NCAB Group (NCAB) Q1 2026 earnings summary

Executive summary

• Order intake grew 27% year-over-year to SEK 1,289 million, with up to 49% growth in USD, reflecting strong market recovery and major project wins, especially in North America.

• Net sales increased 12% to SEK 1,074 million, with 24% organic growth in USD and stable gross margin at 34.9%.

• EBITA/EBITDA rose to SEK 128.2 million (up from SEK 100 million), with margin improving to 11.9%.

• Net profit reached SEK 75 million, up from SEK 52 million, and EPS improved to SEK 0.40 from SEK 0.28.

• Market recovery is driven by industrial, medtech, defense, and power, while automotive remains muted.

Financial highlights

• Book-to-bill ratio at 1.20, with order intake up 27% in SEK and 43% in USD.

• Gross profit grew to SEK 374.5 million, gross margin stable at 34.9%.

• Operating cash flow increased to SEK 65.8 million, up from SEK 53.3 million.

• Return on equity improved to 15.6% (up from 15.1%).

• Dividend of SEK 1.10 per share proposed by the Board.

Outlook and guidance

• Price increases in order intake expected to impact net sales from Q2 and more significantly in H2 2026.

• Defense invoicing expected to continue through 2026 and into 2027, supported by backlog.

• Market capacity constraints and longer lead times anticipated due to AI data center investments.

• Strategy remains focused on organic growth, technology investment, and M&A for geographic expansion and market consolidation.

• Positive trends expected to persist in defense, medtech, and power sectors.