- The fourth quarter marked a solid end to the year. For the full year, revenue increased by 58 percent whereof 27 percent was organic.
- Operating profit for the full year increased by 21 percent.
- Order intake for the full year increased by 54 percent and the order backlog increased by 18 percent.
- Earnings per share for the full year increased by 27 percent to EUR 0.03 (0.02).
- The board proposes a dividend of EUR 0.014 per share (0.010).
October-December in brief
- Revenue amounted to EUR 154.5 million (117.1), an increase of 32 percent, of which 10 percent was organic.
- Operating profit (EBIT) amounted to EUR 12.7 million (12.3), corresponding to an EBIT margin of 8.2 percent (10.5).
- Profit for the period was EUR 9.0 million (9.3).
- Free cash flow was EUR 18.6 million (18.3).
- Net debt/EBITDA was -0.42 (-0.55).
- Order intake was EUR 132.8 million (60.3), an increase of 120 percent and a book-to-bill ratio of 0.9.
- Civil Engineering order backlog was EUR 381.0 million (323.4), an increase of 18 percent year-on-year.
- Earnings per share amounted to EUR 0.01 (0.01).
January-December in brief
- Revenue amounted to EUR 547.0 million (345.9), representing a growth of 58 percent, of which 27 percent was organic.
- Operating profit (EBIT) increased by 21 percent to EUR 30.6 million (25.4), corresponding to an EBIT margin of 5.6 percent (7.3).
- Transaction costs related to the Dovre acquisition impacted EBIT by EUR -1.4 million.
- Net profit was EUR 21.3 million (16.8). In the comparison period, the re-domiciliation and listing transfer to Sweden increased finance expenses by EUR 2.4 million.
- Free cash flow was EUR 11.7 million (22.5), impacted by the Dovre acquisition payment of EUR -29.1 million.
- Earnings per share amounted to EUR 0.03 (0.02).
This release is a summary of NYAB AB's Year-end Report 2025. The complete report is attached to this release and available at https://nyabgroup.com/en/investors/nyab-as-an-investment/reports-and-presentations/.
Key figures
10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 | |
Revenue, EUR thousand | 154,458 | 117,118 | 546,995 | 345,937 |
Year-on-year change in revenue, % | 31.9% | 33.3% | 58.1% | 23.4% |
EBITDA, EUR thousand | 14,368 | 13,602 | 37,164 | 30,328 |
EBITDA margin, % | 9.3% | 11.6% | 6.8% | 8.8% |
Operating Profit (EBIT), EUR thousand | 12,663 | 12,267 | 30,645 | 25,350 |
Operating Profit (EBIT) margin, % | 8.2% | 10.5% | 5.6% | 7.3% |
Profit for the period, EUR thousand | 9,003 | 9,261 | 21,316 | 16,753 |
Earnings per share (EPS), basic, EUR | 0.01 | 0.01 | 0.03 | 0.02 |
Earnings per share (EPS), diluted, EUR | 0.01 | 0.01 | 0.03 | 0.02 |
Interest-bearing liabilities, EUR thousand | 15,942 | 13,991 | 15,942 | 13,991 |
Equity, EUR thousand | 209,527 | 193,246 | 209,527 | 193,246 |
Balance sheet total, EUR thousand | 350,708 | 285,318 | 350,708 | 285,318 |
Return on equity, last 12 months, % | 10.6% | 8.9% | 10.6% | 8.9% |
Return on capital employed, last 12 months, % | 14.0% | 12.0% | 14.0% | 12.0% |
Equity ratio, % | 68.0% | 73.1% | 68.0% | 73.1% |
Net debt, EUR thousand | -15,454 | -16,622 | -15,454 | -16,622 |
Net gearing, % | -7.4% | -8.6% | -7.4% | -8.6% |
Net debt/EBITDA, last 12 months | -0.42 | -0.55 | -0.42 | -0.55 |
Free cash flow, EUR thousand | 18,633 | 18,345 | 11,720 | 22,502 |
Cash conversion, % | 129.7% | 134.9% | 31.5% | 74.2% |
Order intake, EUR thousand | 132,849 | 60,259 | 581,023 | 376,269 |
Book-to-bill | 0.9 | 0.5 | 1.1 | 1.1 |
Number of employees at the end of the period | 1,026 | 492 | 1,026 | 492 |
CEO Johan Larsson's review
NYAB strengthened its market position during 2025. We made substantial progress in establishing a Nordic platform and broadened our offering, while our business model delivered strong cash generation and healthy profitability.
For the full year, revenue increased by 58 percent to 547 million euros (346). Operating profit increased by 21 percent to 30.6 million euros (25.4), corresponding to an operating margin of 5.6 percent (7.3). Free cash flow amounted to 11.7 million euros (22.5), including cash consideration of 29.1 million euros paid in connection with the Dovre acquisition. In the fourth quarter, revenue amounted to 154 million euros (117) and operating profit to 12.7 million euros (12.3), corresponding to an operating margin of 8.2 percent (10.5).
The Civil Engineering segment developed positively with higher volumes and strengthened delivery capacity. For the full year, revenue increased by 27 percent and operating profit increased by 17 percent, while margins remained healthy during a year of high activity and capacity build-up to meet future demands. Performance was mainly driven by Sweden, where a well-balanced project portfolio and efficient execution supported higher production. In Finland, the market environment remained cautious and held back volumes, particularly during the second half of the year. At the same time, earnings and profitability improved in the Finnish operations through selective project intake and a focus on execution quality.
The Consulting segment, which was established at the beginning of 2025 through the acquisition of operations from Dovre, has established a presence in Norway and strengthened our Nordic platform for continued growth. The segment complements Civil Engineering and broadens NYAB's offering by supporting customers from early phases through the entire project lifecycle. Overall performance for the year was in line with our expectations. Our focus has been on integration and commercial development, and we continue our work to strengthen profitability and realize synergies between the segments.
The long-term drivers in energy, industry and infrastructure remain strong. We see continued good demand and high tender activity, although conditions vary across geographies and segments. In Civil Engineering, activity remains high in Sweden, while Finland continues to be more cautious. In Consulting, demand in the Norwegian offshore market eased in the second half of the year compared with the beginning of the year, and we enter 2026 at a more normalized activity level.
Order intake developed well and the order backlog increased by 18 percent. Our project portfolio is well balanced, with a good mix of public and private customers and a range of contract types. Multi-year framework agreements and partnering projects with early involvement contribute to stability, good planning visibility and a balanced risk profile. We also broadened the project portfolio in selected niche segments with attractive margins.
Our financial position remains strong and provides financial flexibility for value-creating capital allocation in line with our strategy. The Board proposes a dividend of EUR 0.014 per share (0.010).
During 2025, we combined continued revenue growth with investments in capacity to meet demand, while developing our orderbook and maintaining profitability at a healthy level. As we enter 2026, we have a larger and more diversified business, supported by a continued strong financial position. Our focus is to selectively develop the project portfolio, realize synergies between the segments and further strengthen profitability. With established customer relationships, strong cash generation and a clear position in structurally driven growth areas, we are well positioned to continue building a stronger NYAB.
Finally, I would like to thank our employees for their strong efforts during the year and our customers for their continued trust.
Presentation of the Year-end Report
NYAB will arrange a live audiocast on Thursday, February 12, 2026, at 10:00 CET, where CEO Johan Larsson and CFO Klas Rewelj will present financial information and significant events for the fourth quarter and the financial year of 2025. The audiocast will be held in English and can be followed at: https://nyabgroup.events.inderes.com/q4-report-2025.
Participants wishing to ask questions are welcome to join the teleconference.
Dial-in details will be provided upon registration at:
https://conference.inderes.com/teleconference/?id=5004558.
Contacts
Johan Larsson, CEO, NYAB AB, johan.larsson@nyabgroup.com, +46 (0)70 182 50 70.
Klas Rewelj, CFO, NYAB AB, klas.rewelj@nyabgroup.com, +46 (0)70 626 54 24.
NYAB's Investor Relations can be contacted by e-mail, ir@nyabgroup.com.
NYAB's Certified Adviser is Augment Partners AB, info@augment.se,
phone +46 8 604 22 55.
This information was submitted for publication at 07:30 CET on February 12, 2026.
About NYAB
NYAB enables the progress of society for future generations with extensive experience from complex and challenging projects. We provide engineering, construction, and maintenance services within infrastructure, industrial construction, and energy. Our main markets are Sweden, Finland, and Norway. We have approximately 1000 employees, and our stock is listed on Nasdaq First North Premier Growth Market Sweden. The group is headquartered in Luleå, Sweden.
