Here is the company report on NYAB from Christoffer following the Q1 results 
NYAB’s Q1 report fell short of our forecasts in terms of both revenue and profitability. Although our forecast miss was significant, we believe the underlying development was more constructive than the report suggests, supported by a very strong order intake and a record-high infrastructure construction order backlog. For the remainder of 2026, we expect revenue and earnings to be more H2-weighted as early-stage projects gradually move into the execution phase. Margins should improve progressively as production volumes increase and operational leverage normalizes, although we are more cautious regarding the near-term outlook for the Consultancy segment. Management’s comments on market conditions and the project pipeline were encouraging, and no material changes were made to the outlook. The turbulent geopolitical situation in Q1 seems to have had a minimal impact on operations so far, which is encouraging. Following Q1, we have made moderate downward revisions to our 2026 forecasts but have kept our 2027-2028 forecasts largely unchanged thanks to the strong order backlog.