NCAB Group (NCAB) Q3 2025 earnings summary

Executive summary

• Order intake and net sales showed strong year-over-year growth, with order intake up 21% in USD and 14% organic growth, led by North America and East regions.

• Net sales increased 6% to SEK 949.2 million, with 15% growth in USD and 8% organic growth in comparable units.

• EBITA/EBITDA was SEK 110.1 million, down 7% year-over-year, with a margin of 11.6%, mainly due to FX headwinds and product mix.

• Net profit rose to SEK 60.9 million from SEK 50 million, and EPS increased to SEK 0.33 from SEK 0.27.

• Operating cash flow remained strong at SEK 118.3 million, flat year-over-year.

Financial highlights

• Book-to-bill ratio remained positive at 1.04, indicating a growing order backlog.

• Gross margin was 35.2% (down from 36.4% year-over-year).

• FX headwinds impacted net sales by SEK 75 million and EBITA/EBITDA by SEK 15 million.

• Net working capital at 299 MSEK, 7.9% of net sales LTM.

• Available liquidity at SEK 1,374 million.

Outlook and guidance

• Positive trends in order intake and revenue expected to continue, with growth in aerospace, defense, medical, and energy sectors.

• No long-term forward guidance provided, but a positive book-to-bill suggests a building order backlog.

• IT platform rollout to continue, with stable costs expected through the first half of next year.

• Focus on sales, marketing, and M&A activities to drive future growth.

• Pipeline for acquisitions remains robust, focusing on Europe, US, and East.