<a id="bm-comp-e32e64f7-349a-4d41-8328-35f365d116b0" name="bm-comp-e32e64f7-349a-4d41-8328-35f365d116b0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e32e64f7-349a-4d41-8328-35f365d116b0" style="vertical-align: top; width:100.000000%;"><ul><li>Another strong report with org. sales +19% and EBIT +45%</li><li>'26e-'28e EBIT and EPS raised by 9-12% and 18-19%</li><li>Strong outlook with 26% EBIT growth in H2e</li></ul></td></tr></table><a id="bm-comp-fb653ca6-1d18-4a5e-b0ea-528f780a9c23" name="bm-comp-fb653ca6-1d18-4a5e-b0ea-528f780a9c23" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fb653ca6-1d18-4a5e-b0ea-528f780a9c23" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Strong growth to continue</h3><p>NYAB delivered a strong Q2 (19% organic growth) with some catch-up from the weaker Q1 (-6%) where we understand that the winter impacted production more than usual. EBIT grew 45% y-o-y in Q2 and 46% in H1. With a record order backlog of EUR 502m as of Q2 (+18% y-o-y) and a strong tender pipeline we think NYAB is well-positioned to grow >10% organically in H2 with further margin expansion driving 26%/25% EBIT growth y-o-y in Q3/Q4 and 24% EBIT growth NTM. This growth does not include the profits from the Uppsala Tram JV, which is recognised below EBIT. Overall, we think NYAB continues to execute very well and deliver on its promises (most recently by growing >10%, winning the Uppsala Tram project and improving the Civil Engineering margins again after an investment period).</p><h3 class="bm-h3">Significant estimate uplift due to good momentum</h3><p>We raise '26e-'28e sales and EBIT by 5-6% and 9-12%, respectively, due to the strong order momentum and margins in Civil Engineering. As mentioned, this does not include profits from the Uppsala Tram JV which we estimate at EUR 1.9-2.5m in '26e-'28e and which leads us to raise net profit and EPS by 18%/19%/18%.</p><h3 class="bm-h3">Final thoughts</h3><p>NYAB remains well-positioned towards infrastructure niches with strong demand, and its capital-light operating model facilitates a combination of high growth and high cash generation. The share reacted positively on the report, but we raise our estimates more which means that the multiples are lower now compared to before the report. It is currently at 9-7x EV/EBITA on '26e-'28e compared to the median for construction peers at 11-9x and infrastructure service peers at 12-9x.</p></td></tr></table>