AF Gruppen ASA

Hei og hjertelig velkommen til presentasjonen til andre kvartal 2026 for AF-gruppen. Dagens temadel er virksomhetsområdet offshore og vil bli presentert til konserndirektør Lars Myhre Hjelmeset. Etter presentasjonen vil det bli anledning til å stille spørsmål, så skal vi prøve å svåre så godt vi kan. Hovedpunkter i dette kvartalet. Omsetningen ble på 9 milliarder i kvartalet, med et driftsresultat på 523 millioner, som gir en driftsmargin på 5,8%. For første helveår er omsetningen på 17 milliarder, med et driftsresultat på 846 millioner, som gir en driftsmargin på 5%. Contantstrømmen fra drifta ble på 221 million, mens orderingang i kvartalen ble på 14,3 milliarder. Ordreserven på utgangen av kvartalet var på 49,8 milliarder. Nettorendepærende fordring per 30 sex var 131 million. Vi starter med sikkerhet først i AF alltid. I dette kvartalet har vi hatt fire hendelser som har medført fraværsskade eller alvorlig personsskade uten fravær. Vi inkluderer underentreprenørene i våre tal. Når vi da deler på million utførte arbeidstimer, så får vi en H1-verdi på 0,8, og inkluderer vi skader med medisinsk behandling, eller skader som har ført til alternativt arbeid, så får vi H2-verdien, og den har økt til 8,5. For those who remember, there are three more H1 incidents and ten more H2 incidents than last year. We are not satisfied with the underlying development, and in the future we must strengthen the survival in our safety work. The health of the sick is stable at 4.2%, and our goal is to come down to 3%. If we look at the figures, we have had 16% growth and the turnover ends at 9 billion. The operating result increases from 390 million to 523 million, which gives an increase in the operating margin of 0.8% and ends at 5.8%. And we are very pleased with that. If we look at the return on invested capital, we have close to 2 billion in results before the tax and when we look back at the interest rates in the last four quarters, it is a record in the AF-context. And when we add that up to an average invested capital of 5.6 billion, we get a return on invested capital of 35.4%. And that is well over our goal of 20%. Let's look at the cash flow. We can start with cash flow from drift, as you can see in the figure to the right. As you can see, last year we had 3 billion in cash flow. This year we have 567 million, compared to 910 million last year. For the quarter, you can go into the table and see that it went up to 221 million, so we've had some movement downwards, but liquid funds are at 1.3 billion. Når vi da går videre og ser på den nettorentebærende fordringen og utviklingen i likviditeten, så starter vi med figuren til høyre. Og da vil dere se at dere finner igjen den 1,3 milliarden i likvide midler. Og så har vi nå rentebærende fordringer, og så har vi motsatt denne leieforpliktelse på maskinen vår og leieforpliktelse på kontor og lager og rentebærende gjeld. Og summen av dette gir en nettorentebærende fordring på 131 millioner. We can see the development in the figure on the left. We have, even though we have spent 2 billion in the last 12 months, 1.2 billion in spending for our shareholders, and about 800 million in content management with the purchases we have made, we have had a development from 260 million in yield to 131 million in supply, and available liquidity in the quarter is now at about 4.8 billion. If we look at the balance sheet, we see that it has put up 17.7 billion in total capital, while the equity capital has continued with 700 million and is now at about 4 billion. This gives an equity share of 22.8% and the exclusive IFRS 16 is at 24.8%. Summen av det overfornemte gjør at vi mener vi er i en solid finansiell posisjon. If we go on and look at the footprint that our business affects the environment with, we start with climate gas emissions, where we have a goal of halving them from 2020 to 2028. And so far this year we have released 16,700 tons of CO2, which is a decline of about 9% from the response last year. On the source sorting, we have source sorted over 125,000 tons of waste this year, with a source sorting rate of 95%. We have recycled metal from our mining business in a large amount of over 83,000 tons, which has been used to track the environment for over 28,000 tons of CO2 equivalents. Utviklingen og trenden i dette arbeidet går i riktig retning. Før vi går nærmere i dybden på virksomhetsområdene, så kan det være greit å minne oss selv og andre på at i AF, i AF så lærer vi tå og før prosjektene våre, og vår evne til å styre dem lønnsomt og sikkert. That is why we have as a goal to exercise the industry's highest standard for project management. When we combine good project management with being good at our subjects, that is when we internally say that we are ready for action. Our main competitive power lies in putting together and developing the best teams that perform well, are proud of their subject, enjoy their job, and are ready for action. So bygge folk og lag som kan ta på seg de mest krevende jobbene, og skåpe verdier sammen med kundene, det er det vi trakter etter. Således er dette prosjektet STAT Skipsnøll et godt eksempel, som ikke bare er unikt for AF, men det er også unikt i norsk og internasjonal anleggssammenheng. Så her må vi ta nye steg. and are being challenged even more by the entrepreneurs and the power of implementation, and we are really motivated for that. Why is it good to start with an institution that has had 7% growth and has a turnover of 3 billion kvartals? The operating result has overgrown to 230 million, which gives a operating margin of 7.5%. Målsærum Maskin og Transport, Stensetter RS og VSP, som utverker seg med svært gode resultater i kvartalet. AF Anlegg har en rekke store prosjekter under produksjon, blant annet E6 på innlandet, på vei inn mot Gubbrandstaden, som du ser et bilde av her, som absolut titen til er rået på drift. Summen av prosjektene i AF Anlegg gjør at de leverer et godt resultat i kvartalet. Eikon har et svagt resultat, og i dette kvartalet. Skipsenellen har vi allerede vært inne på, og det er åpenbart at den bidrar godt på en orderingang på nesten 6,4 milliarder, og ordrereserven er nå på ca. 20 milliarder. Let's move on and look at construction. We have a stable activity there at about 2.4 billion, with a operating result of 114 million, which gives a operating margin of 4.8%. Up from 3.6% last year. Byggfornyelse, Strøm Gunnarsen og Haga Berg, som leverer svært gode resultater. AF Bygg Oslo har også god drift i prosjektet sitt nede i Bjørvika, hvor de bygger skole, som dere ser bildet her. Sammen med Bygg Øst, Lab og OBF leverer gode resultater. Strøm Gunnarsen Vestfold, AF Håndverk og HTB har resultater noggå under forventning, mens FAS har et svagt resultat i kvartalet. Det er børsmeldt to kontrakter på ca. 700 million i henholdsvis byggfornyelse og Strøm Gunnarsen, og den samle ordringgangen er på underkant 2,4 milliarder, og med en ordreserve på rett under 11,4 milliarder. If we look at Betongmast, they have had a strong growth of 16% and have a turnover of about 1 billion, with a operating result of 56 million, which gives a operating margin of 5.3%, up 1.2% from last year. Here is Betongmast Oslo, which, among other things, rehabilitates and expands Edvard Munch's continuing school, as you can see in the picture here, together with Buskerud Vestfold, Trøndelag, Rødsand. Inlandet og Østfold som leverer gode resultater, mens Asker og Bærum er nogg og under forventning, og Romeriket har et svagt resultat. Det er børsmeldt ei kontrakt på Inlandet, hvor man skal bygge skole på Hamar til ca. 200 million. Åt samla ådreengang er på over 1,5 milliard, og ådreserven er på 4,6 milliard. If we move on to ownership, we have delivered two homes and sold 23 in the quarter. We have one project under production, where the sales rate was 65% on Fagerblom in Oslo. We have 100 and 11 finished, very nice, but unsold units, where our share is 42%. Summen av det her er dessverre med et negativt bidrag på 15 million i kvartalet på de 746 millionene vi har investert. Energy and Environment We have had a very strong turnover growth of 74% for this quarter, ending at 590 million, with a operating result of 59%. This gives a operating margin of about 10%, which is up from 5.2% last year. It's not just the energy manufacturers in AFL-kraft that climb up. It makes the activities and results both at AFDECOM and AFL-kraft, which both have high activity, and deliver very good results. AF Energi har lågre aktivitet enn i fjor, men leverer fortsatt et godt resultat. Og så er det også gledelig at AF Elkraft har inngått for dem sin hittil største prosjekt hittil på ca. 500 million, hvor de skal være med å bygge høgspentanlegg på Tønsberg, Eiker og Hof, sine transformatorstasjoner. The total order income in this business area is 1.5 billion, and the order reserve is now up to 3.7 billion. If we look over to Sweden, the turnover has increased by 25%, and is now at 1.5 billion, while the operating results are at 77 million, which gives a operating margin of 5%, which is down from last year. Kanonaden Melardalen, som også jobber på Kraftnettet i Sverige, er for svenske Kraftnett, det bilder dere ser her. Og Hørnesand Byggreturer, som er rivevirksomheten vår, som leverer svært gode resultater i kvartalet. Og HMB, som er byggvirksomhet, leverer godt resultat. I Bygg Syd har vi et resultat nogg og under forventning, mens Kanaden Entreprenad er under forventning. Bygg Øst og Bygg Vest har svake resultater. Two happy events in the construction industry. The first is that we have completed the purchase of the 70% shares in HA Bygg, and thus strengthened as a leading actor in concrete work in Western Sweden. One of several examples of this is that we have børsmelt in the quarter that we are allowed to build on Sjøvik's work for Trelleborg municipality, and the contract value is about half a billion Swedish kroner. 1,8 billion, and we have an order reserve of 6,9 billion. If we look at offshore, which is today's theme, the revenue has grown strongly, but it is 70%, ending at 476 million, with a operating result of 18 million, which gives a operating margin of up to 3.7%. Here is Offshore Dekom and AF Kleksten, which deliver very good results, and Aeron, which has a weak result this quarter. Kjøpet og Kleksten Engineering Service. Vi har byttet navn på det til AF Kleksten. Det kan også være greit å merke at i dette kvartalet inkluderer resultatet transaksjonskostnader knyttet til den transaksjonen på 20 millioner. Ordregangen er på 800 millioner, og ordreserven er på underkant av 3,3 milliarder. And then we have come to look at the year's reserves for AF, and the largest contribution areas are facilities at about 20 billion, buildings at 11.4 billion, Sweden at 6.9 billion, concrete masonry at 4.6 billion, energy and environment at 3.6 billion, offshore at 3.3 billion, and in total the year's reserves have grown by about 12% and are at about 49.8 billion. And as it says here, it is the record garden reserve for AF, and of course very good to take with us in the coming quarters. Then we have come to the theme part, and then I would like to invite Lars Myhre Hjelmeset up on stage.

Thank you, Amund. AF is most known to many as a building and application company, but we are also significantly broader within other businesses in AF. Both energy, environment, and not least offshore. And in offshore, we have been more than 20 years already. But now the activity is increasing and we are entering a new phase. We are building on what is the core of AF, namely the project business. So let's first look at where we are today, and after some demanding years, offshore is growing again. The activity is increasing, and the order reserve is nearly doubled since the second quarter last year. And the results in the quarter are, as Amund said, affected by the transaction costs related to the purchase, which means that the results from the operation in the quarter are very good. The most important picture is still the development of the business. Offshore is today broader than before, with more services, customers, projects and geographies. It gives us more legs to stand on and puts us in an exciting position towards the markets we want to prioritize in the future. Offshore is not one market. There are many different markets with different dynamics, business logic and risks. We have chosen areas where the need is long-term and where AF already has a competence and capacity that we can build on. Oil and gas will still be an important part of the energy mix for several decades. At the same time, production naturally falls where it is not invested. Approximately 90% of the investments already go to that purpose. So existing installations must therefore be maintained, upgraded and run longer. And that creates a long-term root market offshore, with a need for technical systems, services and modifications. And when production gradually ends, the wells will be closed and the installations removed. The activity will vary from year to year, but the tasks and obligations do not disappear. We see Havin as a possibility. There is obviously uncertainty about the time and volume of possible Norwegian developments, but significant activity is underway in Europe, and projects are being carried out in our close areas. The AF Group has gathered competence and performance that makes us relevant, and we follow this market with interest. But it is not just a future opportunity. Several companies in the AF already have a significant share of their revenue and order reserve in this market. A concrete example is Tenets 2GW program, which includes the construction of 14 offshore substations. Aeron already delivers cooling and air systems to two of these, and their clear majority of the order reserve is already in this market. So what do we deliver to this market today? We collect, deliver and are positioned in relation to a broad spectrum. Historically, the main focus has been on removing and recycling offshore installations and the delivery of air and cooling systems to platforms and ships. But through a combination of purchase and further development within existing companies, we now have a warehouse that makes us flexible and, as we believe, relevant in relation to contributing to solving customers' needs in the future. Here we see a selection of projects that we have delivered recently, and they can also be used as a little story telling in relation to how offshore has developed in AF for more than 20 years. The story started on the ecofishing field early in the 2000s, and we got a contract to remove the overbuilding on the ecofishing tank. On the side we have had a long range of projects for PÅ Ekofisk and other platforms in the North Sea and the Norwegian sector. The farthest last project, CAT 3, we see on the top left. And on several of the projects we have worked in a consortium with HEREMA, which operates some of the largest lifting ships in the world. where we contribute with design, offshore preparations and end disposal, while Cerema provides heavy lifting and vehicle capacity. We have delivered significant projects together in the Norwegian and British sectors of the North Sea, and have recently also launched three new contracts of this type, which will ensure a good level of activity in the coming years for this part of the business. At AF Miljøbasen VATS, we complete the value chain. The structures are received, dismantled, and the materials are transported back in the cycle. At VATS, we have two floating vehicles that will be dismantled, as well as several platform structures on land. A new milestone was for the base, when Eider Topside came in as a whole structure, and we moved it from Elektro to the facility in an impressive marine operation. This shows how we can constantly build new competence through the projects we carry out. On several projects, we have also taken the role of total supplier, and LOGS is a good example of this. Here, AF had the responsibility for what we call the EPRD part, through a several-year removal program at British Sockel, which was recently carried out. Over time, we have also seen potential in using AF's collected project competence and capacity to make a larger part of the removal project for the sake of the customers. It is very exciting that we now, together with a partner on the Andrew platform, manage the entire life cycle in connection with the shutdown. The project is carried out in close collaboration with the customer BP and is calculated according to the associated costs. Aeron represents another but complementary part of the story, and for several decades the company has delivered air and cooling systems. Now the same competence is used in new energy infrastructure. We recently made a purchase from Claxton and Probe, and this is a concrete approach to make offshore larger, broader and more robust. It is an international specialist company with a long history, own technology and good customer relations. They provide us with capacity and competence towards the market that we have said we want to prioritize in the future. We therefore not only get more turnover, but we also get more inflows, more customers, greater geographical breadth and a better balance in the project portfolio. And not least, Klaxton has a lot of what we know from AF. It is a strong professional environment, self-developed technology and a project-oriented culture. So first and foremost, Klaxton will continue to be a strong company on its own, but we will develop cooperation across the board where it gives concrete value to the customers. So in the future, har vi noen klare prioriteringer. Vi tror på fagkompetanse, og vi skal fortsette å styrke kjernen. Vi skal være i front på det vi driver med. Større bredde gjør oss også mer relevant, og vi skal aktivt søke muligheter hvor vi kan skape verdi gjennom å kombinere den kompetansen og den kapasiteten som vi har. Og dette skal i en portefølje av prosjekter med god balanse mellom størrelse, kontraktsform og risiko. There are now over 700 employees who work with offshore in AF, and it is the competence, commitment and performance of this group that will make the ambition come true. Thank you.

Tusen takk, Lars. Da skal vi oppsummere kvartalet. Vi hadde en omsetning på 9 milliarder og et driftsresultat på 523 millioner, som gir en driftsmargin på 5,8%. For første helveår har vi 17 milliarder i omsetning, 846 millioner i driftsresultat og en driftsmargin på 5%. Dette er rekordhøg aktivitet med tilhørende resultat, og vi har god lønnsomhet i driften. Og vi har også, som nevnt, en rekordhøg ordreserve. Da er jeg på sin plass å takke samtlige av de 6400 ansatte i AF for den gode flyten vi er inne i. AF is built on collectivity, continuity and optimism. So if there is more to it, it is shoulder to shoulder, step by step, looking up and forward. And then we will continue to choose the right project, we will be organized robustly, we will be ready for action, we will pay attention to the money, and last but not least, pay attention to the people. And with that, We will now conclude this presentation, and ask Anny and Lars to come up to the stage, and then we can hear if there are any questions that have been asked, or will be asked, from the audience.

Oh, now we are introducing friends here. There are some questions here. Just raise your hand.

Bengt Jonassen, ABG, Sundahl, Kolde, kanskje to spørsmål. Jeg er litt bekymret for aktivitetsnivået i Sivil, hvis man ikke fyller på med store ordre som skal erstatte det dere i dag har i produksjon. Hvordan vil dere beskrive anleggsmarkedet for storprosjekter? Og eventuelt om dere må organisere andre eller neste 2-4 årene, hvis det er flere mindre prosjekter?

The investment market in Norway, we must first and foremost point out, is very large in relation to the number of investors. It is the same in Sweden, so there are two very large markets we are talking about. And then there are perhaps large projects. It is a little further in between. And then it will be our task to be able to add value, both on large projects, which are obviously examples like the Stadtskiptunnel, but also to combine with other projects that add value both for the customer and for us. And we have a number of segments within the facility where there is good driving. We can mention Kraft, which has been mentioned here. And so we can mention several segments that it is still pulling in.

A couple of questions about offshore. Do you have a different business model? Are there long contracts, or are there shorter contracts and short deliveries? If you were to split up what was organic and what was bought production in offshore in the second quarter?

I can start with what Klexen delivers. It's more of a typical supplier company, maybe some of the main projects. They have several small and medium-sized projects that are primarily calculated in day rates. That's what's typical of this model, but they also add engineering to their services when they carry out their projects. I don't know, Anny, you might have the numbers for the quarter, because we estimated the growth from May 21st.

It's just one month that the growth is over, so it's a smaller part of the turnover growth. Basically, it's organic growth. But in the future, it will obviously increase.

Simen Mortensen, DNB i Carnegie.

Project-avslutninger har jo normalt sett vært kommunisert når det har truffet inn i kvartalet og så videre, men dere har jo sikkert nevnt det i dette kvartalet i noen divisioner. Kan dere gi noen kommentarer på hvordan den påvirkningen har vært, eller om den er til stede i kvartalet?

It's nothing special in this quarter. We both started and ended projects, and have projects in production. So it's nothing extraordinary in this quarter.

Vettle Williamson, SBN Markets. On Offshore, you had the one L7 project that was able to draw down the results over a longer period. Can you tell us about the risk in the current backlog compared to earlier? Do you run the same risk on the projects you are working on now, or was it something special?

The project business generally has an inherent risk, but we have learned a lot from the single project that has created challenges for us in recent years. We work with building a good balance in the portfolio in relation to risk and opportunities. We are comfortable with the order we are building now and have ambitions to deliver profitable growth in the future.

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