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NCAB Group AB has released its Interim Report for the first quarter of 2026, reporting double-digit growth in net sales, a significant surge in order intake, and improved profitability amid a dynamic global PCB market environment.
January–March 2026
- Net sales increased 12% to SEK 1,073.7 million (958.3). In USD, net sales increased by 31%. For comparable units, net sales increased by 6% in SEK and by 24% in USD.
- Order intake increased 27% to SEK 1,288.6 million (1,013.7), and in USD order intake increased by 49%. Order intake for comparable units increased by 22% in SEK and by 43% in USD. Book to bill amounted to 1.20. Large orders and price increases contributed to strong growth.
- EBITA increased to SEK 128.2 million (100.0), representing an EBITA margin of 11.9% (10.4). Exchange rates decreased EBITA by SEK 27 million and affected the EBITA margin negatively by approximately 1.5 percentage points. EBITA was affected by transaction costs of 0.9 (0.1) million.
- Cash flow from operating activities amounted to SEK 65.8 million (53.3).
- Operating profit was SEK 111.1 million (82.7).
- Profit after tax was SEK 74.7 million (52.0).
- Earnings per share before and after dilution amounted to SEK 0.40 (0.28).
Significant Events During or After the Quarter
The Board of Directors proposed a dividend of SEK 1.10 (0.00) per share to be paid in May.
Message from the CEO
Strong Growth in Order Intake
The global PCB market has during the quarter been characterized by continued longer lead times and price increases, as an increasing part of the global production capacity is taken up by investments in AI data centers. This trend started in 2024, and for this year the investments are forecasted to triple compared to last year. This rapid growth creates a general lack of capacity which affects lead times and prices. Good relationships with the factories are important to secure deliveries. The war in the Middle East has not yet had any clear effect on demand, although we have noted an effect on freight costs.
This market situation highlights the strengths of NCAB's business model. The efforts of our local sales organizations, our strong relationships with the factories, and our local factory management teams ensure that we can offer a stable delivery capacity even in turbulent times. The underlying order intake was strong and boosted by increasing prices and several large project orders, which contributed to the 27% increase in SEK and 49% in USD. The current order book was positively impacted by longer lead times.
Industrial growth has continued in the quarter. North America and Asia still accounted for the strongest market development, but Europe also continued to move in the right direction. Within NCAB, we saw good development in aerospace and defense as well as in medtech. In addition, we have had continued positive development in sales to customers who supply support systems to AI data centers, such as power and cooling.
Net sales grew by 12% in SEK and 31% in USD, and EBITA increased by 28%. The longer lead times mean that net sales grew slower than order intake. In addition, we did not see the effects of increasing prices on net sales; that will start to show in the second quarter and even more in the second half of the year.
Nordic continued to show good growth in order intake and net sales, driven in part by the defense and EV charging sectors. Increased net sales lifted the EBITA margin despite negative currency effects and a negative impact on the gross margin from larger projects.
In the Europe segment, gradual improvements continued. The important market of Germany showed good development in both order intake and net sales, while the UK and Italy experienced a slightly softer quarter, related to weakness in sales to the automotive industry.
In North America, the growth trend in order intake and net sales has been very strong. In addition to continued general positive development, we have won several major projects totaling just over USD 20 million related to data centers and research projects, with deliveries in 2026 and 2027. In the quarter, CMMC 2.0 certification was also obtained, which is an important prerequisite for serving the American defense market.
Segment East recorded strong growth in order intake. NCAB's ability to offer access to quality factories for advanced printed circuit boards is a competitive advantage in a market where the AI boom is consuming available capacity.
The challenging market situation, with capacity shortages in production and logistic disruptions linked to the war in the Middle East, is testing the entire industry. However, NCAB, together with our factories, is well equipped to minimize the impact on our customers and continue to support their growth.
