NCC (NCC) Q3 2025 earnings summary

Executive summary

• Achieved record profit in the Industry segment and over 15% EBIT growth year-over-year, with strong operating profit and margin increases in Q3 and the January–September period.

• Solid development in Contracting, with rapid growth in early involvement projects and a high win rate for mega projects.

• Secured several large-scale contracts, including power line, steel mill, and prison projects.

• Positive market outlook for infrastructure, industrial, and public buildings, while commercial and residential property demand remains cautious.

• The Swedish Transport Administration terminated the Korsvägen project contract, with no Q3 earnings impact.

Financial highlights

• Group EBIT for Q3 reached SEK 767M, up from SEK 665M in Q3 2024, with EBIT margin at 3.1%.

• Net profit for Q3 was SEK 534M, with EPS at SEK 5.47 after dilution.

• Industry segment posted all-time high profit of SEK 461M and a margin of 5.7% year-to-date.

• Cash flow from operating activities improved to SEK 353M in Q3 from SEK -244M last year.

• Net debt at period end: SEK -2,613M, with net debt/EBITDA at 0.5x, well below the 2.5x target.

Outlook and guidance

• Early involvement projects and strong demand in infrastructure, energy, and public buildings are expected to drive future growth.

• The strategic review of the Industry segment is ongoing, with a decision expected by year-end.

• No significant property development earnings expected in Q4.