NCAB Posts 25% Sales Growth in Q2 2026

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NCAB reported strong second quarter 2026 results, with double-digit growth in sales and earnings, a 59% increase in order intake, and a book-to-bill ratio of 1.34 driven by robust demand and acquisitions.

April-June 2026

•  Net sales increased by 25% to SEK 1,167.5 million (934.0). In USD, net sales increased by 30%. For comparable units, net sales increased by 20% in SEK and by 24% in USD.
• Order intake increased by 59% to SEK 1,569.9 million (985.0) and in USD order intake increased by 66%. Order intake for comparable units increased by 52% in SEK and by 58% in USD. Book to bill was 1.34.
• EBITA increased to SEK 138.6 million (93.9), representing an EBITA margin of 11.9% (10.0). FX decreased EBITA by SEK 10 million and EBITA margin by approximately 0.8 points. EBITA was affected by transaction costs of SEK 7.3 (0.6) million.
• Cash flow from operating activities amounted to SEK 116.2 million (93.6).
• Operating profit was SEK122.9 million (78.3).
• Profit after tax was SEK 84.4 million (40.5).
• Earnings per share before and after dilution amounted to SEK 0.45 (0.22).

January-June 2026

• Net sales increased by 18% to SEK 2,241.1 million (1,892.3). In USD, net sales increased by 30%. For comparable units, net sales increased by 9% in SEK, and by 19% in USD.
•  Order intake increased by 43% to 2,858.5 million (1,998.7). In USD the order intake increased by 57%. Order intake for comparable units increased by 37% in SEK and in USD by 51%.
• EBITA increased to 266.8 million (193.9), representing an EBITA margin of 11.9% (10.2). FX decreased EBITA SEK 40 million och impacted EBITA margin by 0.5 points. EBITA was affected by transaction costs of SEK 8.2 million (0.7).
• Cash flow from operating activities amounted to SEK 182.0 million (146.8).
• Operating profit was SEK 234.0 million (161.0).
• Profit after tax was SEK 159.0 million (92.5).
• Earnings per share before and after dilution amounted to SEK 0.85 (0.49).
• Significant events during and after the quarter
• The Annual General Meeting resolved on a dividend of SEK 1.10 per share.
• On 24 June, 100% of the shares were acquired in Board Shark LLC, in USA.

Message from the CEO

Strong demand continues

As we stated in our quarter one report the global PCB market has been characterized by continued longer lead times and price increases since an increasing part of the global production capacity is taken up by investments in AI data centres. The limitations in supply have during the quarter expanded from the capacity of PCB manufacturers to the availability of constituent materials, where the war in the Middle East has had a further negative impact.

NCAB has a strong position in the market through our network of leading factories where we are a priority customer. Our factories also have a position in the market that gives them access to critical raw materials for PCB production, where smaller factories may struggle. Our superior delivery performance supports our existing customers but also creates opportunities for us to win new customers whose supply chains are becoming increasingly unreliable. NCAB’s organic order intake in USD increased by as much as 58 percent, of which we estimate that market price increases accounted for about 20 percent, and the effects of pre-buying represented almost 20 percent. Underlying we thus continued to see double digit growth in the order intake.

Net sales grew by as much as 25 percent compared to the previous year, but also by almost 10 percent sequentially compared to the first quarter. The increase in net sales was positively impacted by the price increases that took place in the first quarter. We have seen continued positive development in our global focus areas aerospace & defence and medtech. In addition, we continued to see a strong order intake for applications linked to datacentres during the quarter.

“With generally strained supply chains, NCAB can make a material difference for existing and new customers,“ said Peter Kruk President and CEO, NCAB Group AB.

We have successfully managed the increase in demand without major internal cost increases and thus achieved a good leverage on growth in the form of improved EBITA result. Development in order intake, net sales and EBITA was positive in all segments. However, the challenging market situation with longer lead times has had an adverse impact on working capital, which has remained at a high level. The currency headwind, whilst still having a negative impact compared to prior year, has abated compared to prior quarters.

Nordic showed growth in net sales and accelerated order placement in all markets. The integration of the acquired Multi-Teknik proceeded according to plan and they contributed with a strong EBITA result.

Europe has besides the continued economy recovery benefited from early order placement, which lifted order intake to very strong levels. Net sales continued to develop in a positive direction. All markets are developing positively except for Italy, which is still negatively affected by exposure to automotive.

North America continued to develop and grow with new customers. Order intake and revenue development was strong despite high comparables. The acquisition of Board Shark PCB in June strengthens the sales network in the Northwest USA and we are happy to welcome our new employees and customers.

East has had very strong order intake and revenue growth linked to their ability to provide technical support and access to factory capacity in a challenging market situation.

Overall, we are positive about the development during the quarter. I would like to extend a big thank you to our employees who work hard to support our customers. We are in a continued complicated market situation where we do not yet see improvements ahead of us in the supply chains. At the same time, this represents an opportunity for NCAB with our capabilities to help existing and new customers.