NCC (NCC) Q3 2025 earnings summary

Executive summary

• EBIT grew over 15% year-over-year, driven by record profit in the Industry segment and strong contracting margins, with Group EBIT up 15% in Q3 2025.

• Early involvement projects reached record levels, supporting a positive outlook and future order conversion, with a high win rate for mega projects.

• Net profit for Q3 was SEK 534 million, with EPS of SEK 5.47 after dilution.

• The Swedish Transport Administration terminated the Korsvägen project, with no Q3 earnings impact.

• Positive market outlook, especially for infrastructure, industrial, and public buildings, while commercial and residential property demand remains cautious.

Financial highlights

• Industry segment achieved all-time high profit of SEK 461 million in Q3, with earnings up 36% in the quarter.

• Group EBIT for Q3 2025 reached SEK 767 million, up from SEK 665 million in Q3 2024.

• Earnings per share (R12) at SEK 16.2, impacted by high property development earnings in Q4 last year.

• Net debt/EBITDA at 0.5x, well below the 2.5x target, providing financial flexibility.

• Cash flow before financing improved to SEK 190 million in Q3 2025, compared to -309 million in Q3 2024.

Outlook and guidance

• Continued strong demand expected in infrastructure, industrial, and public buildings, with growth potential in prioritized segments.

• No expectation of significant property development earnings in Q4 as seen last year.

• Ongoing strategic review of the Industry segment, with a decision expected by year-end.