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NCAB Group
NCAB Group (NCAB) investor relations material
NCAB Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved strong order intake and net sales growth in Q4 2025, with order intake up 20% to SEK 1,092 million and net sales up 9% to SEK 901.9 million year-over-year, driven by robust organic growth across all segments, especially East and North America.
Organic growth in U.S. dollars reached 33% for order intake and over 20% for net sales in Q4.
EBITA/EBITDA for Q4 increased to SEK 98.6 million (margin 10.9%), while full-year EBITA declined to SEK 402.6 million (margin 10.8%) due to FX headwinds and product mix.
Full-year order intake increased 10% to over SEK 4 billion, with sales up 3.6% to SEK 3.7 billion.
Board proposed a dividend of SEK 1.10 per share, reflecting strong cash flow and balance sheet.
Financial highlights
Q4 net profit was SEK 52.7 million, up from SEK 41.5 million year-over-year; EPS rose to SEK 0.28 from SEK 0.22.
Full-year EBITDA/EBITA margin was 10.8%, down from 12.4% prior year, mainly due to adverse FX effects.
Gross margin stabilized at 35.1% for 2025, with Q4 at 35.7%.
Operating cash flow for the year was SEK 287 million.
Book-to-bill ratio was 1.21 for Q4 and 1.09 for the full year.
Outlook and guidance
Management is cautiously optimistic for early 2026, expecting average PCB price increases of around 10% and longer lead times, which may drive pre-buying behavior.
Gross margin guidance remains at 35-36% for the medium to long term.
No significant further pre-buying expected in early 2026; possible order intake backlash in Q1 due to Q4 pre-orders.
Explain the dissolved purchase consideration's EBITA impact
What portion of Q4 order intake was pre-buy related?
North America Q4 EBITA decline drivers?
Impact of 10% PCB price increase on margins?
M&A pipeline and integration strategy focus?
ERP rollout impact on working capital?
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Next NCAB Group earnings date
Q1 202623 Apr, 2026
NCAB Group
Next NCAB Group earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
NCAB Group AB manufactures and sells printed circuit boards worldwide. It offers single-sided, double-sided, and multi-layered PCBs. The company also provides multilayered flex, rigid-flex, and HDI PCBs; and RFID and NFC based products. In addition, the company provides PCB assembly services for electronics manufacturers; component sourcing services; prototype support services; flex/rigid-flex interconnect solutions for printed circuits used in electronic devices; consulting services for electronics manufacturers; and repair operations services. NCAB Group AB was founded in 1993 and is headquartered in Bromma, Sweden.
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