2015-07-17 NCC AB 1Rotebro bridge, Stockholm

Interim reportJanuary 1 - June 30, 2015

Peter WågströmPresident and CEOAnn-Sofie Danielsson Chief Financial Officer

2015-07-17 NCC AB 2Rotebro bridge, Stockholm

2015-07-17 NCC AB 3Rotebro bridge, Stockholm

Q2 2015 in brief

2015-07-17 NCC AB 4

Orders receivedSEK 15.8 BN (17.3)

Order backlogSEK 58.4 BN (56.7)

Wiesenweg, Köln

Net salesSEK 14.2 BN (13.5)

Profit after financial itemsSEK 541 M (576)

January - June 2015 in brief

2015-07-17 NCC AB 5

Orders receivedSEK 29.1 BN (30.5)

Net salesSEK 25.4 BN (23.3)

Order backlogSEK 58.4 BN (54.8, Dec. 31 2014)

Profit after financial itemsSEK 287 M (336)

Trends in Nordic construction market

2015-07-17 NCC AB 6

SwedenFavorable trend in all segments

NorwayFavorable trend in infrastructure

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

FinlandChallenging market

Hercules factory, Västerås.

2015-07-17 NCC AB 7

Increasing net salesNCC 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

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

Increased share of small/medium projectsNCC Construction

25%

32%

14%

10%

8%

4%

7%

10%

36%

17%

14%

10%

6%

6%

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

Q20%

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

100%

Project size, orders receivedTotal SEK 10.6 BN

Project size, order backlogTotal SEK 37.5 BN

2015-07-17 NCC AB 8

Q2 2014Q2 2015

<5 5-10 10-25 25-50

50-100

100-300

>300

SEK M

2015-07-17 NCC AB 9

Geographical distributionOrders received, NCC Construction

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Sweden Denmark Finland Norway

Q2 2014 Q2 2015SEK M

2015-07-17 NCC AB 10

Good order intake in residential Orders received, NCC Construction

0

1 000

2 000

3 000

4 000

5 000

6 000

Civil engineering Residential Other buildings

Q2 2014 Q2 2015SEK M

2015-07-17 NCC AB 11

A selection of construction projects in Q2Expansion of E22 outside Kalmar, Sweden SEK 260 M

Refurbishment and expansion of the Harju campus in FinlandSEK 270 M

Residential at Islands Brygge in Copenhagen, Denmark SEK 360 M

Brynsengfaret School, Oslo, NorwaySEK 270 M

Several major partneringagreements signed in Q2

2015-07-17 NCC AB 12

Södersjukhuset, Stockholm

New Children’s hospital, Gothenburg, ≈ SEK 850 MExpansion of Södersjukhuset, Stockholm, ≈ SEK 1 BNThree hospitals in Sörmland, ≈ SEK 3 BN

To be registered in coming quarters

Trends in stone material, asphalt and road serviceThe Nordic market

2015-07-17 NCC AB 13

Stone materialStable demand

AsphaltFavorable demand

Road serviceStable demand

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

2015-07-17 NCC AB 14

8 2737 862

Q22014

Q22015

Ohkola quarry, Finland

…slightly higher asphaltvolumesVolumes of asphalt sold, thousands of tons

2015-07-17 NCC AB 15

1 930 1 985

Q22014

Q22015

Asphalt case in Norway

The Norwegian Competition Authority imposed a fine of NOK 140 million on NCC for unlawful cooperation in Trøndelag from 2005 until 2008In 2014, the District Court in Norway reduced the fine to NOK 40 millionThe Court of Appeal in Norway decided to raise the fine imposed on NCC in the asphalt case from NOK 40 million to NOK 150 millionNCC has earlier made a provision based on Norwegian case lawNCC has until mid-September to appeal the judgment to the Supreme Court in Norway

2015-07-17 NCC AB 16

Trends in residential markets

2015-07-17 NCC AB 17

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

Provinzialstrasse, Ahrstrasse, Niederkassel, Germany

294 195

Q22014

Q22015

DenmarkNorway

Higher sales to private customersNo. of housing units sold

2015-07-17 NCC AB 18

1,4721,469

Investor packages

St. Petersburg

Baltic Countries

Germany

Finland

Sweden

Metropolitan, Uppsala

High sales rate

2015-07-17 NCC AB 19

Hattingen, Gartenkamp, Germany

Number of housing units

For private customers For investors Total

Jun. 31,2015

Jun. 31, 2014

Jun. 31,2015

Jun. 31,2014

Jun. 31, 2015

Jun. 31, 2014

Ongoing production 6,538 6,014 1,901 1,600 8,439 7,614

Sales rate, % 70 54 93 100 75 64

Sales including bookings, % 78 62 93 100 81 70

Completion rate, % 53 50 72 50 57 50

294

326

Q22014

Q22015

1,403

1,568

Main starts in Sweden No. of housing starts

2015-07-17 NCC AB 20

Årstaliden, Stockholm

Investor packagesSt. PetersburgBaltic CountriesGermanyFinlandDenmarkNorwaySweden

2015-07-17 NCC AB 21

Some of the started housing projects in Q2

Grand Central, Södertälje, Sweden42 units

Brahenportti, Turku, Finland, 38 units

Götelstraße, Berlin, Germany18 units

Strandtorvet, Copenhagen, Denmark25 units

2015-07-17 NCC AB 22

More units to be completed 2015: 3,539 (2,602)Estimated completion

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

Q32015

Q4 Q1 2016 Q2 Q32016

Q42016

Later

Investor packagesSwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold

No. of housing units

106 sold and completed housing units, to be recognized

2015-07-17 NCC AB 23

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

47% (41)

6% (7)

11% (11)

1% (1)

19% (20)

11% (12)

5% (8)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

Number of housing units Estimated value

32% (29)

7% (8)

36% (36)

2% (2)

16% (17)

5% (4)

2% (4)

Sweden

Finland

St. Petersburg

Baltic Countries

Germany

Denmark

Norway

Trends in Nordic property market

2015-07-17 NCC AB 24

Investor marketHigh interest in the Nordic marketFinland • Cautious investors

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

Frederiks Plads, Aarhus, Denmark

2015-07-17 NCC AB 25Lielathikeskus 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

Q2

Leasable area beginning of quarter

Leased in quarter

Previous leased area

Good lease in the quarter – 23,900 sqmLeased floor space, sqm

2015-07-17 NCC AB 26

Sweden – a large part of the portfolioLeasable 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

Sweden

NorwayDenmarkFinland

14No. of projects

22

25

17

24

1617

1716

15

2015-07-17 NCC AB 27

NCC takes the next step in the development of Mölndal’s new city center

2015-07-17 NCC AB 28

Ann-Sofie Danielsson Chief Financial Officer

Hürth-Stotzheim, Köln, Gemany

545 512 526

677 649

2011Q2

2012Q2

2013Q2

2014Q2

2015Q2

Q2 2015 in brief

2015-07-17 NCC AB 29

Order backlog on a high levelIncreasing net sales

Operating profit, SEK M

Rådhuset, Kristianstad

2015-07-17 NCC AB 30

Income statement

SEK MApr.-Jun.

2015Apr.-Jun.

2014Jul. 14-Jun. 15

Jan.-Dec.2014

Net sales 14,152 13,479 58,916 56,867

Gross profit 1,493 1,460 5,776 5,691

Selling and administrative expenses -845 -787 -3,228 -3,117Cost ratioOther

6.0%2

5.8%4

5.5%30

5.5%31

Operating profit/loss 649 677 2,578 2,604Financial items -108 -102 -394 -370

Profit after financial items 541 576 2,185 2,234Tax -105 -125 -378 -396Tax rate 19.4% 21.7% 17.3% 17.7%Profit for the period 436 451 1,806 1,838

SEK MApr.-Jun.

2015Apr.-Jun.

2014Jul. 14-Jun. 15

Jan.-Dec.2014

NCC Construction Sweden 168 146 595 640NCC Construction Denmark 76 65 305 281NCC Construction Finland 35 37 96 111NCC Construction Norway 11 24 158 146NCC Roads 259 255 453 459NCC Housing 110 159 924 949NCC Property Development 53 40 159 169Other and eliminations -63 -49 -214 -151Operating profit/loss 649 677 2,578 2,604

2015-07-17 NCC AB 31

Operating profit/loss per business area

Jan.-Jun. 2015

Jan.-Jun. 2014

NCC HQ and International Projects

-56 -54

Internal gains -16 -13

Group adjustments 10 19

Total -63 -49

0

1

2

3

4

5

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2

02 0004 0006 0008 000

10 00012 00014 00016 000

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2

2015-07-17 NCC AB 32

NCC Construction

SEK M %Operating profit Operating margin

SEK M Orders received Net sales

• Higher net sales10,184 MSEK (9,369)

• Higher operating profit290 MSEK (272)

• Operating marginon the same level2.8% (2.9%)

0600

1 2001 8002 4003 0003 6004 2004 800

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2

NCC Roads

2015-07-17 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

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

Q2

Net sales

NCC Housing

2015-07-17 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

Q2Lindeallen Hilleröd, Denmark

SEK M

SEK M Operating profit Operating margin %

2015-07-17 NCC AB 35

Number of housing units Apr.-Jun.2015

Apr.-Jun.2014

Sweden 151 222

Denmark 16 125

Finland 184 74

Baltic countries 58 45

St. Petersburg 83 121

Norway 47 36

Germany 182 134

Total, private customers 721 757

Investor packages 131 40

Total 852 797Zwengenberger, Strasse, Haan, Germany

Fewer units profit recognized in Sweden and Denmark

NCC Property Development

2015-07-17 NCC AB 36

0

100

200

300

400

500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2

0500

1 0001 5002 0002 5003 0003 500

Q12013

Q2 Q3 Q4 Q12014

Q2 Q3 Q4 Q12015

Q2

Hyllie, Malmö

Net salesSEK M

SEK M Operating profit/loss

Hyllie, Malmö

Balance sheetSEK BN

2015-07-17 NCC AB 37

10,7 10,6

8,1 7,8

14,5 14,2

5,1 5,3

1,9 1,8

Jun. 302014

Jun. 302015

Goodwill

Property projects

Housing projects

Accounts receivable andreceivable from property salesOther assets

40.3 39.7

Rådhuset, Kristianstad

Cash flow

SEK MApr.-Jun.

2015Apr.-Jun.

2014Jul. 14-Jun. 15

Jan.-Dec.2014

From operating activities 471 215 2,733 2,273From property projects -229 -167 -236 145From housing projects -574 -339 -429 -761Other working capital -492 -756 -565 -313Investing activities -255 -219 -780 -771Cash flow before financing -1,079 -1,267 723 574

2015-07-17 NCC AB 38Mimer, Stockholm

2015-07-17 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

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

Debt/equity ratio, times

2015-07-17 NCC AB 40

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

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

Debt/equity ratio, timesPension liability, IAS 19

2015-07-17 NCC AB 41Kongens Gate, Narvik, NorwayHyllie, Malmö

Summary Q2 2015

2015-07-17 NCC AB 42

Increasing net salesLower resultOrders received on a good levelOrder backlog on high levelGood foundation for the second half of 2015

Mölndal GalleriaBertta, Finland

2015-07-17 NCC AB 44

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