NCAB Group Reports Strong Q4 and Year-End 2025 Results with Robust Sales and Order Growth

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NCAB Group released its Q4 and full-year 2025 results, reporting strong year-end momentum with double-digit growth in net sales and order intake, and a solid book-to-bill ratio of 1.21.

October–December 2025

• Net sales increased 9% to SEK 901.9 million (830.3). In USD, net sales increased by 25%. For comparable units, net sales increased by 5% in SEK and by 21% in USD.
• Order intake increased 20% to SEK 1,092 million (907), and in USD order intake increased by 37%. Order intake for comparable units increased by 17% in SEK and by 33% in USD. Book to bill amounted to 1.21.
• EBITA increased to SEK 98.6 million (71.6), representing an EBITA margin of 10.9% (8.6). Exchange rates decreased EBITA by SEK 23 million and affected the EBITA margin negatively by approximately 1.2 percentage points. The costs for NCAB’s new IT platform amounted to SEK 8.3 million (15.6), which included implementation and amortization for 2025. EBITA was positively affected by a net of SEK 5.9 million resulting from a dissolved additional purchase consideration of 10.8 and transaction costs of 4.9 (0.6) million.
• Cash flow from operating activities amounted to SEK 21.7 million (45.3).
• Operating profit was SEK 82.0 million (53.3).
• Profit after tax was SEK 52.7 million (41.5).
• Earnings per share before and after dilution amounted to SEK 0.28 (0.22).

January-December 2025

• Net sales increased by 4% to SEK 3,743.5 million (3,614.0). In USD, net sales increased by 11%. For comparable units, net sales decreased 2% in SEK but increased with 5% in USD.
• Order intake increased by 10% to SEK 4,076 million (3,701). In USD, order intake increased by 18%. For comparable units, the order intake increased by 4% in SEK, and by 12% in USD.
• EBITA decreased to SEK 402.6 million (449.7), representing an EBITA margin of 10.8% (12.4). Exchange rates decreased EBITA by SEK 53 million and impacted EBITA margin negatively by approximately 0.7 percentage points. The costs for NCAB’s new IT platform amounted to SEK 36.6 million (41.6), which included implementation and amortization. EBITA was positively affected by SEK 3.9 million resulting from a dissolved additional purchase consideration of 10.8 million and transaction costs of 6.9 million (3.7).
• Cash flow from operating activities amounted to SEK 286.8 million (354.2).
• Operating profit was SEK 336.1 million (386.1).
• Return on equity was 14.3% (18.3).
• Profit after tax was SEK 206.1 million (254.8).
• Earnings per share before and after dilution amounted to SEK 1.10 (1.36).

Significant events during and after the quarter

• On 19 December, NCAB finalized the acquisition of Multi-Teknik Mönsterkort AB in Sweden.
• The Board of Directors proposes a dividend of SEK 1.10 (0.00) per share to be paid in May.

Message from the CEO

Strong growth in all markets

The market recovery has continued, and the organic order intake growth has accelerated in the second half of the year. In the fourth quarter the organic order intake growth year on year was 33 per cent in USD. Including acquisitions the order intake grew 37 per cent in USD, and by 20 per cent in SEK. Some of the growth in order intake (about a third) was related to earlier order placement by customers. The drivers behind this are increasing delivery lead times and prices increasing from the start of 2026.

Order intake growth was strong across all segments. Even excluding pre buy effects it increased as a result of continued recovery in demand and diminishing customer inventories. In addition NCAB has also been successfully positioned towards a number of new customer segments with good growth. In the quarter we have notably benefited from positive development within areas like EV charging, aerospace and defence as well as within medtech. We have also seen a positive development within auxiliary systems for data centres.

Net sales has continued to grow on the heels of the order intake and grew by around 25 per cent in USD and by 9 per cent in SEK while gross margins remained stable. Currency continued to present significant headwind to both top line and bottom line, which further underlines the strong performance in the quarter compared to last year.

The Nordics delivered a strong performance despite a significant FX headwind, and profitability improved after a few quarters negatively impacted by FX and mix. The solid order intake growth was to a not insignificant degree boosted by pre-ordering and orders with longer lead times. There was notably also positive impact from resumed growth in EV charging and a continued positive trend in defence.

In segment Europe overall gradual improvements continued. Both order intake and net sales grew across the majority of markets, including Germany where the consumer confidence was slowly recovering. In several markets we noted improving order intake as a result of decreased inventory at our customers. Our business related to commercial vehicles remained muted, but certain parts of industrial and automation segments improved from low levels in the prior year.

In North America the growth momentum in order intake and net sales has continued in the fourth quarter. We have made inroads to businesses related to the expanding application of energy solutions for data centres as well as for defence applications. We offer a strong and multifaceted value proposition in the North American market and see good opportunities for continued expansion.

The East segment delivered strong growth in order intake even though net sales grew at a more moderate pace. There was good growth in high-tech applications and customer activity increased compared with previous quarters. This was driven by customer concerns around factory capacity and their reliance on NCAB for supply chain stability and capacity in a challenging environment.

We are cautiously optimistic for the start of 2026, following increasing organic growth in order intake over our past three quarters. Net sales and profitability development have resumed growth despite the significant adverse impact of FX.

We are happy to have welcomed new colleagues from Multi-Teknik in Sweden in the quarter. With a solid cash flow generation and a healthy balance sheet we have both the financial strength and operational readiness to continue an active M&A agenda.