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NCC (NCC) investor relations material
NCC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operating profit and margins improved in Q2 2025, supported by strong demand in infrastructure and industry, and a growing share of complex early involvement projects.
Healthy order backlog and stable orders received, with disciplined project selection and strategic priorities.
Strategic review of the Industry business area is progressing as planned, with potential divestment considered.
Strategic partnering agreements signed with SSAB and LKAB for major green industrial projects in the Nordics.
Net sales declined year-over-year due to a selective approach and no profit recognition in Property Development.
Financial highlights
Q2 2025 net sales: SEK 14,543M (down from SEK 15,448M in Q2 2024); operating profit: SEK 649M (up from SEK 623M); EPS: 4.8; profit after tax: SEK 467M.
Cash flow before financing for Q2: SEK -216M (improved from SEK -383M); net debt/EBITDA at 0.53x; net cash/debt: SEK -1,388M.
Dividend payout for 2024 was 68% of profit after tax, above the 60% target; dividend payments split in two tranches.
Return on capital employed: 7.1% overall, 14% in Industry, 15% company-wide; return on equity: 20%.
Book-to-bill ratio at 1.0, indicating balanced order intake and sales.
Outlook and guidance
Market outlook remains positive with strong demand in infrastructure, industrial, and public buildings; commercial property market remains slow.
Continued focus on early involvement projects and selective project approach to enhance predictability and reduce risk.
EPS target of SEK 16 remains, with higher contributions expected from contracting and industry.
The company is well positioned for future growth, especially in green industrial transformation projects.
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