NYAB: Market activity points to continued growth - ABG

Encouraging results, even if it was low season
We raise our EBITA estimates 2-3% on '25e-'27e
Svenska Kraftnät increased its already ambitious investment plan


Organic business beat on both growth and margins

Even if Q1 is a low seasonal quarter for NYAB, we think it was encouraging to see strong performance once again, with 33% organic growth y-o-y and solid profitability. Adjusted for one-time costs related to the Dovre acquisition, EBITA was EUR 2.8m (0.9m) for a 3% margin (2%), 44% higher than ABGSCe at EUR 2.2m. While Dovre contributed to the increased earnings, the Civil Engineering segment—which mainly comprises the organic NYAB—also saw EBIT rise by 165% to EUR 1.9m (0.7m) for a 2.4% margin (1.2%). With a solid order book within Civil Engineering that increased by 31% y-o-y to EUR 372m, and management communicating a positive market outlook, we expect continued high sales and earnings growth in the coming quarters.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nyab/Equity-research/2025/5/nyab---market-activity-points-to-continued-growth/