NYAB signs 22 MEUR railway contract in Bergslagen, Sweden

NYAB announced on Friday that it has signed an agreement with the Swedish Transport Administration (Trafikverket) to upgrade the Silverhöjden rail line between Ställdalen and Grängesberg. The contract is valued at approximately 238 MSEK (22 MEUR) and involves extensive track replacement along a 17.5-kilometer section, replacement of track switches, and improvements to drainage and bridges. Construction is scheduled to commence in April 2026 and is planned for completion in November of the same year.

Project strengthens 2026 visibility and aligns with strategy

The agreement is well-aligned with NYAB's strategy to focus on complex infrastructure projects and capitalize on the high investment levels in the Swedish railway network. We view the project size of roughly 22 MEUR (or ~7 MEUR/quarter) as a solid addition to the order backlog, supporting the company's trend of securing larger contracts relative to its historical average project size of approximately 4 MEUR. As the project is scheduled for execution entirely within 2026 (April to November), it provides excellent revenue visibility for the current fiscal year.

No immediate changes to estimates

The contract value corresponds to approximately 4% of our 2026 revenue estimate of 614 MEUR. We view this order intake as highly supportive of our existing growth forecasts. While the deal is significant, we consider it a confirmation of NYAB's competitive strength in the Swedish market rather than a trigger for raising estimates at this stage. Consequently, the release does not lead to immediate estimate changes, but it materially de-risks our 2026 revenue projections. That said, we will review our forecasts at the latest in connection with the company’s Q4 results, which it will publish on February 12.