The Most Ambitious Infrastructure Builder in the Nordics

Our plan for profitable growth and long-term value creation is reflected in the following financial targets for 2028:

Revenue of more than NOK 10 billion
EBIT adjusted margin above 5%

NRC Group will continue to strengthen the position in rail construction and expand civil construction activities, leveraging the Group’s established Nordic market position and unique capabilities in selected attractive niche markets. Maintenance, led by the rail business, remains an integral part of the offering with opportunities to include other critical infrastructure over time.

Investments in rail and other critical infrastructure are expected to increase from already historical high levels due to population growth, urbanisation and growing activity related to defence, energy and water supply. This is reflected in budget proposals and national transportation plans in Norway, Sweden and Finland.

- By expanding into new target markets and leveraging our Nordic capabilities, we are dedicated to realising our full potential as builders of critical and sustainable infrastructure. The market outlook is positive, with growth evident across all countries, says Anders Gustafsson, the CEO of NRC Group.

Building for People, Planet, and Business

NRC Group’s Green Financing Framework

At NRC Group, our mission is to build and act on behalf of people, the planet, and business. We are dedicated to transforming sustainability credentials into tangible contract-winning advantages.

In 2023, the NRC Group proudly established a Green Financing Framework, underscoring our commitment to developing and supplying services for sustainable transport solutions. This framework outlines the criteria for investments that can be financed or refinanced through green bonds, green loans, and other green debt instruments. S&P conducted an independent assessment of the framework, and we received the highest possible raking – dark green shading. We also successfully completed a green bond issue of NOK 400 million, with 4-year duration at 3 months nibor plus margin of 4.4%. In first quarter 2024, we announced that the bond issue was listed on Oslo Stock Exchange. In our Green Finance Report we describe the allocation of proceeds and the environmental impact of the project.

The EU Taxonomy

We already have unique position in the market. The past two years we have reported on the taxonomy figures, the European classification system to define if our activities are sustainable or not. The intention is to scale up sustainable investments with net positive environmental impact. In 2023, 72% of our activities in terms of revenue was defined as aligned.

- When we compare this with peer group for infrastructure companies in the Nordics, our score is significantly higher (average reported aligned revenues are 8% for our industry peers). This is a unique position for NRC Group and an excellent opportunity to invest in a truly sustainable company, says Lene Engebretsen, EVP and Head of Strategy, Communications and Sustainability.

When we compare this with peer group for infrastructure companies in the Nordics, our score is significantly higher (average reported aligned revenues are 8% for our industry peers). This is a unique position for NRC Group and an excellent opportunity to invest in a truly sustainable company.

Lene Engebretsen, EVP and Head of Strategy, Communications and Sustainability

The updated strategy is founded on clearly defined success factors:

Delivering operational excellence, ensuring top quality and added customer value
Building a unified, digital and cost-effective Nordic structure
Creating a winning culture across the Nordics

The Group’s key strategic enablers are summed up in the NRC way focused on building winning positions in priority markets, improving project execution, creating a Nordic spirit and collaborative culture, strengthening leadership, and building with purpose. High-quality infrastructure enables modern societies to grow and thrive.

Commitment to a Sustainable Future

We are now completing our Double Materiality Assessment (DMA), to identify which topics are the most material for us and our defined stakeholders. This is the first step towards being CSRD (Corporate Sustainability Reporting Directive) compliant. However, the implications of DMA will go beyond the traditional corporate reporting. We will use the assessment as a strategic tool and embed sustainability into operations and our new corporate strategy for the next four years. Sustainability reporting is becoming increasingly important, and The Corporate Sustainability Reporting Directive (CSRD) has emerged as a fundamental framework that demands transparent and accountable reporting and communication on progress to drive the change across Europe.

Turning Commitments into Competitive Advantages

Increased weighting in tenders from both public and private customers reflects the growing demand for sustainable infrastructure going forward. We are turning our sustainability efforts and commitment into advantages and contract wins to build and maintain critical infrastructure in the Nordics.

Rebranding as Part of our New Strategy

We are excited about our new logo and visual profile, which reflect our transition from a leading rail infrastructure company to an infrastructure builder in a broader sense.

The "N" in our new logo extends paths in multiple directions, symbolizing our commitment to pioneering and exploring new areas. This change highlights our innovative thinking and expanding horizons.

Collaborating across the Nordics, we share best practices, integrate sustainability, and leverage new technology to create ambitious solutions for our people, customers, partners, and society.