NRC Group ASA

Ja, hjärtligt välkomna till presentationen för det första kvartalet 2026 för NRC Grupp. Idag har vi ett litet nytt inslag. Oskar, vår CFO, har opererat ryggen för Ischias. Det har gått väldigt bra, men behöver vila idag. Han kommer snart vara uppe och hoppa igen. Jag hoppas tekniken är med oss. Han är också med på frågeställningen som kommer att vara efter den här presentationen. Han är med i chatten. Det första kvartalet är i stort i linje med mina och våra förväntningar. Det har varit vinter, en ganska sträng sådan, som gör att vi har kommit igång relativt sent med vår säsongsbetonade verksamhet. Stark vinter är inte riktigt den bästa ingrediensen för kritisk infrastruktur, men vi har kommit igång här från påsken och framåt och jag förväntar mig en hög aktivitet resten av året. Vi har också haft en väldigt stark och hög tänderaktivitet i det första kvartalet. Avgörelsen för dessa inlämnade anbud förväntas i det andra kvartalet. Jag har då i således en hög förväntan på en stark orderingång som tar fart här i det andra kvartalet. Som tidigare presenterat så har vi också större delen av omsättningen som exekveras i det andra halvåret och således resultatupptagningen också. Vi har direkt efter kvartalets utgång nått en överenskommelse i vårt konsortie AGN Haga där vi har varit minoritetsägare till 20%. Det här konsortiet och uppgörelsen med Trafikverket är nu helt avklarad och vi har således inga kvarvarande risker eller garantiåtagande i detta projekt. Vi har En engångseffekt på 14 miljoner i affärsområdet Norge som härleds från vårt effektivitetsprogram där vi effektiviserar och säkerställer att det norska affärsområdet ska stå på egna ben när vi nu lyfter ut Gunnar Knutsen och NRC Kept i våra två nya affärsområden som vi redovisar från och med idag. De närmaste veckorna kommer vi också lämna in vår slutdokumentation och slutkrav rörande Tröndelmeråk i banan, projektet ETM här i Norge. Och jag förväntar mig en bra och konstruktiv dialog med Barnenor i det tredje kvartalet som förhoppningsvis resulterar i någon form av uppgörelse. Skulle vi inte nå en uppgörelse här i det tredje kvartalet så kommer jag, som tidigare presenterat, ta rättsliga åtgärder för att säkerställa våran rättvisa del i den här kvisten. Vi kommer också påbörja en strategisk översyn av vårat dotterbolag Gunnar Klutsen. Detta med anledningen av att Gunnar Knusen is a well-being company, but transport business in the Oslo region is not our core business. In this strategic overview, we have invited ABG to help us in the process. We also expect a court case from an old twist from 2018. We will get a case here in May. Om vi skulle få ett positivt utfall i denna tvist så kommer vi ha en positiv kassaflödelseffekt här i det andra kvartalet. Skulle vi förlora tvisten så kommer vi ha en negativ resultateffekt i det svenska affärsområdet. Men detta innefattas i den guidning som vi återupprepar från tidigare. Därför vi förväntar oss att nå en omsättning på cirka 7,5 miljard för innevarande år. Men jag vill nu... I would like to point out that the first quarter has been a bit of a setback regarding the currency, from Norway to Sweden and Finland. But it is too early to be here and speculate on the effects of the currency, so I will return to that in the second quarter. And we continue to guide for us to reach a margin of more than 3%. Here you can see an overview of that we from today report five business areas against earlier three. De två nya är ett av vårat maskinsegment och vi gör detta för att synliggöra värdet av vår maskinflotta och också hur maskinflottan bidrar till vår värdekedja. Och vi synliggör också vår interna och externa omsättning. Special Operation som innefattar två dotterbolag. Det ena dotterbolaget är Gunnar Knutsen som sysslar med transportverksamhet här främst i Oslo regionen i Norge. And we also have NRC KEPT, which works with demolition operations, mostly in the Oslo region, but also in the rest of Norway. And it is just Gunnar Knutsen that we are currently doing a strategic overview of, starting from now and forward. And I will be back when this is ready to be published. Marknaden lite kort tycker jag för gruppen i våra tre länder då Norge, Sverige, Finland är på en fortsatt stark nivå. Vi ser då vissa trender i respektive land. Om jag börjar här i Norge så ser vi fortfarande en förskjutning på projekt som skulle passa våran strategi som vi trodde skulle komma ut för anbudsräkning här i det första och andra kvartalet. De ligger nu beräknat för anbudsräkning i det tredje och fjärde kvartalet. Det har en viss effekt. Men samtidigt ser vi också att det tar fart i civilverksamheten, där det kanske är lite mer anbud att räkna på än kanske beräknat. Så överlag tar detta ut varandra. I Sverige är det som tidigare rapporterat överlag en stark marknad. I Finland ser vi en liten effekt av att det är svårt att komma igång med vind- och solpanelsprojekt. Men å andra sidan så tar det fart lite med datacenter och substations som också väger över. Så överlag för gruppen är det fortsatt en stark marknad. Försvarssektorn, vidhålliga fortsättningsvis, kanske ligger för anbudsräkning senare delen av 2027 eller i början på 2028. Vi ser en senare läggning i den cykeln. En överblick på vårt resultat i det första kvartalet. Omsättningsmässigt en blygsam start. Det är också, som jag tidigare sagt, som härleds till en starkare vinter. Vi har helt enkelt inte kommit igång här vid påsktid. Jag tycker vi får med oss resultatet. Resultatet är i linje med föregående år, men innehåller en engångseffekt för effektiviseringen av det norska affärsområdet. If we take away the input effect of 14 million, then I think we have had a result-wise okay start this year. The order entry is also on the bright side, but points out again that what we have focused on, what we have mostly counted on, is in demand here in the second quarter. So I expect the order entry to take speed here now in the second quarter and forward. The backlog is at a solid level of 8.5 billion. and will of course also be strengthened if we are successful in the offers that have been calculated here in the first quarter. We have a negative impact on our operating cash flow, which also leads here to the winter period in Sweden. In our maintenance business in Sweden, we have long payment times against the traffic agency. I'm not worried that we won't get paid. We're working with a good dialogue with Trafikverket to ensure this. This is simply due to a contract construction where we have long payment times. I hope we'll get this right with Trafikverket. If we look at the backlog and how it is for execution, we see, as before, that we have a little decline in book-to-build in the first quarter. But as I have previously presented, I expect that on the rolling 12, we will have a book and picture that exceeds 1 from and under the strategy period until 2028. The backlog on a solid level of about 8.5 billion, with the hope that it will be strengthened here with a message from the offer that we will leave in the first quarter. If we look at the backlog for execution, it is on a slightly stronger level from 2027 and onwards. But it needs to be filled in for execution in the coming years. But also this will, or my hope is that it will be corrected with what has been calculated here or submitted in the first quarter. Om vi tittar på LTI-sekvensen, alltså korta skador som innefattar minst en sjukfrånvarodag för en miljon arbetare timmer, har vi en ökad trend i det första kvartalet. Det beror helt enkelt på att det har varit vinter och det är halkskador som slår igenom. Vi fokuserar väldigt hårt för att rätta till det med erforliga rutiner och skyddsutrustning. Sjukfrånvaron tycker jag är på en stabil låg nivå och We are still warned of serious accidents. Our risk work is always highly prioritized. If we benchmark these three segments against our competitors, I think we are on a good and sound level. And then I'm going to hand over to Oskar on film. I hope it works.

With new segments. Now 5 against our earlier 3. The first quarter has been a winter quarter, without the big surprises. Quite in line with our own expectations. But there have been some currency effects that have further created some resistance in terms of turnover. Anders will come back to that shortly, in conclusion. The turnover in the quarter was 1.14 billion. That is 130 million kroner down from the same quarter in 2025. As previously communicated, we are quite behind for 2026. The growth from 2025 to 2026 will materialize in the second half of the year. We have quite an OK EBIT at minus 29 million kroner. That is in line with our quarterly prognosis. Finland and Special Operations deliver better than expected. Norway and Maskin deliver as expected, but Sweden is on the softer side in the quarter. We have a slightly weak order in the quarter and a booked bill of only 0.8. We expect a significant rise in the medium term, a much better Q2 than Q1. It has also started OK, and we have many outstanding offers that we are waiting for. Let's look at Norway. Norway had a turnover of 262 million kroner in the quarter, significantly lower than last year. Also a quarter that is naturally season-oriented, but it is also characterized by a lower order reserve. EBIT for Norway was at minus 8.5 million kroner, In that number, it has taken a restructuring cost of 14 million kroner, linked to changes carried out under the Pole Position program. Order intake in Norway was 209 million kroner in the quarter, and Norway has with that an order reserve of 1.1 billion kroner. We have over time pulled from this as a weak point. Some are linked to slightly lower win rates than desired, and some are also linked to projects that especially within the track side have slipped. But we have carried out significant capacity adjustments, and we have also won new civil jobs now. We are confident that Norway will deliver positive results this year, even without Gunnar Knudsen as before. As for ETM, we are now approaching the final approval of our final position for Banen Nord. This means that we will subsequently enter the negotiation process during the summer. And we are now looking to see if we can land an unlawful solution to this in the course of the third quarter. Let's look at Sweden. Sweden had a turnover of 337 million kroner in the quarter. This is a trend like last year. We had expected some faster starting pace for Sivil. In terms of profitability, EBIT landed at minus 15 million kroner. The quarter has a winter mark, and we did not have the same positive project adjustment as we had in 2025. The order intake to Sweden was 172 million kroner. That was the first weak quarter for a while. So Sweden has an order reserve of 3.9 billion per Q1. They are significant, and Q2 will be very good in terms of order income. It is also pleasant to be able to report earlier this month about the conclusion of the conflict between Agen and Haga, where we own 20% and Trafikkverket. This closes the case from our side. No further risk for NIC Group. If we look further at Finland, Finland has a turnover of 396 million kroner. On average at the 20-25 level, especially if we correct for the currency. It is happy with an EBIT at 4 million. Finland continues its monetary improvement, and we are pleased to deliver positive results in Q1. On the order side, a little soft 343 million kroner, but an order reserve of 3.4 billion. Q2 will be good for order intake, and we are waiting for a couple of projects in Lightrail that will move from the design phase to the production phase. Then over to Special Operations, our first quarter. If we look at Gunnar Knudsen, or GK as we call it, they had a turnover of 95 million kroner in the quarter, and a positive EBIT of 15 million kroner. GK is now positioning itself for new opportunities after the release of a large contract that has been delivered to Q1. When it comes to KEPT, KEPT had a turnover of 45 million kroner. They also have a positive result, plus 2 million kroner. And KEPT is on dry ground and has had a very positive development after the earlier restructuring behind us. Let's continue to look at Maskin, also the first quarter as a new reporting segment. A quarter that is characterized by seasonal effects, naturally for Maskin. There was a turnover of 79 million kroner in the quarter. A little under 20% of that is external in this quarter. Most of the turnover is internal. If we look at the interest rate, it is an EBIT at minus 13%. These are the mentioned seasonal effects that play into it, as well as the fact that balance is naturally periodized and carried out in the first quarter. We expect a powerful lift when it comes to performance for the machine from and with Q2. Let's look at the cash development. We have a significant increase in working capital in the quarter. This is too volatile, and we will get a release again throughout the year. The operational content stream is reduced by almost kroner for kroner with the increase in working capital. And it also brings the cash position down by a reduction of 207 million kroner due to the aforementioned reasons. The cash situation is in the middle of the situation. We have a cash loan of 400 million kroner at the bottom, and we have previously talked about the fact that we have significant capital binding in the ETM project, which will be resolved when we are finally at the end of the negotiations or the process with Banenord. If we look at the loan situation, the net yield increased in the first quarter to 904 million kroner. It consists of 130 million kroner in bank yield, 400 million kroner in bond yield and 374 million kroner in leasing yield. As for the bond yield, it falls, as you can see in the middle graph, at 27 in Q3 October. We are working on a plan for refinancing it. The most important drivers have been mentioned earlier. There is further development in the rate of return, order base development, and not least, the ETM is also a joker in this. We will land the refinancing in a good way. If we look to the right, we see that our yield ratio is at a comfortable level. Finally, let's look at our Covenant situation, where we have solid buffers. We are measured on four buffers from the bank. And as it appears here, we have a good margin on all. We measure the answers to the obligation winners. Also here we have solid buffer. And as before, there is no risk of a break on Covenants for NRC Group in 2026. With that, I give the floor back to Anders, who will briefly sum up the quarter.

Thank you. Thank you, Oskar, for that. And thank you, Teknike, for being with us today. In summary, I think the first quarter is in line with our own forecasts and I think we will get the result with us, despite the fact that we have a turnover effect of 14 million from the efficiency program in Norway. The turnover is a bleak start, which is due to the fact that it has been winter and we are a little later in the cycle for a start, so we have started the business from Easter and onwards. The backlog is still at a solid level, and I hope that both the order entry and the order stock will be strengthened here in the second quarter, as we are waiting for messages on everything that has been calculated in the first quarter. As before, we are working on our results and turnover mostly in the second half of the year, and so it was also in the year of 2026. Det är glädjande att vi är avklarade med vårt konsortie i Sverige, AGN Haga, där vi då har varit minoritetsägare till 20%. Vi har klarat av detta och vi har ett slutavtal med Trafikverket och således ingen kvarstående rike eller garantiottagande i det här projektet. Vi är då färdiga att sända in i närtid, de närmsta veckorna, våran slutdokumentation och sådeles slutkrav rörande ETM-projektet. Och jag förväntar mig, som jag sa i inledningen här, en bra och konstruktiv dialog med Barnenor, så att vi förhoppningsvis når en överenskommelse här i det tredje kvartalet. Skulle inte så ske, så kommer vi ta rättsliga åtgärder för att säkerställa våran rättvisa del i den här tvisten. Vi rapporterar nu i fem segment från tidiga tre. Detta för att synliggöra mer hur våra dotterbolag och vårt maskinsegment bidrar till värdekedjan och värde till dessa affärer. Men vi kommer också att påbörja en strategisk översyn av vårt dotterbolag Gunnar Knutsen som sysslar med transportverksamhet mestadels i Oslo. Vi har anlitat ABG i denna processen. Kostnadseffektivitetsprogrammet här i Norge då som belastar med 14 miljoner tycker jag löper på bra. Och vi har säkerställt att det norska affärsområdet ska klara sig då utan de två dotterbolagarna NRC Kept och Gunnar Knutsen. Jag tycker väl om vi ska lyfta fram något i det första kvartalet så överlag en OK start. Finland lyfter sig lite. Vi har Special Operations som lyfter sig lite. Norway somewhat on the expected level, Sweden a little below due to the winter effect. We continue to guide for a turnover of about 7.5 billion. But I raise my hand here to blow a little wind regarding the currency between Norway, Sweden and Finland. But it is too early to speculate in currency today, so I have to return to the effect here in the second quarter that we presented in August. Vi fortsätter att guida för att vi ska nå en marginal på mer än 3% på evigtmarginalen. Ingen förändring i vårt långsiktiga mål, att vi ska nå mer än 10 miljarder för verksamhetsåret 2028. Således nå en marginal på mer än 5%. Då öppnar jag upp för frågor. Förhoppningsvis har vi CFO med oss i chatten.

Vi tar bara först en test. Oskar, du hör oss fortsatt, ikke sant? Yes, bra. Det fungerer enda. Det er ingen spørsmål fra Digitalt enda, så vi tenker vi å åpne opp på spørsmålet, hvis det er noen som har.

Ja, Herman Kaspersen, ABG. It seems that you see higher activity on the border, especially in Finland and Sweden. But just a little more on the situation in Norway. Can you tell us a little bit about how you see the activity level in the next quarter?

In Norway, in the Norwegian business area, we see the effect of that partly the projects that we had picked out, that we had focused on, are in the third and fourth quarter now. So there we have an impact. But at the same time, it takes off to other civil-related jobs that fit our water energy and not the defense sector, but the water energy sector. And I hope that this is the same. But we need to fill up with more jobs in Norway, absolutely. But at the same time, in Sweden and Finland, there has been very high activity. And it is above all these alliance projects, Helsinki-Turku, that we are waiting for news about here in the near future.

And when it comes to this low QN season in the machine segment, you make some thoughts, and you say a little about it, but can you give a little more insight into what drives the season in the machine segment?

Vi kvarstår att vi har maskiner specialiserade för spårrelaterad infrastruktur och när det är kallt så lämpar det sig inte för spårrelaterad infrastruktur. Så det är svårt att säga att jag ska hitta annan anpassning för dessa maskiner utan vi kommer helt enkelt räkna med att vi har cirka från november till mars månadsutgång har vi ett stillestånd i våra maskinflotta. Och det får jag nog räkna med kommer att gälla hela strategiperioden. The staff, on the other hand, we are trying to transfer to other civil-related businesses such as the energy and water sector. But the machines will be standing if it's cold. That's how it looks in our cycle. So we will continue to make money and transfer money in the second half of the year with a little more quiet quarter one. It will be like that in the future as well.

So we have one additional effect, which I mentioned in the video. It is that naturally enough, when the machines are standing, we prioritize and do maintenance primarily in the first quarter. And the maintenance costs are not periodized out over the year, but they are taken when the maintenance is taken. So it is also about pulling QM down for the machine.

Thank you. In principle, there is always an understatement, but in principle, the daily average temperature should be more than 6 degrees for us to get started and drive.

If I can ask you a question, Oskar. I register that the reviews for Q1 this year are lower than what you have been used to be historically over the last quarter of the year. What does that mean?

It is probably the 16 deductions that are reduced. I believe that is what you are aiming for. It is what makes the most of our deductions. And it is not just that we have a greater degree of investment control now than we have had before. So we are, and that is also one of the advantages of taking out this machine as an area, not just for visible value, but also to drive the machines in a better way, more professionally, but not least to make sure that we do not overinvest. For now we have a much broader view of what we have of capacity in the machine area. So the answer is probably that we see that the leasing base in total is going down.

Thank you.

Om det inte finns några mer frågor så får jag tacka för dagens presentation och önska alla en fortsatt trevlig dag och förhoppningsvis en trevlig helg när den kommer.