NYAB AB’s Interim Report January-March 2025: Strong growth and order intake
07.05.25- Acquisition of Dovre businesses completed in January. New segment reporting structure implemented.
- Organic revenue growth of 33%, with Civil Engineering order backlog up 31% year-over-year.
- Improved operating margin.
January-March in brief
- Revenue amounted to EUR 106.7 (59.2) million, representing total growth of 80% and organic growth of 33%.
- Operating profit (EBIT) was EUR 1.0 (0.4) million, representing an EBIT margin of 0.9% (0.7%).
- Transaction costs related to the Dovre acquisition impacted EBIT by EUR -1.4 million.
- Free cash flow was EUR -21.7 (13.5) million impacted by the acquisition of Dovre businesses with EUR -28.0 million.
- Net debt/EBITDA was 0.26 (-0.81).
- Group order intake amounted to EUR 151.4 (51.1) million, representing a growth of 197% and a book-to-bill ratio of 1.4.
- Civil Engineering order backlog grew with 15% from the end of Q4/2024 and amounted to EUR 372.3 million.
This release is a summary of NYAB AB’s Interim Report January-March 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)
| 1-3/2025 | 1-3/2024 | R12 4/2024-3/2025 | 1-12/2024 | |
| Revenue, EUR thousand | 106,714 | 59,174 | 393,477 | 345,937 |
| Year-on-year change in revenue, % | 80.3% | 51.1% | 31.0% | 23.4% |
| EBITDA, EUR thousand | 2,565 | 1,742 | 31,151 | 30,328 |
| % of net sales | 2.4% | 2.9% | 7.9% | 8.8% |
| EBITA, EUR thousand | 1,369 | 888 | 26,852 | 26,371 |
| % of net sales | 1.3% | 1.5% | 6.8% | 7.6% |
| Operating Profit (EBIT), EUR thousand | 985 | 385 | 25,950 | 25,350 |
| % of net sales | 0.9% | 0.7% | 6.6% | 7.3% |
| Profit for the period, EUR thousand | -350 | -622 | 17,026 | 16,753 |
| Earnings per share (EPS), basic, in euros | 0.00 | 0.00 | 0.02 | 0.02 |
| Earnings per share (EPS), diluted, in euros | 0.00 | 0.00 | 0.02 | 0.02 |
| Interest-bearing liabilities, EUR thousand | 42,550 | 15,940 | 42,550 | 13,991 |
| Equity, EUR thousand | 195,445 | 184,226 | 195,445 | 193,246 |
| Balance sheet total, EUR thousand | 323,727 | 262,419 | 323,727 | 285,318 |
| Return on equity, last 12 months, % | 9.0% | 6.2% | 9.0% | 8.9% |
| Return on capital employed, last 12 months, % | 11.3% | 8.0% | 11.3% | 12.0% |
| Equity ratio -% | 63.3% | 74.3% | 63.3% | 73.1% |
| Net debt, EUR thousand | 8,074 | -19,222 | 8,074 | -16,622 |
| Net gearing -% | 4.1% | -10.4% | 4.1% | -8.6% |
| Net debt/EBITDA, last 12 months | 0.26 | -0.81 | 0.26 | -0.55 |
| Free cash flow, EUR thousand | -21,652 | 13,471 | -12,620 | 22,502 |
| Cash conversion | -844.2% | 773.3% | -40.5% | 74.2% |
| Order intake, EUR thousand | 151,449 | 51,058 | 482,648 | 382,257 |
| Book-to-bill | 1.4 | 0.9 | 1.2 | 0.5 |
| Number of employees at the end of the period | 978 | 419 | 978 | 492 |
CEO Johan Larsson’s review
Our business model continues to serve us well, with visible improvements in the first quarter through strategic order wins, a growing order backlog, organic revenue growth of 33%, and an improved operating margin.
Including the positive impact of the Dovre acquisition, completed in January, our revenue increased by 80% to EUR 106.7 (59.2) million, and operating profit improved to EUR 1.0 (0.4) million.
In our Civil Engineering segment, we continued to make solid progress across all market segments: energy, infrastructure, and industry. We further improved our operating margin compared to the same period last year and achieved a positive EBIT in the first quarter for the second consecutive year. The signing of a new perennial maintenance contract has also secured additional volumes for the first quarters in the years ahead.
Our Consulting segment, established through the acquisition, contributes to a more seasonally balanced revenue stream. Integration efforts are proceeding according to plan, and we are well positioned to realize synergies and unlock new business opportunities.
The operating environment in our core markets continues to develop favorably. In Sweden, energy and infrastructure investments are expected to accelerate in 2025, after remaining stagnant for several years. Recent forecasts also indicate a turnaround in Finland, where market conditions remain more sensitive due to less diversification in the economy.
These market developments, together with our strong performance in the quarter, support a positive outlook, particularly for the second half of the year, traditionally our strongest period for both revenue and earnings.
Recent geopolitical developments have introduced notable uncertainty in the global markets. For NYAB, we view this as reinforcing the ongoing de-globalization trend, supporting accelerated long-term investments across all three of our market segments. During the first quarter, we signed a major contract for the expansion of Luleå Industrial Park. In the Umeå region, we established a local office and secured several key infrastructure contracts, including the first section of the North Bothnia Line and an extensive project for the expansion of the Port of Umeå, involving waterworks and land-based construction. These developments highlight our ability to capitalize on current trends, demonstrating our capacity to expand into new geographies and deliver sustainable, profitable growth. Hence, we address domestic markets with a steady demand.
Our most important enablers are our skilled co-workers and winning culture. Our teams are taking responsibility for increasingly larger projects while supporting one another in the expansion into new regions. During the quarter, we completed our annual employee engagement survey, achieving an eNPS score of 59, an improvement from last year’s strong results and a clear demonstration of the commitment of our people.
When summarizing the first quarter, our low season, with record-high revenue, strong orderbook growth and margins, I can confidently say that we managed the start of the year well and as expected, demonstrating steady progress. We are now in a stronger and more favorable position than ever heading into the remainder of the year.
Presentation of the Interim Report
NYAB will arrange a live audiocast regarding the Interim Report on Wednesday, 7 May 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 first quarter. The audiocast will be available at https://nyabgroup.events.inderes.com/q1-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, phone +46 8 604 22 55.
This information was submitted for publication at 07:30 CEST on 7 May 2025.
