 600 6.0% 7,000 5.0% 500 5.0% 6,000 400 388 5,000 4.0% 4,000 300 3.0% 3,000 200 2.0% 2,000 100 1.0% 1,000 0.3% 21 0 0 0.0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24
Slide 5: Return on capital employed
2nd 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% 1,570 4,816 4,856 32.3% 5,000 1,500 30% 1,197 4,000 24.8% 1,000 3,000 20% Target 2,000 500 10% 1,000 0 0 0% 2021 2022 202
Slide 6: Cash flow statement
2nd quarter 2025 Cash flow statement Q2 Q2 YTD YTD Cash flow from operations NOK million 2025 2024 2025 2024 EBIT 390 37 613 238 NOK million Depreciation, amortisation and impairment 178 173 361 329 2,500 Change in net working capital 101 544 76 386 2,217 Taxes paid -28 -60 -73 -118 2,000 Other -61
Slide 7: Net interest-bearing debt and liquidity
2nd quarter 2025 Net interest-bearing debt and liquidity Net interest-bearing receivables (debt) Components net interest-bearing receivables (debt) NOK million NOK million 400 2,000 -263 200 1,500 -979 0 1,000 931 -200 500 -400 -263 0 -600 -500 -800 -1,000 -1 000 -1,500 -979 -1 200 -2,000 Q2 24 Q3 2
Slide 8: Balance sheet
2nd quarter 2025 Balance sheet Equity share NOK million 30.06.25 30.06.24 31.12.24 Non-current assets 8,931 8,629 8,451 Long term debt Equity Current assets, ex. cash 5,774 5,807 5,519 Cash and cash equivalents 931 411 1,033 Equity-share*: 21.3% Total assets 15,636 14,846 15,003 (19.2%) Equity 3,329
Slide 9: Climate and environment
2nd 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% 93% 93% 97% 96% 100,000 93,194 45,020 42,954 40,000 80% 80,000 2 68,199 30,000 60% 60,000 24,072 1 2
Slide 10: Business Areas
Business Areas 2nd quarter 2025 10 Construction City. Photo: Hans Fredrik Asbjørnsen
Slide 11: Civil Engineering: High activity and a solid order backlog
Civil Engineering High activity and a solid order backlog NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 2,867 2,400 5,233 4,444 EBIT 179 140 245 256 EBT 202 154 291 285 EBIT % 6.2% 5.8% 4.7% 5.8% EBT % 7.1% 6.4% 5.6% 6.4% ▪ Civil Engineering increases revenues by 19% compared to Q2 of last year and d
Slide 12: Construction: Stable activity and good order intake
Construction Stable activity and good order intake NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 2,380 2,279 4,494 4,482 EBIT 86 95 155 159 EBT 92 97 170 163 EBIT % 3.6% 4.2% 3.4% 3.5% EBT % 3.9% 4.2% 3.8% 3.6% ▪ Construction has stable activity with a result somewhat below expectations in Q2. ▪ Haga
Slide 13: Betonmast: Improved profitability in the quarter
Betonmast Improved profitability in the quarter NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 918 979 1,962 1,984 EBIT 38 9 80 -10 EBT 50 19 105 9 EBIT % 4.1% 1.0% 4.1% -0.5% EBT % 5.5% 2.0% 5.4% 0.4% ▪ Betonmast has a stable activity level and significantly improved profitability compared to the sam
Slide 14: Property: Good unit sales at Fagerblom
Property Good unit sales at Fagerblom NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 3 5 8 11 EBIT -6 -8 -15 -15 EBT -2 -4 -7 -7 Capital employed 862 897 862 897 ▪ The residential project Fagerblom at Fagerborg in Oslo has had a successful sales launch during the quarter with good unit sales. ▪ Sales
Slide 15: Sweden: Significant profit improvement in the quarter
Sweden Signficant profit improvement in the quarter NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 1,225 1,401 2,186 2,763 EBIT 78 1 118 3 EBT 76 -2 114 -3 EBIT % 6.3% 0.1% 5.4% 0.1% EBT % 6.2% -0.2% 5.2% -0.1% ▪ Sweden has lower activity, but a significant profit improvement in Q2 compared to the sam
Slide 16: Energy and Environment: A good result in the quarter
Energy and Environment A good result in the quarter NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 339 388 704 726 EBIT 18 22 36 40 EBT 17 21 35 38 EBIT % 5.2% 5.7% 5.1% 5.4% EBT % 5.1% 5.4% 5.0% 5.3% ▪ Energy and Environment has lower activity compared to the same quarter last year but delivers a goo
Slide 17: Offshore: A weak result
Offshore A weak result NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 282 285 543 580 EBIT 2 -234 4 -220 EBT -4 -241 -10 -234 EBIT % 0.7% -82.1% 0.8% -38.0% EBT % -1.6% -84.5% -1.8% -40.3% ▪ Offshore has stable revenues compared to the same quarter last year, but a weak result in the quarter. ▪ Aeron
Slide 18: Solid order backlog
2nd quarter 2025 Solid order backlog Development in order backlog Order backlog business areas NOK million NOK million 44,493 Offshore Civil 45,000 1,682 Engineering 40,000 Sweden 19,056 6,388 35,000 Energy and 30,000 Environment 1,153 Order 25,000 backlog 20,000 44,493 15,000 Betonmast (38,253) 10,
Slide 19: Betonmast Q2 2025 | Theme presentation
Betonmast Q2 2025 | Theme presentation Photo: Bård Gudim
Slide 20: Betonmast in a nutshell
Betonmast Betonmast in a nutshell Betonmast Revenue (2024) EBIT (2024) No of employees (Q2 2025) Trøndelag Betonmast 4,367 120 2.8% 482 Røsand Betonmast MNOK MNOK Innlandet Betonmast Salaried employees Female percentage Romerike Security (2024) EBT (2024) Betonmast 293 22% Oslo Betonmast 0.4 163 3.7
Slide 21: Greater emphasis on safety has resulted in clear improvements
Betonmast Greater emphasis on safety has resulted in clear improvements LTI1-rate 5.2 5 4.8 4 3 2.7 3.0 2.4 2 0.7 1 0.7 0.5 0.4 0.4 0.0 0 Series 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 25 21
Slide 22: Historical development in revenue and profitability
Betonmast Historical development in revenue and profitability NOK million 4.1% 3.3% 2.4% 3.2% 2.8% 7,862 7,170 0.7% 5,145 4,553 4,367 5,146 4,813 1,962 2020 2021 2022 2023 2024 YTD 25 Revenue EBIT% Revenue discontinued entities AF Presentasjonsmal 22
Slide 23: Revenue and profitability trends over time – per quarter
Betonmast Revenue and profitability trends over time – per quarter NOK million 7.0% 4.1% 4.0% 3.6% 1.0% -2.0% 1,322 1,005 979 1,061 1,044 918 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Revenue EBIT% AF Presentasjonsmal 23
Slide 24: Structural and organisational measures implemented
Betonmast Structural and organisational measures implemented Divested Restructured Transferred Merged Betonmast Bergen and Betonmast Ringerike to Betonmast Sverige to AF Betonmast Oslo with Betonmast Telemark Betonmast Asker og Bærum Gruppen Sverige Betonmast Boligbygg Rolled out AF’s tools for risk
Slide 25: Climate and environment
Betonmast ”Larvik’s most Climate and environment impressive office building” Fritzøe Eiendom ▪ Long-standing commitment to strategic environmental initiatives ▪ Sustainability, innovation, and profitability go hand in hand ▪ Betonmast has strong expertise in delivering environmentally responsible pr
Slide 26: Collaboration projects are growing in size and complexity
Betonmast Collaboration projects are growing in size and complexity Construction City, Oslo NOKm 2,676 Vision NOKm 840 Nardovegen NOKm 930 Campus Kristiansund NOKm 582 Slippen NOKm 564 Edvard Munch NOKm 620 26
Slide 27: Challenging and uncertain market
Betonmast Challenging and uncertain market Development in order backlog NOK million 7,000 ▪ Strong pipeline of public sector projects 6,000 ▪ Limited activity in commercial buildings 5,000 ▪ High construction costs combined with 4,000 elevated interest rates ▪ Cautious market for new residential 3,0
Slide 28: The road ahead
Betonmast The road ahead ▪ Controlled and Profitable Growth ▪ Focused risk management ▪ Financial discipline • Expertise and Leadership ▪ Attract top talent by offering leading competence in both management and technical fields ▪ Customer focus ▪ Excel in collaboration by delivering innovative, high
Slide 29: Summary
2nd quarter 2025 Summary NOK million Q2 25 Q2 24 1H 25 1H 24 Revenues 7,808 7,651 14,937 14,838 EBIT 390 37 613 238 EBT 388 21 603 207 EBIT % 5.0% 0.5% 4.1% 1.6% EBT % 5.0% 0.3% 4.0% 1.4% ▪ Stable activity level ▪ Strong profitability improvement and a good result ▪ High order backlog and a strong f
Slide 30: Thank you for your attention
Thank you for your attention Presentation Q3 14 November 2025 Eidselva bridge in Telemark, Eiqon. Photo: Bård Gudim