Oslo, 13 February 2018

Q4 2017 Result presentation

22

This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of

historical facts are forward-looking. You should not place undue reliance on these forward-looking statements for many reasons.

These forward-looking statements reflect current views with respect to future events and are by their nature subject to significant risk and

uncertainties because they relate to events and depend on circumstances that will occur in future. There are a number of factors that could

cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future

results, level of activity or performance will meet these expectations. Moreover, neither we nor any other person assumes responsibility for

the accuracy and completeness of the forward-looking statements. Unless we are required by law to update these statements, we will not

necessarily update any of these statements after the date of this presentation, either to conform them to actual results or to changes in our

expectations.

Disclaimer

Forward Looking Statements

33

Highlights

Key events

Revenues of NOK 674 million in 2017 vs NOK 552 million in 2016

EBITDA of NOK 70 million in 2017 vs NOK 47 million in 2016

EBITDA margin of 10.4% in 2017 vs 8.6% in 2016

Key figures

Q4

Continued strong project execution

Increase in tender activity in Norway

Strong order backlog of NOK 2,408 million, an increase of 72%

Proposed dividend of NOK 1.75 per share

Key figures

2017

EBITDA margin improved to 9.7% for 2017 from 7.7% in 2016

Full year revenue growth of 20%

44

Financials

55

• Revenue in Q4 2017 of NOK 674 million (NOK 552 million)

• EBITDA in Q4 2017 of NOK 70 million (NOK 47 million)

– Includes M&A cost of NOK 2.4 million

• EBITA in Q4 2017 of NOK 55 million (NOK 41 million)

• EBIT in Q4 2017 of NOK 46 million (NOK 34 million)

• Amortisation of intangible assets is estimated to NOK 17

million in 2018 (NOK 34 million in 2017)

Q4 2017 key figures – profit and loss

*Reported numbers for the first three quarters of 2016 reflects the corrections of the purchase price allocations for the 2015 business

combinations and the divestment of the Geo business

Restated

(Amounts in NOK million) Q4 2017 Q4 2016 2017 2016

Revenue 673,8 551,7 2 372,8 1 975,0

Operating expenses 604,1 504,3 2 143,6 1 822,6

EBITDA 69,7 47,4 229,2 152,4

EBITA 54,7 41,2 183,7 127,7

EBIT 46,4 34,2 149,5 99,3

EBT 45,6 31,1 143,8 89,4

EBITDA (%) 10,4 % 8,6 % 9,7 % 7,7 %

66

1255

1764

1615

1397 1402

1548

2451 2417 2408

0

500

1000

1500

2000

2500

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

Order book development

Order book* Q4 2015 – Q4 2017

In NOK million

Order book development Q3 17 – Q4 17

In NOK million

0,00

500,00

1 000,00

1 500,00

2 000,00

2 500,00

Q3 17 Revenue Contracts FX effect Q4 17

2427**

582

501674

115

Order book Contracts not

announcedAnnounced

contracts

Revenues

FX effects*Reported figures

24082451

39

72%

**including Fibertech

77

• Intangible assets of NOK 1,048 million

• Cash is NOK 409 million

• Net debt is NOK 30 million

• Equity ratio is 55%

Q4 2017 key figures – balance sheet

(Amounts in NOK million)

ASSETS 31.12.2017 31.12.2016

Intangible assets 1 047,9 631,8

Other non-current assets 287,2 150,8

Other current assets 740,6 422,5

Cash and cash equivalents 408,5 418,4

Total assets 2 484,2 1 623,4

EQUITY AND LIABILITIES

Total equity 1 357,3 1 014,2

Non-current interest-bearing liabilities 317,3 110,8

Other non-current liabilities 26,7 16,0

Interest-bearing current liabilities 121,1 82,1

Other current liabilities 661,8 400,3

Total equity and liabilities 2 484,2 1 623,4

88

• Cash flow from operating activities of NOK 160 million

• Net cash flow from investing activities is NOK -29 million

– Fibertech net of NOK -24 million

– Capex NOK -6 million

• Net cash flow from financing activities is NOK -35 million

– Repayment of debt: NOK -26 million

– Share buyback: NOK -12 million

Q4 2017 key figures – cash flow

Restated

(Amounts in NOK million) Q4 2017 Q4 2016 2017 2016

Profit/loss before tax 45,6 31,1 143,8 89,4

Net cash flow from operating activities 160,1 67,1 132,6 146,9

Net cash flow from investing activities – conti. oper. -28,5 -18,8 -246,9 -88,9

Net cash flow from financing activities -35,4 130,8 92,2 93,1

Net change in cash and cash equivalents 96,2 201,8 -18,1 172,1

Cash and cash equivalents at the start of the period 308,2 213,1 418,4 258,2

Translation differences 4,1 3,5 8,2 -12,0

Cash and cash equivalents at the end of the period 408,5 418,4 408,5 418,4

99

7,1

10,4

Maintenance2014-25

Maintenance2018-29

Long-term growth for railway activity in Sweden

SEK billion SEK billion

Sources: *) Preliminary 2018-29 NTP proposal **) 2006-2020: Swedish national budget: Tables for

Investment plan for Trafikvärket and Maintenance of the State transport infrastructure

Annual average spending in new proposed NTP* Long-term railway spending development**

23,1

27,8

Investments2014-25

Investments2018-29

+47%+20%

• Continued high activity levels expected in Sweden for 2018

• The new NTP is scheduled for approval in April and is a likely trigger for further growth in demand for infrastructure services

• The Government’s estimates for railway spending indicate another step-up in activity in 2019 and 2020

NTP ERTMSInlands-banan

Metro & tram

6,2 5,8 6,6 7,5 7,4 7,3 7,69,0 8,2 9,3 10,1

10,8 11,5 10,7 8,6 7,5 8,39,8

10,1 10,311,1

13,3

0,0

5,0

10,0

15,0

20,0

25,0

2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E

Railroad operations and maintenance Investments

1010

Continued market growth in Sweden

NTP ERTMSInlands-banan

Metro & tram

1111

• NOK 430 million additional funding to railway operations and maintenance in final 2018 budget vs. proposed budget

• Norwegian Government supportive of increased investments in environmentally friendly transport systems

• Improved visibility on future spending as Bane Nor signed first four-year funding agreement with the Government

Long-term growth and improved visibility in Norway

2018 proposed railway spending Long-term railway spending development

8,2 8,9

11,0

14,4

2018 approved budget NTP 2018-23

Operations, maintenance and renewal Investments

13.7%

16.7%

3,3 3,4 3,7 4,7 5,4 5,7 5,6 5,5 6,7 7,49,0

7,1 8,2 8,910,4

1,42,3 2,4

3,13,8 4,4 5,1 6,5

9,19,8

10,7

10,911,0

14,4

18,4

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0Operations, maintenance and renewal (partly non-adressable) Investments

NOK billion per year NOK billion per year

Includes funding for operations of Bane NOR and planning *)

*)Sources: The Norwegian national budget, national accounts and the most recent NTP

NTP ERTMSMetro &

tram

1212

• ERTMS contract award planned H1 2018

Increased tender activity - NorwaySelected investment projects included in first six years of NTP schedule

NOK million

Source: Bane NOR, Contractor-day presentation 23 October 2017

NTP ERTMSMetro &

tram

1313

Several tramline contracts coming up for award in Oslo

Source: Oslo Sporveier

Project 2017 2018 2019+

~2 years1. Holtet

PlanningEstimated

contract award

Estimated

construction

Key tramway development projects

~2 years2. Thv. Meyers Gate

3. Storgata ~2 years

5. Majorstua ~2 years

4. Grefsenveien ~3 years

NTP ERTMSMetro &

tram

A selection of upcoming tram tender processes

1414

Delivering on market consolidation strategy in 2017

1515

• NOK 402 million turnkey contract including a full scope of specialist

rail services including track, electro and groundwork

– Structure for reception and operation of new Oslo trams

– Base for 43 of 87 trams to be delivered by 2021

• The biggest-ever award for NRC Group in Norway

– Tender with significant emphasis on execution capacity,

environment and quality in addition to price

• The first major turnkey contract awarded by Sporveien

– Confirming shift towards bigger contracts involving several

specialist disciplines

– In line with NRC Group’s strategic positioning

Record contract for Oslo tram confirms strategic positioning

Major award for rebuilding Holtet base

Source: Sporveien

1616

• Solid results in 2017

• Strong balance sheet and proposed dividend of NOK 1.75 per share

• Strong market outlook

• Overall improved project pipeline visibility

• Continue to build orderbook

• Continued focus on project execution

• Continued focus on consolidation and M&As

Summary & outlook

1717

Appendix

1818

20 largest shareholders

Per 12 February 2018

INVESTOR NO OF SHARES % OF SHARES ACC TYPE COUNTRY

DATUM 5 100 000 12,05 NOR

KGL PROSJEKT 2 3 632 033 8,58 NOR

ARCTIC FUNDS 2 855 384 6,75 IRL

DNB NOR MARKETS 1 720 405 4,06 NOR

SWEDBANK 1 647 549 3,89 NOM SWE

DANSKE BANK 1 643 339 3,88 NOM SWE

CHARLOTTE HOLDING 1 328 008 3,14 NOR

NORRON SICAV TARGE 1 210 100 2,86 LUX

NORDEA BANK 1 164 761 2,75 NOM SWE

LGA HOLDING 1 133 193 2,68 NOR

SOGN INVEST 1 110 846 2,62 NOR

VERDIPAPIRFONDET ALFRED BERG 975 810 2,31 NOR

FIRST GENERATOR 807 000 1,91 NOR

MIDDELBORG INVEST 775 000 1,83 NOR

JPMORGAN CHASE 704 476 1,66 NOM SWE

E.K HOLDING 680 000 1,61 NOR

SEB 630 142 1,49 NOM SWE

SEB 540 869 1,28 NOM LUX

HSBC TRINKAUS & BURK 522 127 1,23 NOM DEU

VERDIPAPIRFONDET ALFRED BERG 521 787 1,23 NOR

TOTAL NUMBER OWNED BY TOP 20 28 702 829 67,81

TOTAL NUMBER OF SHARES 42 327 848

1919

Seasonal fluctuations – reported figures

Revenues Q4 2015 – Q4 2017In NOK million

EBITDA Q4 2015 – Q4 2017 In NOK million

332 320

504

600

552

341

582

777

674

0

100

200

300

400

500

600

700

800

900

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

NO

K m

ill.

19

1

23

81

47

6

43

111

70

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

0

20

40

60

80

100

120

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

NO

K m

ill.

2020

Segments – key figures quarterly development

Restated Restated Restated Restated Restated Reported Reported Reported ReportedNorway operations (NOK million) Full year 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Revenue 348,6 113,2 162,2 161,0 168,1 108,2 188,8 254,8 218,8

Operating profit/loss before depr. and amort. (EBITDA) 26,9 -5,4 6,2 13,9 -1,5 -5,5 9,5 18,6 17,8

Operating profit/loss before amort. (EBITA) 21,3 -7,8 3,4 10,6 -3,7 -9,9 5,1 13,0 9,7

Operating profit/loss (EBIT) 18,7 -9,0 2,3 9,4 -5,1 -12,1 1,8 8,4 4,1

Sweden operations (NOK million) Full year 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Revenue 329,7 206,6 341,4 438,9 383,6 232,7 395,8 524,5 460,3

Operating profit/loss before depr. and amort. (EBITDA) 44,3 10,8 34,0 72,6 56,1 19,3 42,0 95,5 62,0

Operating profit/loss before amort. (EBITA) 42,1 9,2 31,7 66,6 52,2 15,0 37,2 88,6 55,0

Operating profit/loss (EBIT) 35,3 3,1 25,8 60,6 46,5 9,1 32,0 83,8 52,3

Parent, holding companies and eliminations (NOK

million) Full year 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Revenue 0,0 0,0 0,0 0,0 0,0 0,0 -3,0 -2,8 -5,3

Operating profit/loss before depr. and amort. (EBITDA) -39,3 -4,5 -17,3 -5,3 -7,3 -7,8 -8,6 -3,6 -10,0

Operating profit/loss before amort. (EBITA) -39,5 -4,5 -17,3 -5,3 -7,3 -7,8 -8,6 -3,6 -10,0

Operating profit/loss (EBIT) -39,5 -4,5 -17,4 -5,3 -7,2 -7,8 -8,6 -3,6 -10,0