<a id="bm-comp-0a48d203-78af-41d9-95a6-ebf04d230149" name="bm-comp-0a48d203-78af-41d9-95a6-ebf04d230149" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0a48d203-78af-41d9-95a6-ebf04d230149" style="vertical-align: top; width:100.000000%;"><ul><li>Streamlining the group with a clean balance sheet</li><li>Power as the core focus area</li><li>Targeting NOK 2bn in revenue by '27-'28</li></ul></td></tr></table><a id="bm-comp-1a82b81d-ee98-49fb-b74f-60470df9f1c3" name="bm-comp-1a82b81d-ee98-49fb-b74f-60470df9f1c3" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1a82b81d-ee98-49fb-b74f-60470df9f1c3" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Overview of Qben Infra</h3><p>Last week, we hosted Qben Infra's interim CFO Patrik Sj&#246;lund at ABGSC's Investor Days. Founded in 2001, Qben Infra is a Nordic infrastructure services group focused on acquiring and developing companies that build, maintain, and future-proof socially critical infrastructure. It operates across three niches currently: construction, power, and testing, inspection &amp; certification (TIC). Qben combines organic growth with strategic acquisitions and group-driven synergies, serving customers across both public (~90% in the Power segment) and private sector.</p><h3 class="bm-h3">Streamlined into Power and Construction with a clean balance sheet</h3><p>During the presentation, Mr Sj&#246;lund discussed how to think about Qben Infra's strategic transformation and margin trajectory going forward. Following the divestments of Rail in early 2026 and Kvalitetsbygg, together with the signed LOI to sell Inspect, expected to close in Q2'26, Qben has streamlined the group into two segments: Power as the core focus area and Construction through Teambygg. The Rail divestment enabled the redemption of the SEK 500m bond, cleaning up the balance sheet and creating room for further acquisitions. The core focus, Power, is supported by a stronger order book underpinned by public investments such as Svenska kraftn&#228;t's announced SEK 210bn programme (10y) and planned Norwegian grid investments of NOK 150-200bn (10-20y). Management targets an EBITA margin of 10% in Power, higher than peers (Bravida &amp; Instalco according to management), and by '27-'28 they are targeting revenue of NOK 2bn (group).</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><a id="bm-comp-53348591-f0fa-4908-a66d-bed058f43671" name="bm-comp-53348591-f0fa-4908-a66d-bed058f43671" class="BMCustomAnchor"></a><table><tr><td bm-component-id="53348591-f0fa-4908-a66d-bed058f43671" style="vertical-align: top; width:100.000000%;"><table id="bm-img-147bff0f-b554-4403-b98b-49c2aba43a33" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Qben Infra</td></tr><tr><td><img bm-img-encrypt="147bff0f-b554-4403-b98b-49c2aba43a33" bm-img-original-height="790" bm-img-original-width="1124" bm-img-svg="image:image_upload/96474_63fc6468-be79-4854-a8f0-e48caade7d59.svg" bm-img-width-hint="100%" id="bm-id-147bff0f-b554-4403-b98b-49c2aba43a33" src="https://abgsc.bluematrix.com/images/image_upload/96474_63fc6468-be79-4854-a8f0-e48caade7d59_733.png" svg="/nas/web/clients/abgsc/images/image_upload/96474_63fc6468-be79-4854-a8f0-e48caade7d59.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Qben Infra</td></tr></table></td></tr></table><a id="bm-comp-dfe81bd0-02d9-4246-84bf-c2942746c584" name="bm-comp-dfe81bd0-02d9-4246-84bf-c2942746c584" class="BMCustomAnchor"></a><a id="bm-comp-8c533c53-6225-407f-9a88-14c1a2591234" name="bm-comp-8c533c53-6225-407f-9a88-14c1a2591234" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dfe81bd0-02d9-4246-84bf-c2942746c584" style="vertical-align: top; width:50.000000%;"><table id="bm-img-6c929138-0ca3-4318-92c5-5257fd52453f" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Power: sales, adj. EBITA &amp; margins</td></tr><tr><td><img bm-img-encrypt="6c929138-0ca3-4318-92c5-5257fd52453f" bm-img-original-height="443" bm-img-original-width="793" bm-img-svg="image:image_upload/96474_789773c0-3adc-486f-8b1e-ccf564192ac5.svg" bm-img-width-hint="100%" id="bm-id-6c929138-0ca3-4318-92c5-5257fd52453f" src="https://abgsc.bluematrix.com/images/image_upload/96474_789773c0-3adc-486f-8b1e-ccf564192ac5_733.png" svg="/nas/web/clients/abgsc/images/image_upload/96474_789773c0-3adc-486f-8b1e-ccf564192ac5.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td><td bm-component-id="8c533c53-6225-407f-9a88-14c1a2591234" style="vertical-align: top; width:50.000000%;"><table id="bm-img-54277946-b931-4560-9297-94465ae5e9b0" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Construction: sales, adj. EBITA &amp; margins</td></tr><tr><td><img bm-img-encrypt="54277946-b931-4560-9297-94465ae5e9b0" bm-img-original-height="443" bm-img-original-width="793" bm-img-svg="image:image_upload/96474_33292fd2-9a23-45f8-8e21-a7a8e589b7cd.svg" bm-img-width-hint="100%" id="bm-id-54277946-b931-4560-9297-94465ae5e9b0" src="https://abgsc.bluematrix.com/images/image_upload/96474_33292fd2-9a23-45f8-8e21-a7a8e589b7cd_733.png" svg="/nas/web/clients/abgsc/images/image_upload/96474_33292fd2-9a23-45f8-8e21-a7a8e589b7cd.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>