NYAB (NYAB) Q1 2026 earnings summary

Executive summary

• Strong order intake rose 23% year-over-year, with margins up and positive earnings achieved in the seasonally weakest quarter.

• Order backlog reached its highest level to date, driven by robust demand in prioritized niche segments.

• Free cash flow turned positive at EUR 5.5 million, with net debt at EUR -21.3 million and net debt/EBITDA at -0.56x.

• Selective growth in niche segments, consolidation of marine operations under a single brand, and divestment of North American consulting business.

• Profit for the period was EUR 1.1 million, compared to a loss of EUR 0.3 million last year.

Financial highlights

• Quarterly revenue was EUR 100.1 million, down 6% year-over-year due to lower production volumes and early project phases.

• Last 12 months revenue reached up to EUR 547 million, up 37% year-over-year.

• Operating profit for the quarter was EUR 1.5 million, up 54% year-over-year; operating margin rose to 1.5%.

• Free cash flow for the quarter was EUR 5.5 million; last 12 months free cash flow EUR 38.8 million, over 100% of EBITDA.

• Net debt/EBITDA ratio improved to -0.56x; equity ratio at 70.9%.

Outlook and guidance

• Approximately 60% of current backlog expected to be recognized as revenue in 2026.

• Margin expected to improve further, driven by strong backlog and prioritization in niche markets.

• Positioned for another year of profitable growth, with strong order intake and stable cash flow.

• Consulting segment recovery expected to be gradual, with positive effects from integration and scaling in Finland.

• Long-term targets: revenue growth above 10%, EBIT margin above 7.5%, net debt/EBITDA below 1.5x, dividend payout above 35%.