AF Gruppen (AFG) has signed a contract with Statkraft for the rehabilitation of
the Hyttfoss Dam in Trondheim Municipality. The rehabilitation of the dam aims
to ensure safety and maintain the reservoir's ability to support renewable
energy production at nearby hydropower plants.

Hyttfoss Dam regulates the Selbusjøen reservoir, which serves as the intake for
three power stations: Løkaunet, Svean and Bratsberg. These stations generate
electricity by harnessing the water pressure from the reservoir.

The rehabilitation is being carried out to ensure the dam complies with the
requirements set out in the dam safety regulations. The works will include the
construction of a cofferdam, demolition of the existing dam, and construction of
a new dam.

The contract is valued at approximately NOK 155 million excluding VAT.
Construction is scheduled to commence in autumn 2025 and be completed by spring
2029.

"AF Gruppen is committed to hydropower development and has participated in
numerous hydropower projects across Norway. We look forward to continuing our
collaboration with Statkraft and are excited to begin work on the rehabilitation
of Hyttfoss Dam," says Geir Flåta, EVP Civil Engineering at AF Gruppen.

For further information:
Geir Flåta, EVP Civil Engineering, tel. +47 994 01 510
Amund Tøftum, CEO of AF Gruppen, tel. +47 920 26 712