NYAB (NYAB) Q2 2026 earnings summary

Executive summary

• Revenue grew 19% year-over-year in Q2 2026, with operating profit up 45% and margin improving to 5.1% from 4.2%.

• Civil Engineering, especially in Sweden and Finland, drove growth with a 28% revenue increase, 52% higher operating profit, and record order backlog surpassing EUR 500 million.

• Consulting segment revenue declined 13% due to lower Norwegian offshore activity and recent acquisition, with margin at 2.1%; restructuring and leadership changes are underway.

• Focus remains on strengthening profitability and selective growth in high-margin niche segments, supported by a solid financial position and balanced project portfolio.

• Free cash flow remained positive, and net debt/EBITDA improved to -0.30x, with a net cash position of EUR 12 million.

Financial highlights

• Q2 2026 group revenue reached EUR 161.9 million, up 19% year-over-year, with almost all growth organic.

• Operating profit for Q2 was EUR 8.3 million (up 45% YoY), with margin at 5.1% (up from 4.2%).

• Net profit for the quarter was EUR 7.7 million, up 84% from EUR 4.2 million.

• Free cash flow for Q2 was EUR 1.8 million; rolling 12-month free cash flow was EUR 35.6 million.

• Maintained a net cash position of EUR 12 million, compared to net debt of EUR 10.3 million a year ago.

Outlook and guidance

• H2 is expected to be the strongest period for both revenue and earnings, with optimism for continued growth and margin improvement.

• Long-term targets: annual revenue growth exceeding 10% (currently 25% rolling 12), EBIT margin target of 7.5% (currently 6%).

• EBIT margin target not expected to be reached in 2025-2026 due to consulting business dilution, but heavy margin improvement is aimed for in 2027.

• Continued robust order intake and backlog in Civil Engineering support ongoing activity and growth.

• Focus on further strengthening profitability and selective growth in high-margin niche segments.