NCC (NCC) Q4 2025 earnings summary

Executive summary

• Strong underlying profitability and robust cash flow in Q4 and full year, with record profits in Industry and Building Nordics, despite a SEK 1.4 billion non-cash impairment charge mainly in Property Development.

• Operating profit before items affecting comparability was SEK 692 million in Q4; after impairment, Q4 EBIT was -SEK 479 million.

• Board proposes a dividend of SEK 9 plus an extra SEK 2, distributed in two tranches.

• Industry segment to become a standalone company within the group following a strategic review.

• New senior management appointments: new CFO and Head of Infrastructure.

Financial highlights

• Q4 operating profit before items affecting comparability was SEK 692 million; after impairment, Q4 EBIT was -SEK 479 million.

• Full-year net sales were SEK 55,717 million, with cash flow from operating activities at SEK 1,912 million.

• Net debt at year-end was SEK -1,165 million, with net debt/EBITDA at 0.27.

• EPS before items affecting comparability was SEK 13.89–14, below the SEK 16 target.

• Book-to-bill ratio at 1.45 (underlying 1.55), indicating strong order intake.

Outlook and guidance

• Positive market outlook in infrastructure, industry, energy, water treatment, hospitals, and security-related buildings; residential and commercial property markets remain weak.

• Early involvement projects in the order backlog are expected to convert into future orders, supporting growth.

• Continued focus on improving project quality and profitability, especially in Building Sweden and Nordics.