• Net sales increased 6% to SEK 949.2 million (898.0). In USD, net sales increased by 15%. For comparable units, net sales decreased by 2% in SEK but increased by 8% in USD.
• Order intake increased 11% to SEK 985 million (887), and in USD order intake increased by 21%. Order intake for comparable units increased by 4% in SEK and by 14% in USD. Book to bill amounted to 1.04.
• EBITA decreased to SEK 110.1 million (118.5), representing an EBITA margin of 11.6% (13.2). SEK 1.3 million (2.2) was charged to EBITA relating to transaction costs. Exchange rates decreased the EBITA by SEK 15 million and affected the EBITA margin negatively by approximately 0.6 percentage points. The costs for NCAB’s new IT platform amounted to SEK 8.2 million (5.0), which included implementation and amortization for 2025.
• Cash flow from operating activities amounted to SEK 118.3 million (119.0).
• Operating profit was SEK 93.2 million (100.0).
• Profit after tax was SEK 60.9 million (50.0).
• Earnings per share before and after dilution amounted to SEK 0.33 (0.27).

JANUARY–SEPTEMBER 2025

• Net sales increased by 2% to SEK 2,841.6 million (2,783.7). In USD, net sales increased by 8%. For comparable units, net sales decreased 5% in SEK and stayed stable in USD.
• Order intake increased by 7% to SEK 2,984 million (2,794). In USD, order intake increased by 13%. For comparable units, the order intake was stable in SEK, while it increased by 5% in USD.
• EBITA decreased to SEK 304.0 million (381.5), representing an EBITA margin of 10.7% (13.7). SEK 1.9 million (3.1) was charged to EBITA relating to transaction costs. Exchange rates impacted EBITA margin negatively by approximately 0.4 percentage points. The costs for NCAB’s new IT platform amounted to SEK 28.3 million (26.0), which included implementation and amortization for 2025.
• Cash flow from operating activities amounted to SEK 265.2 million (308.9).
• Operating profit was SEK 254.2 million (332.8).
• Return on equity was 14.1% (20.7).
• Profit after tax was SEK 153.4 million (213.2).
• Earnings per share before and after dilution amounted to SEK 0.82 (1.14).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

• There were no significant events during or after the quarter.

MESSAGE FROM THE CEO
Gradually improving order intake and net sales
Despite a generally weak global economy we have managed to continue our development in a positive direction. Whilst the weakened USD has meant that order intake, net sales, and results for the quarter are negatively affected compared to last year, there has been an underlying positive development over several quarters.

This positive development, which began to emerge at the start of the year, has continued to gain momentum during the third quarter. Order intake in USD, our main sales currency, grew by just over 20 per cent compared to last year, and net sales increased by a solid 15 per cent. Organic growth in order intake in USD was 14 per cent, and for net sales 10 per cent. EBITA developed favorably versus the prior quarter and our cash flow came in strong as well as an improved working capital.

In the Nordics segment order intake remained strong in USD, although the comparison with the prior year is affected by some large orders booked in the third quarter last year. Growth in aerospace and defence remained strong, and we also saw positive developments in other areas, such as in the electric vehicle charging market, which has picked up again as inventory situations have improved.

In Europe we saw a recovery in several markets, while the economy in others remained cautious. The market for investment goods such as trucks and heavy vehicles has been affected by economic uncertainty and tariffs, which has negatively impacted our sales to these segments. Overall, in Europe, however, we have had good growth in order intake and net sales in USD, as we are growing in areas such as aerospace and medical. We have also seen positive growth in smart digital solutions aimed at retail.

In North America we had positive development of order intake during the quarter compared to a relatively weak quarter last year. We have seen growth in areas such as electronics for power applications, and there was also a positive development in aerospace and defence. During the quarter, we continued to manage the situation with tariffs, which are included in reported net sales but not in order intake, and we have had close dialogue with our customers about alternative manufacturing locations based on how the geopolitical situation develops.

In the East segment the Chinese market has generally been weak, but at the same time, there are new companies and operations with rapid growth in this large market. During the quarter, we have continued to see a good inflow of new business, enabling continued positive development in order intake and net sales.

Although we are still in an uncertain market globally, we have seen gradual improvement over recent quarters, which, combined with our sales and marketing activities, has yielded results in the form of growing order intake and net sales. In addition, our efforts to develop the acquisition side continued. During the year, we have strengthened the M&A team and have several interesting discussions ongoing.

“EBITA developed favorably versus the prior quarter and our cash flow came in strong”

Peter Kruk
President and CEO, NCAB Group AB

NCAB Group is publishing the interim report for January–September 2025 on Friday 24 October 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/q3-report-2025
 
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/q3-report-2025/dial-in
 
FINANCIAL CALENDAR                                                                          
Year-end report 13 February 2026
Annual Report 10 April 2026
Interim report first quarter 23 April 2026
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