Slides
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1 NYAB Q3 2025 Johan Larsson CEO Klas Rewelj CFO Presenters:
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Johan Larsson CEO Klas Rewelj CFO 2 Today’s presenters
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3 NYAB Q3/2025 ▪ Solid progress in the third quarter with high growth and increased operating profit. ▪ Margins remain at healthy levels. Swedish margin impacted by the strong growth. ▪ High market activity in Sweden, the underlying order intake trend remains solid. ▪ Order backlog on continued high level provide a robust platform forward.
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4 Revenue: Growth remains high Quarterly EUR million 93,6 117,1 106,7 135,8 150,1 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Rolling 12 EUR million 316,7 345,9 393,5 453,1 509,7 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 YoY +60% YoY +61% YoY +60% YoY +61%
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5 Operating profit: Increased EBIT and healthy margins Quarterly EUR million 8,9 12,3 1,0 5,7 11,3 9,5% 10,5% 0,9% 4,2% 7,5% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Rolling 12 EUR million 19,7 25,4 26,0 27,9 30,2 6,2% 7,3% 6,6% 6,2% 5,9% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 EBIT margin YoY +27% YoY +53% YoY +27% YoY +53%
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6 Order intake: Underlying trend remains solid Quarterly EUR million 132,8 60,3 149,1 180,8 118,3 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Rolling 12 EUR million Book-to-bill R12 515,3 376,3 474,6 523,0 508,4 1,6 1,1 1,2 1,2 1,0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 YoY -5% YoY +2% YoY -11% YoY -1%
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7 Order backlog: Continued high level Civil Engineering segment EUR million 183,3 294,7 283,8 340,6 380,3 323,4 372,2 424,7 404,1 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 YoY +6% 2023: not adjusted for Sitema vs Group YoY +60% YoY +6%
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8 Selection of new contracts Fingrid Class A approval NYAB received Class A approval for transmission line projects in Fingrid’s supplier register during the quarter, strengthening the company’s position in the Finnish energy market. Two energy EPC contracts Two energy EPC contracts signed in September, total value approx. EUR 50–55 million. Projects underway, completion planned for 2027. NEW PROJECTS TRANSMISSION LINES Uppsala Tramway Collaborative contract for Phase 1 of Uppsala Tramway. Joint venture with Azvi. Phase 2 expected in 2026. (Recorded in the joint ventures orderbook) NEW PROJECT
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9 Long-term financial targets Growth KPI and target Profitability KPI and target Capital structure KPI and target Direct shareholder return KPI and target Revenue growth EBIT margin Net debt in relation to EBITDA Dividend > 10% > 7.5% < 1.5 > 35% Outcome Q3’25 (R12) Outcome Q3’25 (R12) Outcome Q3’25 Full-year 2024 outcome 61% 5.9% 0.05 42% of (previous year) net profit
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FINANCIALS 10 Klas Rewelj CFO
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11 Revenue Revenue EUR million 93,6 117,1 106,7 135,8 150,1 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 ▪ Revenue growth was 60% in the third quarter. ▪ Organic growth amounted to 32% & acquisitive growth 28%. ▪ Revenue R12 increase 61% from comparison w/o organic 35% Comments Energy 45% Infrastructure 42% Industrial and other 14% Civil Engineering 78% Consulting 22% Sweden 72% Finland 10% Norway 12% Other regions 6% Public 30% Private 70%
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12 Profitability EBIT and EBIT margin EUR million ▪ Operating profit increased 27% to EUR 11.3 million (8.9) ▪ Dovre contributed to operating profit EUR 0.6 million ▪ Operating Margin was 7.5 % ▪ Operating profit R12 increased 53% ▪ Earnings per share R12 was EUR 0.030 (0.016), up 94% YoY . Comments 8,9 12,3 1,0 5,7 11,3 9,5% 10,5% 0,9% 4,2% 7,5% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 30.2 EBIT R12, EURm +53% EBIT R12 Growth
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13 Financial position Free cash flow Net debt/EBITDA (R12)Comments 66.0% Equity ratio 14.2% ROCE EUR million (x) ▪ Free cash flow for the quarter was EUR 9.3 million (-8.3). ▪ Net debt at end of quarter was EUR 1.8 million (1.5). ▪ Net debt/EBITDA ratio 0.05 (0.06) ▪ Adjusted R12 cash conversion 111% ▪ ROCE 14.2% continues to increase - 8,3 18,3 - 21,7 5,5 9,3 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0,06x - 0,55x 0,26x 0,31x 0,05x Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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CIVIL ENGINEERING 14 Business segment
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15 Order backlog EUR million ▪ Market activity remained at high level with a strong “pipeline” ▪ Order intake decreased with 23 percent YoY Underlying trend remain solid. ▪ Two new EPC service contracts signed in Finland ▪ Order backlog increased 6% YoY ▪ Book-to-bill ratio R12 was 1.1 (1.6) Comments 380,3 323,4 372,2 424,7 404,1 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Business Segment: Civil Engineering Order intake EUR million 132,2 58,8 126,7 159,9 101,6 1,6 1,1 1,2 1,2 1,1 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Share of total Group revenue, Q3/2025 Civil Engineering Sweden, 64% Civil Engineering Finland, 14 % 78% Book-to-bill R12
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16 Business Segment: Civil Engineering 92,4 115,8 77,7 107,5 122,2 9.9% 10,8% 2,4% 5,3% 8,4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Comments ▪ Civil Engineering revenue increased by 32 percent YoY ▪ Operating margin was 8.4 percent (9.9) ▪ Sweden revenue growth 67% and operating margin 7.8% ▪ Finland revenue decreased 25% and operating margin was 8.3% ▪ R12 operating profit increased with 54% with a margin of 7.2% Revenue and EBIT margin EUR million 7.2% EBIT margin R12 +54% EBIT R12 Growth
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CONSULTING 17 Business segment
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18 Business Segment: Consulting Consulting, 22% Share of total Group revenue, Q3/2025 22 % ▪ Offshore investment market saw several projects reach completion ▪ Increasing demand and orders from Public sector ▪ Low order intake and book to bill ▪ Number of assigned consultants increased ▪ Revenue was EUR 28.3 million, with improved operating margin 4.5% ▪ Integration of Dovre progressed well Comments Revenue and EBIT margin Order intake and book-to-bill EUR million EUR million 29,2 28,5 28,3 2,8% 2,9% 4,5% Q1'25 Q2'25 Q3'25 22,5 20,8 16,70,8 0,7 0,6 Q1'25 Q2'25 Q3'25 Book-to-bill
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SUMMARY 19 Johan Larsson CEO
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20 Summary ▪ High growth and increased operating profit. ▪ Margins remain at healthy levels. Swedish margin impacted by the strong growth. ▪ Market conditions in our core geographies continue to differ. High activity in Sweden, more cautious in Finland and Norway. ▪ Solid underlying order intake trend and order backlog on high level provide a robust platform forward. ▪ Robust financial position supported by strong free cash flow and low net debt. ▪ We continue to grow selectively, and we are well positioned for the remainder of the year. Listing transfer to Nasdaq Stockholm’s main market NYAB’s Board of Directors decided on August 12, 2025 to initiate the process for transferring the company’s listing to Nasdaq Stockholm’s main market. The preparations are ongoing.