NCAB Group (NCAB) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 order intake growth of 20% to SEK 1,092 million, with 33% organic growth in USD and a Book-to-Bill of 1.21.

• Net sales for Q4 rose 9% year-over-year to SEK 902 million, with EBITDA/EBITA margin improving to 10.9%.

• Full-year order intake grew 10% to over SEK 4 billion, with net sales up 3.6% to SEK 3.7 billion and organic growth of 5% in USD.

• Market recovery was broad-based, with notable strength in defense, MedTech, power, and EV charging segments.

• Acquisition of Multi-Teknik in Sweden completed, adding SEK 110 million in revenue and expanding the employee base.

Financial highlights

• Q4 EBITDA/EBITA increased to SEK 98.6 million from SEK 71.6 million, with margin up to 10.9% from 8%.

• Net profit for Q4 was SEK 52.7 million, up from SEK 41.5 million; EPS rose to SEK 0.28 (0.22).

• Full-year EBITDA/EBITA margin was 10.8%, down from 12.4% prior year, mainly due to FX effects.

• Gross margin stabilized at 35.1% for the year; Q4 gross margin was 35.7%.

• Operating cash flow for the year was SEK 287 million, with working capital temporarily higher due to ERP rollout.

Outlook and guidance

• Management is cautiously optimistic for early 2026, expecting average PCB price increases of 10% and longer lead times.

• Gross margin guidance remains at 35-36% long-term, with no major hesitancy.

• Pre-ordering effects expected to normalize, with no further significant pre-buy impacts anticipated in early 2026.

• Sequential order intake growth over the last three quarters signals ongoing market recovery.