2015-11-06 NCC AB 1

Peter WågströmPresident and CEOAnn-Sofie Danielsson Chief Financial Officer

Interim reportJanuary 1 - September 30, 2015

Royal College of Music, Stockholm

Q3 2015 in brief

2015-11-06 NCC AB 2

Orders receivedSEK 13.0 BN (12.4)

Order backlogSEK 57.1 BN (54.6)

Lysaker Polaris, Oslo

Net salesSEK 14.7 BN (14.8)

Profit after financial itemsSEK 808 M (881)

January - September 2015 in brief

2015-11-06 NCC AB 3

Orders receivedSEK 42.1 BN (42.9)

Net salesSEK 40.1 BN (38.1)

Order backlogSEK 57.1 BN (54.8, Dec. 31 2014)

Profit after financial itemsSEK 1,094 M (1,217)

Dome of Visions, Stockholm

Spin-off of NCC Housing

2015-11-06 NCC AB 4

The investigation completedBeneficial to both the shareholders and the companyThe board has decided to begin preparing for a distributionMore information Capital Markets Day November 26

Design Duo, Knivsta

Trends in Nordic construction market

2015-11-06 NCC AB 5

SwedenFavorable trend in all segments

NorwayFavorable trend in infrastructure

DenmarkGrowth in Copenhagen and Aarhus – residential and other buildings, energy renovation

FinlandChallenging market

Cirkus, Skandiascenen, Stockholm

2015-11-06 NCC AB 6

Order backlog on a good levelNCC Construction

0

5

10

15

20

25

30

35

40

45

50

Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Orders received, quarter Order backlog Orders received R12 Net sales, R12SEK BN

Increased share of medium sized projectsNCC Construction

22%

26%

16%

12%

10%

6%

8%

20%

29%

15%

15%

9%

7%

5%

SEK > 300 M

SEK 100-300 M

SEK 50-100 M

SEK 25-50 M

SEK 10-25 M

SEK 5-10 M

SEK < 5 M

Q12014

Q2 Q3 Q4 Q12015

Q2 Q30%

10%20%30%40%50%60%70%80%90%

100%

Project size, orders receivedTotal SEK 7.7 BN

Project size, order backlogTotal SEK 35.8 BN

2015-11-06 NCC AB 7

Q3 2014Q3 2015

<5 5-10 10-25 25-50

50-100

100-300

>300

SEK M

2015-11-06 NCC AB 8

Geographical distributionOrders received, NCC Construction

0

1,000

2,000

3,000

4,000

5,000

6,000

Sweden Denmark Finland Norway

Q3 2014 Q3 2015SEK M

Strategic partnering agreementsigned in Q3

2015-11-06 NCC AB 9

Tollare, Nacka

14 schools, preschools and sport halls, the Municipality of Nacka, ≈ SEK 2 billion during a 6 year period

To be registered project by project

2015-11-06 NCC AB 10

Good order intake in other buildings Orders received, NCC Construction

0

1,000

2,000

3,000

Civil engineering Residential Other buildings

Q3 2014 Q3 2015SEK M

2015-11-06 NCC AB 11

A selection of construction projects in Q3Residential, Luleå Archipelago, Sweden SEK 169 M

Construction and maintenance of schools, life cycle contract, Mäntsäla, Finland, SEK 280 M (SEK 620 M)

Frame construction agreement for a laboratory building, Aarhus University, Denmark SEK 90 M

Bardufoss school building, Troms, NorwaySEK 270 M

2015-11-06 NCC AB 12

Folkboende

Folkboende, Munkedal

Trends in stone material, asphalt and road serviceThe Nordic market

2015-11-06 NCC AB 13

Stone materialFavorable demand

AsphaltFavorable demand

Road serviceStable demand

Arlanda Quarry, Stockholm

Slightly lower volume of stone materialVolumes of stone material sold, thousands of tons

2015-11-06 NCC AB 14

7,712 7,373

Q32014

Q32015

Arlanda Quarry, Stockholm

…and asphalt volumesVolumes of asphalt sold, thousands of tons

2015-11-06 NCC AB 15

2,5812,451

Q32014

Q32015

Trends in residential markets

2015-11-06 NCC AB 16

Private customersFavorable market in Sweden and GermanyStable demand in St. PetersburgChallenging market in FinlandLocal variation in NorwayGood demand in Copenhagen

Investor marketsStrong demand for investor packages in Germany, Sweden and Finland

Folkboende, Munkedal

266 506

Q32014

Q32015

DenmarkNorway

Higher sales to investorsNo. of housing units sold

2015-11-06 NCC AB 17

1,4021,272

Investor packages

St. PetersburgBaltic Countries

Germany

Finland

Sweden

KTH, Student housing, Stockholm

Over 9,000 units in production

2015-11-06 NCC AB 18

Design Quattro, Ytterby

Number of housing units

For private customers For investors Total

Sep. 30,2015

Sep. 30, 2014

Sep. 30,2015

Sep. 30,2014

Sep. 30, 2015

Sep. 30, 2014

Ongoing production 6,920 6,425 2,151 1,525 9,071 7,950

Sales rate, % 71 58 94 100 76 66

Sales including bookings, % 77 67 94 100 81 73

Completion rate, % 56 53 72 63 60 55

266506

Q32014

Q32015

1,389

1,150

Increased starts to investorsNo. of housing starts

2015-11-06 NCC AB 19

Folkboende, Munkedal

Investor packagesSt. PetersburgBaltic CountriesGermanyFinlandDenmarkNorwaySweden

2015-11-06 NCC AB 20

Some of the started housing projects in Q3

Am Campus, Berlin, Germany28 units

Omenatorni, Espoo, Finland79 units

Lindealléen, Copenhagen, Denmark19 units

Stora Vasstrået, Täby, Sweden63 units

2015-11-06 NCC AB 21

Record number of units to be completed in Q4Estimated completion

0

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

3,000

Q42015

Q12016

Q2 Q3 Q4 Q12017

Later

Investor packagesSwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold

No. of housing units

62 sold and completed housing units, to be recognized

Q3 2014Est. completion 2015

Q3 2015Est. completion 2016

Better geographical distribution in units to complete 2016Estimated completions

2015-11-06 NCC AB 22

3,693

4,323

Bertta, Finland

Investor packages

St. Petersburg

Baltic CountriesGermany

FinlandDenmarkNorway

Sweden

2015-11-06 NCC AB 23

Housing portfolio Housing for private customers, ongoing productionSep. 30, 2015 (Dec. 31 2014)

46% (41)

7% (7)

9% (11)

1% (1)

22% (20)

12% (12)

4% (8)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

Number of housing units Estimated value

31% (29)

7% (8)

34% (36)

3% (2)

18% (17)

5% (4)

2% (4)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

Trends in Nordic property market

2015-11-06 NCC AB 24

Investor marketHigh interest in the Nordic marketFinland • Cautious investors

Rental marketStrong demand in SwedenStable in DenmarkWeakening in NorwayWeak demand in Finland

Lysaker Polaris, Oslo

Office project Lysaker Polaris in Oslo profit recognized in Q3

2015-11-06 NCC AB 25

Sold to Storebrand Eiendom ASUnderlying property value of SEK 820 M

Lysaker Polaris, Oslo

2015-11-06 NCC AB 26

0

50,000

100,000

150,000

200,000

250,000

300,000

2012Q1

Q2 Q3 Q4 2013Q1

Q2 Q3 Q4 2014Q1

Q2 Q3 Q4 2015Q1

Q2 Q3

Leasable area beginning of quarter

Leased in quarter

Previous leased area

Good lease in the quarter – 22,100 sqmLeased floor space, sqm

2015-11-06 NCC AB 27

Property portfolio – starts in focusLeasable space, sqm, in ongoing or completed projects not recognized in profit

0

50,000

100,000

150,000

200,000

250,000

300,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Sweden

NorwayDenmarkFinland

14 No. of projects

22

25

17

24

1617

1716

1514

2015-11-06 NCC AB 28

Ann-Sofie Danielsson Chief Financial Officer

Lyaker Polaris, Oslo

612

814 823989

900

2011Q3

2012Q3

2013Q3

2014Q3

2015Q3

Q3 2015 in brief

2015-11-06 NCC AB 29

Norway drawing down the resultOrders received on a good levelImproved cash flow

Operating profit, SEK M

Västergård Arena, Södertälje.

2015-11-06 NCC AB 30

Income statement

SEK MJul.-Sep.

2015Jul.-Sep.

2014Oct. 14-Sep. 15

Jan.-Dec.2014

Net sales 14,724 14,796 58,844 56,867

Gross profit 1,588 1,637 5,727 5,691Selling and administrative expenses -700 -653 -3,276 -3,117Cost ratioOther

4.8%13

4.4%4

5.6%39

5.5%31

Operating profit 900 989 2,490 2,604Financial items -93 -108 -378 -370

Profit after financial items 808 881 2,111 2,234Tax -161 -184 -355 -396Tax rate 19.9% 20.9% 16.8% 17.7%Profit for the period 647 696 1,756 1,838

SEK MJul.-Sep.

2015Jul-Sep.

2014Oct. 14-Sep. 15

Jan.-Dec.2014

NCC Construction Sweden 214 182 727 640NCC Construction Denmark 76 67 315 281NCC Construction Finland 55 27 124 111NCC Construction Norway -105 75 -21 146NCC Roads 363 407 409 459NCC Housing 183 243 864 949NCC Property Development 141 36 265 169Other and eliminations -27 -49 -193 -151Operating profit 900 989 2,490 2,604

2015-11-06 NCC AB 31

Operating profit/loss per business area

0

1

2

3

4

5

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

02,0004,0006,0008,000

10,00012,00014,00016,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

2015-11-06 NCC AB 32

NCC Construction

SEK M %Operating profit Operating margin

SEK M Orders received Net sales

• Good result in Sweden, Denmark and Finland

• Write downs in Norway

• Net sales SEK 9,150 M (9,115)

• Lower operating profitSEK 240 M (351)

• Operating margin2.6% (3.8%)

0600

1,2001,8002,4003,0003,6004,2004,800

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

NCC Roads

2015-11-06 NCC AB 33

-60

-40

-20

0

20

40

60

-600

-400

-200

0

200

400

600

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

SEK M Operating profit/loss Operating margin

SEK M Net sales

%

Viasafe

0

1,000

2,000

3,000

4,000

5,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Net sales

NCC Housing

2015-11-06 NCC AB 34

0

3

6

9

12

15

18

0

100

200

300

400

500

600

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3Signalfabriken, Sundbyberg

SEK M

SEK M Operating profit Operating margin %

2015-11-06 NCC AB 35

Number of housing units Jul.-Sep.2015

Jul.-Sep.2014

Sweden 175 135

Denmark 7 41

Finland 175 114

Baltic countries 21 5

St. Petersburg 36 46

Norway 15 30

Germany 160 176

Total, private customers 589 547

Investor packages 453 507

Total 1,042 1,054Design Quattro, Ytterby

Profit recognized units on the same level

NCC Property Development

2015-11-06 NCC AB 36

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

0500

1,0001,5002,0002,5003,0003,500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Portland Towers, Copenhagen

Net salesSEK M

SEK M Operating profit/loss

Balance sheetSEK BN

2015-11-06 NCC AB 37

10.5 12.2

8.4 7.6

14.8 14.6

5.5 4.91.9 1.8

Sep. 302014

Sep. 302015

Goodwill

Property projects

Housing projects

Accounts receivable andreceivable from property salesOther assets

41.1 40.9

Hammarbydepån, Stockholm

Cash flow

SEK MJul.-Sep.

2015Jul.-Sep.

2014Oct.14-Sep.15

Jan.-Dec.2014

From operating activities 890 963 2,660 2,273From property projects 535 -335 670 145From housing projects -685 -498 -652 -761Other working capital 417 -578 430 -313Investing activities -154 -180 -755 -771Cash flow before financing 1,004 -627 2,353 574

2015-11-06 NCC AB 38Mimer, Stockholm

2015-11-06 NCC AB 39

Net indebtedness

Net indebtedness excl. tenant housing and housing associations, SEK M

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2 Q3

Net indebtedness, incl. tenant housing and housing associations, SEK M

Debt/equity ratio, timesPension liability, IAS 19, SEK M

2015-11-06 NCC AB 40Strängnäs-Härad railway

Summary Q3 2015

2015-11-06 NCC AB 41

Favorable construction result in Sweden, Denmark and FinlandNegative result in Construction NorwayOrders received on a good levelOrder backlog on high levelStrong Cash flowGood foundation for a strong Q4

Rotebro bridge, Stockholm

2015-11-06 NCC AB 43

Contact information

IR Manager Johan BergmanTel: +46 (0)8-585 523 53, +46 (0)70-354 80 35johan.bergman@ncc.se

Chief Financial Officer Ann-Sofie DanielssonTel: +46 (0)8-585 517 17, +46 (0)70-674 07 20ann-sofie.danielsson@ncc.se