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Research evidence excerpt

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ABG Sundal Collier is acting as financial advisor to NRC Group ASA in connection

with the strategic review of Gunnar Knutsen

Equity Research - 14 May 2026 22:57 CEST

Reason: Post-results commentNRC Group

• Weak quarter

• Working hard to restore profitability

• Reiterate HOLD with TP of NOK 8.0 (9.0) Constr. & Real Estate

Seasonally slow quarter and back-end loaded 2026e Estimate changes (%)

NRC's Q1'26 report was weaker than expected. Revenue was NOK 2026e 2027e 2028e

1.14bn vs. FactSet consensus of NOK 1.25bn and ABGSCe of NOK Sales -3.1 -1.8 -2.1

1.30bn. EBIT was NOK -29m vs. consensus of NOK -12m and ABGSCe of EBIT -7.1 -2.9 -2.2

NOK -16m. The company booked NOK 14m in restructuring costs related EPS -3.8 -1.7 -1.1

Source: ABG Sundal Collier

to the NOK 40m run-rate cost-cutting program in Norway. EPS was NOK

-0.20 vs. consensus of NOK -0.15 and ABGSCe of NOK -0.16. Cash flow NRC-NO/NRC NO

from operations was NOK -157m vs. our forecast of NOK -107m, with a Share price (NOK) 13/5/2026 7.30

NWC build of NOK 158m. The company reiterated its guidance of NOK Target price (9.00) 8.00

7.5bn in production and an EBIT margin of more than 3%. The former is

on a constant-currency basis, suggesting that the like-for-like number is

around NOK 7.0bn. We lower EBIT by 7%/3%/2% for '26e/'27e/28e. This MCap (NOKm) 1,263

is primarily driven by lower revenue ('26e/'27e/28e down 3%/2%/2%), MCap (EURm) 117

while margins are largely unchanged. No. of shares (m) 173.0

Free float (%) 66.3

Order intake Av. daily volume (k) 487

Order intake was NOK 882m vs. our forecast of NOK 900m, reflecting a

book-to-bill of 0.78x. This brings the order backlog to NOK 8.5bn, -4%

Next event Q2 report 13 August 2026y-o-y and -7% q-o-q. Looking at the rest of the year, the order book for