@christoffer.jennel has given his preliminary comments as NYAB publishes its Q3 report next Wednesday.
We expect revenue growth to remain strong, driven by both inorganic additions and continued high organic growth, supported by a strong order book and favorable market conditions, especially in Sweden. Additionally, we expect operating profit margins to be broadly in line with last yearâs pro forma level, as rapid growth is expected to slightly weigh on profitability in the short term as personnel capacity increases. Given the recent large orders in the Finnish energy sector (read our comments here), we are looking for comments that confirm a possible improvement in market conditions in Finland, as well as that the activity level in Sweden remains high, and updates on the progress of Dovreâs integration. We will also pay special attention to the groupâs profitability development.
Analyst Christofferâs initial thoughts on NYABâs Q3 report.
âNYABâs Q3 revenue was in line with our estimate, but reported EBIT was lower. Organic revenue growth was primarily driven by high production activity in Sweden, while volumes in Finland were lower due to timing effects in the project portfolio. The order book remains at a high level, supporting continued strong growthâ.
Here are Christofferâs comments in Finnish.
(Christofferâs comments in English below)
NYABâs Q3 revenue met our forecasts, but reported operating profit fell short of expectations. Organic revenue growth was mainly due to busy production in Sweden, while volumes in Finland were lower due to timing-related reasons concerning the project portfolio. The order book remained strong, thus supporting robust growth, but the lower number of new orders during the quarter led to a weakening of the order-to-bill ratio. Dovreâs integration is progressing well, especially regarding margins, and managementâs comments do not indicate significant changes in market outlook.
Here is a new company report on NYAB from Jenneli.
NYABâs Q3 revenue was in line with our forecast, but operating profit fell short of expectations due to a greater impact from increasing capacity in H1â25. Market conditions in Sweden remained favorable, while demand in Finland remained subdued during the current quarter, but the outlook is improving. Q3 order intake was soft, which, together with the slowdown in order book growth, suggests a moderation in growth in the coming quarters according to our assessment. As our revenue forecasts already reflect this, we largely keep them unchanged. However, we have cut our near-term profitability assumptions, as we now expect the utilization rate of the expanded workforce to normalize slower than we previously assumed. Based on our updated forecasts, we see the post-earnings share price decline as an attractive buying opportunity, and we believe the stock has attractive risk-adjusted upside potential, supported by projected earnings growth in the coming years and higher justified valuation multiples. We raise our recommendation to Buy (previously Add) and lower our target price to SEK 7.90 (previously SEK 8.25) based on updated forecasts.
NYAB Strengthens Its Position in Swedish Grid Expansion
NYAB announced that they have signed a cooperation agreement with Svenska kraftnÀt for the construction of a new 400 kV power line of approximately 100 kilometers between Letsi and Svartbyn in Norrbotten. The project will be carried out in two phases. The now signed agreement covers phase 1, which includes planning and design. Phase 2, the significantly larger construction and commissioning phase, is planned to commence during Q1 2026 and conclude during Q4 2028.
Christoffer has written about NYABâs new contract.
NYAB announced on Thursday that it had signed an agreement with the Swedish Transport Administration (Trafikverket) for the modernization of railways in Dalarna, Sweden. The contract is valued at approximately SEK 380 million (EUR 35 million) and includes the renewal of tracks on the Tillberga-KolbÀck and Valskog-Frövi sections. The project covers approximately 62 kilometers of railway and includes sleeper cleaning, installation of new level crossings, and improved safety. Completion is scheduled for September 2026.
I have a question about NYAB. It is being removed from the Nasdaq First North 25 index, which, for example, might affect its market visibility etc.â What happens in practice, and how does it affect, for example, trading on Nordnet?
Hi @hermoheikko69, thanks for the question and Happy New Year!
The fact that NYAB is being removed from the Nasdaq First North 25 index (starting January 2, 2026) does not mean that the stock will be harder to trade or similar; it just means that it is no longer included in that specific index, which may result in marginally lower index-related visibility and some short-term volume impact as index funds adjust their holdings. In practice, however, trading on Nordnet is not affected at all, and the stock is traded as usual.
The background to this is that NYAB is preparing for a listing change to the Nasdaq Stockholm main market (expected to take place during Q1 2026), which in the long run often means better institutional visibility, higher liquidity, and a broader investor base. The index exit is therefore more of a technical consequence of the listing change than negative news.
