<a id="bm-comp-dde02327-d5ec-4ae7-872f-9e1ac614681f" name="bm-comp-dde02327-d5ec-4ae7-872f-9e1ac614681f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dde02327-d5ec-4ae7-872f-9e1ac614681f" style="vertical-align: top; width:100.000000%;"><ul><li>Signs Phase 2 with Svenska kraftnät worth SEK 1.6bn</li><li>We expect consensus to raise 2027e-2028e EBIT by 5-10%</li><li>Share has done well, but still trades at 9x EBIT 2027e</li></ul></td></tr></table><a id="bm-comp-0b0961a3-f129-4831-9c06-6fb0f9d2b485" name="bm-comp-0b0961a3-f129-4831-9c06-6fb0f9d2b485" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0b0961a3-f129-4831-9c06-6fb0f9d2b485" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Largest power line project to date, with limited price risk</h3><p>NYAB announced this morning that it has signed an agreement with Svenska kraftnät to build a new 400 kV power line in northern Sweden between Letsi and Svartbyn. The order value is SEK 1.6bn (EUR 142m). The contract is structured as a partnering agreement (Sv: <em>samverkan</em>), meaning that NYAB assumes relatively little price risk, as it is largely based on a cost-plus model. Construction will begin immediately, and we expect consensus EBIT estimates for 2027e-2028e to increase by 5-10% as a result of the order. The project will be included in NYAB’s order book in Q3’26, which should lift the order book substantially above the record-high level reported in Q2.</p><h3 class="bm-h3">Positive for growth, but also strengthens credibility</h3><p>This is NYAB’s second major power line project with Svenska kraftnät, following the Aurora Line, a ~SEK 1.0bn project completed in Q4’25. NYAB began working on Phase 1 (planning) of Letsi–Svartbyn shortly after completing the Aurora Line. Although the company indicated that it also expected to secure the larger Phase 2 execution contract, this had not been confirmed until today. The order therefore not only supports growth and positive estimate revisions but also strengthens management’s credibility, in our view.</p><h3 class="bm-h3">The order book de-risks strong earnings growth f12m</h3><p>Before this order, we already expected >20% earnings growth f12m. Adding this new order, we could now see ~25-30% growth f12m. The share has done well, but still trades at 9x EBIT on 2027e. Longer term, we believe that 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.</p></td></tr></table>