NYAB (NYAB) Q4 2024 earnings summary

Executive summary

• Revenue grew 23.4% year-over-year to EUR 345.9 million, with Q4 revenue at EUR 117 million and strong operational performance.

• EBIT for 2024 was EUR 25.4 million, up 66.9% year-over-year, with a full-year EBIT margin of 7.3% and Q4 margin at 10.5%.

• Order backlog increased 10.3% year-over-year to EUR 325.1 million, supporting strong prospects for 2025.

• Dovre acquisition completed January 2025, expanding geographic reach and consulting capabilities, especially in Norway.

• Energy became the largest segment, now 46% of full-year revenues, with infrastructure stable and industrial lagging but expected to grow.

Financial highlights

• Q4 revenue grew 33.3% year-over-year, driven by power network projects and favorable weather in Sweden.

• Q4 EBIT margin reached 10.5% (up from 7.5%), with net profit for the quarter at EUR 9.3 million.

• Full-year net profit reached EUR 16.8 million, up nearly 90% year-over-year; free cash flow for 2024 was EUR 22.5 million.

• Negative net debt of EUR 16.6 million and a stable equity ratio above 70%.

• Proposed dividend of EUR 0.01 per share, equating to 42.4% of 2024 net profit.

Outlook and guidance

• Order backlog and pipeline support continued growth into 2025, with strong tendering activity in Sweden and stable demand in core markets.

• Management maintains long-term EBIT margin target of 7.5%, despite short-term margin dilution from the Dovre acquisition.

• Dovre acquisition expected to drive geographic expansion and cross-selling synergies.