<a id="bm-comp-07f84b5b-d1d7-47ab-a37a-b23746a985f6" name="bm-comp-07f84b5b-d1d7-47ab-a37a-b23746a985f6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="07f84b5b-d1d7-47ab-a37a-b23746a985f6" style="vertical-align: top; width:100.000000%;"><ul><li>Signs new phase-1 contract for Norrbotten power line</li><li>Phase-2, starting 2026, could be the largest contract yet (~EUR136m)</li><li>This and the Uppsala Tram project could drive substantial cons. revisions</li></ul></td></tr></table><a id="bm-comp-25f5dc6c-84be-45ff-89aa-ef9b19968d9c" name="bm-comp-25f5dc6c-84be-45ff-89aa-ef9b19968d9c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="25f5dc6c-84be-45ff-89aa-ef9b19968d9c" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Another major power line project de-risks estimates</h3><p>NYAB announced a new phase-1 (planning phase) contract with Svenska Kraftn&#228;t regarding a new power line in Norrbotten, with project beginning immediately (<a data-bm-trackable="false" href="https://mfn.se/cis/a/nyab/nyab-ab-nyab-signs-collaboration-contract-with-svenska-kraftnat-for-main-grid-expansion-55f59de5" target="_blank">link to press release</a>). It also states that the phase-2 (expected to start in early 2026) could be worth ~EUR 136m. NYAB typically wins phase-2 contracts after it has won the phase-1, and we therefore think it is likely that it will sign this phase-2 as well, potentially within the coming months. This reduces estimate risk for 2026-2027 significantly. For reference, the current order backlog in Civil Engineering already supports growth in 2026 (order backlog was EUR 404m, +6% y-o-y in Q3) and we currently forecast 7% organic growth for NYAB in 2026e. In addition to this new power line project, which would be NYAB's largest contract so far, it has also signed a phase-1 contract for the Uppsala Tram project where the phase-2 (not signed yet) is estimated at ~EUR 450m (where NYAB could receive ~50% through the JV). We think it is likely that both are signed in the coming quarters, which we think would trigger at least 5-10% positive revisions to consensus estimates.</p></td></tr></table>