A message from the CEO
NCC is well positioned for profitable growth in the years ahead
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52,992
Orders received (SEK M)
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55,717
Net sales (SEK M)
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1,938
Operating profit (SEK M)
Financial targets and outcome
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Earnings per share, SEK
Outcome 2025
14
Target 2025
≥16
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Corporate net debt /EBITDA
Corporate net debt excludes pension receivable/pension debt and lease liability.Outcome 2025
0.3
Target 2025
<2.5
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Dividend policy, %
An alternative outcome of approximately 65 percent is calculated based on the ordinary dividend of SEK 9.00 per share and the Group’s profit after tax, excluding items affecting comparability of approximately SEK 1.4 billion. Given the negative result for the year for NCC AB, it is not possible to calculate the outcome of the dividend policy.Outcome 2025
65
Target 2025
≈60
Sustainability targets and outcome
Health and Safety
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LTIF4
Work-related accidents resulting in more than four calendar days of absence per million working hours.Outcome 2025
3.5
Target 2026
≤2.0
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Climate and energy, %
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Scope 1 & 2
Target: 42-percent reduction in own emissions by 2030 (base year 2024 with addition of reference values for 2020, measured in tons CO2e).Outcome 2025
-39
Target 2030
-42
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Scope 3
Target: 42-percent reduction in value chain emissions by 2030 (base year 2024 with addition of reference values for 2020, measured in tons CO2e).
Outcome 2025
-10
Target 2030
-42
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Building for the future
NCC is one of the leading construction companies in the Nordics, with operations in Sweden, Denmark, Norway and Finland. In 2025, the operations were divided into six business areas.
NCC has six business areas:
- NCC Infrastructure
- NCC Building Nordics
- NCC Building Sweden
- NCC Industry
- NCC Property Development
- NCC Green Industry Transformation
NCC Infrastructure
Builds, renovates and maintains infrastructure for travel, transportation, energy and water treatment, as well as facilities for basic industry, in Sweden, Norway and Denmark. With expertise encompassing the entire chain from counseling in early stages, project planning and design to production and maintenance, we realize, together with our customers, projects with a favorable impact on society.
18,179
Net sales (SEK M)
- Net sales share of NCC total
- Average number of employees share of NCC total
NCC Building Nordics
Builds and renovates residential buildings, offices, hotels, healthcare buildings, schools, sports facilities and public buildings for public and private customers in Denmark, Finland and Norway. With advanced skills in sustainability, safety, digitization and partnering, NCC Building Nordics develops projects jointly with customers from the early stages.
13,380
Net sales (SEK M)
- Net sales share of NCC total
- Average number of employees share of NCC total
NCC Building Sweden
Builds and renovates residential buildings, offices, hotels, healthcare buildings, schools, sports facilities and public buildings for public and private customers in Sweden. With advanced skills in sustainability, safety, digitization and partnering, NCC Building Sweden develops projects jointly with customers from the early stages.
12,832
Net sales (SEK M)
- Net sales share of NCC total
- Average number of employees share of NCC total
NCC Industry
Develops, produces and sells stone materials and asphalt products for construction and infrastructure projects in Sweden, Norway and Denmark, and stone materials in Finland. The business, which forms a natural supply chain in construction and civil engineering perations in society, is committed to reducing its carbon footprint from the production of asphalt and stone materials.
12,608
Net sales (SEK M)
- Net sales share of NCC total
- Average number of employees share of NCC total
NCC Property Development
Develops, lets and sells commercial properties. With extensive expertise encompassing the entire chain from conceptualization of individual projects to the development of city districts, and with a major focus on sustainability and cooperation with our customers, flexible and customized property solutions are created.
577
Net sales (SEK M)
- Net sales share of NCC total
- Average number of employees share of NCC total
Green Industry Transformation
Realizes projects within the green transition that is currently taking place within the industry in the Nordic region. With broad expertise and experience in identifying solutions and implementing and executing large projects, and through early involvement in the process, we contribute resources and specialist know-how when realizing projects in partnership with our customers.
NCC Green Industry Transformation is reported under Other and Eliminations in the Annual Report.
NCC's strategic initiatives
To achieve the company's goals and strengthen its market position, NCC focuses on a number of strategic initiatives that are an integral part of the company's operations and our operational model. By focusing on these, NCC is well positioned to continue delivering value to shareholders and other stakeholders, while contributing to sustainable societal development.
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Act in accordance with our Star behaviors
Achieving NCC's strategic goals requires a culture with consistent and clear behaviors that create the right conditions within the company and make it possible to achieve our business goals.
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Data-informed decision making
NCC generates large amounts of data, and effective knowledge sharing requires structured and easily accessible information. This enables better utilization of the group's collective knowledge, making data-informed decisions, and thereby increasing customer value, productivity, and competitiveness.
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A future-proof IT structure
A modern and future-proof IT environment to enable efficient work and increased digitalization.
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Industry-leading expertise
NCC aims to be a leader in expertise within the construction process. This requires NCC to attract, retain, and develop employees and continuously sharpen our skills in key knowledge areas.
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Integrate the supply chain
By integrating procurement and supply chains into NCC's projects, we can maximize supplier expertise, improve procurement processes, and optimize resource utilization. This strengthens collaboration, increases efficiency, and ensures high-quality deliveries on time and within budget.
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Best in cost management
Managing project costs effectively from start to finish is crucial for delivering value to customers and creating long term competitiveness. This requires a comprehensive understanding of customer value, careful planning, good risk management, and clear cost control.
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Build great business
NCC is committed to creating value for its customers – from early phase to completion. To maximize this value for the customer, it is crucial to become involved in the construction process as early as possible. Customer needs vary depending on area and region, and NCC meets customer requirements by adapting sales and tendering processes to the local market, while these are supported at a central level through training and experience sharing.
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Leverage our expertise
Developing and deepening the company’s expertise in selected areas form a central part of NCC’s strategic focus. Using sector-specific segment strategies, NCC focuses on areas where the company can establish unique positions that strengthen customer value. Segment expertise has been applied on a larger scale in areas such as electricity generation and distribution, hospitals, swim centers, water treatment and sewage plants, and security classified buildings.
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Act in accordance with our Star behaviors
Achieving NCC's strategic goals requires a culture with consistent and clear behaviors that create the right conditions within the company and make it possible to achieve our business goals.
-
Data-informed decision making
NCC generates large amounts of data, and effective knowledge sharing requires structured and easily accessible information. This enables better utilization of the group's collective knowledge, making data-informed decisions, and thereby increasing customer value, productivity, and competitiveness.
-
A future-proof IT structure
A modern and future-proof IT environment to enable efficient work and increased digitalization.
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Industry-leading expertise
NCC aims to be a leader in expertise within the construction process. This requires NCC to attract, retain, and develop employees and continuously sharpen our skills in key knowledge areas.
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Integrate the supply chain
By integrating procurement and supply chains into NCC's projects, we can maximize supplier expertise, improve procurement processes, and optimize resource utilization. This strengthens collaboration, increases efficiency, and ensures high-quality deliveries on time and within budget.
-
Best in cost management
Managing project costs effectively from start to finish is crucial for delivering value to customers and creating long term competitiveness. This requires a comprehensive understanding of customer value, careful planning, good risk management, and clear cost control.
-
Build great business
NCC is committed to creating value for its customers – from early phase to completion. To maximize this value for the customer, it is crucial to become involved in the construction process as early as possible. Customer needs vary depending on area and region, and NCC meets customer requirements by adapting sales and tendering processes to the local market, while these are supported at a central level through training and experience sharing.
-
Leverage our expertise
Developing and deepening the company’s expertise in selected areas form a central part of NCC’s strategic focus. Using sector-specific segment strategies, NCC focuses on areas where the company can establish unique positions that strengthen customer value. Segment expertise has been applied on a larger scale in areas such as electricity generation and distribution, hospitals, swim centers, water treatment and sewage plants, and security classified buildings.
Our history – 150 years of experience
NCC has a rich history dating back to 1875. Through continuous innovation and skills development, NCC has evolved as a company and been able to tackle increasingly large and complex projects. Even today, we continue to develop projects, processes and our expertise, and are well positioned to realize our customers’ visions in an ever-changing world.
Explore some highlights from our history of developing great projects.
Sustainability at NCC
NCC continuously works in close dialogue with customers and other stakeholders to contribute to the transition to a more sustainable society.
NCC contributes to realizing Agenda 2030 and the global sustainability goals. The common sustainability framework forms the basis for the group's sustainability work. There are group-wide goals in two areas: Climate and Energy, and Health and Safety. In addition to the group-wide sustainability goals, the business areas set specific sustainability goals that are continuously monitored.
3.5
Accident frequency
(LTIF 4 - Work-related accidents resulting in more than four calendar days of absence per million hours worked.)
-39%
Reduction in own emissions (Scope 1 and 2) compared with the 2024 base year, with addition of reference values for 2020. Measured in tons CO₂e.
11,500
Average number of employees 2025
8/10
High employee engagement
(from NCC's employee survey)
Expert competence throughout the entire construction process
During 2025, NCC's 11,500 employees have developed and driven the process forward in construction projects across the Nordic region, together with our customers. Expertise and experience enable our project teams to anticipate and manage the challenges and opportunities that arise during a construction process and propose proactive solutions to the customer.
Attracting and developing the best employees in the industry is critical to NCC's competitiveness. NCC has a good reputation with our candidates, who give high marks in the follow-up of the recruitment process. Common values and behaviors are cornerstones of NCC's culture and the employee survey shows a high level of commitment and willingness to recommend NCC as an employer.
Read our annual report
Here you can download our annual report. Download the PDF by clicking the download button. An ESEF-file is available for download on NCC´s Swedish website- www.ncc.se
NCC is one of the leading construction companies in the Nordics. Based on its expertise in managing complex construction processes, NCC contributes to the positive impact of construction for its customers and society. Operations include building and infrastructure project contracting, asphalt and stone materials production, and commercial property development. In 2025, NCC had sales of about SEK 56 bn and 11,500 employees. NCC’s shares are listed on Nasdaq Stockholm.
