NYAB (NYAB) Q2 2025 earnings summary

Executive summary

• Revenue grew 78% year-over-year in Q2 to EUR 135.8 million, with 43% organic growth, driven by Civil Engineering in Sweden and Finland, and supported by the Dovre acquisition.

• EBIT improved by 51% in Q2 to EUR 5.7 million, with a margin of 4.2%, and H1 EBIT up 61% to EUR 6.7 million, despite margin dilution from the Dovre acquisition.

• Order intake reached EUR 183.7 million in Q2 (up 51% YoY) and EUR 335.2 million in H1 (up 81%), with a record order backlog of EUR 424.7 million.

• Several strategic project wins, including major infrastructure contracts in Sweden, the Uppsala Tramway Phase 1, and a five-year frame agreement extension with Aker BP.

• Board initiated process to transfer listing to Nasdaq Stockholm's main market.

Financial highlights

• Q2 revenue: EUR 135.8 million (+78% YoY); H1 revenue: EUR 242.5 million (+79% YoY); organic growth 43%.

• Q2 EBIT: EUR 5.7 million (+51% YoY); H1 EBIT: EUR 6.7 million (+61% YoY); Q2 EBIT margin 4.2%; H1 EBIT margin 2.8%.

• Q2 net profit: EUR 4.2 million (+196% YoY); H1 net profit: EUR 3.9 million (up from EUR 0.8 million).

• Free cash flow in Q2: EUR 5.5 million; H1: EUR -16.2 million, impacted by Dovre acquisition payment; rolling 12-month free cash flow EUR 34.6 million (103% cash conversion to EBITDA).

• Net debt at quarter end: EUR 10.4 million; net debt/EBITDA ratio 0.31; equity ratio 65.4%.

Outlook and guidance

• Positioned for continued growth in H2, supported by record order backlog and positive market conditions in Sweden; Finland shows upward revisions but broad recovery pending.

• Civil Engineering segment to see increased revenue in H2 due to seasonality.

• Margin improvements anticipated, especially as high season approaches and integration of Dovre progresses; long-term EBIT margin target of 7.5%, unlikely to reach in 2025.

• Listing transfer to Nasdaq Stockholm expected to enhance access to capital and investor base.