NCC (NCC) Investor update summary

Impairment charges and property market outlook

• Announced impairment charges of approximately SEK 1.4 billion for Q4 2025, mainly related to property value reevaluation in Property Development and tax assets in Norway.

• SEK 900 million of the charges relate to updated property values in Sweden and Finland; the rest is mainly from a review of tax assets in Norway.

• Weak commercial property market and ongoing uncertainty prompted the review; no signs of recovery despite lower interest rates.

• Impairment charges are classified as items affecting comparability, impacting Q4 operating profit but not cash flow or dividend capacity.

• The charges do not affect ongoing contracting projects, the Industry business area, or dividend capacity.

Financial performance and business area updates

• Excluding the impairment, underlying Q4 earnings were strong, with net income of SEK 15,929 million and EBIT of SEK 692 million.

• All contracting business areas reported stable and improving results.

• Industry business area achieved record earnings and strong order intake, with high levels of early-phase collaboration contracts.

• Orders received remain strong, supporting a positive outlook for value creation in coming years.

Strategic and operational outlook

• Impairment review considered multiple factors, including market discussions and fair value assessments.

• Q4 earnings improvements are preliminary, with one-offs and project adjustments at normal levels.

• Strategic review of the industry division is ongoing, with an announcement expected in the near term.

• Management emphasizes that underlying results, cash flow, and outlook remain positive despite the charges.