<a id="bm-comp-e7c16844-4968-4818-af46-13c1d137249a" name="bm-comp-e7c16844-4968-4818-af46-13c1d137249a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e7c16844-4968-4818-af46-13c1d137249a" style="vertical-align: top; width:100.000000%;"><ul><li>The reshaping continues...</li><li>...with a potential IPO of the land bank...</li><li>...and large cost-cutting measures</li></ul></td></tr></table><a id="bm-comp-7660b2e6-c4a5-4f75-b593-43b24ffcc149" name="bm-comp-7660b2e6-c4a5-4f75-b593-43b24ffcc149" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7660b2e6-c4a5-4f75-b593-43b24ffcc149" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 highlights</h3><p>Qben Infra reported Q4 sales of SEK 301m and EBITA of SEK -88m. The sale of Rail was completed in January 2026 and the sale of Kvalitetsbygg was completed in December 2025, but with a vendor note due in 2027. Qben is also looking into a spin-off of the land bank portfolio, which according to the company is valued at NOK 655m. This is a strategic decision that follows Qben's increased focus on the Power segment and market. Adj. EBITA was SEK -74m, corresponding to a -7% adj. EBITA margin. The decrease is mainly due to an adjustment to the PPA analysis (Purchase Price Allocation) made in connection with the acquisition of Team Bygg.</p><h3 class="bm-h3">Outlook and estimate changes</h3><p>The remaining parts of Qben – Power, Inspect and Construction (Team Bygg) – have good demand. Qben guides for SEK 1.5bn in sales and SEK 111m EBITA (local GAAP) in '26, for an EBITA margin of 7.2% driven by Power, Inspect and cost reductions. Qben also carried out a bond redemption, resulting in higher financial expenses in 2025 but providing greater balance sheet flexibility going forward</p><h3 class="bm-h3">Looking ahead</h3><p>Qben Infra should be viewed as an investment company. Management states that the transactions will free up resources for redeployment into the faster-growing infrastructure segments (Inspect and Power), which benefit from solid market conditions and a strong order backlog. Following completion of the divestment, the Construction business area will consist solely of residential property development operations in Norway</p></td></tr></table>