Slide 1: Q2 2026
2 quarter 2026 nd CEO Anders Gustafsson CFO Åsgeir Nord
Slide 2: Summary from CEO
Summary from CEO Improved profitability, despite Prioritise profitability over short- Underlying profitability improved in Norway, Sweden, NOK 71 million one-off charge term volume with disciplined Finland and Machines. Special Operations according to related to a Swedish project project selection a
Slide 3: Strong underlying margin and significant cash flow
Strong underlying margin and significant cash flow Key figures Q2 2026 Revenue EBIT EBIT margin NOK 1.7 billion NOK 61 million 3.6% Q2 2025: NOK 1.8 billion Q2 2025: NOK 60 million Q2 2025: 3.4% Order intake Order backlog Operating cash flow NOK 2.0 billion NOK 8.9 billion NOK 180 million Q2 2025: N
Slide 4: Solid order intake and a healthy order backlog
Solid order intake and a healthy order backlog Backlog Order intake & Book-to-bill LTM Order backlog (total)1 Order backlog execution1 NOK billion NOK billion NOK billion NRC Group expects Book-to-bill to exceed 1.0x LTM after Q2 1 Order backlog for maintenance contracts was revised (increased) as o
Slide 5: Strong focus on safety
Strong focus on safety for Health and safety es 5,4 47 3,8% 38% 3,7% 38% 2,3 2 0 oO 0 2023 2024 2025, June-26 LTM 2023 2024 2025 June-26 LTM 2023 2024 2025, June-26 LTM, ur Sickness absence Serious injuries? 1. LTE: Injuries resulting in absence at least one full day per million man-hours (incl. sub
Slide 6: Strong underlying EBIT
Strong underlying EBIT Profit & loss Revenue EBIT NOK billion NOK million 150 100 50 0 -50 -100 -150 -200 -250 -750 -800 -850 -900 -950 Notes EBIT of 61 million, in line with the same quarter last year (including NOK 71 million one off in Sweden) Revenue in line with last year despite weaker SEK and
Slide 7: Norway: Improved underlying margin, main priority on order intake
Norway Improved underlying margin, main priority on order intake Operational review NRC Group Norway Revenue EBIT Order backlog execution NOK million NOK million NOK million Key figures Notes Revenue in line with last year Improved performance in existing projects ETM completed and final documentati
Slide 8: Sweden: NOK 71 mill loss on historical Swedish legal case from 2018
Sweden NOK 71 mill loss on historical Swedish legal case from 2018 Operational review NRC Group Sweden Revenue EBIT Order backlog execution1 NOK million NOK million NOK million 50 Key figures Notes Final settlement on AGN Haga reached and recognised during the quarter Revenue and specifically EBIT h
Slide 9: Finland: Second wave of light rail projects secured
Finland Second wave of light rail projects secured Operational review NRC Group Finland Revenue EBIT Order backlog execution NOK million NOK million Key figures Notes Substantial revenue increase with solid margin improvement, revenue in NOK is though impacted negatively by weakened EUR/NOK FX rate
Slide 10: Special operations: Focus on new contracts for GK - Kept steadily improving
Special operations Focus on new contracts for GK - Kept steadily improving Gunnar Knutsen AS (GK) NRC Kept AS Revenue EBIT Revenue EBIT NOK million NOK million NOK million NOK million Key figures Key figures
Slide 11: Machine: Increased revenue and strong EBIT
Machine Increased revenue and strong EBIT Operational review NRC Group Machine Revenue EBIT NOK million Key figures NOK million Notes Strong revenue mainly due to high activity level Improved EBIT, lifted by sale of machines Short term focus on internal market, increased external focus next year
Slide 12: NWC release drives 180 MNOK operating cash flow – net cash positive at quarter-end
NWC release drives 180 MNOK operating cash flow – net cash positive at quarter-end Cash flow and working capital Net working capital (NWC) Cash flow from operations Change in net cash Q2 2026 NOK million NOK million NOK million
Slide 13: Net interest-bearing debt, maturity profile and leverage ratio
Net interest-bearing debt, maturity profile and leverage ratio Financial position Net interest-bearing debt (NIBD) Term loan and bond maturities Leverage ratio: NIBD/adj. EBITDA LTM NOK million NOK million Ratio Covenant requirement ≤3.25x 7,8 6,7 6,1 5,1 3,0 3,1 2,6 2,1 1,8 Q2 24 Q3 24 Q4 24 Q1 25
Slide 14: Covenant metrics well inside thresholds
Covenant metrics well inside thresholds Financial covenants Bank term loan and overdraft facility Covenant Q2 26 Calculated Q2 26 Equity ratio ≥ 25 % 38 % Borrowing base ≤ 60 % of accounts receivables 0% Leverage ratio ≤ 3.25 1.8 Interest coverage ratio ≥ 3.0 6.1 Bond Equity ratio ≥ 25 % 38 % Intere
Slide 15: Summary
Q2 2026 Operations Summary Final claim from ETM submitted to Bane NOR (NOK 566 million) – negotiations starting Q3 Financials Improved underlying performance for Norway, Finland and Sweden Machine progressing as planned, with main focus internally in 2026 Strategic review of Gunnar Knutsen is ongoin
Slide 16: Guiding: Targets for long-term strategy
Guiding Targets for long-term strategy Linear profit margin improvement towards 2028 2026 2028 targets Revenue Revenue ~NOK 7.5 bn >NOK 10 bn EBIT margin EBIT margin >3.0% >5.0% Revenue guiding measured at constant exchange rates
Slide 17: Q3 2026 results 5 November
Q3 2026 results 5 November
Slide 18: Appendix
Appendix
Slide 19: Interim condensed consolidated statement of profit or loss
Interim condensed consolidated statement of profit or loss
Slide 20: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position
Slide 21: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows
Slide 22: High demand for infrastructure – continued robust tender pipeline
High demand for infrastructure – continued robust tender pipeline NOK 34 billion tender pipeline in Group Notes BNOK value, next 9 months (submission) Continued high tender pipeline across all countries Foundation for future profitable growth for NRC Group Governmental support to upgrade and build s
Slide 23: Disclaimer
Disclaimer This draft presentation (hereinafter referred to as the “Presentation”) has been Should one or more of these risks or uncertainties materialise, or should prepared exclusively for information purposes and does not constitute an offer underlying assumption prove incorrect, actual results m