NYAB (NYAB) Avanza Börsdag 2024 summary

Profile and operating footprint

• Specialised contractor focused on sustainable infrastructure and renewable energy projects, with operations in Sweden and Finland across infrastructure, energy and industrials.

• Founded in 2013; 419 employees at Q1'24, LTM revenue €300m, order backlog €286m and public-sector revenue ~55%.

• LTM Q1'24 free cash flow €35m, EBIT €18m, EBIT margin 5.9% and net debt/EBITDA -0.8x.

Markets and positioning

• Long-term investment drivers include the green transition, electrification, urbanisation and de-globalisation; planned green-project investment in Sweden and Finland totals €300bn.

• Renewable energy production in Sweden and Finland is forecast to grow 4x from 2022 to 2030; Sweden's main grid needs €90bn of investment over the next 20 years.

• Norrbotten's 2024 construction market outlook indicates double-digit growth and a market close to SEK 20bn; outcomes depend heavily on project timing and execution.

• Project examples include a 90 km section of the 400 kV Aurora Line, a 102.5 MWp solar farm in Finland and groundworks for Talga's battery-anode plant in Luleå.

Performance and operating model

• Revenue CAGR was 42% from 2014 to LTM Q1'24 on the Sweden basis; the presentation characterises the track record as uninterrupted profitable growth.

• Q1'24 revenue growth was 52% YoY in constant currencies, with EBIT margin improvement of 5.9 p.p. YoY.

• The asset-light delivery model centres on project development and management, with construction work supported by subcontractors.