NYAB (NYAB) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 80% year-over-year to EUR 106.7 million, with 33% organic growth and 47% acquisitive growth from the Dovre acquisition.

• EBIT improved to EUR 1.0 million, with a margin of 0.9% (up from 0.7%), despite EUR -1.4 million in Dovre acquisition transaction costs.

• Order intake reached a record EUR 151.4 million, up 197% year-over-year, with a book-to-bill ratio of 1.4.

• Civil Engineering led performance with strong growth and stable consulting segment; Dovre acquisition contributed significantly.

• Operations expanded in Sweden and Finland, with major project wins and positive integration progress.

Financial highlights

• Rolling 12-month revenue reached EUR 393.5 million, up 31% year-over-year, with 22% organic growth.

• EBIT margin for Q1 2025 was 0.9%, with a rolling 12-month EBIT margin of 6.6%.

• Free cash flow was negative EUR -21.7 million, mainly due to the EUR -28.0 million Dovre acquisition payment.

• Net debt at quarter-end was EUR 8.1 million, with a net debt/EBITDA ratio of 0.26 and equity ratio at 63.3%.

• Civil Engineering revenue grew 34% year-over-year to EUR 77.7 million, with an operating margin of 2.4%.

Outlook and guidance

• Revenue growth for 2025 expected to clearly exceed the 10% target, with a positive outlook supported by strong orderbook and favorable market trends in Sweden and Finland.

• Profitability target of 7.5% EBIT remains in focus; rolling 12-month EBIT margin at 6.6%.

• Strong demand and high tendering activity in Sweden; Finnish market showing signs of improvement.

• Power network projects and infrastructure investments expected to remain key growth drivers.

• Integration of Dovre businesses proceeding as planned, with expected synergies and new business opportunities.