NYAB delivered stronger-than-expected revenue in Q1, while profitability was broadly in line with our estimates. Market conditions in Sweden remained favorable, and the demand picture in Finland is showing gradual improvement, with a brightening outlook for the remainder of 2025.

NYAB has released its first-quarter report, highlighting growth in both revenue and earnings. In this interview, CEO Johan Larsson discusses the current market landscape, cross-country developments and what investors should keep their eye on in coming quarters. 

NYAB will release its Q1 report on Wednesday. We expect strong revenue growth (Q1’25e: +55% y/y), mainly driven by M&A effects and favorable market conditions in Sweden. We also expect the operating margin to improve, supported by a favorable project mix, reduced seasonality, and sustained cost efficiency. Beyond the figures, management’s commentary on the market outlook, Dovre integration, and strategic direction will be key focus areas.

NYAB’s Q4 report was stronger than expected across the board. The market situation in Sweden remained favorable for NYAB’s operations and the mild winter conditions in the Nordics had a positive effect on the overall business momentum.