AF Gruppen (AFG) investor relations material

Executive summary

• Achieved strong revenue growth and profitability in Q2 2026, with record high order backlog and solid financial position.

• 16% revenue growth year-over-year, supported by high activity across all business areas and notable contract wins and acquisitions.

• Diversified portfolio and strategic acquisitions, notably AF Claxton, expanded service offering and geographic reach.

• Maintained robust operations and focus on project management and technical expertise.

Financial highlights

• Q2 2026 revenue: NOK 9,052 million (up from NOK 7,808 million); H1 2026 revenue: NOK 17,030 million (up from NOK 14,937 million).

• Q2 2026 operating profit: NOK 523 million (up from NOK 390 million); H1 2026 operating profit: NOK 846 million (up from NOK 613 million).

• Q2 2026 EPS: NOK 2.99 (up from NOK 2.49); H1 2026 EPS: NOK 4.83 (up from NOK 3.76).

• Q2 2026 operating margin: 5.8% (vs. 5.0%); H1 2026 margin: 5.0% (vs. 4.1%).

• Cash flow from operations: NOK 221 million in Q2 (down from NOK 580 million); H1 NOK 567 million (down from NOK 910 million).

Outlook and guidance

• Order intake reached NOK 14,331 million in Q2 and NOK 22,078 million YTD, supporting a robust pipeline.

• Order backlog at record NOK 49,765 million as of 30 June 2026, providing visibility for future periods.

• Macroeconomic uncertainty persists due to geopolitical tensions, volatile energy prices, and high interest rates.

• Civil engineering market expected to see modest growth, while construction and property markets remain subdued with recovery anticipated from 2027.

• Offshore market activity remains high, with long-term demand for decommissioning and life extension services.