NYAB (NYAB) Inderes Investor Days 2024 summary

Business profile and performance

• Sustainable infrastructure and renewable-energy contractor operating across infrastructure, energy and industrial construction; 419 employees and €286m order backlog at Q1'24.

• LTM Q1'24 revenue €300m, EBIT €18m and EBIT margin 5.9%; free cash flow €35m and net debt/EBITDA -0.8x.

• Q1'24 revenue growth 52% YoY in constant currencies; EBIT margin improved 5.9 percentage points YoY.

• Long-term targets: annual revenue growth above 10%, EBIT margin above 7.5%, net debt/EBITDA below 1.5x and dividends above 35% of net profit.

Markets and delivery model

• FY2023 revenue mix across infrastructure was 92% Sweden/8% Finland; energy 68%/32%; industrials 36%/64%.

• Growth drivers include electrification, the green transition, urbanisation and de-globalisation; planned long-term green investments in Sweden and Finland total over €300bn.

• Current projects include a 90 km section of the 400 kV Aurora Line, a 102.5 MWp solar farm in Utajärvi and groundworks for Talga’s battery-anode plant in Luleå.

• Asset-light model centers on project development and management, with subcontractors supporting delivery; variable costs are ~85% and service contracting revenue ~13%.

Growth plans and strategic moves

• Organic expansion planned into new regions and adjacent segments, including underwater construction, railways and solar, alongside larger infrastructure, collaborative and maintenance contracts.

• Selective M&A focus: new geographies, capabilities or significant synergies, with a clear path to value creation.

• Past expansion includes Skarta in Finland in March 2022 and Power Forze in Sweden in August 2022; Power Forze added high-voltage expertise for the Aurora Line project.

• Plans to change domicile and listing to Sweden, citing improved liquidity, commercial benefits and broader access to capital; analysis indicated no future dividend tax effects for current shareholders with regular custodial accounts.