NCAB Group (NCAB) Q2 2026 earnings summary

Executive summary

• Achieved strong top-line and EBITDA/EBITA growth in Q2 2026, with order intake accelerating due to AI-driven demand, supply chain constraints, and pre-buy effects, and all regions contributing to growth.

• Acquisition of Board Shark PCB/LLC in the U.S. completed June 24, 2026, strengthening North American presence, particularly on the West Coast.

• Continued focus on high-mix, low-volume PCB market, with no plans to diversify beyond PCBs.

• Datacentre and AI investments strained global PCB supply chains, leading to pre-buys and price increases.

Financial highlights

• Organic order intake grew 58% in USD to SEK 1,570 million, with a book-to-bill ratio of 1.34; net sales up 25% to SEK 1,168 million (24% organic growth in USD).

• EBITDA/EBITA increased to SEK 138.6 million (margin 11.9%), offsetting SEK 10 million negative FX impact; net profit at SEK 84.4 million vs SEK 40.5 million last year; EPS at 0.45 vs 0.22.

• Gross margin stable at 35.1%, in line with guidance; operating cash flow at SEK 116.2 million.

• Cash flow improved to SEK 116 million from SEK 93 million year-over-year.

• FX effects reduced EBITA by SEK 10 million in Q2 and SEK 35-40 million for H1.

Outlook and guidance

• No relief expected in supply chain constraints in the near term; prices likely to remain elevated and longer lead times anticipated.

• Gross margin guidance maintained at 35%-36%, with aim to manage cost increases and preserve margins.

• Full effect of recent price increases expected to materialize in H2 2026 and into 2027.

• Confident in sales volume growth for H2, though revenue growth will lag order intake due to pre-buys.

• Order intake growth driven by higher prices and pre-orders for 2027, with continued positive trends in EV charging, aerospace, defence, and industrial sectors.