NRC GROUP ASA
Sector unknown·NRC · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Defence budgets
Regulation
DriverPositive impact: strengthens
“There is broad political commitment in Norway, Sweden and Finland to increase spending on developing, maintaining and modernising railroad, light rail and metro lines in major cities, as well as improving other key components of the national infrastructure such as defence, water and energy.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The key driver for NRC Group’s strategy and industry is the growing demand for increased construction and maintenance of sustainable infrastructure. Investments in rail and other critical infrastructure are expected to increase from already high levels due the underlying trends such as population growth, urbanisation, more demanding targets for decarbonisation and growing activity related to defence, energy and water supply.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Target markets include renewable energy and power stations, water reservoirs and water supply, quay facilities and projects aimed at improving the mobility of the armed forces after Sweden and Finland joined Norway in NATO.”
Annual report 2024A · The company itself
Market
“We have identified significant opportunities in new markets such as energy, water, and defense, also influenced by the political situation. The market outlook remains strong, with high investments from Nordic governments to upgrade and maintain critical infrastructure.”
Annual report 2024A · The company itself
Market
“Together with continued transition towards larger contracts that enable improved utilisation and margins, these will support protable growth in the existing and new markets tied to energy, water and defence.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Water
Raw materials and inputs
DriverPositive impact: strengthens
“There is broad political commitment in Norway, Sweden and Finland to increase spending on developing, maintaining and modernising railroad, light rail and metro lines in major cities, as well as improving other key components of the national infrastructure such as defence, water and energy.”
Annual report 2024A · The company itself
Market
“We have identified significant opportunities in new markets such as energy, water, and defense, also influenced by the political situation. The market outlook remains strong, with high investments from Nordic governments to upgrade and maintain critical infrastructure.”
Annual report 2024A · The company itself
Market
“Together with continued transition towards larger contracts that enable improved utilisation and margins, these will support protable growth in the existing and new markets tied to energy, water and defence.”
Annual report 2024A · The company itself
Public sector
End markets
DriverPositive impact: strengthens
“The Governments of Norway, Sweden and Finland develop their transportation systems according to 12-year National Transport Plans (NTP), which are updated and approved by Parliament every fourth year. During rst half of 2025, we expect National Transportation Plan to be updated in Finland.”
Annual report 2024A · The company itself
Market
“NRC Group’s main customers are national transport authorities on a state, regional and municipal level. The national agencies for railway services; Bane NOR in Norway, Trakverket in Sweden and the Finnish Transport Infrastructure Agency in Finland are NRC Group’s largest clients.”
Annual report 2024A · The company itself
Utilities
End markets
Market
“We have identified significant opportunities in new markets such as energy, water, and defense, also influenced by the political situation. The market outlook remains strong, with high investments from Nordic governments to upgrade and maintain critical infrastructure.”
Annual report 2024A · The company itself
Market
“Together with continued transition towards larger contracts that enable improved utilisation and margins, these will support protable growth in the existing and new markets tied to energy, water and defence.”
Annual report 2024A · The company itself
Circular economy and recycling
Regulation
Market
“• Demolition, Recycling, and Logistics. Providing demolition services, recycling materials, and managing the transportation of resources to and from project sites, supporting sustainable infrastructure practices Anders Gustafsson, CEO, NRC Group ASA We have built a strong foundation in the recent years and with the new clear strategic priorities, we are positioned to deliver on the new strategy based on building and maintaining critical infrastructure in our three prioritised markets - Rail, Civil and Maintenance – across the Nordics Contents”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Construction
End markets
Market
“Constructing, upgrading, and maintaining track systems, including associated structures such as stations, tunnels, and bridges. • Civil and Structural Construction.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Education
End markets
Market
“Increased light rail and metro development activities have in recent years increased the relative importance of municipalities.”
Annual report 2024A · The company itself
Electricity
Raw materials and inputs
Market
“Delivering groundwork, concrete, and steel structures to support both rail-related and broader infrastructure projects. • Electro, Catenary, and Signaling Systems.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Industrial manufacturing
End markets
Market
“Additionally, there are some private clients within industry and logistics.”
Annual report 2024A · The company itself
Nordics
Geography
DriverPositive impact: strengthens
“The Swedish market is expecting an increase in planned investments for 2024, The Swedish national budget for rail investments and maintenance spending in 2025 is SEK 34.8 billion, compared with SEK 32.7 billion in 2024. This is due to higher expected activity in new railway investments and planned maintenance and renewals projects.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In Finland, the investment level is still expected to be high in the coming years. The market is estimated at EUR 1.20 billion in 2025, up from EUR 1.05 million in 2024.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“NRC Group estimates a 35% growth in its addressable market from 2023 to 2028 to NOK 82 billion, based on National Transportation Plans for Norway, Sweden and Finland, national budgets and investment plans announced by relevant companies.”
Annual report 2024A · The company itself
Geography
“We also launched a new four-year strategy with the goal to position NRC Group as the most ambitious infrastructure builder in the Nordics, aiming to exceed NOK 10 billion in revenue and achieving a margin above 5% by 2028.”
Annual report 2024A · The company itself
Geography
“NRC Group Sweden is responsible for operations in Sweden and has its head office in Stockholm, with branch offices across the country. In 2024, there were two operating divisions in Sweden. • Rail construction • Rail maintenance • Civil construction (effective from 2025) Sweden had a full year revenue in 2024 of NOK 2,122 compared to NOK 1,877 million in 2023.”
Annual report 2024A · The company itself
Geography
“NRC Group Finland is responsible for operations in Finland and has its head office in Helsinki and branch offices in several cities. In 2024, there were three operating divisions in Finland. • Rail construction including Light rail • Rail maintenance • Materials • Civil construction (effective from 2025) In Finland, the full year revenue for 2024 was NOK 2,782 million compared to NOK 2,753 last year.”
Annual report 2024A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“These investments are driven by urbanisation, population growth, sustainability and an increased focus on national security and energy demand. We are confident that, over time, we will establish a foothold in these sectors.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The key driver for NRC Group’s strategy and industry is the growing demand for increased construction and maintenance of sustainable infrastructure. Investments in rail and other critical infrastructure are expected to increase from already high levels due the underlying trends such as population growth, urbanisation, more demanding targets for decarbonisation and growing activity related to defence, energy and water supply.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Urbanisation
Geography
DriverPositive impact: strengthens
“These investments are driven by urbanisation, population growth, sustainability and an increased focus on national security and energy demand. We are confident that, over time, we will establish a foothold in these sectors.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The key driver for NRC Group’s strategy and industry is the growing demand for increased construction and maintenance of sustainable infrastructure. Investments in rail and other critical infrastructure are expected to increase from already high levels due the underlying trends such as population growth, urbanisation, more demanding targets for decarbonisation and growing activity related to defence, energy and water supply.”
Annual report 2024A · The company itself
Denmark
Geography
DriverPositive impact: strengthens
“The Norwegian market is expected to grow over time, reecting broad political support to improve the national railway system. The government proposes to allocate NOK 33.7 billion for railway purposes in 2025 compared to 32.3 billion in the adjusted budget for 2024.”
Annual report 2024A · The company itself
Geography
“We also launched a new four-year strategy with the goal to position NRC Group as the most ambitious infrastructure builder in the Nordics, aiming to exceed NOK 10 billion in revenue and achieving a margin above 5% by 2028.”
Annual report 2024A · The company itself
Geography
“In 2024, there were two operating divisions in Norway. • Rail construction • Civil construction (including the demolition and recycling company NRC Kept AS and the mass transportation company Gunnar Knutsen AS) For Norway, the full year revenue for 2024 was NOK 2,016 million compared to NOK 2,136 million in 2023.”
Annual report 2024A · The company itself
Energy security
Regulation
DriverPositive impact: strengthens
“There is broad political commitment in Norway, Sweden and Finland to increase spending on developing, maintaining and modernising railroad, light rail and metro lines in major cities, as well as improving other key components of the national infrastructure such as defence, water and energy.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
Geopolitical uncertainty
Macro
DriverPositive impact: strengthens
“These investments are driven by urbanisation, population growth, sustainability and an increased focus on national security and energy demand. We are confident that, over time, we will establish a foothold in these sectors.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Public investment and infrastructure
Regulation
DriverPositive impact: strengthens
“The market development is largely a function of annual budget allowances to infrastructure in the national budgets and at a municipal level in the larger cities such as Stockholm and Gothenburg in Sweden, Oslo and Bergen in Norway, and Tampere and Helsinki in Finland.”
Annual report 2024A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.89 bn NOK |
| Revenue growth vs. the year before, same method | 2.4 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -10.54 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.