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Third party research

NYAB: Market activity points to continued growth - ABG

NYAB

This is a third party research report and does not necessarily reflect our views or values

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Encouraging results, even if it was low season
We raise our EBITA estimates 2-3% on '25e-'27e
Svenska Kraftnät increased its already ambitious investment plan


Organic business beat on both growth and margins

Even if Q1 is a low seasonal quarter for NYAB, we think it was encouraging to see strong performance once again, with 33% organic growth y-o-y and solid profitability. Adjusted for one-time costs related to the Dovre acquisition, EBITA was EUR 2.8m (0.9m) for a 3% margin (2%), 44% higher than ABGSCe at EUR 2.2m. While Dovre contributed to the increased earnings, the Civil Engineering segment—which mainly comprises the organic NYAB—also saw EBIT rise by 165% to EUR 1.9m (0.7m) for a 2.4% margin (1.2%). With a solid order book within Civil Engineering that increased by 31% y-o-y to EUR 372m, and management communicating a positive market outlook, we expect continued high sales and earnings growth in the coming quarters.
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