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NCAB Group (NCAB) investor relations material
NCAB Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Order intake grew 5% in SEK and 16% in USD year-over-year, with strong trends in Nordics and East, and early signs of recovery in Europe, despite FX headwinds and market uncertainty.
Net sales remained stable in SEK at SEK 934 million, but up 8–10% in USD; margins declined due to FX and product mix effects.
EBITA for Q2 was SEK 93.9 million, down 22% year-over-year, with a margin of 10%.
Acquisition of BNB Leiterplatten/B & B Leiterplattenservice in Germany closed and integrated, contributing SEK 150 million revenue and over SEK 20 million EBITA in 2024.
Financing renewed at improved terms, valid until 2030, supporting future M&A.
Financial highlights
Net sales flat in SEK, organic growth of 8–10% in USD; EBITA at SEK 94 million, margin 10%, down 22% year-over-year.
Gross margin for Q2 was 35.1% (down from 38.0%); for H1, 34.9%.
Cash flow from operating activities at SEK 93.6 million in Q2 and SEK 146.8 million in H1, both below prior year.
FX impact: SEK 90 million hit to revenue and SEK 17 million to EBITDA from weaker USD.
Net working capital at SEK 353 million (9.2% of sales); available liquidity at SEK 1,263 million.
Outlook and guidance
Gross margin expected to remain in the 35–36% range mid-term; no dividend planned for the year.
Cautious optimism for European recovery; order intake momentum in Nordics and East, but US remains weak.
M&A pipeline remains active, with focus on Europe, US, and East.
No significant reshoring of PCB manufacturing to US or Europe anticipated; nearshoring of assembly work observed.
Management remains positive about gaining market share organically and via acquisitions, despite macroeconomic and currency headwinds.
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