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Nordisk Bergteknik (NORB) investor relations material
Nordisk Bergteknik Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Operates in the Nordic market, focusing on mining, infrastructure, and construction, with about 1,000 employees and 18 operational companies.
Achieved continued organic growth in Q3 2025, primarily driven by strong performance in the Norwegian market and stable activity in Sweden's rock segment.
Maintains a diversified project portfolio with high revenue diversification and limited exposure to fixed-price contracts, reducing risk.
Operational synergies and economies of scale contribute to competitive advantages and high barriers to entry.
Strategic cooperation agreement signed with Norwegian Oden, granting access to large projects without further tendering.
Financial highlights
Net sales increased by 5% year-over-year to SEK 838.0 million in Q3 2025; organic growth was 6%.
Adjusted EBIT rose to SEK 30.2 million (from SEK 16.5 million), with an adjusted EBIT margin of 3.6% (up from 2.1%).
Adjusted EBITDA margin remained stable at 12.7%.
Cash flow from operating activities was SEK -7.5 million in Q3, impacted by increased working capital from new project startups.
Net debt/adjusted EBITDA at 3.5x; cash and cash equivalents at SEK 8 million.
Outlook and guidance
Long-term market outlook remains positive, supported by infrastructure investment needs and stable demand in core segments.
Growth strategy focuses on organic expansion, M&A, and vertical integration within the value chain.
Ongoing start-up of major infrastructure projects expected to improve capacity utilization and profitability.
Expects continued strong demand in mining and infrastructure for years ahead, with plans to strengthen the mining segment offering.
Financial targets include over 15% annual net sales growth, 7% adjusted EBIT margin, and net debt/EBITDA below 2.5x over the cycle.
Oden agreement: long-term revenue stability?
Plan to reduce working capital impact on leverage?
Foundation Sweden: steel piling strategy impact?
Mining strategy: How to capture growth?
Nordisk Grundteknik: Quantify synergy impact?
Rock Norway growth: Sustainable beyond Q4?
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Next Nordisk Bergteknik earnings date
Q4 202512 Feb, 2026
Next Nordisk Bergteknik earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Nordisk Bergteknik provides infrastructure and construction services specializing in rock engineering, foundation work, and excavation. It serves clients across Sweden and Norway in the construction and civil engineering sectors. The company is headquartered in Gothenburg, Sweden, and its shares are listed on the Nasdaq Stockholm.
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