NYAB (NYAB) Q4 2025 earnings summary

Executive summary

• Achieved strong full-year execution in 2025, expanding operations and establishing a robust Nordic platform, with a focus on synergies and profitability for 2026.

• Revenue grew 58% year-over-year to EUR 547 million, with 27% organic growth and 31% from acquisitions.

• Operating profit increased 21% to EUR 30.6 million, with a full-year EBIT margin of 5.6%.

• Order intake surged 54% to EUR 581 million, and order backlog grew 18% to EUR 381 million, supported by high-quality, niche contracts.

• Board proposes a dividend of EUR 0.014 per share, up 40% year-over-year.

Financial highlights

• Full-year revenue reached EUR 547 million, up 58%; Q4 revenue was EUR 154.5 million, up 32% year-over-year.

• Organic growth contributed 27% for the year and 10% in Q4; acquisitive growth 31% for the year.

• Full-year operating profit was EUR 30.6 million, up 21%; Q4 operating profit EUR 12.7 million (8.2% margin).

• Earnings per share increased 27% to EUR 0.03; net profit rose to EUR 21.3 million.

• Free cash flow for the year was EUR 11.7 million, with Q4 at EUR 18.6 million; adjusted free cash flow EUR 40.8 million.

• Net debt/EBITDA at year-end was -0.42, reflecting a strong net cash position.

• Return on capital employed was 14%; equity ratio at year-end was 68%.

Outlook and guidance

• Entering 2026 with a larger, more diversified business and strong financial position.

• Focus for 2026 includes selective project development, segment synergies, and profitability improvement.

• Expecting margin improvement in civil engineering as high-margin, niche contracts begin production in 2026.

• Board targets revenue growth above 10%, EBIT margin above 7.5%, and dividend payout above 35% of net profit.

• Consulting segment margin expected to improve gradually, with less dilution in 2026.