NCAB Interim report, January-September 2026
Summary by AI BETAClose X
July – September 2026
> Net sales increased by 54% to SEK 1,463.0 million (949.2). In USD, net sales increased by 53%. For comparable units, net sales increased by 46% in SEK and by 45% in USD.
> Order intake increased by 166% to SEK 2,620.3 million (985.2) and in USD order intake also increased by 166%. Order intake for comparable units increased by 155% in SEK and in USD. Book to bill was 1.79.
> EBITA increased to SEK 210.8 million (110.1), representing an EBITA margin of 14.4% (11.6). FX decreased EBITA by SEK 8 million and EBITA margin by approximately 0.5 points. Last year‘s EBITA was affected by transaction costs of SEK 1.3 million.
> Cash flow from operating activities amounted to SEK 176.8 million (118.3).
> Operating profit was SEK 188.7 million (93.2).
> Profit after tax was SEK 129.8 million (60.9).
> Earnings per share before and after dilution amounted to SEK 0.69 (0.33).
January – September 2026
> Net sales increased by 30% to SEK 3,704.2 million (2,841.6). In USD, net sales increased by 38%. For comparable units, net sales increased by 24% in SEK, and by 31% in USD.
> Order intake increased by 84% to SEK 5,478.8 million (2,983.9). In USD the order intake increased by 95%. Order intake for comparable units increased by 76% in SEK and in USD by 87%.
> EBITA increased to SEK 477.6 million (304.0), representing an EBITA margin of 12.9% (10.7). FX decreased EBITA SEK 48 million and impacted EBITA margin by 0.6 points. EBITA was affected by transaction costs of SEK 7.9 million (1.9).
> Cash flow from operating activities amounted to SEK 358.8 million (265.2).
> Operating profit was SEK 422.7 million (254.2).
> Profit after tax was SEK 288.8 million (153.4).
> Earnings per share before SEK 1.54 (0.82), and after dilution amounted to SEK 1.54 (0.82).
SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER
> An agreement was signed on 16 September to acquire the business of IMP Electronics Solutions in Adelaide, Australia
MESSAGE FROM THE CEO
NCAB – a continued safe haven in a challenging market
The growing turbulence in the supply market intensified during the third quarter. Significant investment in data centres, on top of general industrial growth in both North America and Europe, has created bottlenecks, resulting in longer lead times and higher prices. Among other things, this means that printed circuit board manufacturers are struggling to secure allocations of input materials sufficient to meet their customers’ needs. The resulting uncertainty over delivery times is prompting customers to bring forward orders, further complicating the situation and driving up market prices. At present, the supply situation is not expected to improve until late 2027 at the earliest.
In this challenging supply environment, NCAB provides stability. Many customers who purchase directly from manufacturers are finding it difficult to obtain products, as manufacturers are forced to prioritise how they allocate their limited materials and production capacity. NCAB’s scale and our strong position with leading printed circuit board manufacturers give us two distinct advantages. Our factory partners receive better-than-average material allocations from their suppliers, while our strong position and long-standing relationships with these partners secure us a disproportionately large share of their capacity. This is a major benefit for both existing and new customers and contributes to our strong order intake growth.
During the quarter, NCAB’s organic order intake increased by 155 per cent year on year. We estimate that forward orders accounted for approximately 80 percentage points of that growth, while higher prices accounted for approximately 50 percentage points. Adjusted for these effects, we continued to see strong underlying growth in order intake, driven by general industrial growth in areas such as industrial automation, as well as in defence and energy infrastructure for data centres. Net sales grew strongly across all segments, increasing by 54 per cent year on year and by approximately 25 percent compared with the second quarter. Net sales growth benefited from the price increases during the first half of the year.
Board Shark PCB, acquired in the second quarter, contributed positively to net sales, order intake and EBITA in our US operations. During the quarter, we also signed an agreement to acquire IMP Electronics Solutions in Australia, which constitutes a step in our strategy to expand our local presence into new markets.
The strong topline growth increased EBITA both in absolute terms and as a percentage of net sales, through improved productivity and greater leverage on fixed costs. The gross margin declined marginally during the quarter, as we have not entirely passed on the higher purchasing costs. Cash flow was strong during the quarter, and working capital remained stable compared with the prior quarter.
Taking a longer-term perspective, we navigated the weaker market conditions of 2023–2025 while maintaining good profitability. During the same period, we invested in the future, including upgrading our business systems to enable further digitalisation. This creates new opportunities both internally and in our collaboration with customers and suppliers, while helping us meet increasingly demanding requirements from customers. With these investments in place, and a strong organisation and close partnerships with customers and suppliers, we are well positioned to support the growth we are seeing.
We are pleased to report record results for NCAB this quarter. I would like to express my gratitude to all our employees and partners, who are working hard to help customers navigate the challenging supply situation and ensure our mutual growth.
” We are well positioned to support the growth we are seeing.”
Peter Kruk
President and CEO, NCAB Group AB
TELECONFERENCE
NCAB Group is publishing the interim report for January – September on Friday 23 July at 07:30 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: https://ncab-group.events.inderes.com/q3-report-2026. In the webcast you can post questions.
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-2026/dial-in
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