Small bolt-on acquisition marks NYAB's entry into the Helsinki metropolitan area

NYAB announced on Friday that its subsidiary, NYAB Finland Oy, has signed an agreement to acquire the infrastructure operations of TerraWise Oy. The transaction marks NYAB's entry into the Helsinki metropolitan area, aligning with the company's strategy to expand in markets characterized by robust long-term investment activity. While the move is strategically sound, its modest scale suggests a limited immediate impact on NYAB’s group financials as well as our estimates.

Strategic entry into the Helsinki metropolitan area

The acquisition involves the transfer of 19 employees and a portfolio of ongoing infrastructure projects within the Helsinki region. TerraWise is divesting these operations to focus on its core landscape construction business, following a previous divestment of its excavation unit. For NYAB, the acquired business specializes in comprehensive earthworks and infrastructure construction, offering end-to-end solutions that complement NYAB’s existing expertise. The transaction is expected to close during Q1 2026, subject to customary closing conditions.

Alignment with the long-term growth strategy 

The move is consistent with NYAB’s broader strategy of utilizing selective M&A to expand its geographical footprint and strengthen its presence in key market segments. While NYAB’s Swedish operations have performed robustly, the demand environment in Finland has remained relatively muted recently. Establishing a local presence in the Helsinki metropolitan area provides a stronger entry point to capitalize on the gradual recovery expected in the Finnish market. We view the acquisition as a tactical step to improve NYAB's competitive positioning for future tenders in Southern Finland.

Modest scale suggests limited impact on group financials

We maintain a cautious view regarding the immediate financial contribution of this acquisition. The parties have agreed not to disclose the transaction price, and NYAB has explicitly stated that the deal is not expected to have a material impact on its financial position. To put the scale into perspective, the 19 employees joining the company represent a very small fraction of NYAB’s total workforce of +1,000 personnel.

Given the undisclosed price and the relatively small size of the transferred operations compared to the NYAB group, we do not consider this a significant driver of near-term earnings growth. The acquisition appears to be a small bolt-on deal intended to secure a regional foothold rather than a transformative expansion. Consequently, the release does not lead to changes in our current estimates at this stage.