NYAB (NYAB) Q1 2026 earnings summary

Executive summary

• Strong order intake and improved profitability in Q1 2026, with order intake rising 23% year-over-year and record order backlog, despite it being the seasonally weakest quarter.

• Margins improved year-over-year, with EBIT up 54% to EUR 1.5 million and margin rising to 1.5% from 0.9%.

• Net profit reached EUR 1.1 million, compared to a loss of EUR 0.3 million in the prior year.

• Free cash flow for the quarter was EUR 5.5 million, up from EUR -21.7 million last year.

• Selective growth in prioritized niche segments and consolidation of marine operations under a single brand.

Financial highlights

• Quarterly revenue was EUR 100.1 million, down 6% year-over-year due to lower production volumes and early project phases.

• Last 12 months (LTM) revenue reached up to EUR 547 million, up 37% year-over-year, with 60% organic and 21% acquisitive growth.

• Operating profit for the quarter was EUR 1.5 million, up 54% year-over-year; operating margin improved to 1.5%.

• Free cash flow for the quarter was EUR 5.5 million; LTM free cash flow EUR 38.8 million, over 100% of EBITDA.

• Net debt at quarter-end was negative EUR 21.3 million; net debt/EBITDA ratio improved to -0.56x.

Outlook and guidance

• Approximately 60% of the current backlog is expected to be recognized as revenue in 2026.

• Margin improvement expected as prioritized niche market projects move into execution phases.

• Positioned for another year of profitable growth, with strong order intake and stable cash flow.

• Ongoing early-phase assignments could convert to EUR 700 million in future contracts.

• Long-term financial targets include revenue growth above 10%, EBIT margin above 7.5%, net debt/EBITDA below 1.5x, and dividend payout above 35% of previous year net profit.