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NCC (NCC) investor relations material
NCC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
EBIT grew over 15% year-over-year, driven by record profit in the Industry segment and strong contracting margins, with Group EBIT up 15% in Q3 2025.
Early involvement projects reached record levels, supporting a positive outlook and future order conversion, with a high win rate for mega projects.
Net profit for Q3 was SEK 534 million, with EPS of SEK 5.47 after dilution.
The Swedish Transport Administration terminated the Korsvägen project, with no Q3 earnings impact.
Positive market outlook, especially for infrastructure, industrial, and public buildings, while commercial and residential property demand remains cautious.
Financial highlights
Industry segment achieved all-time high profit of SEK 461 million in Q3, with earnings up 36% in the quarter.
Group EBIT for Q3 2025 reached SEK 767 million, up from SEK 665 million in Q3 2024.
Earnings per share (R12) at SEK 16.2, impacted by high property development earnings in Q4 last year.
Net debt/EBITDA at 0.5x, well below the 2.5x target, providing financial flexibility.
Cash flow before financing improved to SEK 190 million in Q3 2025, compared to -309 million in Q3 2024.
Outlook and guidance
Continued strong demand expected in infrastructure, industrial, and public buildings, with growth potential in prioritized segments.
No expectation of significant property development earnings in Q4 as seen last year.
Ongoing strategic review of the Industry segment, with a decision expected by year-end.
What drives Industry's sustained high profitability?
What is the basis for Korsvägen legal claims?
How will Industry review impact EPS target?
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Frequently asked questions
NCC Limited engages in construction of dams, tunnels, roads, hydreo electric projects, ports and harbours, airports and runways, industrial buildings and factories, power plants, urban infrastructure and housing, and networks for water supply and transportation of natural gas. It also undertakes infrastructure projects related to oil refineries. NCC is an EPC contractor for industrial infrastructure projects that involve design, procurement, insurance for contracts executed overseas.
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