Financial document - (af gruppen quarterly presentation q1 2026)

‌AF Gruppen ASA Q1 2026

13 May 2026

Line demolition Aurland, AF Decom. Photo: AF Gruppen/Eirik Førde

‌1st quarter 2026

Overview

• Revenue of NOK 7,978 million (7,129 million) in Q1

• Earnings before tax of NOK 318 million (214 million) in Q1

• Profit margin of 4.0% (3.0%) in Q1

• Cash flow from operations of NOK 347 million (330 million) in Q1

• Order intake of NOK 7,748 million (11,010 million) in Q1

• Order backlog of MNOK 44,486 (44,232) as of 31 March 2026

• Net interest-bearing receivables of NOK 1,898 million (290 million) as of 31 March 2026

2

AF Byggfornyelse has built the Viking Age Museum. Photo: AF Gruppen/Hans F. Asbjørnsen

‌1st quarter 2026

Health and Safety

1.5

1.0

0.8

0.5

0.4

0.0

2023 2024 2025 Q1 26

10.0

8.0

8.0

6.9

6.0

4.0

2.0

0.0

2023 2024 2025 Q1 26

5.0%

4.5%

4.7%

4.0%

3.0%

2.0%

1.0%

0.0%

2023 2024 2025 Q1 26

3

‌1st quarter 2026

Revenues and Earnings

Revenues

NOK million

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

7,978

7,129

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Earnings before tax

NOK million

700

600

500

400

318

300

214

200

100

0

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Profit margin

Margin

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

4.0%

3.0%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

4

‌1st quarter 2026

Return on Capital Employed

40%

33.7% 33.7%

30%

20%

Target

10%

0%

2022 2023 2024 2025

5,113 5,428

NOK million

6,000

5,000

4,000

3,000

2,000

1,000

NOK million

2,000

1,725 1,830

1,500

1,000

500

0

* Last four quarters

Interest expenses added

5

‌1st quarter 2026

Cash Flow Statement

NOK million

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2023

3,038

330 347

2024

2025

YTD

Q1 25

Q1 26

6

‌1st quarter 2026

Net Interest-Bearing Receivables (Debt) and Liquidity

NOK million

2,000

1,898

1,500

1,000

500

290

0

-500

Q1 25

Q2 25

Q3 25

Q4 15

Q1 26

NOK million

4,000

3,000

1,898

2,000

1,000

0

-1,000

-2,000

290

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Lease liabilities - machines

Lease liabilities - rental

Interest-bearing debt

Interest-bearing receivables Cash and cash equivalents

Available liquidity: MNOK 6,487 (including financial facilities of MNOK 3,500)

7

‌1st quarter 2026

Balance Sheet

Short term debt

Equity-share*:

26.3%

(24.2%)

Equity

Long term debt

8

‌1st quarter 2026

Climate and Environment

Tonnes CO2e

50,000

45,020

40,000

35,698

30,000

1

20,000

10,000

9,895

8,827

0

Base

year 2020

Total

2025

Q1 25 Q1 26

Tonnes

100,000

83,270

80,000

74,423

60,000

40,000

20,000

0

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

100%

95%

95%

95%

80%

2

60%

40%

20%

0%

Construction Rehab. Demolition Total

Q1 25

Q1 26

9

‌Business Areas

1st quarter 2026

10

Valldalen dam and flood diversion. Photo: AF Gruppen/Hans Fredrik Asbjørnsen

‌Civil Engineering

High Activity and a Good Result

• Civil Engineering has increased its revenue by 15% compared to the same quarter

  last year and delivers a good result in Q1.

• Målselv Maskin & Transport and Stenseth & RS deliver very good results in Q1. AF Anlegg has a good result, while Eiqon and VSP have weak results in the quarter.

• One contract was announced on the stock exchange during the quarter. AF Anlegg will rehabilitate the Bjølsegrøvatn dam for Statkraft Energi. The agreement has a value of NOK 400 million excluding VAT.

• Order intake: NOK 1,520 (6,584) million. Order backlog: NOK 16,753 (20,651) million.

  11

  AF Anlegg is building a new airport in Mo i Rana for Avinor. Photo: Avinor/Hedda Hiller

  
  
  

  ‌Construction

  
  
  

  Growth and Stable Profitability

  NOK million	Q1 26	Q1 25	2025
  Revenues	2,268	2,114	8,961
  EBIT	79	69	446
  EBT	89	77	489
  EBIT %	3.5%	3.3%	5.0%
  EBT %	3.9%	3.7%	5.5%

• Construction has increased the activity by 7% and reports a result somewhat below expectations.

• AF Byggfornyelse and Strøm Gundersen deliver very good results in Q1. AF Bygg Oslo, AF Bygg Østfold, LAB, HTB and ÅBF deliver good results. Haga & Berg and Strøm Gundersen Vestfold have results somewhat below expectations. AF Håndverk and FAS report weak results in the quarter.

• During the quarter, ÅBF completed the acquisition of 70% of the shares in ByggMesteren Vest, a leading player in carpentry in Bergen.

• Four contracts with a total value of NOK 1,604 million excluding VAT were announced to the stock exchange in Q1. The contracts were signed by Strøm Gundersen, LAB and AF Byggfornyelse.

• Order intake: NOK 3,198 (960) million. Order backlog: NOK 11,390 (9,977) million.

  12

  Construction City. Photo: AF Gruppen/Hans Fredrik Asbjørnsen

  
  
  

  ‌Betonmast

  
  
  

  Stable Activity and Improved Profitability

  NOK million	Q1 26	Q1 25	2025
  Revenues	1,079	1,044	4,148
  EBIT	47	42	222
  EBT	59	55	270
  EBIT %	4.4%	4.0%	5.3%
  EBT %	5.4%	5.3%	6.5%

• Betonmast maintains the activity level and improves profitability compared to the same quarter last year.

• Betonmast Buskerud-Vestfold, Trøndelag, Røsand, Innlandet, Asker og Bærum and Østfold deliver good results in Q1. Betonmast Oslo's result is somewhat below expectations, while Betonmast Romerike has a weak result for the quarter.

• Three contracts with a total value of NOK 1,150 million excluding VAT were announced on the stock exchange in Q1. The contracts were signed by Betonmast Buskerud-Vestfold, Trøndelag and Røsand. Two of the contracts are not included in the order backlog in the quarter.

• Order intake: NOK 677 (1,171) million. Order backlog: NOK 4,115 (4,958) million.

  13

  Betonmast is building student apartments in Trondheim. Photo: AF Gruppen/Max Emanuelson

  
  
  

  ‌Property

  
  
  

  Sales Start at Nyhaugen in the Quarter

  NOK million	Q1 26	Q1 25	2025
  Revenues	3	5	19
  EBIT	-8	-8	5
  EBT	-3	-5	24
  Capital employed	747	794	751

• Property has a weak result in the quarter.

• Sales contracts were signed for a total of 40 (25) homes in the quarter, of which AF's share is 19 (11). The Nyhaugen project at Wergeland in Bergen had its sales start in the quarter. A total of 6 homes were handed over in Q1.

• The Fagerblom housing project at Fagerborg in Oslo is under production. The project has 82 units, of which AF's share is 41. The sales rate in the project is 63%.

• There were 115 (99) completed, unsold units at the end of the quarter, of which

  AF's share was 44 (42).

• Development portfolio housing: 1,627 (1,542) units. AF's share: 813 (779). Development portfolio industry: 63,958 (102,749) GFA sq.m. AF's share: 31,979 (51,966).

  14

  LAB Eiendom is developing homes at Wergeland in Bergen. Illustration: PLYO

  
  
  

  ‌Energy and Environment

  
  
  

  Strong Growth and Good Profitability

  NOK million	Q1 26	Q1 25	2025
  Revenues	554	365	1,641
  EBIT	33	18	100
  EBT	24	18	95
  EBIT %	6.0%	5.0%	6.1%
  EBT %	4.3%	4.9%	5.8%

• Energy and Environment has a revenue growth of 52% from the same quarter last year, mainly due to the acquisitions of AF Elkraft and Brødrene Myhre. The business area has a good profitability in the quarter.

• AF Elkraft delivers a very good result in Q1. AF Decom and AF Energi have results somewhat below expectations in the quarter.

• Order intake: NOK 652 (436) million. Order backlog: NOK 2,732 (1,265) million.

  15

  AF Decom is building a modular kindergarten for Indre Østfold municipality. Photo: AF Gruppen

  
  
  

  ‌Sweden

  
  
  

  Increased Activity and Stable Profitability

  NOK million	Q1 26	Q1 25	2025
  Revenues	1,141	960	4,742
  EBIT	47	40	292
  EBT	47	38	288
  EBIT %	4.2%	4.2%	6.2%
  EBT %	4.1%	3.9%	6.1%

• Sweden has increased activity by 19% and has stable profitability in Q1.

• Kanonaden Entreprenad and Kanonaden Mälardalen are now organized as two units.

• Kanonaden Mälardalen and AF Härnösand Byggreturer deliver very good results in Q1. HMB has a result somewhat below expectations, while Kanonaden Entreprenad, AF Bygg Syd, AF Bygg Öst and AF Bygg Väst have weak results.

• During the quarter, AF Bygg Syd entered into an agreement to acquire 70% of the shares in H.A. Bygg Entreprenad, a leading player in concrete work in western Sweden. The acquisition was completed after the end of the quarter.

• One contract was announced on the stock exchange in Q1 with a value of SEK 253 million excluding VAT.

• Order intake: NOK 613 (1,455) million. Order backlog: NOK 6,668 (5,351) million.

  16

  Kanonaden Mälardalen works for Svenska kraftnät. Photo: Icon Photography

  
  
  

  ‌Offshore

  
  
  

  Record High Order Intake in a Weak Quarter

  NOK million	Q1 26	Q1 25	2025
  Revenues	325	261	1,507
  EBIT	-6	2	-86
  EBT	-15	-5	-115
  EBIT %	-1.9%	0.9%	-5.7%
  EBT %	-4.5%	-2.1%	-7.7%

• Offshore has a negative result in the quarter.

• Both AF Offshore Decom and Aeron have weak results in Q1.

• After the end of the quarter, AF Gruppen entered into an agreement to acquire all shares in Claxton Engineering Services ("Claxton") together with senior executives. Claxton is a leading, international niche provider of technology-driven services and advanced engineering expertise, mainly in offshore decommissioning. The transaction is subject to approval from the Norwegian competition authorities and is expected to be completed during Q2 2026.

• The business area announced two contracts on the stock exchange during the quarter.

  17

• Order intake: NOK 1,299 (338) million. Order backlog: NOK 2,939 (1,830) million.

AF Offshore Decom is removing platforms from LOGGS and the CMS field in the North Sea.

Photo: AF Gruppen

‌1st quarter 2026

Construction

11,390

Order

backlog:

Energy and

Environment

Civil

Engineering 16,753

Sweden

6,668

Offshore

2,939

NOK million

4,115

NOK million

45,000

40,000

35,000

30,000

25,000

44,486

5,000

0

Solid Order Backlog

‌Q1 2026 | Temapresentasjon

Power and Energy

Q1 2026 | Theme presentation

19

Energy project in Valldalen. Photo: Hans Fredrik Thorbjørnsen

‌Power and energy

AF contributes to society's power needs

through three main areas

• Civil engineering: Dams, cable tunnels, power plants and wind farms
• Electrical infrastructure: Power supply, lighting, charging and communications networks
• Energy efficiency: Integrated technical contracts, local and district heating, cooling, service and operations

20

Foto: Max Emanuelson

‌Business area Energy and Environment

Good Growth and Profitability

REVENUE

RESULTS

554

33 NOK million

EBIT

NOK million

6.0 EBIT %

SAFETY - HSE

H1-value

3.1

Numbers per Q1 2026

REVENUE AND ORDER INTAKE

BUSINESS UNITS

NOK million

1 600

1 400

1 200

1 000

800

600

400

200

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

24 24 24 24 25 25 25 25 26

Revenue

Order intake

21

Power line technician at project with AF Elkraft. Photo: AF Gruppen

‌Energy

Energy-efficient and Industrialised Solutions that Society Need

• Commercial buildings ▪ Airports

• Residential buildings ▪ Schools

• Hospitals ▪ Universities

• Sports facilities

• Data centres

• Wastewater

treatment plants

AF Energi

Delivers technical contracting, operations and maintenance services across a broad and diversified project portfolio

Energy hubs

Renewable energy

Energy efficiency

• Transformer stations ▪ Hydropower

• Onshore wind ▪ Solar power

• Offshore wind ▪ EKOM

• Industry and commerce

• Charging infrastructure

• Road lighting

AF Elkraft

Delivers operations and maintenance services alongside larger turnkey projects within electrical infrastructure

Distribution grid

Regional grid

Transmission grid

‌Energy

Rising demand for electricity creates many project opportunities in new areas, and potential in new geographies

AF Decom is dismantling sections of old power lines, here between Aurland and Sogndal, for Statnett.

AF Elkraft is a turnkey supplier of substations and cabling, with an ongoing project at Simonsvik transformer station for BKK.

AF Elkraft is a turnkey supplier of substations and cabling, illustrated by the project at Onarheim transformer station for Statnett.

AF Elkraft plays a key role in securing a stable and

future-oriented power supply to

Nuuk, Greenland.

‌Power and energy

Growing electricity demand creates many project opportunities

POWER PLANTS

DAMS

CABLE TUNNELS

PROJECT

Valldalen

CUSTOMER

Hydro Energi

PROJECT

Nesjødammen

CUSTOMER

Statkraft

PROJECT

Sogn-Ulven

CUSTOMER

Statnett

ELECTRICITY SUPPLY

DATA CENTRES

ONSHORE AND OFFSHORE WIND

PROJECT

Aurora

CUSTOMER

Svenska kraftnät

‌Power and energy

Electrification and green industry provide a basis for high growth in energy consumption

Statnett expects increased energy consumption towards 2050

Energy consumption (TWh)

"By 2050, Norway will be a low-emission society"

- The Government, Meld. St. 25 (2024-2025)

163

180

195

139

250

200

220

150

100

50

0

2024 2030 2035 2040 2050

• Electrification and the transition to zero

  emissions

  Hydrogen production Data centers
  
  Petroleum
  
  Energy-intensive industry Transportation
  
  General consumption and loss
  
  

  • Green industrial growth and data centers

  • New production

Source: Statnett, Langsiktig markedsanalyse, 2025

‌Power and energy

Grid capacity reserved for large volumes of consumption and production - with larger volumes in queue

Reserved consumption by industry type (MW)

MW 15,000

10,000

5,000

0

12,942

1,463

7,846

6,383

Reserved

to 2030

Reserved

from 2031

Total reserved

consumption

Total consumption in capacity queue

Battery production Other consumption Transportation Aquaculture industry Industrials Petroleum

Hydrogen production

Data centers

• High volume consumption

  reserved for connection

• Further large volumes are in the capacity queue due to a lack of capacity in the current grid

Reserved consumption per industry type with a planned connection date between 01.01.2026 and 31.12.2030 and after 2030, as well as consumption in the capacity queue

Source: Statnett's statistics on connection cases 7 May 2026. NVE, Tilstanden i kraftsystemet, 2025.

‌Power and energy

Offshore wind and onshore wind power will likely account for the majority of the production increase in Norway

Statnett expects increased production

218

186

196

157

165

Energy production (TWh) 250

200

150

100

50

0

2024 2030 2035 2040 2050

Other production Solar power Offshore wind Onshore wind Hydropower

High growth in consumption leads to increased production to maintain a positive power balance

• New onshore wind power

• Subsidised offshore wind

• Uncertain growth for solar power

• Increased hydropower production and capacity expansions

  Source: Statnett, Langsiktig markedsanalyse, 2025. NVE, Langsiktig kraftmarkedsanalyse, 2025

  ‌Power and energy

  
  
  

  AF Gruppen is positioned to contribute to the expansion and renewal of the Norwegian power system

  Age distribution of transformer stations in regional and transmission grids

  Number of stations

  90

  80

  70

  60

  50

  40

  30

  20

  10

  0

  1950 1960 1970 1980 1990 2000 2010 2020

  33-110 kV

  132-220 kV

  300/420 kV

  • Maturity of existing infrastructure

  • High volume consumption and production reserved and in capacity queue

  • Electrification and increased consumption from industrial activity and data centers

    Source: NVE, Tilstanden i kraftsystemet, 2025.

    ‌Power and energy

    
    
    

    Significant investments are expected in relevant segments for AF Gruppen

    NOK million 35,000

    30,000

    25,000

    20,000

    15,000

    10,000

    5,000

    0

    2020 2025 2030 2035 2040

    NOK million 35,000

    30,000

    25,000

    20,000

    15,000

    10,000

    5,000

    0

    2025 2030

    NOK 27,000 million Investments Low High
    
    Transmission grid
    
    Local distribution grid
    
    Regional distribution grid
    
    

  • Statnett expects total investments of NOK 150-200 billion in 2025-2034

  • The grid companies report investment forecasts of up to NOK 30 billion annually

  • Statkraft plans NOK 27 billion in investments across 200 Norwegian hydropower projects (2024-2030)

    Source: Statnett, Systemutviklingsplan, 2025 Source: NVE, Tilstanden i kraftsystemet, 2025.

    Source: Statkraft. Slik oppgraderer vi norsk vannkraft. Retrieved 08.05.2026 from statkraft.no

    ‌Power and energy

    
    
    

    Our curiosity moving forward

    • We will continue to pursue large and complex projects with high societal value

    • Newbuild and rehabilitation of energy supply infrastructure

    • Efficient solutions to reduce energy consumption

    • Secure and industrialised project delivery

    • Further develop expertise in sustainable and functional solutions that create value

      Foto: Bård Gudim

      
      
      

      ‌1st quarter 2026

      
      
      

      Summary

      NOK million	Q1 26	Q1 25	2025
      Revenues	7,978	7,129	31,992
      EBIT	323	223	1,662
      EBT	318	214	1,653
      EBIT %	4.0%	3.1%	5.2%
      EBT %	4.0%	3.0%	5.2%

  • Record-high activity and earnings for Q1

  • Good order backlog and solid financial position

  • Order intake: MNOK 7,748 (11,010)

  • Order backlog: MNOK 44,486 (44,232)

Betonmast is involved in several of the projects in Stavern's new district. Photo: AF Gruppen

‌Thank you for your attention

Q2 | 28 August 2026

Kanonaden Entreprenad. Photo: AF Gruppen/Kicki Nilsson

m. Photo: AF Gruppen/