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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.
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Q2 2025 earnings summary22 Jul, 2025

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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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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