AF Gruppen has been awarded a collaborative contract by OBOS Fornebu AS for the
development of the new urban area Fornebu Sør in Bærum.

The collaborative contract entails close cooperation between OBOS and AF Gruppen
to develop and execute a large-scale residential and commercial project, which
includes 510 residential buildings with high ambitions for quality,
sustainability, and architecture. The agreement builds on the strong partnership
between the parties, including previous collaboration on the Storøykilen
project.

Work on phase 1 of the collaboration will commence immediately. Phase 2
(execution) is scheduled to begin in the first quarter of 2027. The contract
value is estimated at NOK 2,000 million excluding VAT and will be included in
the order backlog upon potential contract signing for phase 2.

"We are proud to be part of the development of Fornebu Sør together with OBOS.
This is an important project for the area and a strong example of how
collaboration can help realise complex urban development projects," says Amund
Tøftum, CEO of AF Gruppen.

For further information:
Stian Schjølberg, Managing Director, AF Bygg Oslo, tel. +47 900 33 576
Tormod Solberg, EVP Building, tel. +47 994 01 510
Amund Tøftum, CEO, tel. +47 920 26 712