The company announced on Wednesday that it had signed two agreements within the Energy market segment in Finland with a combined total value of approximately 50-55 MEUR. The contracts cover engineering, procurement, and construction services within NYAB's Civil Engineering business segment. The projects will start immediately, with completion expected during 2027. According to the company, further details regarding the projects will be disclosed at a later stage, at the request of the customer. Thus, it is difficult to assess projects more precisely at this stage.

Assuming that the projects will last until approximately the end of 2027 and that the revenues are distributed roughly evenly on an annual basis (FY 25: 5-6 MEUR, FY26-27: 22-24 MEUR), the agreements are moderate relative to NYAB’s size (FY25 estimate: 548 MEUR, FY26-27: 613-657 MEUR). However, we view the agreements positively as they support the continued strong growth we expect in the coming years. The agreements also support company’s Finnish operations where market conditions have been somewhat soft. Thus, it might indicate signs of improved market activity in the region and/or NYAB’s ability to navigate in slower market conditions and to keep growing significantly faster than the broader market. However, the order has no immediate impact on our forecasts or view of the company. Our latest company report on NYAB is available here.