NYAB AB’s Interim Report January-June 2025: Positioned for the next step

13.08.25

 

• In the second quarter, revenue grew 78 percent year-over-year, including 43 percent organic growth, driven by Civil Engineering – up 49 percent in Sweden and 32 percent in Finland.
• In the second quarter, Civil Engineering operating margin improved to 5.3 percent (5.1).
• Stable performance in Consulting with continued progress on market positioning, synergies and profitability.
• After the end of the quarter, the Board of Directors decided to move forward with a listing transfer

 

April-June in brief

• Revenue amounted to EUR 135.8 (76.1) million, an increase of 78 percent, of which 43 percent was organic.
• Operating profit (EBIT) increased by 51 percent to EUR 5.7 million (3.8), corresponding to an EBIT margin of 4.2 percent (5.0).
• Net profit was EUR 4.2 (1.4) million. In the comparison period, the re-domiciliation and listing transfer to Sweden increased finance expenses by EUR 1.6 million.
• Free cash flow was EUR 5.5 million (−1.0), including an impact of EUR -1.2 million from final closing adjustments related to the Dovre acquisition.
• Net debt/EBITDA was 0.31 (−0.31).
• Order intake was EUR 183.7 million (133.8), an increase of 37 percent and a book-to-bill ratio of 1.4.
• Civil Engineering order backlog grew 14 percent during the quarter to EUR 424.7 million (340.6), up 25 percent year-over-year.

 

January-June in brief

• Revenue amounted to EUR 242.5 million (135.3), representing a growth of 79 percent.
• Operating profit (EBIT) increased by 61 percent to EUR 6.7 million (4.2), corresponding to an EBIT margin of 2.8 percent (3.1).
• Transaction costs related to the Dovre acquisition impacted EBIT by EUR -1.4 million.
• Net profit was EUR 3.9 (0.8) million. In the comparison period, the re-domiciliation and listing transfer to Sweden increased finance expenses by EUR 2.0 million.
• Free cash flow was EUR −16.2 million (12.5), impacted by the Dovre acquisition payment of EUR −29.2 million.

 

This release is a summary of NYAB AB’s Interim Report January-June 2025. The complete report is attached to this release and available at https://nyabgroup.com/en/investors/nyab-as-an-investment/reports-and-presentations/. The information presented in the Interim Report is unaudited.

 

Key figures (IFRS)

 

	4-6 /2025	4-6 /2024	1-6 /2025	1-6 /2024	R12 7/2024-6/2025	1-12/ 2024
Revenue, EUR thousand	135,757	76,095	242,471	135,268	453,139	345,937
Year-on-year change in revenue, %	78.4 %	16.5 %	79.3 %	29.5 %	45.6 %	23.4 %
EBITDA, EUR thousand	7,351	4,904	9,915	6,646	33,597	30,328
% of net sales	5.4 %	6.4 %	4.1 %	4.9 %	7.4 %	8.8 %
EBITA, EUR thousand	6,111	3,929	7,479	4,816	29,034	26,371
% of net sales	4.5 %	5.2 %	3.1 %	3.6 %	6.4 %	7.6 %
Operating Profit (EBIT), EUR thousand	5,729	3,796	6,714	4,181	27,882	25,350
% of net sales	4.2 %	5.0 %	2.8 %	3.1 %	6.2 %	7.3 %
Profit for the period, EUR thousand	4,209	1,421	3,859	799	19,813	16,753
Earnings per share (EPS), basic, in euros	0.01	0.00	0.01	0.00	0.03	0.02
Earnings per share (EPS), diluted, in euros	0.01	0.00	0.01	0,00	0.03	0.02
Interest-bearing liabilities, EUR thousand	26,163	16,268	26,163	16,268	26,163	13,991
Equity, EUR thousand	190,450	177,345	190,450	177,345	190,450	193,246
Balance sheet total, EUR thousand	312,925	263,423	312,925	263,423	312,925	285,318
Return on equity, last 12 months, %	10.8 %	5.1 %	10.8 %	5.1 %	10.8 %	8.9 %
Return on capital employed, last 12 months, %	13.3 %	8.1 %	13.3 %	8.1 %	13.3 %	12.0 %
Equity ratio -%	65.4 %	73.3 %	65.4 %	73.3 %	65.4 %	73.1 %
Net debt, EUR thousand	10,360	-7,187	10,360	-7,187	10,360	-16,622
Net gearing -%	5.4 %	-4.1 %	5.4 %	-4.1 %	5.4 %	-8.6 %
Net debt/EBITDA, last 12 months	0.31	-0.31	0.31	-0.31	0.31	-0.55
Free cash flow, EUR thousand	5,482	-982	-16,170	12,489	-6,157	22,502
Cash conversion, %	74.6 %	-20.0 %	-163.1%	187.9%	-18.3 %	74.2 %
Order intake, EUR thousand	183,747	133,812	335,196	184,870	620,822	470,496
Book-to-bill	1.4	1.8	1.4	1.4	1.4	1.4
Number of employees at the end of the period	1,093	472	1,093	472	1,093	492

 

CEO Johan Larsson’s review

The development during the second quarter demonstrates the strength in our business model. High growth, improved operating profit, and a record-high order backlog. Revenue increased by 78 percent, of which 43 percent was organic. We are well positioned heading into the second half of the year – and are now taking the next step in our development by initiating the process of transferring our listing to Nasdaq Stockholm’s main market.

Operating profit for the quarter increased by 51 percent to EUR 5.7 million (3.8), resulting in an operating margin of 4.2 percent (5.0). The year-on-year comparison is affected by the inclusion of the Dovre operations – added after the comparison period – which have a different seasonal profile and currently lower margin.

For the first half of the year, operating profit grew by 61 percent compared to the same period last year. Revenue for the same period amounted to EUR 242 million (135), corresponding to a growth of 79 percent.

Our Civil Engineering segment continued to perform well, with organic growth of 43 percent driven by high production volumes in both Sweden and Finland. The segment delivered solid profitability with an improved operating margin year-over-year.

The Consulting segment, established at the turn of the year through the acquisition of Dovre, contributes to a more balanced revenue profile across the year, complements our project operations and broadens our offering, while reducing seasonal variation. Efforts to realize identified synergies and strengthen profitability are progressing according to plan.

Order intake remained high during the quarter. The order backlog increased to a new record level and amounted to EUR 425 million (341) at the end of the period, which corresponds to an increase of 25 percent compared to the previous year. The backlog is well diversified, with a healthy balance between private and public clients as well as contract types, contributing to stability and a low risk profile.

Market conditions in our core geographies continue to develop positively, although differences between countries remain. Activity in Sweden remains high with solid demand across our segments. In Finland, market forecasts for our segments have been revised upward during the year – although a broad recovery has yet to materialize. Cross-border collaboration within the Group remains a key strength, enabling us to allocate resources and capabilities efficiently across markets and to align operations.

After the end of the quarter, we decided to initiate the process to transfer our listing to Nasdaq Stockholm’s main market – a natural step in the direction our business has developed. As the share of collaboration-based projects has increased and our customer relationships have deepened, expectations around transparency, governance and how we operate have become an increasingly important part of the value we deliver.

Our positive development opens up new business opportunities. Longer customer relationships, multi-year contracts and increased visibility in revenue and forecasts contribute to the continued development of our company profile.

The transfer of listing strengthens NYAB’s position and our ability to build long-term business relationships, attract the right talent, broaden our investor base and create value for our shareholders.

Overall, this was a strong performance in the quarter and year to date. We continue to build a better and more resilient company. With a solid first half behind us, increasing demand and a record-high order backlog, we are in a favorable position for the second half of the year.

 

Presentation of the Interim Report

NYAB will arrange a live audiocast regarding the Interim Report on Wednesday, 13 August 2025 at 10:00 CEST. In the webcast, NYAB CEO Johan Larsson and CFO Klas Rewelj will present NYAB’s financial information and significant events for the second quarter. The audiocast will be available at https://nyabgroup.events.inderes.com/q2-report-2025.

 

Contacts

Johan Larsson, CEO, NYAB AB, johan.larsson@nyabgroup.com, +46 (0)70 182 50 70.

Klas Rewelj, CFO, NYAB AB, klas.rewelj@nyabgroup.com, +46 (0)70 626 54 24.

NYAB’s Investor Relations can be contacted by e-mail, ir@nyabgroup.com.

NYAB’s Certified Adviser is Augment Partners AB, info@augment.se, +46 8 604 22 55.

 

This information was submitted for publication at 07:30 CEST on 13 August 2025.