AF Gruppen : Financial document - (af gruppen quarterly presentation q1 2026)

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‌AF Gruppen ASA Q1 2026 13 May 2026 Line demolition Aurland, AF Decom. Photo: AF Gruppen/Eirik Førde ‌1 st quarter 2026 Overview Record-high activity level and earnings for Q1 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 ‌1 st quarter 2026 Health and Safety 1.5 1.0 0.8 0.5 0.4 0.0 2023 2024 2025 Q1 26 Number of lost-time injuries and severe personnel injuries not resulting in lost-time, including subcontractor employees, per million hours worked Lost-time injury frequency (LTIF) 10.0 8.0 8.0 6.9 6.0 4.0 2.0 0.0 2023 2024 2025 Q1 26 Number of lost-time injuries, injuries involving substitute work and medical treatment injuries, including subcontractor employees, per million hours worked Total recordable injury frequency (TRIF) 5.0% 4.5% 4.7% 4.0% 3.0% 2.0% 1.0% 0.0% 2023 2024 2025 Q1 26 Sick leave 3 ‌1 st 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 ‌1 st quarter 2026 Return on Capital Employed 2022 2023 2024 2025 YTD 0 2022 2023 2024 2025 YTD YTD 26* 26* 26 40% 33.7% 33.7% 30% 20% Target 10% 0% 2022 2023 2024 2025 The Group's target return on capital employed is 20% Return on capital employed Average capital employed * 5,113 5,428 NOK million 6,000 5,000 4,000 3,000 2,000 1,000 * Rolling average last four quarters NOK million 2,000 1,725 1,830 1,500 1,000 500 0 * Last four quarters Interest expenses added Earnings before tax and interest expenses * 5 ‌1 st 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 Cash flow from operations NOK million Q1 2026 Q1 2025 2025 EBIT 323 223 1,662 Depreciation, amortisation and impairment 171 183 772 Change in net working capital -70 -25 809 Taxes paid -69 -45 -102 Other -9 -5 -103 Cash flow from operations 347 330 3,038 Net investments -37 22 -3 Dividend to shareholders in ASA 0 0 -986 Other capital transactions 394 -87 -79 Interest paid and change in interest bearing debt -43 -264 -632 Net change in cash and cash equivalents 660 1 1,337 Net cash and cash equivalents at beginning of period 2,391 1,033 1,033 Change in cash and cash equivalents without cash effect -64 3 22 Net cash and cash equivalents end of period 2,987 1,037 2,391 6 ‌1 st 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 Net interest-bearing receivables (debt) 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 Components of net interest-bearing receivables (debt) 2,987 Available liquidity: MNOK 6,487 (including financial facilities of MNOK 3,500) 7 ‌1 st quarter 2026 Balance Sheet Equity share excluding the effect of IFRS 16 is 28.4% as of 31 March 2026. All of the company's covenants exclude the effect of IFRS 16 Short term debt Equity-share*: 26.3% (24.2%) Equity Long term debt Equity share NOK million 31.03.26 31.03.25 31.12.25 Non-current assets 9,037 8,465 9,079 Current assets, ex. cash 5,289 5,504 5,621 Cash and cash equivalents 2,987 1,037 2,391 Total assets 17,314 15,006 17,092 Equity 4,555 3,632 3,949 Long term debt 2,217 1,524 2,145 Short term debt 10,543 9,850 10,997 Total equity and debt 17,314 15,006 17,092 8 ‌1 st quarter 2026 Climate and Environment Tonnes CO 2 e 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 1 AF Gruppen's target for scope 1 and 2 by 2028 AF Gruppen has a goal of halving total greenhouse gas emissions by 2030, relative to revenue. For 2025, AFs greenhouse gas emissions were 571,850 CO 2 e, where scope 1 and 2 emissions accounts for 6% Greenhouse gas emissions (scope 1 and 2) 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 74,423 tonnes = 29,776 (37,600) tonnes reduction in alternative CO 2 e emissions in this quarter Recycled contaminated masses and metal from demolition services 85% 100% 95% 95% 95% 80% 2 60% 40% 20% 0% Construction Rehab. Demolition Total Q1 25 Q1 26 2 Government requirement in TEK 17 Source separation of 64,058 tonnes (50,267) of waste in this quarter Source separation rate 9 ‌Business Areas 1 st quarter 2026 10 Valldalen dam and flood diversion. Photo: AF Gruppen/Hans Fredrik Asbjørnsen ‌Civil Engineering High Activity and a Good Result NOK million Q1 26 Q1 25 2025 Revenues 2,732 2,366 11,190 EBIT 144 65 723 EBT 174 88 824 EBIT % 5.3% 2.8% 6.5% EBT % 6.4% 3.7% 7.4% 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 ‌1 st quarter 2026 Construction 11,390 Order backlog: Energy and Environment Civil Engineering 16,753 Sweden 6,668 Offshore 2,939 NOK million Order Backlog Business Areas 4,115 NOK million 45,000 40,000 35,000 30,000 25,000 44,486 5,000 0 Development of Order Backlog Solid Order Backlog 20,000 2,732 44,486 15,000 (44,232) 10,000 Betonmast 2023 2024 2025 2026 Q1 Q2 Q3 Q4 ‌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 Demolition of old power lines: AF Decom is dismantling sections of old power lines, here between Aurland and Sogndal, for Statnett. Rehabilitation and expansion of the regional grid : AF Elkraft is a turnkey supplier of substations and cabling, with an ongoing project at Simonsvik transformer station for BKK. Rehabilitation and expansion of the transmission grid: AF Elkraft is a turnkey supplier of substations and cabling, illustrated by the project at Onarheim transformer station for Statnett. Power supply in new geographies : 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 PROJECT A wide range of different projects PROJECT A wide range of different projects ‌ 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 ‌1 st 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/

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