NCC AB (publ) (NCCBF) Shareholder/Analyst Call Transcript

Operator

Ladies and gentlemen, welcome to the NCC Information Meeting. I am Sandra, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, it’s my pleasure to hand over to Tomas Carlsson, President and CEO. You will now be joined into the conference room.

Tomas Carlsson
President & CEO

Good morning, everybody, and welcome to this call regarding the information in the press statement that we sent out earlier this morning. And the subject is the impairment charges of approximately SEK 1.4 billion that NCC will do for the fourth quarter of 2025. And it’s in connection with the year that we were working with, the year-end result of the last year that we’ve come to the conclusion that we need to reevaluate mainly property values in the business area Property Development, but also remaining portion of tax — the value of tax assets in Norway following changed principles for how to evaluate that.

In brief, the background is that the commercial property market has been weak during a long time, and we’ve not seen a recovery on the back of the lowering interest rates there over the last couple of years. We see few signs of improvement and lots of uncertainty when it comes to both transaction and the letting market. And we have made this review in the connection to the year-end closing process. We think this is important because it will create better conditions for sales of the projects in the relative near term.

I think there’s a couple of things