Translation: Original comment published in Finnish on 07/25/2024 at 7:12 am EEST

The company announced on Wednesday that it had been selected by Vattenfall Eldistribution as the contractor for two 130 kV power lines between the substation in Hedenlunda and the substation at SSAB's steel mill in Oxelösund. We estimate the value of the project to be 931 MSEK (around 80 MEUR). In accordance with the Swedish Public Procurement Act, the order is subject to a 10-day appeal period, after which a contract can be signed. The implementation of the project is scheduled to begin during Q3’24 and is expected to be completed in 2026.

Spread roughly evenly on an annual basis, the agreement is substantial in NYAB’s size class (2024e revenue 345 MEUR). The order also significantly supports our forecast of continued strong growth in the coming years (revenue 2025e-2026e: 390-425 MEUR). At the same time it also further strengthens the comments given by the company in connection with the Q1 result that the market situation in Sweden is strengthening. However, the order has no immediate effects on our estimates or our view of the company. We will review our forecasts at the latest in connection with the company’s Q2 results, which it will publish on August 14.