Christoffer has written a new company report on NYAB following their Q2 results 
NYABâs Q2 results clearly exceeded our forecasts in terms of both revenue and profitability. As we had predicted, revenue growth accelerated significantly as the record-high infrastructure construction order backlog began to shift from the initial design phase to execution, and profitability improved year-on-year thanks to higher production volumes and a normalizing operating leverage. Order intake remained healthy, and after the reporting period, NYAB secured the construction contract for phase 2 of the Uppsala tramway (NYABâs 50% share ~294 MEUR), which is the largest single contract in the companyâs history and which we believe reinforces NYABâs phase 1 to phase 2 strategy. Managementâs comments on market conditions and the order backlog remained convincing, and there were no material changes to the outlook. After Q2, we have made upward revisions to our 2026 forecasts and raised our estimates for 2027â2028 to reflect the Q2 beat, the Uppsala phase 2 contract, and improved margin prospects. We reiterate our buy recommendation and raise our target price to 8.4 SEK (previously 7.8 SEK) based on the increased forecasts.