NYAB (NYAB) Q3 2024 earnings summary

Executive summary

• Revenue for Q1–Q3 2024 was EUR 228.8 million, up 18.8% year-over-year, with Q3 revenue at EUR 93.6 million; EBIT for the period was EUR 13.1 million, up 52.6% year-over-year, and Q3 EBIT was EUR 8.9 million (9.5% margin).

• Order backlog reached a record EUR 381.9 million, up 108.4% year-over-year, driven by strong order intake in Sweden.

• Net profit for Q1–Q3 was EUR 7.5 million, impacted by increased finance expenses from re-domiciliation and listing transfer.

• The business model emphasizes flexibility, low fixed costs, and scalability, supporting stable margins and growth.

• Market environment in Sweden remains positive, with high demand and a growing project pipeline, while Finland shows more modest development.

Financial highlights

• Rolling 12-month revenue was EUR 316.7 million, with EBIT at EUR 19.7 million and a margin of 6.2%.

• Free cash flow for Q3 was negative at -EUR 8.3 million due to seasonal working capital, but Q1–Q3 free cash flow was EUR 4.2 million.

• Net debt at quarter-end was EUR 1.5 million, down from EUR 10.0 million a year ago; equity ratio stood at 73.9%.

• Net gearing was 0.8%; return on capital employed was 9.1%.

• Earnings per share (basic and diluted) for Q1–Q3 was EUR 0.01.

Outlook and guidance

• Sweden is expected to continue stable growth, while Finland faces more modest development.

• The record order backlog is expected to support growth and profitable execution in Q4, which is part of the high season.

• Long-term targets: annual revenue growth >10%, EBIT margin >7.5%, net debt/EBITDA <1.5x, and dividend payout >35% of net profit.