2015-04-29 NCC AB 1Rådhuset, Kristianstad

Interim reportJanuary-March, 2015

Peter WågströmPresident and CEOAnn-Sofie Danielsson Chief Financial Officer

Q1 2015 in brief

2015-04-29 NCC AB 2

Orders receivedSEK 13.4 BN (13.2)

Order backlogSEK 56.1 BN (50.8)

Skandionkliniken, Uppsala

Net salesSEK 11.2 BN (9.8)

Profit after financial itemsSEK -254 M (-239)

Trends in Nordic construction market

2015-04-29 NCC AB 3

SwedenGrowth in all segments

NorwayFavorable trend in infrastructure

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

FinlandChallenging market

Outlook 2015Nordic market growth – stronger in Sweden and Norway, challenging in Finland

Bertta, Finland

2015-04-29 NCC AB 4

Orders receivedNCC’s Construction units

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

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

Increased share of large projectsNCC’s Construction units

10%

30%

18%

12%

11%

8%

11%

29%

19%

16%

8%

11%

6%

11%

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

0%10%20%30%40%50%60%70%80%90%

100%

Project size, orders receivedTotal SEK 8.3 BN

Project size, order backlogTotal SEK 37.3 BN

2015-04-29 NCC AB 5

Q1 2014Q1 2015

<5 5-10 10-25 25-50

50-100

100-300

>300

SEK M

2015-04-29 NCC AB 6

Favorable orders received in Sweden and DenmarkOrders received, NCC’s Construction units

0

1,000

2,000

3,000

4,000

5,000

6,000

Sweden Denmark Finland Norway

Q1 2014 Q1 2015SEK M

2015-04-29 NCC AB 7

Increased orders in civil engineering and residential Orders received, NCC’s Construction units

0

1,000

2,000

3,000

4,000

Civil engineering Residential Other buildings

Q1 2014 Q1 2015SEK M

2015-04-29 NCC AB 8

A selection of construction projects in Q1Tingstad Junction, Gothenburg, Sweden, SEK 633 M

Office building, Abels Hus, Trondheim, Norway,SEK 295 million

Aurora school, Espoo Finland,SEK 125 M

Energy renovation of Hørgården, a nursing home outside Copenhagen, Denmark, SEK 385 million

2015-04-29 NCC AB 9

Hålogaland Bridge

2015-04-29 NCC AB 10

Hålogaland Bridge

Trends in stone material, asphalt and road serviceThe Nordic market

2015-04-29 NCC AB 11

Stone materialFavorable demand

AsphaltStable demand

Road serviceStable demand

Outlook 2015Higher demand for stone materialPotential for growth in asphalt

Rydbokrossen, Stockholm

Higher volume of stone materialVolumes of stone material sold, thousands of tons

2015-04-29 NCC AB 12

Jan.-Mar.2014

Jan.-Mar.2015

4,6374,985

…slightly lower asphaltvolumesVolumes of asphalt sold, thousands of tons

2015-04-29 NCC AB 13

Vestfynske Motorvej, Danmark

Jan.-Mar.2014

Jan.-Mar.2015

133

118

Trends in residential markets

2015-04-29 NCC AB 14

Private customersFavorable market in Sweden and GermanyStable demand in St. PetersburgChallenging market in Finland

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

Outlook 2015Good demand – especially in Sweden and GermanyWeak demand in Finland

Dickensweg, Berlin, Germany

138127

Q12014

Q12015

DenmarkNorway

Higher salesNo. of housing units sold

2015-04-29 NCC AB 15

1,1421,053 Investor packages

St. PetersburgBaltic Countries

Germany

Finland

Sweden

Krøyers Plads, Copenhagen

Ongoing production on a high level, good sales rate

2015-04-29 NCC AB 16

Rungwisch, Hamburg, Germany

Number of housing units

For private customers For investors Total

Mar. 31,2015

Mar. 31, 2014

Mar. 31,2015

Mar. 31,2014

Mar. 31, 2015

Mar. 31, 2014

Ongoing production 6,171 5,589 1,734 1,618 7,905 7,207

Sales rate, % 65 51 100 100 73 62

Sales including bookings, % 76 63 100 100 82 71

Completion rate, % 51 50 72 50 56 50

111

127

Q12014

Q12015

715

1,190

Main starts in Sweden and GermanyNo. of housing starts

2015-04-29 NCC AB 17

Sjöfallet, Stockholm

Investor packagesSt. PetersburgBaltic CountriesGermanyFinlandDenmarkNorwaySweden

2015-04-29 NCC AB 18

Some of the started housing projects in Q1

Gröna Lund 3, St. Petersburg, Russia96 units

Hohde, Helsinki, Finland, 35 units

Wohnen am Campus, Berlin, Germany84 units

Metropolitan, Uppsala, Sweden69 units

2015-04-29 NCC AB 19

More units to be completed 2015: 4,187 (3,330)Estimated completion

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Q22015

Q3 Q4 Q12016

Q22016

Q32016

Later

Investor packagesSwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold

No. of housing units

84 sold housing units, not recognized in Q1 profit

2015-04-29 NCC AB 20

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

30% (30)

9% (8)

36% (36)

2% (2)

17% (17)

3% (4)

3% (4)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

44% (42)

7% (7)

12% (10)

1% (1)

20% (20)

10% (12)

7% (8)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

Number of housing units Estimated value

Trends in Nordic property market

2015-04-29 NCC AB 21

Investor marketIncreasing interest in the Nordic marketFinland • Cautious investors

Rental marketGood demand in SwedenStable in Copenhagen and OsloWeaker demand in Finland

Outlook 2015Stable interest for Nordic properties

Logistics facility, Gustavsberg

NCC sells office project in Oslo, Norway

2015-04-29 NCC AB 22

Office project Lysaker PolarisSold to Storebrand Eiendom ASUnderlying property value SEK 820 million Profit recognition Q3 2015

2015-04-29 NCC AB 23

10,900 sqm leased in the quarterLeased floor space, m2

Lielathikeskus Retail Cente, Tampere

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

Leasable area beginning of quarter

Leased in quarter

Previous leased area

2015-04-29 NCC AB 24

Sweden – a large part of the portfolioLeasable space, m2, 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

Sweden

NorwayDenmarkFinland

14No. of projects

22

25

17

24

1617

1716

2015-04-29 NCC AB 25

Ann-Sofie Danielsson Chief Financial Officer

Rotebro bridge, Stockholm

2,2542,017

2,519 2,679 2,604 2,604

2010 2011 2012 2013 2014 2015R12

Q1 2015 in brief

2015-04-29 NCC AB 26

Order backlog on a high levelIncreasing net salesImproved operating profit in seveal business areas

Operating profit, SEK M

Rådhuset, Kristianstad

2015-04-29 NCC AB 27

Income statement

SEK MJan.-Mar.

2015Jan.-Mar.

2014Apr. 14-Mar. 15

Jan.-Dec.2014

Net sales 11,208 9,832 58,243 56,867

Gross profit 648 594 5,745 5,691

Selling and administrative expenses -808 -755 -3,170 -3,117Cost ratioOther

7.2%0

7.7%-1

5.4%29

5.5%31

Operating profit/loss -161 -162 2,604 2,604Financial items -94 -77 -387 -370

Profit/loss after financial items -254 -239 2,218 2,234Tax on profit for the period 51 52 -398 -396Tax rate 20.1% 21.8% 17.9% 17.7%Profit/loss for the period -204 -187 1,821 1,838

SEK MJan.-Mar.

2015Jan.-Mar.

2014Apr. 14-Mar. 15

Jan.-Dec.2014

NCC Construction Sweden 82 49 673 640NCC Construction Denmark 64 50 295 281NCC Construction Finland 7 20 98 111NCC Construction Norway 29 4 171 146NCC Roads -399 -389 449 459NCC Housing 77 53 972 949NCC Property Development 28 49 148 169Other and eliminations -48 2 -201 -151Operating profit/loss -161 -162 2,604 2,604

2015-04-29 NCC AB 28

Operating profit/loss per business area

Jan.-Mar. 2015

Jan.-Mar. 2014

NCC HQ and International Projects

-46 -45

Internal gains -11 -1

Group adjustments 10 48

Total -48 2

0

1

2

3

4

5

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

02,0004,0006,0008,000

10,00012,00014,00016,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

2015-04-29 NCC AB 29

NCC Construction units

SEK M %Operating profit Operating margin

SEK M Orders received Net sales

• Higher net sales

• Operating margin improved

• Good margins in Denmark

0600

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

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

NCC Roads

2015-04-29 NCC AB 30

-60

-40

-20

0

20

40

60

-600

-400

-200

0

200

400

600

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

SEK M Operating profit/loss Operating margin

SEK M Net sales

%

0

1,000

2,000

3,000

4,000

5,000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Net sales

NCC Housing

2015-04-29 NCC AB 31

0

3

6

9

12

15

18

0

100

200

300

400

500

600

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015 Design Quattro

SEK M

SEK M Operating profit Operating margin %

2015-04-29 NCC AB 32

Number of housing units Jan.-Mar.2015

Jan.-Mar.2014

Sweden 184 192

Denmark 48 14

Finland 44 53

Baltic countries 15 40

St. Petersburg 56 258

Norway 22 12

Germany 102 60

Total, private customers 471 629

Investor packages 197 138

Total 668 767Havsparken på Limhamns Läge, Malmö

Higher average price for profit recognition

NCC Property Development

2015-04-29 NCC AB 33

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

0500

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

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Portland Towers, Copenhagen

Net salesSEK M

SEK M Operating profit/loss

Balance sheetSEK BN

2015-04-29 NCC AB 34

11.2 10.6

5.9 6.3

13.6 13.7

5.2 5.2

1.8 1.9

Mar. 312014

Mar. 312015

Goodwill

Property projects

Housing projects

Accounts receivable andreceivable from property salesOther assets

37.7 37.7

Bertta, Finland

Cash flow

SEK MJan.-Mar.

2015Jan.-Mar.

2014Apr. 14-Mar. 15

Jan.-Dec.2014

From operating activities -128 -333 2,477 2,273From property projects -130 166 -150 145From housing projects -441 -984 -218 -761Other working capital -129 387 -829 -313Investing activities -170 -197 -744 -771Cash flow before financing -998 -960 536 574

2015-04-29 NCC AB 35Krøyers Plads, Copenhagen

2015-04-29 NCC AB 36

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

Net indebtedness, tenant housing and housing associations, SEK M

Debt/equity ratio, times

2015-04-29 NCC AB 37Kongens Gate, Narvik, Norway

Summary Q1 2015

2015-04-29 NCC AB 38

Improved net sales and marginin Construction Improved earnings and sales in HousingStrong order backlogFavorable conditions on several markets

Urban Escape, Brunkebergstorg, Stockholm

2015-04-29 NCC AB 40

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