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NCC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Strong underlying profitability and robust cash flow in Q4 and full year, with record profits in Industry and Building Nordics, despite a SEK 1.4 billion non-cash impairment charge related to property values and tax assets.
Operating profit before items affecting comparability was SEK 692 million in Q4; after impairment, Q4 saw a loss of SEK -479 million.
Board proposes a dividend of SEK 9 plus an extra SEK 2, distributed in two tranches.
Industry segment to become a standalone company within the group following a strategic review.
New senior management appointments: new Head of Infrastructure and new CFO joining in 2025.
Financial highlights
Q4 operating profit before items affecting comparability was SEK 692 million; after impairment, EBIT was -SEK 479 million.
Cash flow from operating activities in Q4 was SEK 1,978 million, with cash conversion above 100%.
Net debt at year-end was SEK -1,165 million, with net debt/EBITDA at 0.27.
EPS before items affecting comparability was SEK 13.89 for the year; after items, EPS was negative.
Book-to-bill ratio at 1.45 (underlying 1.55), indicating strong order intake.
Outlook and guidance
Positive market outlook, with strong demand in infrastructure, industrial, and public buildings; commercial and residential property markets remain subdued.
Early involvement projects in the order backlog expected to convert into future orders, supporting growth.
Construction and civil engineering operations show positive trends, with good prospects for both organic and acquisition-driven growth.
Dividend policy targets payout of approximately 60% of profit after tax.
Industry's value drivers post-strategic review?
Property Development divestment strategy?
Korsvägen dispute: expected financial outcome?
Reason for Property Development impairment
Rationale for Industry becoming standalone unit
Explain dividend payout vs EPS target miss
What financial impact from Industry's independence?
Capital allocation priorities given low net debt?
Is current asphalt business profitability sustainable?
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Next NCC earnings date
Q1 202629 Apr, 2026
NCC
Next NCC earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
NCC Limited engages in construction of dams, tunnels, roads, hydreo electric projects, ports and harbours, airports and runways, industrial buildings and factories, power plants, urban infrastructure and housing, and networks for water supply and transportation of natural gas. It also undertakes infrastructure projects related to oil refineries. NCC is an EPC contractor for industrial infrastructure projects that involve design, procurement, insurance for contracts executed overseas.
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