Slide 1: Q2 2025
Q2 2025 July 15, 2025 Tomas Carlsson | CEO Susanne Lithander | CFO NCC | Q2 2025 The new emergency hospital in Västerås, Sweden
Slide 2: Net sales and operating profit, SEK M
Q4 Q2 2024 2025 Net sales, SEK M Operating profit, SEK M 15,448 14,277 20,323 11,561 11,077 14.543 623 665 844 649 -100 -170 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2 NCC | Q2 2025
Slide 3: Orders received and order backlog, SEK M
Q4 Q2 2024 2025 Orders received, SEK M Order backlog, SEK M 51,478 56,270 54,956 53,498 50,723 52,431 13,353 14,664 13,264 13,449 14,002 13,392 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2024 2025 3 NCC | Q2 2025
Slide 4: Consistent good performance
Consistent good performance Q2 highlights Group High orders Industry Higher EBIT and received in Continued strong margins Building Sweden performance and demand W ater treatment, Kungsängsverket, Sweden Infrastructure Building Nordics Fair letting in Solid development Good performance Property drive
Slide 5: EBIT: Good development in Contracting and Industry
EBIT: Good development in Contracting and Industry SEK M 844 665 614 * 623 649 510 544 503 474 358 152 -100 -170 -170 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 *Excluding divestment of Bergnäset (SEK 175 M) 5 NCC | Q2 2025
Slide 6: Customer value driven by process and know-how
Early involvement-projects: Customer value driven by process and know-how Five GIS (transformer) stations in Stockholm, Sweden Oulu Hospital, Finland New steel mill, SSAB, Luleå, Sweden
Slide 7: Stable orders received H1 2025
Stable orders received H1 2025 Increased number of early involvement-projects SEK M 16,288 16,159 14,691 14,664 14,002 13,353 13,264 13,449 13,392 9,681 1.0 Book to bill 1* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 *R12 orders received / net sales excluding Property Development 7 NCC | Q2 2025
Slide 8: Healthy order backlog in line with strategic priorities
Healthy order backlog in line with strategic priorities Negative impact y/y from strengthened SEK SEK M 58,910 59,359 56,270 54,956 54,594 53,422 53,498 52,431 51,478 50,723 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 8 NCC | Q2 2025
Slide 9: SEK 500 M, SEK 440 M, SEK 750 M
Redevelopment of office 14 asphalt agreements in Norway building in Espoo, Finland SEK 750 M SEK 500 M Metallum, Espoo, Finland New police station in Örnsköldsvik, Sweden SEK 440 M
Slide 10: Sales: Continued disciplined approach in selecting projects
Sales: Continued disciplined approach in selecting projects SEK M 20,323 15,592 15,448 14,854 14,543 14,022 14,277 12,464 Property 11,561 11,077 Development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 10 NCC | Q2 2025
Slide 11: 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 Q2 2025, R12 Actual Q2 2025, R12 Actual 2024 15.6 SEK 0.53 x EBITDA Corporate net debt of SEK -1,388 M 9+2 SEK 68% of profit after tax 11 NCC | Q2 2025
Slide 12: Health and Safety targets – LTIF4
Health and Safety targets – LTIF4* Improvement in recent years 7 6 5.8 5 4.1 4.1 4.0 4 3.3 3.6 3.7 2.9 3 Target 2026 2 ≤2.0 1 0 2018 2019 2020 2021 2022 2023 2024 Q2 2025 2026 *LTIF4 – Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties per one mil
Slide 13: Continued positive market outlook
Continued positive market outlook General good Particularly Strong demand for Commercial market demand strong demand asphalt and stone properties for infrastructure, remains slow industrial and public buildings 13 NCC | Q2 2025
Slide 14: Susanne Lithander
Susanne Lithander CFO 14 NCC | Q2 2025
Slide 15: NCC's Contracting units
NCC’s Contracting NCC units Infrastructure Business update Q2 • Solid Infrastructure with good demand NCC situation Building Nordics • Building Nordics, good performance driven by Denmark • Strong orders received in Building Sweden NCC • Green Industry Transformation signed a Building Sweden long-te
Slide 16: Healthy order backlog in line with sales R12
Healthy order backlog in line with sales R12 Order backlog and sales for contracting units SEK M 18,147 17,136 15,696 13,598 13,612 13,493 Infrastructure Building Nordics Building Sweden Order backlog Net sales R12 16 NCC | Q2 2025
Slide 17: Stable EBIT-margins. Sales development reflecting selective project approach
Stable EBIT-margins*. Sales development reflecting selective project approach 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
Slide 18: NCC Industry
NCC Industry Business update Q2 • Strong overall development • EBIT and margins on a good level • Strong demand • Increased funding for road maintenance investments drive demand 18 NCC | Q2 2025
Slide 19: Strong Asphalt volumes. Shifting to better value mix in Stone materials
Strong Asphalt volumes. Shifting to better value mix in Stone materials Asphalt sold Stone materials sold Thousand tonnes Thousand tonnes 1,716 1,748 1,792 1,786 7,004 7,143 6,647 6,642 6,528 6,431 1,531 6,130 5,829 1,348 5,426 1,222 4,867 188 173 205 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2
Slide 20: Continued improved earnings and return
Continued improved earnings and return EBIT and capital employed SEK M % SEK M % Internal 368 371 66% target 16 338 281 281 14 13.9 4 4,855 191 4,592 Internal 12 12 target 99 2 9.7 10 0 8 6 -2 4 -4 -261 2 -313 -312 -6 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 30/6 2024 30/6 2025 2023 2024 2025 EBIT EBIT margi
Slide 21: NCC Property Development
NCC Property Development Portfolio update Q2 • Fair letting vs. commercial market • No projects profit recognized • New projects started • 9 projects in the portfolio, 6 completed unsold and 3 ongoing sold 21 NCC | Q2 2025
Slide 22: Better capital efficiency
Better capital efficiency EBIT SEK M SEK M % Internal 12 12% target 9,926 564 10% 7,905 8% 7.1% 6% 256 4% 87 2% 42 37 1.5% 30 10 0% -1 30/6 30/6 -37 -18 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating Capital Employed ROCE R12 2023 2024 2025 22 NCC | Q2 2025
Slide 23: Fair letting vs. commercial market in general
Fair letting vs. commercial market in general Lettable space incl SPP, sqm 250,000 100% 81% Previously let area, sqm 200,000 80% Remaining unlet area, sqm 64% 150,000 60% Sold, no letting Let during quarter, sqm 100,000 40% Completion ratio Letting ratio 50,000 20% (economic occupancy rate) Let duri
Slide 24: Other & eliminations
Other & eliminations Q2 FY Jan-Dec SEK M 2025 2024 2024 NCC Group common functions, smaller subsidiaries -91 -122 -477 and business area NCC Green Industry Transformation Elimination of internal gains -17 -11 78 Pensions and other adj & elim 69 41 137 EBIT, total -39 -91 -262 24 NCC | Q2 2025
Slide 25: Stable EPS
Stable EPS Improved EBIT, while slightly higher financial net & tax Q2 Jan-Dec SEK M 2025 2024 2024 Earnings in segments (all BAs) 688 715 2,294 Other & Eliminations -39 -91 -262 EBIT 649 623 2,032 Financial net -46 -34 -169 EBT 603 589 1,863 Tax -136 -118 -292 Profit for the period 467 472 1,571 Ea
Slide 26: Improved cash flow y/y
Improved cash flow y/y in seasonally low quarter Jan- Q2 Dec SEK M SEK M 2025 2024 2024 5,000 Operating activities 4,000 From operating activities before changes in 702 669 3,067 3,000 working capital 2,000 From property projects -142 -232 1,927 1,000 Other changes in -621 -726 -356 0 working capita
Slide 27: Low corporate net debt provides financial flexibility
Low corporate net debt provides financial flexibility SEK M Net debt* / EBITDA Target -1,388 <2.5 Actual Jun 30, 2025 R12 -3,409 0.53 Q2 2024 Q2 2025 * Corporate net debt excluding pension liabilities and leasing liabilities 27 NCC | Q2 2025
Slide 28: Tomas Carlsson
Tomas Carlsson CEO 28 NCC | Q2 2025
Slide 29: Continued positive performance and outlook
Continued positive performance and outlook Overall a solid Good orders Increased number Good demand in Strategic review quarter received and of early contracting and of business area healthy involvement industry Industry according backlog projects to plan 29 NCC | Q2 2025
Slide 30: Slide 30
Slide 31: 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, 31 please see the quarterly repor
Slide 32: Slide 32