NCAB Group (NCAB) Q2 2025 earnings summary

Executive summary

• Q2 order intake increased 5% in SEK and 16% in USD, with strong growth in Nordics and East, despite significant FX headwinds from a weakening US dollar.

• Net sales were stable at SEK 934 million, up 8-10% organically in USD, but negatively impacted by FX, with a book-to-bill ratio of 1.05.

• EBITDA/EBITA was SEK 94 million, margin 10%, down 22% year-over-year, mainly due to FX and product mix.

• Gross margin slightly improved sequentially from Q1 but decreased year-over-year to 35.1% due to FX and product mix.

• Acquisition of B&B Leiterplattenservice in Germany closed in Q2, contributing to results and expected to strengthen market position.

Financial highlights

• Order intake: SEK 985 million (+5% in SEK, +16% in USD year-over-year).

• Net sales: SEK 934 million, flat in SEK, up 8-10% organically in USD.

• EBITDA/EBITA: SEK 94 million, margin 10%, down 22% year-over-year.

• Gross margin: 35.1% (down from 38.0%), slightly up from Q1, down from prior year.

• Cash flow: SEK 93.6 million (vs. SEK 101 million last year); working capital at SEK 353 million (9.2% of sales).

Outlook and guidance

• Gross margin expected to stabilize at 35%-36% mid-term.

• Europe and Nordics show early signs of recovery; cautious optimism for H2.

• No dividend expected for the year; M&A pipeline remains active with focus on Europe, US, and East.