Interim report, January–June 2025

APRIL–JUNE 2025

  • Net sales decreased marginally to SEK 934.0 million (935.1). In USD, net sales increased 10%. For comparable units, net sales decreased 7% in SEK but increased 3% in USD.
  • Order intake increased 5% to SEK 985.0 million (937.8), and in USD order intake increased 16%. Order intake for comparable decreased 2% in SEK but was 8% higher in USD. Book to bill amounted to 1.05.
  • EBITA decreased to SEK 93.9 million (120.4), representing an EBITA margin of 10.0% (12.9). Exchange rates decreased EBITA with SEK 17 million and the EBITA margin with approximately 0.8 percentage points. The costs for NCAB’s new IT platform amounted to SEK 9.6 million (13.0), which include implementation and amortization for 2025.
  • Cash flow from operating activities was SEK 93.6 million (101.2).
  • Operating profit was SEK 78.3 million (105.5).
  • Profit after tax was SEK 40.5 million (73.5).
  • Earnings per share before and after dilution was SEK 0.22 (0.39).

JANUARY–JUNE 2025

  • Net sales increased marginally to SEK 1,892.3 million (1,885.7). In USD, net sales increased 4%. For comparable units, net sales decreased 7% in SEK, and 3% in USD.
  • Order intake increased 5% to SEK 1,998.7 million (1,907.5). In USD, order intake increased 9%. For comparable units, the decrease for order intake was 2% in SEK, while it increased by 1% in USD.
  • EBITA decreased to SEK 193.9 million (263.0), representing an EBITA margin of 10.2% (13.9). Exchange rates decreased the EBITA margin with approximately 0.5 percentage points. The costs for NCAB’s new IT platform amounted to SEK 20.1 million (21.0), which include implementation and amortization for 2025.
  • Cash flow from operating activities was SEK 146.8 million (194.1).
  • Operating profit was SEK 161.0 million (232.8).
  • Return on equity was 13.5% (26.0).
  • Profit after tax was SEK 92.5 million (163.3).
  • Earnings per share before and after dilution was SEK 0.49 (0.87).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

  • On 23 April, an agreement was signed to acquire 100% of the shares in B&B Leiterplattenservice GmbH in Germany.
  • On 24 April, the Board of Directors of NCAB decided to withdraw the previously announced dividend proposal ahead of the Annual General Meeting.
  • NCAB has refinanced its existing loans into a new five-year facility with improved terms and an option to extend the facility for future acquisitions of SEK 750 million.


MESSAGE FROM THE CEO
Positive order intake, but weak USD created headwind

The increase in order intake from the first quarter continued into the second quarter. Year-on-year, order intake in the quarter improved organically by a healthy 8 per cent in USD, which is the main trading currency. Including acquisitions, order intake grew in USD by a full 16 per cent. The weaker US dollar however impacted Net sales and result negatively when translated into SEK. The net effect on gross profit was minus SEK 27 million and it affected EBITA by minus SEK 17 million.

It was a very eventful quarter due to the new US administration’s radical departure from previous trade policy. The trade war led to increased uncertainty and cautious behaviour in several markets, but most clearly in the USA.

The earnings trend in North America was good, linked to growth in net sales. Order intake during the quarter was weaker, partly because of the timing of larger orders, that this year came in during the first quarter. There was also some hesitance in the market because of new and changed tariffs. During the quarter, our new business system was implemented in the USA.

In Nordic, the positive order intake trend continued. Order intake grew by as much as 15 per cent despite the negative impact of the USD, while net sales increased by a more modest 4 per cent. In the quarter, currency revaluations and product mix had a negative impact on gross margin compared with the year-earlier period.

Europe continued to be impacted by the weak economy, despite the downturn bottoming out and a slight improvement being visible in order intake in some markets. In USD, order intake increased organically by 8 per cent. However, the uncertainty linked to the trade war with the USA is impeding any acceleration in demand. Nevertheless, it is positive to note that progress has been made in the aerospace focus area in terms of articles won.

East remains stable, although the effect of the weakening USD has adversely impacted figures in SEK. Order intake increased 12 per cent in USD and we are leveraging our strong factory base in high-tech.

Looking ahead, we are positive about opportunities to gain market share, both organically and through further acquisitions. The acquisition of B&B Leiterplattenservice in eastern Germany was finalised during the quarter, which will help to strengthen NCAB’s position in the market and contribute additional expertise. With our strong balance sheet and active pipeline, we look forward to completing additional acquisitions.

In today’s turbulent world, NCAB is a stable supplier with a local and global footprint, in both sales and purchasing. Our proactive efforts to develop a global, diverse and validated supplier base offers our customers security, stability and a high level of service as well as alternative production countries where required.

“We are well positioned during these turbulent times to take market share”

Peter Kruk
President and CEO, NCAB Group AB

NCAB Group is publishing the interim report for January–June 2025 on Tuesday 22 July 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/q2-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://conference.inderes.com/teleconference/?id=5004673

FINANCIAL CALENDAR
Interim report third quarter 24 October 2025
Year-end report 2025 13 February 2026

For further information, please contact:

Gunilla Öhman, IR Manager
Telephone: +46 707 63 81 25
E-mail: gunilla.ohman@ncabgroup.com

About NCAB

NCAB is a worldwide leading supplier of printed circuit boards, listed on NASDAQ Stockholm. NCAB is offering PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost. NCAB was founded in 1993. Since its foundation, the operations have been characterized by an entrepreneurial and cost efficient culture and have over time showed strong growth and good profitability. Today, NCAB has local presence in 19 countries in Europe, Asia and North America. Revenues in 2024 amounted to SEK 3,614 million. Organic growth and acquisitions are part of NCAB’s strategy. For more information about NCAB Group please visit us at www.ncabgroup.com.

This information is information that NCAB Group is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person[s] set out above, at 2025-07-22 07:30 CEST.

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Peter Kruk

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NCAB Delårsrapport Q2 2025 EN

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