NYAB (NYAB) ABGSC Investor Days summary

Business profile and performance

• Founded in 2013; specialist in sustainable infrastructure and renewable energy, with 419 employees and €300m LTM revenue at Q1'24.

• LTM Q1'24 EBIT was €18m at a 5.9% margin; free cash flow was €35m, net debt/EBITDA was -0.8x, and order backlog was €286m.

• Q1'24 revenue grew 52% YoY in constant currencies; EBIT margin improved 5.9 p.p. YoY.

• Revenue increased at a stated 42% CAGR from 2014 to LTM Q1'24; reported financial periods span different accounting bases before and after 2021.

Markets and growth drivers

• Operations focus on infrastructure, energy and industrial construction, with exposure to Sweden and Finland; public-sector revenue was ~55%.

• Green transition, electrification, urbanisation and de-globalisation underpin demand; cited needs include €90bn in Swedish main-grid investment over 20 years and €300bn+ of planned green projects in Sweden and Finland.

• 2024 construction-market outlook pointed to double-digit growth in Norrbotten County, with market size near SEK 20bn; timing and execution were key factors.

• Highlighted projects include a 90 km section of the Aurora Line, a 102.5 MWp solar farm in Finland and groundworks for Talga's battery anode plant.

Operating model and profitability

• Asset-light delivery model centers on project development and management, using subcontractors for much of the construction work; ~85% of costs were variable.

• 2023 EBIT margin was 5.4%, versus 3.1% for broad legacy providers, 5.1% for installation providers and 5.0% for niche providers in the peer comparison.

• Management emphasized project selection, cost awareness and an incentivised performance culture, with a sector EBIT-margin focus above 7.5%.