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Q4 2024 Våghuset & Brick Studios, Gothenburg, Sweden Tomas Carlsson, CEO Susanne Lithander, CFO February 10, 2025 © NCC | Q4 202410 February 2025
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Q4 2024 152 503 789 358 -100 623 665 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 844 Operating profit, SEK MNet sales, SEK M Q4 2024
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Q4 2024 Order backlog, SEK MOrders received, SEK M Q4 2024
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© NCC | Q4 2024 Tomas Carlsson 10 February 2025
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Strong performance in Industry throughout the year Strong fourth quarter and full year 2024 All-time high for three Business Areas , strong cash -flow 10 February 2025 © NCC | Q4 2024 Improved profit in Building Nordics, Building Sweden weaker Record high earnings in Property Development in Q4 MIMO, Mölndal, Sweden Proposed dividend of SEK 9 + 2 per share Infrastructure stable and meeting strong demand Reaching target of SEK 16 EPS Vännäs , Sweden
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Haakonsvern , Oslo Norway Stable orders received Book-to-bill of 1.0. Disciplined approach to tenders © NCC | Q4 2024 SEK M Book-to-bill,R12 10 February 2025 Hagalund Depot, Solna, Sweden 16 635 12 763 11 607 12 280 16 288 14 691 9 681 16 159 13 353 14 664 13 264 13 449 1,0 0,0 0,5 1,0 1,5 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4
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Drammen, Norwau Robust order backlog © NCC | Q4 2024 SEK M 10 February 2025 62 510 60 960 59 047 54 995 58 910 59 359 54 594 53 422 56 270 54 956 53 498 50 723 0 10 000 20 000 30 000 40 000 50 000 60 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4
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Hagalunds depot, Solna, Sweden Gellerup , Aarhus, Denmark Refurbishment projects in Denmark, SEK 1.3 billion Upgrade and extension Hagalund Depå, Sweden, SEK 350 M Refurbishment of metro station in Norway, SEK 350 M Majorstuten metro station, Oslo, Norway
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Net sales - up in Q4 and full -year © NCC | Q4 2024 SEK M Ngt stenmaterial 10 February 2025 10 111 14 001 14 068 16 018 12 464 14 854 14 022 15 592 11 561 15 448 14 277 20 323 0 5 000 10 000 15 000 20 000 25 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4
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EBIT up in the quarter and YTD © NCC | Q4 2024 SEK M 10 February 2025 -170 474 510 544 152 503 614 358 -100 623 665 844 -400 -200 0 200 400 600 800 1 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 175 *EBIT in Q3 2023 Bergnäset divestment 175 MSEK included
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© NCC | Q4 2024 EBIT, Q4 SEK M 10 February 2025 EBIT in Q4: Property Development as well as Industry and Building Nordics drive improvement -10 45 -222 92 522 111 -52 358 262 844 100 200 300 400 500 600 700 800 900 1000
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© NCC | Q4 2024 EBIT, Q4 SEK M 10 February 2025 Building Sweden in Q4: Decline due to provisions -10 45 -222 92 522 111 -52 358 262 844 100 200 300 400 500 600 700 800 900 1000 • Portfolio review of pre-inflation projects (mainly finalized) • Provisions of ~SEK 250 million • More recent projects and order backlog have better profile • Gradual improvement in underlying earnings expected
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© NCC | Q4 2024 EBIT, Q4 SEK M 10 February 2025 Building Nordics in Q4: Strong performance -10 45 -222 92 522 111 -52 358 262 844 100 200 300 400 500 600 700 800 900 1000 • Denmark continues to develop strongly • Good development in Finland in spite of weak market • Norway, good progress in turnaround • Lower orders received vs exceptional Q4 2023
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© NCC | Q4 2024 EBIT, Q4 SEK M 10 February 2025 Industry in Q4: Record high earnings -10 45 -222 92 522 111 -52 358 262 844 100 200 300 400 500 600 700 800 900 1000 • Good development in both asphalt and stone operations • Higher volumes and improved margins • Operational discipline • Price increases and lower input costs
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© NCC | Q4 2024 EBIT, Q4 SEK M 10 February 2025 Property Development in Q4: Exceptional performance in cautious market -10 45 -222 92 522 111 -52 358 262 844 100 200 300 400 500 600 700 800 900 1000 • Profit recognition from three transactions • Transaction volumes of around SEK 4 billion • The market for commercial properties remains cautious
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10 February 2025 © NCC | Q4 2024 EBIT in 2024 FY: Strong year -13 -242 184 -175 -831 802 83 476 2 032 0 500 1 000 1 500 2 000 2 500 SEK M
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EPS target met for second consecutive year 10 February 2025 © NCC | Q4 2024 8 12 14 10 16 16 2019 2020 2021 2022 2023 2024 SEK Earnings per share ≥16.00 SEK 2024 2024 16.1 SEK
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Financial targets Earnings per share ≥16.00 SEK Net debt < 2.5 x EBITDA Dividend policy ≈ 60% of profit after tax 2024 -0.08 x EBITDA 2024 9+2 SEK 68% of profit after tax 2024 16.1 SEK © NCC | Q4 202410 February 2025 Net cash position of ~SEK 200 M
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Health and Safety targets – LTIF4* Positive development in 2024 5,8 4,1 3,6 3,7 4,1 4,0 3,3 0 1 2 3 4 5 6 7 2018 2019 2020 2021 2022 2023 2024 2025 2026 *LTIF4 - Lost Time Injury Frequency – work related accidents with four days or more absence from ordinary duties per one million worked hours. 2024 refers to December 1, 202 3 – November 30, 202 4 Target 2026 2,0 Outcome 2024 3,3
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• Good market demand and positive outlook for key segments • Particularly strong demand for infrastructure, industrial and public buildings • Office and residential market remains cautious Continued positive market outlook © NCC | Q4 202410 February 2025 Hagastadens subway station, Sweden
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• Various options to be evaluated • Purpose to develop the business area and increase shareholder value • Carried out in 2025 Strategic review NCC Industry Share of sales NCC Industry 20%
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Susanne Lithander © NCC | Q4 202410 February 2025
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NCC’s Contracting units Kronløbsøen , Copenhagen, Denmark • NCC Infrastructure • NCC Building Nordics • NCC Building Sweden • NCC Green Industry Transformation Business update Q4 © NCC | Q4 202410 February 2025
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Order backlog in line with 12 months net sales SEK M © NCC | Q4 202410 February 2025 16 824 16 720 14 98018 105 13 884 14 012 0 5 000 10 000 15 000 20 000 Infrastructure Building Nordics Building Sweden Order backlog, Q4 2024 Net sales R12, Q4 2024
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Infrastructure Building Nordics Building Sweden Stable net sales Improved margins in Building Nordics , stable in Infrastructure. Risk provision in Sweden SEK M SEK M SEK M Excl divestment profit from Bergnäset © NCC | Q4 2024 % % % 10 February 2025 0 1 2 3 4 5 6 0 1 000 2 000 3 000 4 000 5 000 6 000 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Net sales EBIT margin, % -4 -3 -2 -1 0 1 2 3 4 0 1 000 2 000 3 000 4 000 5 000 6 000 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Net sales EBIT margin,% 0 1 2 3 4 0 1 000 2 000 3 000 4 000 5 000 6 000 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Net sales EBIT margin, %
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10 February 2025 © NCC | Q4 2024 Segment split – net sales 2024 Energy & Water treatment 31% 6% (10) 28% (24) 31% (25) 19% (25) 5% (4) 7% (6) 4% (6) Roads Railway Energy & Water treatment Groundworks Industry Foundation Other Public buildings 37% 12% (14) 20% (27) 18% (18) 37% (31) 13% (10) Offices Residential Refurbishment Public buildings Other Public buildings 37% 15% (17) 14% (22) 21% (18) 37% (31) 13% (12) Offices Residential Refurbishment Public buildings Other Infrastructure Building SwedenBuilding Nordics
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NCC Infrastructure Stable development Solid orders received 15 391 16 707 18 919 17 256 17 667 18 105 0 5 000 10 000 15 000 20 000 2022 2023 2024 Orders received Net sales 429 548 535 175 723 0 1 2 3 4 0 100 200 300 400 500 600 700 2022 2023 2024 EBIT Divestment profit EBIT margin% SEK M Stable underlying profit and margin* 10 February 2025 © NCC | Q4 2024 % SE 70 Share of net sales % DK 17 NO 13 *Adjusted for divestment in 2023
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NCC Building Nordics Record high earnings Lower orders received compared to strong 2023 12 321 16 654 11 392 13 568 14 615 13 884 0 5 000 10 000 15 000 20 000 2022 2023 2024 Orders received Net sales 347 343 426 0 1 2 3 4 0 100 200 300 400 500 600 700 2022 2023 2024 EBIT EBIT margin% SEK M Improved profit driven by Denmark and Finland 10 February 2025 © NCC | Q4 2024 % DK 52 Share of net sales % NO 19 FI 29
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NCC Building Sweden Impact from portfolio risk revaluation Orders received and net sales marginally lower 14 711 12 661 12 239 14 178 14 475 14 012 0 5 000 10 000 15 000 20 000 2022 2023 2024 Orders received Net sales 252 272 30 0 1 2 3 4 0 100 200 300 400 500 600 700 2022 2023 2024 EBIT EBIT margin% % SEK M Lower profit due to provision 10 February 2025 © NCC | Q4 2024 %
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NCC Green Industry Transformation • Several ongoing discussions • Long-term contract with LKAB signed during 2024 Business update © NCC | Q4 202410 February 2025
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NCC Industry • Continued strong delivery • All time high earnings • Operational discipline, price increase s and lower input costs Business update Q4 © NCC | Q4 202410 February 2025
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Earnings up ~50% Y/Y - ROCE exceed 12% -305 240 50 23 -261 281 281 99 -313 368 338 191 -6 -4 -2 0 2 4 6 -400 -300 -200 -100 0 100 200 300 400 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 EBIT; SEK M EBIT margin R12, % Internal target, EBIT margin% 4 090 3 844 8,9% 14,0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 31/12 2023 31/12 2024 Operating Capital Employed, SEK M ROCE, % 12% Internal target 10 February 2025 © NCC | Q4 2024 6% SEK M % SEK M %
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Slight volume growth despite price increases Asphalt sold, thousands of tons Stone materials sold, thousands of tons © NCC | Q4 202410 February 2025 199 1 532 1 737 1 334 188 1 531 1 716 1 222 173 1748 1792 1348 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 6 347 7 970 7 132 6 993 5 829 7 004 6 647 6 130 4 657 7 143 6642 6431 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4
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Sales and EBIT 2024 FY Strong performance Good demand and commercial skills drive sales 11 638 11 459 12 884 11 268 11 485 12 634 0 5 000 10 000 15 000 20 000 2022 2023 2024 Orders received Net sales 8 400 584 0 1 2 3 4 5 0 100 200 300 400 500 600 700 2022 2023 2024 EBIT EBIT margin% SEK M Operational discipline, higher prices and lower cost drive profit NO 22 FI 2DK 23 Share of net sales % SE 53
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NCC Property Development MIMO, Gothenburg, Sweden • Three projects profit recognized • One new project started • 8 projects in the portfolio, all offices • Higher letting in the quarter, 9 new contracts signed Portfolio update Q4 © NCC | Q4 202410 February 2025
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Record profit and reduced capital employed 29 1 183 268 256 -37 -18 42 87 30 37 564 -50 50 150 250 350 450 550 650 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 9 592 7 938 2,8% 7,6% 0% 2% 4% 6% 8% 10% 12% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 31/12 2023 31/12 2024 Operating Capital Employed, SEK M ROCE 12% EBIT SEK M Internal target 10 February 2025 © NCC | Q4 2024 SEK M %
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10 February 2025 Letting sqm over time Lettable space incl SPP, sqm 64% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50 000 100 000 150 000 200 000 250 000 300 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 Previously let area, sqm Sold, no letting Let during quarter, sqm Remaining unlet area, sqm Completion ratio Letting ratio (economic occupancy rate) Let during quarter (% of available unlet area) © NCC | Q4 2024
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NCC Property Development Q4: 5 completed unsold, 1 ongoing unsold, 2 ongoing sold Expected time of profit recognition for sold projects Q4 Q1 Q2 Q3 2025 2027 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2026 © NCC | Q4 2024 MIMO, Gothenburg, Sweden10 February 2025 Våghuset, Brick Studios & Mimo Q1 Q2 2028 Park Central Yrket Ongoing projects Sold • Park Central • Yrket Unsold • Habitat 7, Gothenburg Completed unsold projects • Bromma Blocks, Stockholm • Nova, Solna • Flow Hyllie, Malmö • We Land, Helsinki • Kulma21, Helsinki
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Other & eliminations © NCC | Q4 2024 Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 NCC Group common functions, smaller subsidiaries and business area NCC Green Industry Transformation -202 -168 -477 -344 Elimination of internal gains 80 -31 78 -18 Pensions 2 23 149 190 Other adjustments and eliminations -4 -8 -12 -7 EBIT, total -125 -184 -262 -179 Increased costs due to IT development & new business area Green Industry Transformation 10 February 2025
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Avicii Arena, Stockholm, Sweden Earnings Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 Earnings in segments (all BAs) 968 543 2,294 1,982 Other & Eliminations -125 -184 -262 -179 EBIT 844 358 2,032 1,802 Financial net -65 -4 -169 1 EBT 779 354 1,863 1,803 Tax -58 38 -292 -230 Profit for the period 721 392 1,571 1,573 Earnings per Share 7.4 4.0 16.1 16.1 © NCC | Q4 202410 February 2025 Odense, Denmark
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Very strong cash flow Property projects and cash from operations drive CF Q4 Jan-Dec Jan-Dec SEK M 2024 2023 2024 2023 OPERATING ACTIVITIES From operating activities before changes in working capital 1,427 599 3,067 2,122 From property projects 2,270 -390 1,927 -1,684 Other changes in working capital 1,283 853 -356 369 Cash flow from operating activities 4,980 1,062 4,638 807 Investing activities -339 -211 -647 -446 Cash flow before financing 4,640 851 3,990 361 © NCC | Q4 2024 SEK M 10 February 2025 -2 000 -1 000 0 1 000 2 000 3 000 4 000 5 000 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Cashflow before financing Cashflow before financing, R12
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High financial flexibility with net cash position *Corporate net debt excluding pension liabilities and leasing liabilities Net debt* / EBITDA Target < 2.5 Dec 31, 2024 -0.08 © NCC | Q4 2024 SEK M 10 February 2025 -2 374 205 -2 500 -2 000 -1 500 -1 000 -500 0 500 Q4 2023 Q4 2024
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Tomas Carlsson © NCC | Q4 202410 February 2025
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Annual General Meeting 10 February 2025 © NCC | Q4 2024 • Date: May 7, 2025 • Location: Hotel At Six in Stockholm • Detailed information will be provided closer to the AGM • The annual report published at the latest on April 15, 2025 AGM 2022, Stockholm, Sweden
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• A great quarter and a strong year • Record high cash flow • Record high earnings in Property Development, Industry and Building Nordics • Positive market outlook • High financial flexibility Ålesund , Norway In summary © NCC | Q4 202410 February 2025
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Tomas Carlsson, CEO tomas.carlsson@ncc.se Susanne Lithander, CFO susanne.lithander@ncc.se Tel +46 730 37 08 74 Andreas Koch, Head of Communications & IR andreas.koch@ncc.se Tel +46 705 09 77 61 ncc.com/Investor -relations Contact information For definitions and details , please see the quarterly report © NCC | Q4 2024 Langelinie Quay, Copenhagen, Denmark10 February 2025 Dylta Quarry , Örebro, Sweden