• Net sales increased 12% to SEK 1,073.7 million (958.3). In USD, net sales increased by 31%. For comparable units, net sales increased by 6% in SEK and by 24% in USD.
• Order intake increased 27% to SEK 1,288.6 million (1,013.7), and in USD order intake increased by 49%. Order intake for comparable units increased by 22% in SEK and by 43% in USD. Book to bill amounted to 1.20. Large orders and price increases contributed to strong growth.
• EBITA increased to SEK 128.2 million (100.0), representing an EBITA margin of 11.9% (10.4). Exchange rates decreased EBITA by SEK 27 million and affected the EBITA margin negatively by approximately 1.5 percentage points. EBITA was affected by transaction costs of 0.9 (0.1) million.
• Cash flow from operating activities amounted to SEK 65.8 million (53.3).
• Operating profit was SEK 111.1 million (82.7).
• Profit after tax was SEK 74.7 million (52.0).
• Earnings per share before and after dilution amounted to SEK 0.40 (0.28).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

• The Board of Directors proposed a dividend of SEK 1.10 (0.00) per share to be paid in May.

MESSAGE FROM THE CEO

Strong growth in order intake
The global PCB market has during the quarter been characterized by continued longer lead times and price increases since an increasing part of the global production capacity is taken up by investments in AI data centres. This trend started in 2024 and for this year the investments are forecasted to triple compared to last year. This rapid growth creates a general lack of capacity which affects lead times and prices. Good relationship with the factories is important to secure deliveries. The war in the Middle East has not yet had any clear effect on demand, although we have noted an effect on freight costs.

This market situation highlights the strengths of NCAB's business model. The efforts of our local sales organizations, our strong relationships with the factories and our local factory management teams see to that we can offer a stable delivery capacity even in turbulent times. The underlying order intake was strong and boosted by increasing prices and several large project orders which have contributed to the 27 percent increase in SEK and 49 percent in USD. The current order book was positively impacted by longer lead times.

The industrial growth has continued in the quarter. North America and Asia still accounted for the strongest market development, but also in Europe, the wheels continued to turn in the right direction. Within NCAB, we saw good development in aerospace and defence as well as in medtech. In addition, we have had continued positive development in sales to customers who supply support systems to AI data centres, such as power and cooling.

Net sales grew by 12 per cent in SEK and 31 per cent in USD and EBITA increased by 28 per cent. The longer lead times mean that net sales grew slower than order intake. In addition, we did not see the effects of increasing prices on net sales, that will start to show in the second quarter and even more in the second half of the year.

Nordic continued to show good growth in order intake and net sales, among others from the defence and EV charging sectors. Increased net sales lifted the EBITA margin despite negative currency effects and a negative impact on the gross margin from larger projects.

In the Europe segment, gradual improvements continued. The important market Germany has had good development in terms of both order intake and net sales, while UK and Italy have had a slightly softer development in the quarter, related to weakness in sales to the automotive industry.

In North America, the growth trend in order intake and net sales has been very good. In addition to continued general positive development, we have won several major projects totalling just over USD 20 million related to data centres and research projects with deliveries in 2026 and 2027. In the quarter, CMMC 2.0 certification was also obtained, which is an important prerequisite for serving the American defence market.

Segment East recorded strong growth in order intake. The ability for NCAB to offer access to good factories for advanced printed circuit boards is a competitive advantage in a market where the AI boom is consuming available capacity.

The challenging market situation with capacity shortages in production and logistic disruptions linked to the war in the Middle East is testing the entire industry. However, NCAB, together with our factories, is well equipped to minimize the impact on our customers and continue to support their growth.

“NCAB’s stable delivery capacity supports our customers’ growth”

Peter Kruk
President and CEO, NCAB Group AB

NCAB Group is publishing the interim report for January – March on Thursday 23 April at 7:30 a.m. CEST. A web-cast teleconference will be held at 10:00 a.m. CEST on the same date, where President and CEO Peter Kruk and CFO Timothy Benjamin will present the report. The presentation will be followed by a Q&A session. The presentation will be held in English. For those who wish to participate via webcast, please use the link below: https://ncab-group.events.inderes.com/q1-report-2026. In the webcast you can post questions.

For those who wish to participate via teleconference, please register on the link below. After registration, you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

https://events.inderes.com/ncab-group/q1-report-2026/dial-in

FINANCIAL CALENDAR
Annual General Meeting 7 May 2026
Interim report second quarter 22 July 2026
Interim report third quarter 23 October 2026
Year-end report 2026 12 February 2027