NYAB (NYAB) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 27% YoY to EUR 190.2m; operating profit increased 33% to EUR 15.0m, with a 7.9% margin.

• Record Q3 order intake of EUR 555m lifted Civil Engineering backlog 116% YoY to EUR 873.8m.

• Civil Engineering drove growth; Consulting weakened amid soft Norwegian offshore demand.

Financial highlights

• Q3 net profit rose 49% to EUR 12.6m from EUR 8.5m; EBIT benefited from higher revenue, project profitability and a total-return-swap revaluation gain.

• Q1–Q3 revenue increased 15% to EUR 452.2m; EBIT rose to EUR 24.8m from EUR 18.0m, with margin improving to 5.5% from 4.6%.

• Rolling 12-month revenue increased 19% to EUR 606.6m, comprising 14% organic and 5% acquisitive growth.

• Q3 free cash flow was EUR -6.2m versus EUR 9.3m a year earlier; a customer payment arrived shortly after quarter-end.

Outlook and guidance

• Long-term targets: annual revenue growth above 10%, operating margin above 7.5%, net debt/EBITDA below 1.5x and dividends above 35% of prior-year net profit.

• Rolling 12-month revenue growth was 19%, operating margin 6.2% and net debt/EBITDA -0.12x; the margin target is not expected to be reached in 2025 or 2026.

• Focus remains on effective execution of the larger backlog and selective growth in niche segments with attractive margins.

• Finland's Mikkeli data-center project is expected to support revenue as construction progresses in coming quarters.

• Working capital tied to a strategic project is expected to reduce significantly in Q4, supporting a stronger year-end cash position.