NRC Group — Interim / Quarterly Report 2026

May 13, 2026

NRC Group

1st quarter 2026

CEO
Anders Gustafsson

CFO
Åsgeir Nord

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Summary from CEO

• First quarter broadly in line with expectations
• Major tenders submitted first quarter, expect decisions second quarter
• Larger share of execution weighted towards second half of the year
• Final settlement reached on AGN Haga project after end of quarter
• One-off restructuring cost of NOK 14 million in Norway
• Final documentation from ETM submitted to Bane NOR during coming weeks, objective is to reach a constructive solution by end of third quarter
• Initiated strategic review of Gunnar Knutsen
• Expected court decision second quarter on MÅB (contract from 2018)
• Guiding for margin above 3.0% and revenues of ~ NOK 7.5 billion in 2026, measured at constant exchange rates

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Nordic position with solid presence

• New segments to enable us to realise full potential
• Solid presence in Nordics, potential to leverage capabilities across countries
• Strong market, solid pipeline and good long term order backlog

Market presence	Norway	Sweden	Finland
Rail construction	☑	☑	☑
Civil construction	☑	☑	☑
Maintenance	☐	☑	☑
Machines	☑	☑	☑
Special Operations	☑

☐ Rail maintenance not open for private contractors

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Seasonality impacts revenue and results

Key figures Q1 2026

Revenue

• NOK 1.1 billion
  Q1 2025: NOK 1.3 billion

EBIT

• NOK -29 million
  Q1 2025: NOK -27 million

EBIT margin

• -2.6%
  Q1 2025: -2.1%

Order intake

• NOK 0.9 billion
  Q1 2025: NOK 2.2 billion

Order backlog

• NOK 8.5 billion
  Q1 2025: NOK 8.9 billion

Operating cash flow

• NOK -157 million
  Q1 2025: NOK -150 million

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Order backlog supports growth, expecting strong order intake in second quarter

Backlog

Order intake & Book-to-bill LTM

NOK million

NRC Group expects the Book-to-bill to exceed 1.0x after Q2

Order backlog (total)¹

NOK million

Order backlog execution¹

NOK million

1. Order backlog for maintenance contracts was revised (increased) as of Q3-2025. The numbers for 2025 and 2026 are not directly comparable.

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Strong focus on safety for our employees

Health and safety

LTI¹

Sickness absence

Serious injuries²

1. LTI: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors)
2. Injury that results in prolonged disability

+

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Overall in line with expectations

Profit & loss

Revenue

EBIT

(NOK million)	Q1 2026	Q1 2025	FY 2025
Revenue	1 137	1 264	6 553
Operating expenses	-1 121	-1 238	-6 197
Depreciation and amortisation	-45	-53	-216
EBIT	-29	-27	141
EBIT margin	-2,6 %	-2,1 %	2,1 %
Net financial items	-7	-20	-90
Tax expense	2	6	-27
Net profit / loss	-34	-41	25

Notes

• EBIT was NOK -29 million in the quarter, in line with the same quarter last year (including NOK 14 million one off in Norway)
• Revenue on the soft side, affected by FX (strengthening of NOK vs. EUR and SEK)
• Significant growth in both orders and revenue expected in second half of 2026

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Norway

Decisive actions on cost base

Operational review NRC Group Norway

Revenue

EBIT

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	262	340
EBIT	-9	-10
EBIT margin	-3,3 %	-3,0 %
Order intake	209	652

Order backlog execution

Notes

• Revenue down from Q1 last year
• Pole position, cost efficiency program, ongoing. EBIT affected by one-off restructuring expense of NOK 14 million, capacity adjusted to lower revenue short term
• ETM completed, final documentation to be submitted in coming weeks

Figures for 2025 are presented excluding Gunnar Knutsen, NRC Kept and the Norwegian part of the Machine segment.

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Sweden

High tender volumes during the quarter

Operational review NRC Group Sweden

Revenue

EBIT

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	337	348
EBIT	-15	6
EBIT margin	-4,6 %	1,7 %
Order intake	172	883

Order backlog execution

Notes

• Final settlement on AGN Haga reached
• Revenue stable, EBIT on the weak side
• Court decision related to maintenance contract from 2018 expected in second quarter, related risks covered in full year EBIT guiding

• Several major tenders submitted first quarter, expect decisions during second quarter

• Order backlog for maintenance contracts was revised (increased) as of Q3-2025. The numbers for 2025 and 2026 are not directly comparable.

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Finland

Profitability stable and consistent

Operational review NRC Group Finland

Revenue

EBIT

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	396	416
EBIT	4	-5
EBIT margin	1,0 %	-1,1 %
Order intake	343	373

Order backlog execution

Notes

• Margin improvement compared to first quarter last year
• Revenue somewhat reduced
• Healthy order backlog for execution for 2026
• Light rail contracts expected to move into production phase from second quarter

Figures for 2025 are presented excluding the Finnish part of the Machine segment.

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Special operations

New segment off to a strong start

Gunnar Knutsen AS

Revenue

NOK million

EBIT

NOK million

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	95	106
EBIT	15	14
EBIT margin	15,7 %	13,1 %

NRC Kept AS

Revenue

NOK million

EBIT

NOK million

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	45	65
EBIT	2	0
EBIT margin	4,4 %	0,1 %

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Machine

Machine segment with seasonally slow first quarter

Operational review NRC Group Machine

Revenue

EBIT

Key figures

(NOK million)	Q1 2026	Q1 2025
Revenue	79	45
EBIT	-13	-16
EBIT margin	-16,5 %	-36,3 %

Notes

• Seasonality impacting utilisation during first quarter
• New organisational set-up implemented
• Head of Machines has onboarded
• Machine segment will strengthen internal value chain

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Temporary increase in NWC

Cash flow and working capital

Net working capital (NWC)
NOK million
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Cash flow from operations
NOK million
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Change in net cash Q1 2026
NOK million
Cash
Operating
Investing
Financing
FX
Cash
(overdraft)
C
CF
cr
translation (overdraft)
31.12.25
C
CF
cr
31.03.26

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Net interest-bearing debt, maturity profile and leverage ratio

Financial position

Net interest-bearing debt (NIBD)

Term loan and bond maturities

Leverage ratio: NIBD/EBITDA adj. LTM

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Ample covenant headroom

Financial covenants

Bank term loan and overdraft facility	Covenant Q1 26	Calculated Q1 26
Equity ratio	≥ 25 %	40 %
Borrowing base	≤ 60 % of accounts receivables	5 %
Leverage ratio	≤ 3.25	2.6
Interest coverage ratio	≥ 3.0	4.6
Bond
Equity ratio	≥ 25 %	40 %
Interest coverage ratio	> 2.5	4.6

+

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Q1 2026

Summary

Financials

• EBIT of NOK -29 million in the quarter including NOK 14 million in one-off restructuring cost in Norway
• Revenues of NOK 1.1 billion, timing and seasonal effects
• Order backlog of NOK 8.5 billion, expect significant increase in order intake from second quarter
• Larger part of orders for execution this year is in second half of 2026

Operations

• Final settlement reached on AGN Haga project
• Final documentation from ETM submitted to Bane NOR during coming weeks, objective to reach a constructive solution by end of third quarter
• Expected court decision second quarter on MÅB (contract from 2018)
• Reporting on five segments including Special Operations and Machines
• Initiated strategic review of Gunnar Knutsen
• Cost efficiency programme, Pole Position, in Norway is progressing well

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Guiding

Targets for long-term strategy

	2026	2028 targets
Revenue	~NOK 7.5 bn	>NOK 10 bn
EBIT margin	>3.0%	>5.0%
	→ Linear profit margin improvement towards 2028

+

Revenue guiding measured at constant exchange rates

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Q2 2026 results

13 August

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Appendix

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Interim condensed consolidated statement of profit or loss

(Amounts in NOK million)	Note	Q1 2026	Q1 2025	FY 2025
Revenue	2	1 137	1 264	6 553
Operating expenses	2	-1 121	-1 238	-6 197
EBITDA		16	26	356
Depreciation	2	-44	-49	-204
EBITA		-28	-24	153
Amortisation and impairment	2	-1	-3	-12
Operating profit/loss (EBIT)		-29	-27	141
Net financial items		-7	-20	-90
Profit/loss before tax (EBT)		-36	-47	51
Tax expense		2	6	-27
Net profit/loss		-34	-41	25
Profit/loss attributable to:
Shareholders of the parent		-34	-41	25
Non-controlling interests		0	0	0
Net profit / loss		-34	-41	25
Earnings per share in NOK (ordinary)		-0.20	-0.24	0.14
Earnings per share in NOK (diluted)		-0.20	-0.24	0.14

+

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Interim condensed consolidated statement of financial position

(Amounts in NOK million)	Note	31.03.2026	31.03.2025	31.12.2025
ASSETS
Goodwill	1	1 780	1 804	1 851
Deferred tax assets	1	54	36	46
Other intangible assets		12	19	13
Intangible assets		1 847	1 860	1 909
Fixed assets		100	144	109
Right-of-use assets		398	415	434
Other non-current assets		8	4	2
Total non-current assets		2 354	2 423	2 453
Inventories		50	28	36
Receivables	5	1 778	1 650	1 781
Cash and cash equivalents		0	114	180
Assets classified as held for sale		0	33	0
Total current assets		1 829	1 825	1 998
Total assets		4 183	4 248	4 451
EQUITY AND LIABILITIES
Equity
Paid-in-capital		1 718	2 433	2 436
Other equity		-42	-781	-654
Total equity		1 675	1 652	1 782
Liabilities
Pension obligations		7	6	8
Non-current leasing liabilities		239	249	263
Non-current interest-bearing liabilities	4	447	500	463
Deferred tax		13	0	0
Total non-current liabilities		707	755	734
Current leasing liabilities		134	140	148
Current interest-bearing liabilities	4	82	56	58
Other current liabilities		1 583	1 612	1 729
Liabilities directly associated with assets held for sale		0	33	0
Total current liabilities		1 800	1 841	1 935
Total equity and liabilities		4 183	4 249	4 451

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Interim condensed consolidated statement of cash flows

(Amounts in NOK million)	Q1 2026	Q1 2025	FY 2025
Profit/loss before tax	-36	-47	51
Depreciation, amortisation and impairment	45	53	216
Taxes paid	-17	-8	-19
Net interest expense	15	19	83
Gain from sale of property, plant and equipment	-6	-1	-46
Share of profit from associates and joint ventures	0	0	0
Change in working capital and other accruals	-158	-166	-200
Net cash flow from operating activities	-157	-150	85
Purchase of property, plant and equipment	-5	-7	-17
Investments in associates and joint ventures	0	0	-2
Net proceeds from sale of property, plant and equipment	4	0	59
Proceeds from sale of shares and other investments	-2	0	0
Gain from sale of subsidiary	0	0	4
Net cash flow from investing activities	-4	-7	42
Net proceeds from issue of shares	0	0	0
Net proceeds from borrowings	27	0	0
Repayment of loans	-14	-14	-58
Payments of lease liabilities	-40	-40	-164
Net interest paid	-16	-19	-79
Net proceeds from acquisition/sale of treasury shares	0	2	2
Net cash flow from financing activities	-43	-71	-299
Total cash flow for the period	-203	-229	-172
Cash and cash equivalents at the start of the period	180	357	357
Translation differences	22	-14	-4
Cash and cash equivalents at the end of the period	0	114	180
Hereof presented as:
Free cash	0	114	180
Restricted cash	0	0	0

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High demand for infrastructure – continued robust tender pipeline

NOK 27 billion tender pipeline in Group

BNOK value, next 9 months (submission)

Notes

• Continued high tender pipeline across all countries
• Foundation for future profitable growth for NRC Group
• Governmental support to upgrade and build sustainable infrastructure, presents significant opportunities (10 years National Transportation Plans)
• Increase in civil infrastructure for Sweden and Finland

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