AF Gruppen (AFG) reported revenues of NOK 7,803 million in the third quarter.
Earnings before tax amounted to NOK 398 million. The quarter was characterized
by good results, strong cash flow and a high order backlog.

AF Gruppen's revenues were NOK 7,803 million (7,204 million) in the third
quarter and NOK 22,740 million (22,043 million) year to date. Earnings before
tax were NOK 398 million (289 million) in the third quarter and NOK 1,000
million (496 million) year to date. This corresponds to a profit margin of 5.1
percent (4.0 percent) in the third quarter and 4.4 percent (2.2 percent) year to
date. The total order backlog was NOK 44,382 million (36,442 million) at the end
of the quarter.

AF Gruppen has a solid financial position. Cash flow from operating activities
was NOK 1,000 million (348 million) in the third quarter of 2025 and NOK 1,910
million (1,137 million) year to date. As of 30 September 2025, AF Gruppen had
net interest-bearing receivables of NOK 524 million (-780 million). Earnings per
share for the quarter were NOK 2.36 (1.85). The Board of Directors has resolved
to distribute an additional dividend for the financial year 2024 of NOK 4.00
(0.00) per share.

- AF Gruppen delivers its best third quarter result ever. Most business areas
report good results, and we have strong cash flow and a solid order backlog. The
positive trend in safety work continues, with an LTI-1 rate of 0.2 in the
quarter, says Amund Tøftum, CEO of AF Gruppen.

AF applies the same strict safety requirements to all partners and suppliers as
to its own employees. Figures from subcontractors are included in the injury
statistics. The LTI-1 rate for the third quarter was 0.2 (0.5). Year to date,
the LTI-1 rate was 0.5 (0.5).

AF works in a systematic and targeted manner to prevent work-related absence.
The sick leave rate for the third quarter was 4.4 percent (3.8 percent). Year to
date, the sick leave rate was 4.5 percent (4.0 percent).

- Good project management and high professional competence are the core of our
operations. We work purposefully to increase productivity while seeking to
minimize climate impact. This helps reduce cost growth and enables us to
successfully realize projects together with our customers, says Tøftum.

Selected highlights from the quarter:

o Business area Civil Engineering had high activity and delivered a good result
in the third quarter. AF Anlegg contributed with high activity and delivered a
good result. The unit has a solid project portfolio with several large projects
in production. Projects maintain consistently high activity and good operations.
Målselv Maskin & Transport, Stenseth & RS, and VSP delivered very good results
in the third quarter, while Eiqon had weak results in the quarter.

o The Construction business area had activity at the same level as the same
quarter last year, and good profitability in the third quarter. AF
Byggfornyelse, AF Bygg Oslo, Haga & Berg and ÅBF delivered very good results in
the third quarter. AF Bygg Østfold, Strøm Gundersen Vestfold, and HTB delivered
good results. Six contracts were reported to the stock exchange in the third
quarter, and the order backlog increased slightly.

o Business area Betonmast delivered increased profitability compared to the same
quarter last year, with approximately the same revenues. Betonmast Røsand
delivered a very good result in the quarter. Units Betonmast Oslo,
Buskerud-Vestfold, Trøndelag, Innlandet, Asker og Bærum and Østfold delivered
good results in the quarter. Betonmast Oslo and Boligbygg were merged as of the
third quarter.

o Property had weak results in the quarter but achieved positive earnings before
tax. Sales contracts for 22 (22) homes were signed in the quarter, of which AF's
share was 10 (11). Year to date, 108 (62) homes have been sold, of which AF's
share is 50 (35). 36 homes were handed over in the third quarter. There were a
total of 97 (72) completed unsold units at the end of the quarter, of which AF's
share was 38 (36). Two residential projects were under production at the end of
the quarter. The total number of units in production is 142, of which AF's share
is 61. This corresponds to a sales rate of 54 percent in projects under
production.

o Energy and Environment had a 10 percent decline in revenues compared to the
same quarter last year, and a profit margin of 5.2 percent. The demolition unit
AF Decom had increased activity compared to the same quarter last year and
delivered a good result in the third quarter. AF Energi had lower activity
compared to the same quarter last year and delivered results somewhat below
expectation this quarter. On 17 September, AF Gruppen acquired 80 percent of the
shares in Eviny Solutions. The company has been renamed to AF Elkraft. The
company's balance sheet and order backlog are included from the third quarter,
while the company's results will be recognized from the fourth quarter.

o Business area Sweden had lower activity but significantly improved
profitability in the third quarter compared to the same quarter last year. AF
Prefab in Mälardalen, AF Härnösand Byggreturer, AF Bygg Syd and HMB delivered
very good results, and Kanonaden delivered a good result in the quarter. After
the end of the quarter, an agreement was signed to sell AF Prefab in Mälardalen
to Centrum Pile AB. The company produces concrete piles and elements, and the
sale aligns with the strategy to prioritize profitable growth in project-based
operations. The sale has no material impact on the results.

o Offshore increased its activity compared to the same quarter last year but had
a weak result in the third quarter. Aeron increased its activity compared to the
same quarter last year and delivered a good result in the third quarter. AF
Offshore Decom recorded also increased activity compared to the same quarter
last year but delivered a weak result in the quarter.


For further information:
Amund Tøftum, CEO, mobile +47 920 26 712
Anny Øen, CFO, mobile +47 982 23 116
Knut Ekern, Communications Director, mobile +47 930 02 600.
www.afgruppen.no