Ncc Ab Class A · OMXSTO:NCC_A
Ncc Ab Class A — Q1 2026 Earnings Presentation
33 slides from Ncc Ab Class A's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026
Q1 2026 April 29, 2026 Tomas Carlsson | CEO Susanne Lithander | CFO Metallum, Finland
Slide 2: Low earnings, but a solid foundation for the year
Low earnings, but a solid foundation for the year Business area Op. profit Comment Market MSEK demand Contracting GOOD Robust earnings in a seasonally weak Q1, improved margins 177 (174) while lower revenues. Good orders received. Industry LOW Seasonally very negative Q1. Cold weather hit Stone prof
Slide 3: Q1: Stable performance
Q1: Stable performance Summary High level of Overall solid Stable earnings in Group EBIT orders received demand contracting reflects cold winter (Industry) 14.8 Especially in Industry and 177 -237 prioritized Contracting Group EBIT SEK bn, Q1 contracting EBIT Q1, Q1, MSEK (14.0) segments MSEK (174)
Slide 4: Industry: Positive outlook for the year
Industry: Positive outlook for the year Result reflects season and Good demand cold winter High state investments in roads and EBIT in Q1 -365 MSEK (-312) positive expectations of general building demand Strong orders received in Operational discipline Q1, amounting to Well invested assets and 4.627
Slide 5: EBIT Q1 reflecting seasonality and a cold winter
EBIT Q1 reflecting seasonality and a cold winter Group EBIT SEK M 844 767 665 692* 623 649 -100 -170 -237 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 *Excluding items affecting comparability of SEK -1,170 M NCC | Q1 2026
Slide 6: High level of orders received
High level of orders received SEK M 14 664 14 462 14 751 14 002 13 353 13 264 13 449 13 392 11 135 Book to bill = 1 1 Book to bill actual* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 *R12 Orders received / R12 net sales excluding Property Development NCC | Q1 2026
Slide 7: Order backlog with high quality
Order backlog with high quality In line with 2025 despite phasing out non-profitable West Link projects SEK M 56 270 54 956 Sales R12 53 498 52 431 50 723 51 478 51 507 excluding 48 318 Property 46 079 Development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 NCC | Q1 2026
Slide 8: Major orders received in Q1
Road & paving works in Sweden Refurbish historic city block, Copenhagen, Denmark SEK 1 billion SEK 800 M New Office space, Örnsköldsvik, Sweden New waterworks, Östersund, Sweden SEK 250 M SEK 700 M NCC | Q1 2026
Slide 9: Net sales: lower on the back of phasing out zero-recognized mega projects
Net sales: lower on the back of phasing out zero- recognized mega projects SEK M 20 323 Property 15 448 15 929 Development 14 277 14 543 14 168 11 561 11 077 9 650 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 NCC | Q1 2026
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 Q1 2026, R12 Q1 2026, R12 Proposed dividend 2025 * 13.4 SEK 0.81 x EBITDA Corporate net debt of SEK -1 088 M 9+2 SEK 65% of profit after tax* *Excluding items affecting
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 3,6 3.3 3.6 3.7 3 Target 2026 2 ≤2.0 1 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 R12 *LTIF4 – Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duti
Slide 12: Climate and energy: updated targets
Climate NCC’s and energy: updated targets Updated targets - in line with the Paris Agreement New base year 2024* NCC shall reach NetZero emissions 2045 Net Zero Scope 1 & 2: Scope 1 & 2: Scope 3: 42 emissions percent reduction of own -42 % 2045 -42 % emissions to 2030 reduction of emissions to reduc
Slide 13: Conflict in the Middle East: limited impact in Q1
Conflict in the Middle East: limited impact in Q1 Increased energy prices and volatility NCC is proactive and has a wide Impact on transportation and range of material costs measures to mitigate potential Potential implications for the broader effects economic environment Situation closely monitored
Slide 14: 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 slow industrial and public buildings NCC | Q1 2026
Slide 15: Susanne Lithander
Susanne Lithander CFO NCC | Q1 2026
Slide 16: NCC's Contracting units
NCC’s Contracting NCC units Infrastructure Business update Q1 • Higher profit in Building Sweden NCC Building Nordics • Stable development in Building Nordics and Infrastructure • Projects started in Green Industry Transformation NCC Building Sweden NCC Green Industry Transformation NCC | Q1 2026
Slide 17: Order backlog and sales
Order backlog and sales Q1 2026. Book to bill in Q1 was 1.2 SEK M 17 583 15 344 15 532 13 785 13 005 12 477 Infrastructure Building Nordics Building Sweden Order backlog Net sales R12 NCC | Q1 2026
Slide 18: Stable performance in contracting
Stable performance in contracting 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 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 202
Slide 19: NCC Industry
NCC Industry Business update Q1 • Strong seasonality, amplified by a cold winter • High demand and orders received • Public investments support asphalt; construction activity supports stone NCC | Q1 2026
Slide 20: The cold winter had a particularly high impact on stone materials
The cold winter had a particularly high impact on stone materials Asphalt sold Stone materials sold Thousand tonnes Thousand tonnes 7 143 6 642 6 528 6 504 6 431 1 945 6 235 1 748 1 792 1 786 5 426 4 867 1 348 1 389 3 864 173 205 129 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 20
Slide 21: High R12 margin and return
High R12 margin and return EBIT and capital employed SEK M % SEK M % 461 10 24 368 371 359 ROCE 338 8 21% Internal 20 6% 6 target 191 3 951 3 801 16 4 ROCE 14 2 14% Internal 12 12 target 0 8 -2 4 -4 -313 -312 -365 -6 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 31/3 2025 31/3 2026 2024 2025 2026 EBIT EBIT margin R1
Slide 22: NCC Property Development
NCC Property Development Portfolio update Q1 • The commercial property market remains slow • 6 completed project and 3 ongoing in the portfolio • Unchanged letting • NCC decided to relocate headquarters to own premises (Bromma Blocks) • Will reach ~90% letting NCC | Q1 2026
Slide 23: Letting
Letting Lettable space incl SPP, sqm 250 000 100% 82% Previously let area, sqm 200 000 80% Remaining unlet area, sqm 69% 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 24: 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 7 825 10% 7 331 8% 7,1% 6% 4% 87 2% 30 37 50 10 11 0.7% 0% -1 31/3 31/3 -10 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4* Q1 Operating Capital Employed ROCE 2024 2025 2026 *Excluding items affecting compa
Slide 25: Other & eliminations
Other & eliminations Q1 R12, Apr-Mar FY Jan-Dec SEK M 2026 2025 2026 2025 NCC Group common functions, smaller subsidiaries and business area NCC -103 -101 -427 -426 Green Industry Transformation Elimination of internal gains -13 -7 -55 -49 Pensions and other adj & elim 56 66 -66 -57 EBIT, total -59
Slide 26: Earnings
Earnings Q1 R12, Apr-Mar Jan-Dec SEK M 2026 2025 2026 2025 EBIT before items affecting -237 -170 1,871 1,938 comparability Items affecting comparability -1,170 -1,170 EBIT after items affecting -237 -170 701 768 comparability Financial net -14 -5 -147 -137 EBT -251 -175 554 630 Tax 65 39 -462 -489 P
Slide 27: Seasonal cash flow pattern in Q1
Seasonal cash flow pattern in Q1 R12, Apr- Jan- Q1 Mar Dec SEK M SEK M 2026 2025 2026 2025 5 000 Operating activities 4 000 From operating activities 3 000 before changes in -146 -10 2,387 2,523 working capital 2 000 From property projects -199 -183 -621 -605 1 000 Other changes in -126 -166 35 -6 0
Slide 28: Low corporate net debt provides financial flexibility
Low corporate net debt provides financial flexibility SEK M Net debt* / EBITDA Corporate net debt Target 0 <2.5 Leverage ratio 0.14 -500 -377 Leverage- ratio 0.81 Q1 2025 Mars 31, 2026 R12 -1 000 0.81 Q1 2026 -1,088 -1 500 * Corporate net debt excluding pension liabilities and leasing liabilities -2
Slide 29: Tomas Carlsson
Tomas Carlsson CEO NCC | Q1 2026
Slide 30: Annual General Meeting
Annual General Meeting • Date: May 5, 2026 • Location: SPACE in Stockholm AGM 2022, Stockholm, Sweden NCC | Q1 2026
Slide 31: Stable performance and positive outlook
Stable performance and positive outlook Operating High level Good general profit of orders Stable demand earnings in reflecting a received situation cold winter contracting (Industry) NCC | Q1 2026
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.