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NYAB - EBIT in line, organic growth remains good

12 februari 2026

<a id="bm-comp-a3ff0d7c-1f24-4503-a928-1f6cf40b73b3" name="bm-comp-a3ff0d7c-1f24-4503-a928-1f6cf40b73b3" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a3ff0d7c-1f24-4503-a928-1f6cf40b73b3" style="vertical-align: top; width:100.000000%;"><ul><li>Adj. EBIT 1% vs consensus</li><li>10% organic growth, order book +18% y-o-y</li><li>We expect estimates to be relatively unchanged</li></ul></td></tr></table><a id="bm-comp-ece56643-c671-4dbb-9502-6dbbdadfeb60" name="bm-comp-ece56643-c671-4dbb-9502-6dbbdadfeb60" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ece56643-c671-4dbb-9502-6dbbdadfeb60" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p>Sales EUR 155m (0% vs ABGSCe 155m and -1% vs cons 155m), +32% y-o-y whereof 10% organic (ABGSC 8%). EBIT 13m (-2% vs ABGSCe 13m and 1% vs cons 13m), +3% y-o-y for a margin of 8.2% (vs ABGSC 8.4%). Net profit EUR 9m (-11% vs ABGSCe 10m and -10% vs cons 10m). The order backlog in Civil Engineering was 381m, +18% y-o-y and provides support for further organic growth in 2026. The FCF remained strong at 18m or 140% of EBIT in Q4. And for 2025, the FCF was 39m (127% of EBIT). EUR 0.014 DPS was proposed (0.15 SEK), corresponding to a 2.5% yield.</p><h3 class="bm-h3">Preliminary estimate changes</h3><p>Management continues to see good demand and high tender activity across segments. Activity in Civil engineering remains high in Sweden and more cautious in Finland. In Consulting, demand in Norwegian offshore market eased in H2'25 compared to H1 and enter 2026 at a more normalised level. We expect consensus estimates to remain fairly unchanged.</p><h3 class="bm-h3">Final thoughts</h3><p>NYAB delivered a solid report were organic growth remained good while margins are somewhat held back by Consulting. Looking ahead, we expect continued strong performance in Civil Engineering while margins should start to improve in Consulting, partly from the recently announced divestments and other initiatives. The share is relatively flat L3M (+4%) vs OMXSGI +7%. Management will host a presentation of the report at 10:00 CET, you can use this <a data-bm-trackable="false" href="https://nyabgroup.events.inderes.com/q4-report-2025" target="_blank">link</a> to participate.</p></td></tr></table><a id="bm-comp-dfbd5ac6-3c6e-497a-8f41-d11f7ba63ecc" name="bm-comp-dfbd5ac6-3c6e-497a-8f41-d11f7ba63ecc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dfbd5ac6-3c6e-497a-8f41-d11f7ba63ecc" style="vertical-align: top; width:100.000000%;"><table id="bm-img-07d8e4a2-3252-4452-b735-524c07e73cf7" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviations</td></tr><tr><td><img bm-img-encrypt="07d8e4a2-3252-4452-b735-524c07e73cf7" bm-img-original-height="622" bm-img-original-width="1032" bm-img-svg="image:image_upload/93996_b75a94ef-5442-4900-8093-233e133e5a7f.svg" bm-img-width-hint="100%" id="bm-id-07d8e4a2-3252-4452-b735-524c07e73cf7" src="https://abgsc.bluematrix.com/images/image_upload/93996_b75a94ef-5442-4900-8093-233e133e5a7f_733.png" svg="/nas/web/clients/abgsc/images/image_upload/93996_b75a94ef-5442-4900-8093-233e133e5a7f.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: FactSet consensus</td></tr></table></td></tr></table>

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