NYAB secures 35 MEUR railway contract in Mälardalen, Sweden
Summary
- NYAB has secured a 35 MEUR contract with the Swedish Transport Administration for railway modernization in Mälardalen, covering 62 kilometers and scheduled for completion by September 2026.
- The project aligns with NYAB's strategy to focus on large infrastructure projects, enhancing its order backlog, which was 404 MEUR at the end of Q3’25.
- The contract represents 6% of the 2026 revenue estimate, supporting growth forecasts without prompting immediate changes to estimates, while confirming NYAB's competitive position in the Swedish market.
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NYAB announced on Thursday that it has signed an agreement with the Swedish Transport Administration (Trafikverket) regarding railway modernization in Mälardalen, Sweden. The contract is valued at approximately 380 MSEK (35 MEUR) and involves track replacement on the Tillberga-Kolbäck and Valskog-Frövi sections. The project covers roughly 62 kilometers of railway and includes ballast cleaning, installation of new level crossing elements, and safety improvements. Completion is scheduled for September 2026.
Project aligns with strategy and strengthens order backlog
The agreement is in line with NYAB's strategy to focus on large, complex infrastructure projects and expand its presence in the Stockholm-Mälardalen region. We view this as a solid addition to the company's order backlog, which stood at 404 MEUR at the end of Q3’25. The project size, at roughly 35 MEUR, is large relative to the company's average project size (~4 MEUR) and supports the trend of scaling operations through larger contracts. With a timeline extending to September 2026, the contract provides improved visibility for revenue generation in 2026.
No immediate changes to estimates
While the contract value represents approximately 6% of our 2026 revenue estimate of 614 MEUR (12% growth y/y), we view this order intake as supportive of our existing growth forecasts rather than a trigger for raising estimates at this stage. We think the deal confirms NYAB's strong competitive position in the Swedish infrastructure market and also reduces the risk profile for our near-to-medium-term estimates. Consequently, the release does not lead to immediate estimate changes, but it strengthens our confidence in the company's market positioning and execution going forward.
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NYAB provides services within engineering, construction and maintenance with a focus on sustainable infrastructure and renewable energy. The offering includes roads, railways, bridges, airports, wind and solar power and power grids. NYAB also provides various types of facilities for industrial customers. NYAB operates in Sweden and Finland in both the private and public sectors.
Read more on company pageKey Estimate Figures06.11.
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 345.9 | 549.1 | 613.7 |
| growth-% | 23.4 % | 58.7 % | 11.8 % |
| EBIT (adj.) | 26.4 | 33.1 | 40.1 |
| EBIT-% (adj.) | 7.6 % | 6.0 % | 6.5 % |
| EPS (adj.) | 0.03 | 0.03 | 0.04 |
| Dividend | 0.01 | 0.01 | 0.01 |
| Dividend % | 2.3 % | 2.2 % | 2.6 % |
| P/E (adj.) | 15.3 | 15.9 | 12.7 |
| EV/EBITDA | 9.1 | 10.0 | 7.7 |
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