NCAB Group (NCAB) Q4 2025 earnings summary

Executive summary

• Achieved strong order intake and net sales growth in Q4 2025, with order intake up 20% to SEK 1,092 million and net sales up 9% to SEK 901.9 million year-over-year, driven by robust organic growth across all segments, especially East and North America.

• Organic growth in U.S. dollars reached 33% for order intake and over 20% for net sales in Q4.

• EBITA/EBITDA for Q4 increased to SEK 98.6 million (margin 10.9%), while full-year EBITA declined to SEK 402.6 million (margin 10.8%) due to FX headwinds and product mix.

• Full-year order intake increased 10% to over SEK 4 billion, with sales up 3.6% to SEK 3.7 billion.

• Board proposed a dividend of SEK 1.10 per share, reflecting strong cash flow and balance sheet.

Financial highlights

• Q4 net profit was SEK 52.7 million, up from SEK 41.5 million year-over-year; EPS rose to SEK 0.28 from SEK 0.22.

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

• Gross margin stabilized at 35.1% for 2025, with Q4 at 35.7%.

• Operating cash flow for the year was SEK 287 million.

• Book-to-bill ratio was 1.21 for Q4 and 1.09 for the full year.

Outlook and guidance

• Management is cautiously optimistic for early 2026, expecting average PCB price increases of around 10% and longer lead times, which may drive pre-buying behavior.

• Gross margin guidance remains at 35-36% for the medium to long term.

• No significant further pre-buying expected in early 2026; possible order intake backlash in Q1 due to Q4 pre-orders.