2013-10-25 NCC AB 1

Interim reportJanuary 1 – September 30, 2013

Peter WågströmPresident and CEO

Ann-Sofie Danielsson Chief Financial Officer

Motala Bridge, Highway 50

Q3 in brief

2013-10-25 NCC AB 2

Orders received: SEK 13,143 M (13,160)

Net sales: SEK 13,129 M (13,765)

Order backlog: SEK 51,065 M (48,548)

Operating profit: SEK 823 M (814)

Cash flow before financing: Negative SEK 227 M (negative: 492)

Pipe renovation, Stockholm

Jan-Sep in brief

2013-10-25 NCC AB 3

Orders received SEK 42,617 M (40,336)

Net sales SEK 36,749 M (38,157)

Operating profit: SEK 1,332 M (1,187)

Cash flow before financing: negative SEK 2,579 M (negative: 3,913)

Kauniaisten Konsuli, Kauniainen

Intensified seasonal pattern...Profit/loss after financial items

-400

-200

0

200

400

600

800

1,000

1,200

1,400

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

NCC AB 4

SEK M

2013-10-25

…but stable earnings trendRolling 12 months

0

500

1,000

1,500

2,000

2,500

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

2013-10-25 NCC AB 5

SEK M

NCC’s Construction unitsMarket

2013-10-25 NCC AB 6

Q3/2013

Demand slackened in the first six months of the year - slow recovery from the end of the second quarter

Improvement during the second half of the year; full-year in line with 2012

2014

Slight growth in Nordic construction market

Strongest performance in the Norwegian and Swedish markets, weaker in Finland

Orders received and order backlog – NCC’s Construction units

0

5

10

15

20

25

30

35

40

45

Q12009

Q2 Q3 Q4 Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Orders received, quarter Order backlog Orders received R12SEK BN

2013-10-25 NCC AB 7

Orders received increased in SwedenOrders received by NCC Construction units

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Sweden Denmark Finland Norway

Q3 2012 Q3 2013

2013-10-25 NCC AB 8

SEK M

Increase in civil-engineering segmentOrders received by NCC Construction units

0

1,000

2,000

3,000

4,000

Civil engineering Housing Other buildings

Q3 2012 Q3 2013

2013-10-25 NCC AB 9

SEK M

2013-10-25 NCC AB 10

Favorable distribution between small and large projectsNCC’s Construction units

8%8%

11%

15%

23%

18%

17% SEK < 5 MSEK 5-10 MSEK 10-25 MSEK 25-50 MSEK 50-100 MSEK 100-300 MSEK > 300 M

Total SEK 7.7 BN (8.4)

Large orders in construction operationsQ3 2013

2013-10-25 NCC AB 11

Second phase of energy production plant Amager Bakke in Copenhagen, SEK 276 M

Highway 4 in Norway, 9.3-kilometer four-lane highway, SEK 1.2 BN

Amager Bakke, Copenhagen, Denmark

Highway 4 in Norway

Partnership project between NCC Construction in Norway and Sweden

Order worth SEK 1.2 BN (divided 60/40)

Completion in December 2016

The Gran-Jaren section of Highway 4 will total 9.3 km

Highway construction also includes a 1.7-km long two-lane tunnel, two major overpasses, 11.4 km of local roads and several structures and other projects along the way

North Tunnel Gran Centrum

2013-10-25 NCC AB 12

New organizationNCC Construction Sweden

Regional level to be discontinued – replaced by five segments: Land and Industrial Construction, Civil Engineering, Buildings, Housing and General Construction

This will lead to:• Stronger local presence

• Increased specialization to satisfy customer needs

• The power of development work being moved closer to the business operations

2013-10-25 NCC AB 13

Nya Triangeln, etapp 2, Malmö

NCC RoadsMarket

2013-10-25 NCC AB 14

Q3/2013

Demand for asphalt and aggregates increased during the third quarter

Asphalt for the full-year in line with 2012

Aggregates for the full-year slightly lower than 2012

2014

Higher demand for aggregates

Asphalt market – potential for growth

Customers in focus– NCC Roads introduces Nordic organization

2013-10-25 NCC AB 15

Three Nordic divisions have been formed – aggregates, asphalt and road services

Strategic effort to optimize customer offerings

Nordic work methods key to achieving strategic targets

Lower volume of aggregatesVolumes of aggregates sold, thousands of tons

2013-10-25 NCC AB 16

8,343 8,218

Q32012

Q32013

High asphalt volumesVolumes of asphalt sold, thousands of tons

2013-10-25 NCC AB 17

2,719 2,728

Q32012

Q32013

Highway 50, Motala

NCC HousingMarket

2013-10-25 NCC AB 18

Q3Best market conditions in Germany and St. Petersburg

Slow recovery in Denmark and the Baltic countries

Prices up slightly in Sweden

Degree of caution in Sweden and Finland, purchase decisions made closer to completion

Prices have leveled out in Norway

2014Stable demand in all markets in 2014, except in Finland which is more uncertain

Essentially unchanged price levelsHusarhagen, Stockholm

Continued favorable sales of housing…

2013 2012

557 492

191 58

476 485

125 70

563 385

57 90

666 440

2,635 2,020

848 744

3,483 2,764

2013 2012

142 165

77 16

110 169

47 21

279 150

15 32

273 156

943 709

449 460

1,392 1,169

2013-10-25 NCC AB 1919

No. of housing units sold

Sweden

Denmark

Finland

Baltic countries

St. Petersburg

Norway

Germany

Total, private customers

Investment market

Total

Jul-Sep Jan-Sep

2013 2012

375 646

203 62

399 382

137 73

640 0

25 56

857 509

2,636 1,728

848 792

3,484 2,520

2013 2012

106 267

86 4

116 74

0 31

95 0

2 0

295 125

700 501

449 350

1,149 851

Jul-Sep

2013-10-25 NCC AB 20

...provide conditions for more starts

20

No. of housing starts

Sweden

Denmark

Finland

Baltic countries

St. Petersburg

Norway

Germany

Total, private customers

Investment market

Total

Jan-Sep

Housing sales for investors Q3Major transactions

2013-10-25 NCC AB 21

City Housing unitsPrice,

SEK MRecognized in

profitHamburg/Cologne, Germany 155 321 Q4 2014

Stockholm, Sweden 328 667 Q3 2013

Cologne, Nippes

Strategic focus on rental apartments in Sweden

2013-10-25 NCC AB 22

New rental concept, pilot Säby• New construction system/platform

• Apartment buildings

• Lower construction costs

First rental package sold to KPA• Development costs and use of land reserved

for tenant-owner apartments had a negative impact on earnings

• Forward funding

Säby, Stockholm

Fewer completed housing units not recognized in profit

2013-10-25 NCC AB 23

Sep 30,2013

Dec 31, 2012

61 77

27 40

89 152

28 75

12 11

18 16

28 22

263 393

34 0

297 393

23

Number of housing units

Sweden

Denmark

Finland

Baltic countries

St. Petersburg

Norway

Germany

Total, private customers

Investment market

TotalSäby, Stockholm

Target of 7,000 units under construction achieved

2013-10-25 NCC AB 24

Number of housing units

For private customers For investors Total

Sep 30,2013

Dec 31, 2012

Sep 30,2013

Dec 31, 2012

Sep 30, 2013

Dec 31, 2012

Ongoing production 5,663 4,391 1,705 1,377 7,368 5,768

Sales rate, % 53 43 98 96 63 56

Completion rate, % 53 47 41 40 50 45

Helsingin Ajuri, Konala, Helsinki

2013-10-25 NCC AB 25

A large portion will also be completed this year in Q4Estimated completion

0

200

400

600

800

1,000

1,200

1,400

1,600

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Later

SwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold

83 percent sales rate in projects for completion in Q4, 2013.

No. of housing units for private customers

Continued market alignment of housing portfolioHousing for private customers,ongoing productionSeptember 30, 2013 (June 30, 2013)

2013-10-25 NCC AB 26

Sweden 21% (23)

Denmark 6% (4)

Finland 14% (15)

Norway 3% (4)

Germany 20% (17)

St. Petersburg 33% (33)

Baltic countries 3% (4)

NCC Property DevelopmentMarket

2013-10-25 NCC AB 27

Q3/2013

Low transaction volume

Demand for modern and “green” properties with stable tenants in prime locations

Stable rents and vacancies

2014

Anticipated GDP increase – positive impact on the Nordic property market

Koggen 2, Malmö

Property sales Q3

2013-10-25 NCC AB 28

Project Type Price SEK M Recognized in profitTorsplan, Stockholm, Sweden Office 1,618 Q4 2013

Gladsaxe CompanyHouse, Copenhagen Office 353 Q1 2015

Birsta, Sundsvall Retail 66 Q4 2013

Gladsaxe Company house, Copenhagen

Successful leasingLeased floor space, m2

2013-10-25 NCC AB 29

57,600

84,200

Jan-Sep2012

Jan-Sep2013

Lysaker Polaris, Oslo, NorwayRA Motor, Uppsala

Project starts Q3

2013-10-25 NCC AB 30

Gladsaxe Company House office project, Copenhagen• Leasable floor space: 14,800 m2

• Leasing rate: 71%

• Completion rate: 20%

• DNGB gold level

• Complete Q1 2015

• Part of the conversion of the former industrial property comprising 120,000 m2

Gladsaxe Company house, Copenhagen

Well-balanced portfolio25 (24) ongoing or completed projects not recognized in profitSeptember 30, 2013 (June 30, 2013)

2013-10-25 NCC AB 31

Norway, 3 (3) projects

Leasable floor space 43,400 m2

Finland, 8 (8) projectsLeasable floor space 79,200 m2

Denmark, 9 (8) projectsLeasable floor space 52,900 m2

Sweden, 5 (5) projectsLeasable floor space 76,000 m2

2013-10-25 NCC AB 32

Highway 50, Motala-Mjölby

Ann-Sofie Danielsson Chief Financial Officer

Q3 in brief

2013-10-25 NCC AB 33

Orders received OK – high order backlog

Operating profit: SEK 823 M (814)

Better cash flow from operating activities

Helsingin Akaasia, Helsinki

Income statement

SEK MJul–Sep

2013Jul–Sep

2012Oct 12–Sep 13

Jan–Dec2012

Net sales 13,129 13,765 55,818 57,227

Gross profit 1,481 1,419 5,603 5,495Selling and administrative expenses -670 -605 -3,160 -2,988Cost ratioOther

5.1%13

4.4%1

5.7%21

5.2%12

Operating profit 823 814 2,464 2,519Financial items -75 -72 -278 -241Profit after financial items 748 742 2,187 2,277Tax on profit for the period -134 -173 -298 -367Tax rate 17.9% 23.3% 13.6% 16.1%Profit for the period 614 569 1,887 1,910

2013-10-25 NCC AB 34

NCC Construction Sweden

01234567

0100200300400500600700

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

SEK M %Profit Operating margin

0

2,000

4,000

6,000

8,000

10,000

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

SEK M Orders received Net sales

2013-10-25 NCC AB 35

NCC Construction Denmark

0

2

4

6

8

0

20

40

60

80

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

0400800

1,2001,6002,0002,400

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Isbjerget, Aarhus

2013-10-25 NCC AB 36

SEK M %Profit Operating margin

SEK M Orders received Net sales

NCC Construction Finland

2013-10-25 NCC AB 37

-2

0

2

4

6

-20

0

20

40

60

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

0400800

1,2001,6002,0002,4002,800

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Aitio Business Park, Helsinki

SEK M %Profit/loss Operating margin

SEK M Orders received Net sales

NCC Construction Norway

-12-10-8-6-4-20246

-120-100

-80-60-40-20

0204060

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

0400800

1,2001,6002,0002,4002,8003,200

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Lona Park, Bergen 

2013-10-25 NCC AB 38

SEK M %Profit/loss Operating margin

SEK M Orders received Net sales

NCC Roads

-60-40-200204060

-600

-400

-200

0

200

400

600

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

2013-10-25 NCC AB 39

SEK M %Profit/loss Operating margin

SEK M Net sales

0600

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

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

NCC Spuma

NCC Housing

-404812162024

-1000

100200300400500600

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Säby, Stockholm

2013-10-25 NCC AB 40

SEK M %Profit/loss Operating margin

SEK M Net sales

0600

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

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Housing units recognized in profit

41

Number of housing units Jul-Sep2013Jul-Sep

2012

Sweden 144 103

Denmark 34 15

Finland 128 171

Baltic countries 45 22

St. Petersburg 44 1

Norway 22 97

Germany 93 113

Total, private customers 510 522

Investment market 0 55

Total 510 577

2013-10-25 NCC AB 41

NCC Folkboende

NCC Property Development

2013-10-25 NCC AB 42

-500

50100150200250

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

0

500

1,000

1,500

Q12010

Q2 Q3 Q4 Q12011

Q2 Q3 Q4 Q12012

Q2 Q3 Q4 Q12013

Q2 Q3

Ullevigatan, Gothenburg

SEK M Operating profit/loss

SEK M Net sales

Operating profit/loss per business area

SEK MJul-Sep

2013Jul-Sep

2012Jan–Dec

2012NCC Construction Sweden 192 227 801

NCC Construction Denmark 55 58 189

NCC Construction Finland 38 48 101

NCC Construction Norway 28 30 74

NCC Roads 538 442 417

NCC Housing 15 77 835

NCC Property Development 8 -27 295

Other and eliminations -51 -40 -192

Operating profit 823 814 2,519

2013-10-25 NCC AB 43

SEK BNSep 30,

2013Dec 31,

2012Goodwill 1.8 1.8Property projects 6.8 5.3Housing projects 13.6 11.7Accounts receivable and receivables from property sales 8.1 8.2Other assets 10.5 10.7Total assets 40.8 37.7

Balance sheet

2013-10-25 NCC AB

Alberga Business Park, Helsinki

44

SEK BNSep 30,

2013Dec 31,

2012Development properties 2.2 2.2Ongoing property projects 3.4 2.7Completed property projects 1.2 0.5Total property projects 6.8 5.3

SEK BNSep 30,

2013Dec 31,

2012Goodwill 1.8 1.8Property projects 6.8 5.3Housing projects 13.6 11.7Accounts receivable and receivables from property sales 8.1 8.2Other assets 10.5 10.7Total assets 40.8 37.7

Balance sheet

2013-10-25 NCC AB

SEK BNSep 30,

2013Dec 31,

2012Development properties 5.2 5.5Development costs 1.4 1.3Ongoing housing projects 6.4 4.2Completed housing units 0.7 0.8Total housing projects 13.6 11.7

45

Cash flow

2013-10-25 NCC AB 46

SEK MJul-Sep

2013Jul-Sep

2012Oct 12 -Sep 13

Jan-Dec2012

From operating activities 830 942 2,166 2,458From property projects -492 -678 -1,313 -928From housing projects -775 -1,100 -1,119 -2,046Other working capital 394 591 1,523 489Investing activities -185 -247 -854 -906Cash flow before financing -227 -492 402 -932

Vantaan Backaksen Eemeli, Kartanonkoski, Vantaa

Net indebtedness

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

2009 2010

-0.20.00.20.40.60.81.01.21.41.61.82.0

-1,0000

1,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32011

2013-10-25 NCC AB 47

2012 2013

Net indebtedness, tenant housing and housing associations, SEK M

Debt/equity ratio

2013-10-25 NCC AB 48

P303 Gullvivan

Summary of Q3

2013-10-25 NCC AB 49

Slow market improvement

Orders received on a par with year-earlier period

High order backlog

Lower sales

Higher operating profit and margin

Favorable earnings for NCC Roads and NCC Construction Denmark

Healthy sales of housing and housing starts

Amager Bakke, Copenhagen, Denmark

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

2013-10-25 NCC AB 51