NRC Group (NRC) Q2 2026 earnings summary

Executive summary

• Achieved improved underlying profitability and strong operating cash flow across Norway, Sweden, Finland, and Machines, despite a NOK 71 million one-off legal charge in Sweden related to a 2018 project dispute.

• Prioritized profitability over short-term volume, focusing on disciplined project selection and operational excellence.

• Operating cash flow reached NOK 180 million, reflecting stronger project execution and working capital management.

• Order intake was NOK 2,046 million, with a solid order backlog of NOK 8,926 million and a book-to-bill ratio of 1.2x.

• Final claim of NOK 566 million submitted to Bane NOR, with negotiations set for Q3.

Financial highlights

• Revenue for Q2 2026 was NOK 1,704 million, slightly down from NOK 1,763 million in Q2 2025.

• EBIT was NOK 61 million, in line with last year, despite the NOK 71 million one-off charge.

• EBIT margin improved to 3.6% from 3.4% year-over-year.

• Net profit for Q2 2026 was NOK 16 million, down from NOK 31 million in Q2 2025.

• Operating cash flow increased to NOK 180 million from NOK 83 million year-over-year.

Outlook and guidance

• Linear profit margin improvement targeted towards 2028, with revenue guidance of ~NOK 7.5 billion in 2026 and >NOK 10 billion in 2028.

• EBIT margin target set at >3.0% for 2026 and >5.0% for 2028.

• Book-to-bill expected to exceed 1.0x LTM after Q2.

• Second wave of light rail projects in Finland secured, with production mainly from 2027 onwards.

• Dividend ambition is to distribute at least 30% of annual profit.