Ncc Ab Class A · OMXSTO:NCC_A
Ncc Ab Class A — Q4 2025 Earnings Presentation
33 slides from Ncc Ab Class A's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025
Q4 2025 February 5, 2026 Tomas Carlsson | CEO Susanne Lithander | CFO NCC | Q4 2025 Skandiaporten, Gothenburg, Sweden
Slide 2: Non-cash impairment charges as previously communicated
Non-cash impairment charges as previously communicated • Impairment charges of ~SEK 1.4 billion • Of which SEK ~900 M related to new assessments of property values in Property Development • Remaining portion mainly relates to a review of tax assets • No cash flow impact NCC | Q4 2025
Slide 3: Q4: Strong underlying performance
Q4: Strong underlying performance Key achievements Strong operating All-time high Q4 High level of Unchanged profit* profit in Industry orders received dividend 692 +88% 14.5 9+2 Group EBIT Industry EBIT SEK bn, Q4 SEK / share Q4, MSEK vs Q4 2024 *Excluding items affecting comparability NCC | Q4 202
Slide 4: Strong operating profit in Q4
Strong operating profit in Q4 - Despite no profit recognitions in Property Development Group EBIT SEK M 844 767 665 692** * 623 649 614 510 544 503 474 358 152 -100 -170 -170 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 *Excluding divestment of Bergnäset SEK 175 M **Excluding
Slide 5: Good orders received
Good orders received - Focus on early involvement projects that will convert into future orders SEK M 16 288 16 159 14 691 14 664 14 462 14 002 13 353 13 264 13 449 13 392 11 135 9 681 Book to bill = 1 1 Book to bill actual* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 *R12 Orders received / R
Slide 6: Order backlog: shift to early collaboration projects
Order backlog: shift to early collaboration projects Termination of large zero profit recognition projects SEK M 58 910 59 359 56 270 54 956 54 594 53 422 53 498 52 431 51 478 Sales R12 50 723 48 318 excluding 46 079 Property Development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 NCC | Q4 20
Slide 7: Example of large orders in Q4
Example of large orders in Q4 Office and laboratory, Denmark Hospital, Oulu, Finland Renovation, Stockholm, Sweden SEK 2.4 billion SEK 1.7 billion SEK 1.5 billion NCC | Q4 2025
Slide 8: Net sales: In line with recent years
Net sales: In line with recent years SEK M 20 323 15 592 15 448 15 929 14 854 14 543 14 022 14 277 14 168 12 464 Property 11 561 11 077 Development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 NCC | Q4 2025
Slide 9: EPS: In line with recent years adjusted for property sales
EPS: In line with recent years adjusted for property sales Earnings per share Target SEK ≥16 2025 14 8 12 14 10 16 16 14* * 2019 2020 2021 2022 2023 2024 2025 *Excluding items affecting comparability NCC | Q4 2025
Slide 10: Financial targets
Financial targets Earnings per share Net debt Dividend policy Target Target Target ≥16 SEK <2.5 x EBITDA ≈ 60% of profit after tax Actual 2025 Actual 2025 Proposed dividend 2025 * 14 SEK 0.27 x EBITDA Corporate net debt of SEK -373 M 9+2 SEK 65% of profit after tax* *Excluding items affecting compar
Slide 11: Health and Safety targets – LTIF4
Health and Safety targets – LTIF4* Level in line with previous years 7 6 5.8 5 4.1 4.1 4.0 4 3.5 3.3 3.6 3.7 3 Target 2026 2 ≤2.0 1 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 *LTIF4 – Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties per one
Slide 12: Climate and energy: NCC's updated targets
Climate and energy: NCC’s updated targets Updated targets and new base year - in line with the Paris Agreement NCC shall reach NetZero emissions 2045 Scope 1 & 2: 42 percent Net Zeroreduction of own Scope 1, 2 & 3 emissions to 2030 42 percent reduction of emissions 2045 emissions to 2030 Scope 3: 42
Slide 13: Continued positive market outlook
Continued positive market outlook General good Particularly Strong demand for Commercial market demand strong demand asphalt in all properties for infrastructure, markets remains cautious industrial and public buildings NCC | Q4 2025
Slide 14: Strong potential with Industry as a standalone company
Strong potential with Industry as a standalone company NCC Industry 20% • Strategic review of Industry in 2025 Share of NCC’s • Purpose: increase shareholder value as Industry’s sales business logic differs from the rest of NCC • Strong external interest, but bids did not reflect Industry’s value cr
Slide 15: Susanne Lithander
Susanne Lithander CFO NCC | Q4 2025
Slide 16: NCC's Contracting units
NCC’s Contracting NCC units Infrastructure Business update Q4 • Building Nordics: record profit driven by NCC Denmark and Finland Building Nordics • Infrastructure stable • Higher profit in Building Sweden, no provisions • Project starts in Green Industry NCC Transformation Building Sweden NCC Green
Slide 17: Higher earnings and margins
Higher earnings and margins Infrastructure ** Building Nordics Building Sweden *** SEK M % SEK M % SEK M % 6 000 4 6 000 4 6 000 4 5 000 5 000 5 000 3 3 3 4 000 4 000 4 000 3 000 2 3 000 2 3 000 2 2 000 2 000 2 000 1 1 1 1 000 1 000 1 000 0 0 0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 18: NCC Industry
NCC Industry Business update Q4 • Exceptional performance! • Positive volumes given season and high operational efficiency in Asphalt • High productivity in Stone materials • Increased funding for road maintenance investments drive demand in all markets NCC | Q4 2025
Slide 19: Positive volume development in Asphalt and better mix in Stone materials
Positive volume development in Asphalt and better mix in Stone materials Asphalt sold Stone materials sold Thousand tonnes Thousand tonnes 7 004 7 143 6 647 6 642 6 528 6 504 6 431 1 945 6 130 6 235 5 829 1 716 1 748 1 792 1 786 5 426 1 531 4 867 1 348 1 389 1 222 188 173 205 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 20: Record high margin and return
Record high margin and return EBIT and capital employed SEK M % SEK M % 461 10 24 ROCE 368 371 359 22 338 8 22% 281 281 Internal 20 6% 6 target 191 3 844 3 694 99 4 16 ROCE 14 2 14% Internal 12 12 target 0 8 -2 4 -261 -4 -313 -312 -6 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 31/12 2024 31/12 2025 2023 2
Slide 21: NCC Property Development
NCC Property Development Portfolio update Q4 • The commercial property market remains cautious • Slow letting • Impairment charges in Q4 NCC | Q4 2025
Slide 22: Letting
Letting Lettable space incl SPP, sqm 250 000 100% 82% Previously let area, sqm 200 000 80% Remaining unlet area, sqm 68% 150 000 60% Sold, no letting Let during quarter, sqm 100 000 40% Completion ratio Letting ratio 50 000 20% (economic occupancy rate) Let during quarter (% of available unlet area)
Slide 23: Underlying EBIT in quarter reflecting no profit recognitions
Underlying EBIT in quarter reflecting no profit recognitions EBIT SEK M* SEK M % Internal 12 12% target 564 7 938 10% 7 215 8% 7,6% 6% 256 4% 87 2% 42 30 37 50 10 0%* 0% -1 31/12 31/12 -10 -37 -18 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Capital Employed ROCE R12 2023 2024 2025 *Exclu
Slide 24: Other & eliminations
Other & eliminations Q4 Jan-Dec SEK M 2025 2024 2025 2024 NCC Group common functions, smaller subsidiaries and business area NCC -194 -202 -426 -477 Green Industry Transformation Elimination of internal gains -15 80 -49 78 Pensions and other adj & elim -239 -2 -57 137 EBIT, total -448 -125 -531 -262
Slide 25: Earnings
Earnings Q4 Jan-Dec SEK M 2025 2024 2025 2024 EBIT before items affecting 692 844 1,938 2,032 comparability Items affecting comparability -1,170 - -1,170 - EBIT after items affecting -479 844 768 2,032 comparability Financial net -37 -65 -137 -169 EBT -516 779 630 1,863 Tax -208 -58 -489 -292 Profit
Slide 26: Strong cash flow in Q4
Strong cash flow in Q4 - Cash conversion > 100% Q4 Jan-Dec SEK M SEK M 2025 2024 2025 2024 5 000 Operating activities 4 000 From operating activities 3 000 before changes in 933 1,427 2,523 3,067 working capital 2 000 1 000 From property projects -124 2,270 -605 1,927 0 Other changes in 1,170 1,283
Slide 27: Low corporate net debt provides financial flexibility
Low corporate net debt provides financial flexibility SEK M Net debt* / EBITDA Corporate net debt Target 500 0 205 <2.5 Dec 2024 2025 0.27 Dec 2025 -373 -500 * Corporate net debt excluding pension liabilities and leasing liabilities -1 000 Dec 2024 Dec 2025 NCC | Q4 2025
Slide 28: Tomas Carlsson
Tomas Carlsson CEO NCC | Q4 2025
Slide 29: New members in Senior Management Team
New members in Senior Management Team • Tomas Brannemo • New Head of NCC Infrastructure • Background as manager in international companies: Johnson Controls, Xylem, ABB, Volvo CE Tomas Brannemo • Starting in March • Katarina Wilson • New CFO • Currently COO and previously CFO for AcadeMedia • Starti
Slide 30: Annual General Meeting
Annual General Meeting • Date: May 5, 2026 • Location: SPACE in Stockholm • Detailed information will be provided closer to the AGM • The annual report published at the latest on April 14, 2026 AGM 2022, Stockholm, Sweden NCC | Q4 2025
Slide 31: Good performance and positive outlook
Good performance and positive outlook Good Industry High level Unchanged Industry to underlying all-time high of orders dividend become a profitability profit received 9+2 SEK standalone and strong Contracting company cash flow higher Y/Y NCC | Q4 2025
Slide 32: Slide 32
Slide 33: Contact information
Contact information Tomas Carlsson Susanne Lithander CEO CFO susanne.lithander@ncc.se tomas.carlsson@ncc.se Tel +46 730 37 08 74 Andreas Koch Head of Communications & IR ncc.com/Investor-relations andreas.koch@ncc.se Tel +46 705 09 77 61 For definitions and details, please see the quarterly report.