NYAB (NYAB) Q3 2025 earnings summary

Executive summary

• Revenue grew 60% year-over-year in Q3 2025 to €150.1 million, with 32% organic growth, and operating profit rose 27% to €11.3 million, maintaining healthy margins despite rapid expansion, especially in Swedish civil engineering, which grew 67% year-over-year.

• Order backlog remains robust at €404.1 million, up 6% year-over-year, providing a strong platform for future growth.

• Market activity is high in Sweden, improving in Finland, and more cautious in Norway.

• The Dovre acquisition contributed to growth, with integration progressing as planned.

• Board initiated process to transfer listing to Nasdaq Stockholm's main market, targeted for 2026.

Financial highlights

• Q3 2025 revenue reached €150.1 million, up 60% year-over-year, with 32% organic growth; rolling 12-month revenue up 61%.

• Operating profit for Q3 was €11.3 million, a 27% increase year-over-year, with a 7.5% margin; rolling 12-month operating profit rose 53% to over €30 million.

• Earnings per share increased 26% in Q3 to €0.012 and 94% on a rolling 12-month basis.

• Free cash flow for Q3 was €9.3 million, reversing a negative flow last year; net debt/EBITDA at 0.05, equity ratio at 66.0%, and ROCE at 14.2%.

• For the first nine months, revenue increased 72% to €392.5 million, with 36% organic growth, and operating profit rose 37% to €18.0 million.

Outlook and guidance

• High order backlog and stable cash flow position the company for continued selective growth.

• Revenue growth target exceeds 10%; current rolling 12-month growth is 61%.

• EBIT margin target is above 7.5%; current rolling 12-month margin is 5.9%, impacted by margin dilution from the Dovre acquisition.

• Market activity in Sweden remains high, with Finland expected to see increased activity due to planned grid investments; Norwegian investment activity is high but expected to ease into 2026.

• Selective growth strategy and strong financial position support a positive outlook for the remainder of 2025 and into 2026.