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AF Gruppen | Presentasjonsmal 2021 AF Gruppen ASA Q2 2026 28 August 2026 Campus Diakonhjemmet, AF Bygg Oslo. Photo: AF Gruppen/Max Emanuelson
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Use the eyedropper tool to sample colors Overview AF Byggfornyelse is renovating two buildings in Oslo. Photo: AF Gruppen/Colin Eick Revenue growth, good profitability and record high order backlog ▪ Revenue of NOK 9,052 (7,808) million in Q2 and NOK 17,030 (14,937) million year-to-date ▪ Operating profit of NOK 523 (390) million in Q2 and NOK 846 (613) million year-to-date ▪ Operating margin of 5.8% (5.0%) in Q2 and NOK 5.0% (4.1%) year-to-date ▪ Cash flow from operations of NOK 221 (580) million in Q2 and NOK 567 (910) million year-to-date ▪ Order intake of NOK 14,331 (8,068) million in Q2 and NOK 22,078 (19,078) million year-to-date ▪ Order backlog of NOK 49,765 (44,493) million as of 30 June 2026 ▪ Net interest-bearing receivable of MNOK 131 (-263) as of 30 June 2026
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Use the eyedropper tool to sample colors 3 Health and Safety Lost-time injury frequency (LTIF) Sick leaveTotal recordable injury frequency (TRIF) Number of lost-time injuries and severe personnel injuries not resulting in lost-time, including subcontractor employees, per million hours worked Number of lost-time injuries, injuries involving substitute work and medical treatment injuries, including subcontractor employees, per million hours worked 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2023 2024 2025 YTD 26 Q2 26 4.5% 4.4% 4.2% 0.0 2.0 4.0 6.0 8.0 10.0 2023 2024 2025 YTD 26 Q2 26 8.0 7.7 8.5 0.0 0.5 1.0 1.5 2023 2024 2025 YTD 26 Q2 26 0.4 0.8 0.8
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Use the eyedropper tool to sample colors 4 Revenues and Earnings Revenue The Group’s target for operating margin is 7% Operating marginOperating profit 0 2,000 4,000 6,000 8,000 10,000 NOK million Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 7,808 9,052 390 523 0 100 200 300 400 500 600 700 NOK million Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 5.0% 5.8%
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Use the eyedropper tool to sample colors 5 Return on Capital Employed * Rolling average last four quarters The Group’s target for return on capital employed is 20%* Last four quarters 0 1,000 2,000 3,000 4,000 5,000 6,000 NOK million 2022 2023 2024 2025 YTD 26* 5,113 5,589 0 500 1,000 1,500 2,000 NOK million 2022 2023 2024 2025 YTD 26* 1,725 1,979 0% 10% 20% 30% 40% 2022 2023 2024 2025 YTD 26 33.7% 35.4% Interest expenses added Earnings before taxes and interest expense * Return on capital employedAverage capital employed *
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Use the eyedropper tool to sample colors 6 Cash Flow Statement Cash flow from operations 0 500 1,000 1,500 2,000 2,500 3,000 3,500 NOK million 2023 2024 2025 3,038 NOK million Q2 2026 EBIT 523 Q2 2025 YTD 2026 YTD 2025 390 846 613 Depreciation, amortisation and impairment 161 178 332 Change in net working capital Taxes paid Other Cash flow from operations 221 580 567 910 Net investments Dividend to shareholders in ASA Other capital transactions Interest paid and change in interest bearing debt Net change in cash and cash equivalents -1,748 -103 -1,088 -102 Net cash and cash equivalents at beginning of period Change in cash and cash equivalents without cash effect Net cash and cash equivalents end of period 1,293 931 1,293 931 -422 101 -491 -52 -28 -121 10 -60 2 -734 -40 -772 -739 -546 -739 -202 -95 192 -293 -1 -337 2,987 1,037 2,391 54 -3 -11 361 76 -73 -67 -19 -546 -183 -266 1,033 1 910 567 YTD YTD 2025 YTD 2026
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Use the eyedropper tool to sample colors 7 Net Interest-Bearing Receivable (Debt) and Liquidity Net interest-bearing receivable (debt) Components net interest-bearing receivables (debt) -263 131 -1,500 -1,000 -500 0 500 1,000 1,500 2,000 NOK million Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -2,000 -1,000 0 1,000 2,000 3,000 4,000 NOK million Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1,293 Interest-bearing debt Interest-bearing receivables Cash and cash equivalents Lease liabilities - machines Lease liabilities - rental Available liquidity: NOK 4,793 million (including financial facilities of NOK 3,500 million) 131-263
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Use the eyedropper tool to sample colors Equity Short term debt Long term debt 8 Balance Sheet Equity share Egenkapitalandel*: 22.8% (21.3%) * Equity ratio excluding the effect of IFRS 16 is 24.8% per 30.06.26 All the company’s covenants exclude the effect of IFRS 16 NOK million 30.06.26 30.06.25 31.12.25 Non-current assets Current assets, ex. cash Cash and cash equivalents Total assets 17,675 15,636 17,092 Equity Long term debt Short term debt Total equity and debt 17,675 15,636 17,092 9,079 5,621 2,391 3,949 2,145 10,997 10,007 8,931 6,374 5,774 1,293 931 4,036 3,329 2,255 1,937 11,383 10,370
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Use the eyedropper tool to sample colors 83,669 tonnes = 28,657 (28,738) tonnes reduction in CO2e emissions in this quarter 158,091 tonnes = 58,432 (66,336) tonnes reduction in CO2e emissions year-to-date 2 Government requirement in TEK 17 Source separation of 61,598 (96,941) tonnes of waste in this quarter and 125,656 (147,208) tonnes of waste year- to-date 1 AF Gruppens goal 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 tonnes CO2e, where scope 1 and 2 account for 7% 9 Climate and Environment Greenhouse gas emissions (scope 1 and 2) Recycled contaminated masses and metal from demolition servicesSource separation rate 0 10,000 20,000 30,000 40,000 50,000 Base year 2020 2025 YTD 2025 YTD 2026 45,020 35,698 18,376 16,710 0% 20% 40% 60% 80% 100% Construction Rehab. Demolition Total 95% 87% 95% 95% 0 20,000 40,000 60,000 80,000 100,000 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 68,199 83,669 1 2025 2026 2 Tonnes CO2e Tonnes
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Use the eyedropper tool to sample colors Business Areas Q2 2026 AF Anlegg has signed a contract for the construction of the Stad Ship Tunnel. Illustration: AF Gruppen/Kystverket/Norconsult
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Use the eyedropper tool to sample colors 11 High Activity and a Very Good Result ▪ Civil Engineering increases revenues by 7% compared to Q2 of last year and delivers a very good profitability in the quarter. ▪ Målselv Maskin & Transport, Stenseth & RS and VSP stands out with very good results in the quarter. AF Anlegg has high activity and delivers a good result. Eiqon has a weak result in the quarter. ▪ One contract has been announced in the quarter. AF Anlegg has entered into a contract with The Norwegian Coastal Administration for engineering and construction of the Stad Ship Tunnel, the world’s first ship tunnel. The contract is a turnkey contract with an estimated value of NOK 5,600 million, excluding VAT. ▪ Order intake: NOK 6,364 (1,272) million. Order backlog: NOK 20,049 (19,056) million. AF Anlegg is building a new E6 near Lillehammer. Photo: Joakim Mangen NOK million Q2 26 Q2 25 1H 26 Revenues 2,867 EBIT 179 EBT 202 EBIT % 6.2% EBT % 7.1% 1H 25 3,068 5,800 5,233 230 374 245 263 438 291 7.5% 4.7% 8.6% 5.6% 6.5% 7.5% Civil Engineering
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Use the eyedropper tool to sample colors Stable Activity and Improved Profitability ▪ Construction has stable activity and improved profitability compared to Q2 of last year. ▪ AF Byggfornyelse, Strøm Gundersen and Haga & Berg deliver very good results in Q2. AF Bygg Oslo, AF Bygg Øst, LAB and ÅBF deliver good results. Strøm Gundersen Vestfold, AF Håndverk and HTB have results somewhat below expectations in Q2, while FAS has a weak result in the quarter. ▪ Two contracts with a combined value of NOK 734 million excluding VAT were announced in the quarter. The contracts were entered by AF Byggfornyelse and Strøm Gundersen. ▪ Order intake: NOK 2,380 (3,357) million. Order backlog: NOK 11,369 (10,954) million. NOK million Q2 26 Q2 25 1H 26 Revenues 2,380 EBIT 86 EBT 92 EBIT % 3.6% EBT % 3.9% 1H 25 2,401 4,669 4,494 114 193 155 121 211 170 4.8% 3.4% 5.0% 3.8% 4.1% 4.5% Construction AF Bygg Oslo is building a school in Bjørvika. Photo: AF Gruppen/Max Emanuelson
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Use the eyedropper tool to sample colors Increased Activity and Good Profitability ▪ Betonmast increases revenues by 16% compared to Q2 of last year and has good profitability in the quarter. ▪ Betonmast Oslo, Buskerud-Vestfold, Trøndelag, Røsand, Innlandet and Østfold deliver good results in Q2. Betonmast Asker and Bærum has a result somewhat below expectation, while Betonmast Romerike has a weak result in the quarter. ▪ One new contract was announced in Q2. Betonmast Innlandet has entered into a contract with Hamar municipality for the expansion of Greveløkka school. The contract is a turnkey contract valued at NOK 210 million excluding VAT. ▪ Order intake: NOK 1,554 (1,022) million. Order backlog: NOK 4,606 (5,062) million. Betonmast is expanding and renovating Edvard Munch school. Photo: Oslobygg/Tove Laluten NOK million Q2 26 Q2 25 1H 26 Revenues 918 EBIT 38 EBT 50 EBIT % 4.1% EBT % 5.5% 1H 25 1,063 2,142 1,962 56 103 80 69 128 105 5.3% 4.1% 6.5% 5.4% 4.8% 6.0% Betonmast
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Use the eyedropper tool to sample colors Weak Result ▪ Property has a weak result in Q2. Sales contracts for 23 (61) units were signed in the quarter, of which 12 (29) represent AF’s share. Two residential units were delivered in Q2. ▪ The residential project Fagerblom at Fagerborg in Oslo was in production in the quarter. The project has a total of 82 residential units (AF’s share is 41). The sales ratio in commenced projects is 65%. ▪ There were 111 (94) completed, unsold units at the end of the quarter, of which AF’s share was 42 (40). ▪ Residential portfolio under development: 1,573 (1,075) units. AF’s share: 751 (511). ▪ Commercial portfolio under development: 63,958 (39,799) GFA sqm. AF’s share: 31,979 (19,720). LAB Eiendom is developing housing at Wergeland in Bergen. Illustration: PLYO NOK million Q2 26 Q2 25 1H 26 Revenues 3 EBIT -6 EBT -2 Invested capital 862 1H 25 4 8 8 -15 -23 -15 -10 -12 -7 746 746 862 Property
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Use the eyedropper tool to sample colors Very Good Profitability and High Order Intake ▪ Energy and Environment has a revenue growth of 74% compared to Q2 of last year, mainly driven by the acquisition of AF Elkraft. The business area has a very good profitability in the quarter. ▪ AF Decom and AF Elkraft both have high activity and deliver very good results in Q2. AF Energi had lower activity compared to the same quarter of last year, but delivers a good result in the quarter. ▪ AF Elkraft has entered into contracts for establishment of high-voltage installations at the transformer stations in Tønsberg, Eiker and Hof. The contracts have a combined value exceeding NOK 500 million excluding VAT. ▪ Order intake: NOK 1,520 (227) million. Order backlog: NOK 3,662 (1,153) million. Power line technician in AF Elkraft. Photo: AF Gruppen NOK million Q2 26 Q2 25 1H 26 Revenues 339 EBIT 18 EBT 17 EBIT % 5.2% EBT % 5.1% 1H 25 590 1,145 704 59 93 36 55 78 35 10.1% 5.1% 9.2% 5.0% 8.1% 6.9% Energy and Environment
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Use the eyedropper tool to sample colors Increased Activity and Good Profitability ▪ Sverige has revenue growth of 25 % from the same quarter last year and a good result in the quarter. ▪ Kanonaden Mälardalen and AF Härnösand Byggreturer deliver very good results in Q2, and HMB delivers a good result. AF Bygg Syd has a result somewhat below expectation, while Kanonaden Entreprenad has a result below expectation. AF Bygg Öst and AF Bygg Väst have weak results in Q2. ▪ During the quarter, AF Bygg Syd completed the acquisition of 70% of the shares in H.A. Bygg Entreprenad, a leading player in concrete work in western Sweden. ▪ In the quarter, AF Bygg Syd announced a contract for the new construction and refurbishment of Sjöviksverket for the Municipality of Trelleborg. The contract has a value of approx. MSEK 530 excluding VAT. ▪ Order intake: NOK 1,804 (2,262) million. Order backlog: NOK 6,938 (6,388) million. Kanonaden Mälardalen performs work for Svenska kraftnät. Photo: Icon Photography NOK million Q2 26 Q2 25 1H 26 Revenues EBIT EBT EBIT % EBT % 1H 25 1,225 78 76 6.3% 6.2% 1,534 77 77 5.0% 5.0% 2,676 124 124 4.6% 4.6% 2,186 118 114 5.4% 5.2% Sweden
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Use the eyedropper tool to sample colors 17 High Activity and Improved Profitability ▪ Offshore has a revenue growth of 69%, driven by both acquisition and organic growth. The profitability is improved from the same quarter of last year. ▪ AF Offshore Decom and AF Claxton deliver very good results in Q2. Aeron has a weak result in the quarter. ▪ On 21 May, AF Gruppen completed the acquisition of Claxton Engineering Services, which has subsequently changed its name to AF Claxton. AF Claxton is a leading international niche supplier, mainly in offshore decommissioning. ▪ The result for Q2 includes transaction costs of around MNOK 20. ▪ AF Offshore Decom has announced two contracts after the end of the quarter. ▪ Order intake: NOK 804 (134) million. Order backlog: NOK 3,267 (1,682) million. AF Miljøbase Vats. Foto: Daniel UgasStudier på Heimdal-feltet. Foto: AF Gruppen FPF-1 and FSU Alba at AF Environmental Base Vats. Photo: AF Gruppen NOK million Q2 26 Q2 25 1H 26 Revenues 282 EBIT 2 EBT -4 EBIT % 0.7% EBT % -1.6% 1H 25 476 801 543 18 12 4 4 -11 -10 3.7% 0.8% 0.8% -1.8% 1.4% -1.4% Offshore
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Use the eyedropper tool to sample colors 18 Record High Order Backlog Order backlog business areasDevelopment in order backlog 0 10,000 20,000 30,000 40,000 50,000 NOK million 2023 2024 2025 2026 49,765 Q1 Q2 Q3 Q4 NOK million Civil Engineering 20,049 Construction 11,369 Betonmast 4,606 Energy and Environment 3,662 Sweden 6,938 Offshore 3,267 Order backlog: (44 493) 49 765
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Use the eyedropper tool to sample colors 19 Offshore Q2 2026 | Theme presentation Photo: AF Offshore Decom/Woldcam
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Use the eyedropper tool to sample colors 20 REVENUE Q2 476 0.0 ORDER RESERVE AND REVENUE RESULTS Q2 SAFETY - HSE NOK million LTI-1 RATE Our Offshore Operations BUSINESS UNITS EPRD in the Northern Sea. Photo: AF Offshore Decom/Woldcam 0.0 1.0 2.0 3.0 4.0 NOK bn. 1.0 Q2’25 Q3’25 Q4’25 Q1’26 1.8 Q2’26 1.7 1.8 2.0 2.9 3.3 Growth: +94% Order reserve Revenue last 12 months EBIT (%) 3.7 18 EBIT MNOK All figures are for Q2 2026 unless otherwise stated. *) Includes NOK 20 million in transaction costs related to the acquisiti on of AF Claxton.
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Use the eyedropper tool to sample colors Example: TenneT’s 2 GW North Sea programme 14 platforms planned 0 50 100 150 200 250 Tonnes (‘000) 2026 2031 2036 Producing fields and ageing infrastructure underpin predictable activity levels, offshore wind adding further upside 1) Source: Global Energy Perspective 2025 - McKinsey, 2) Megajoule (MJ), 3) Source: IEA World Energy Investment 2025, 4) Source : NSTA, UKCS Decommissioning Cost and Performance Update 2026 and 5) Source: Global Offshore Wind Report 2026 21 Oil and gas remain key for decades¹ 90% allocated to existing fields³ Big structural volumes through 2037⁴ UKCS topside and substructure removal forecast (tonnes/year, 2026–2036) 0 150 300 450 600 MJ ² 1990 2010 2030 2050 Other Electricity Hydrogen Bioenergy Coal Gas Oil Global energy supply (1990–2050) Offshore wind opportunity⁵ Global upstream investment since 2019, allocation (%) 90% 10% Upstream CAPEX Existing field New field 100% Tonnes Rolling five-year average (tonnes) ~145,000 tonnes/year on average GW/year, capacity additions in Europe 2025: 2 GW 2035: 21 GW Europe ~40% of new global capacity in 2035 2026 2032
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Use the eyedropper tool to sample colors AF Gruppen provides a broad range of offshore services and solutions Photos: AF Gruppen, Woldcam. 22 End-to-End Decommissioning (EPRD) Life Extension, Well Abandonment and Decommissioning Specialised Well & Subsea Services Offshore Modifications, Service and Maintenance Air and Cooling Systems (HVAC-R) Offshore Wind and Marine Infrastructure
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Use the eyedropper tool to sample colors We help optimise resource utilisation and support the offshore sector's transition Photos: AF Gruppen, Woldcam,. Illustrasjon: TenneT. 23 Eider Alpha Disposal Andrew platform End-to-End Decommissioning Cat3 EPRD LOGGS EPRD FPF-1 og Alba Disposal TenneT HVAC-R Offshore Wind
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Use the eyedropper tool to sample colors The acquisition of AF Claxton: A specialist company that broadens the offshore service offering 24 Who is AF Claxton? What does AF Claxton add? Leading international provider of technology-driven services within offshore decommissioning ~NOK 1.1 bn. average revenue 2023–2025 ~14% EBIT margin 400 employees Profitable player with a global presence ▪ Strategic fit: Engineering expertise and proprietary tools ▪ Breadth in both service offering and geography: Safe delivery in demanding offshore environments ▪ Long-term industrial market: Decommissioning and late-life offshore have long horizons ▪ Platform for growth: Strengthens offshore and provides a basis for profitable growth • Services: Life extension and shutdown of platforms, decommissioning and offshore wind • Model: Broad customer base with many small and mid- sized projects, mainly on day-rate terms • Fleet and technology: Own fleet of surface and subsea risers and proprietary technology |
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Use the eyedropper tool to sample colors 25 The way forward: A broader platform provides a basis for profitable growth • Strengthen the core: Further develop strong specialist companies with their own management, their own expertise and continued development of proprietary technology • Leverage the breadth: Sell more services to more customers in more geographies, with a combined offering across the entire life cycle • Balanced risk profile: A good balance between project size, contract form and risk, with more and smaller contracts Photo: AF Offshore Decom
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Use the eyedropper tool to sample colors 26 Summary ▪ High activity ▪ Good profitability ▪ Record high order backlog and solid financial position ▪ Order intake: NOK 14,331 (8,068) million ▪ Order backlog: NOK 49,765 (44,493) million AF Anlegg builds a new E6 near Lillehammer. Photo: AF Gruppen/Joakim Mangen NOK million Q2 26 Q2 25 1H 26 Revenues 9,052 7,808 17,030 EBIT 523 390 846 EBT 528 388 846 EBIT % 5.8% 5.0% EBT % 5.8% 5.0% 1H 25 14,937 613 603 4.1% 4.0% 5.0% 5.0%
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AF Gruppen | Presentasjonsmal 2021 Thank you for your attention Presentation of Q3: 13 November 2026 Qvarteret, AF Byggfornyelse. Photo: AF Gruppen/Colin Eick