Nordisk Bergteknik (NORB) Q4 2025 earnings summary

Executive summary

• Achieved increased profitability and continued organic growth in Q4 2025, supported by a recovering market environment.

• Net sales for 2025 increased by 4% year-over-year to SEK 3,450.8 million, with organic growth of 6% and improved profitability across all segments.

• Operates in a diversified project portfolio across infrastructure, energy, real estate, and mining, with 18 subsidiaries and over 1,100 employees.

• Maintains a leading market position in Northern Europe for rock and foundation solutions.

• The group’s financial position strengthened, with net debt/adjusted EBITDA stable at 3.2x.

Financial highlights

• Q4 2025 net revenue rose 2% year-over-year to SEK 911.3 million; full-year net sales up 4% to SEK 3,450.8 million.

• Adjusted EBIT for Q4 was SEK 51.7 million (margin 5.7%), and for the year SEK 140.7 million (margin 4.1%).

• Adjusted EBITDA margin reached 14.2% in Q4 2025, up from 12.8% the previous year; full-year margin was 13.3%.

• Adjusted cash flow from operating activities was SEK 179.2 million in Q4 and SEK 237.6 million for the year, down from SEK 322.0 million.

• Profit for the year reached SEK 28.5 million, with EPS of SEK 0.50, up from SEK 0.17 in 2024.

Outlook and guidance

• Long-term market outlook remains positive, driven by infrastructure investment needs and stable demand in mining and maintenance.

• Growth strategy focuses on organic expansion, M&A, and vertical integration within the value chain.

• Targets annual net sales growth above 15% over a business cycle and an adjusted EBIT margin above 7% medium term.

• Net debt/adjusted EBITDA is targeted not to exceed 2.5x, with temporary increases allowed for major acquisitions.