NCC (NCC) Investor update summary

Transaction

• Agreed sale of the Industry business area, including stone materials and asphalt, at an enterprise value of SEK 8.2bn; cash payment at closing is expected to generate ~SEK 7bn after external debt, mainly leasing and pension liabilities.

• Heidelberg Materials will acquire the Swedish and Norwegian operations; CRH will acquire the Danish and Finnish operations.

• 2025 net sales were SEK 12.6bn and earnings were SEK 879m; sales mix was two-thirds asphalt and one-third stone materials.

• Sale is subject to regulatory approvals, with completion expected in H2 2027.

Strategic rationale

• Separation creates a more focused, specialized and asset-light contracting business, unlocking capital and strengthening financial flexibility.

• Industry is capital-intensive, with fixed production facilities and defined geographies; contracting is service-led, project-specific and requires limited or no tied-up capital.

• Buyers bring extensive sector experience and intend to develop the Nordic operations as part of their Northern European businesses.

Industry business profile

• Leading Nordic position in asphalt and aggregates, with ~230 production units across Finland, Norway, Sweden and Denmark and 2,600 employees.