Betonmast, a subsidiary of AF Gruppen, has signed a contract with Kniveutsikten
AS, a company within Pilares Eiendom, for the development of the Knivelia
residential project in Kniveåsen, Drammen. The agreement is a collaborative
contract with a target price. The project has an estimated contract value of
around NOK 300 million excluding VAT, which will be included in the order
backlog upon entering into the agreement for collaboration phase 2 (execution).

The residential project will be developed in collaboration until April 2026,
during which the parties will jointly prepare an optimised preliminary design as
the basis for the execution phase.

The agreement covers 73 apartments with an associated underground car park, as
well as infrastructure works. The total development area is 7,200 square metres
GFA.

"Knivelia is a project we are looking forward to. The collaborative model
provides an open and solution-oriented process where, together with the client,
we find the best solutions for cost, quality and sustainability. This creates
security for both parties," says Betonmast CEO Peter Sandrup.

The planned sales launch is spring 2026, and the start of the execution phase is
expected in the third quarter of 2026. The project is scheduled for completion
in the fourth quarter of 2027.

For further information:
Peter Sandrup, CEO Betonmast, tel. +47 915 88 645
Bård Frydenlund, EVP Sweden and Betonmast at AF Gruppen, tel. +47 918 68 621