NYAB AB’s Year-end Report 2024: Strong financial performance creates foundation for future growth

• Continued growth and improved margins
• Acquisition of businesses from Dovre Group provides a platform for geographical expansion
• The Board of Directors proposes a dividend of EUR 0.01 per share

 

October-December in brief

• Revenue amounted to EUR 117.1 (87.8) million, representing growth of 33.3%.
• Operating profit (EBIT) improved 85.5% and was EUR 12.3 (6.6) million, representing an EBIT margin of 10.5% (7.5%).
• Free cash flow was EUR 18.3 (16.8) million.
• Net debt/EBITDA was -0.55 (-0.26).
• Order backlog improved 10.3% from December 2023 and amounted to EUR 325.1 (294.7) million.

January-December in brief

• Revenue amounted to EUR 345.9 (280.4) million, representing growth of 23.4%.
• Operating profit (EBIT) improved 66.9% and was EUR 25.4 (15.2) million, representing an EBIT margin of 7.3% (5.4%). In the comparison period in 2023, EBIT benefited by EUR 3.3 million related to the settlement of Mikkeli dispute in Finland.
• Net profit was EUR 16.8 (9.0) million. Parent company’s re-domiciliation and listing transfer to Sweden had an effect of EUR 2.4 (1.5) million on finance expenses.
• Free cash flow was EUR 22.5 (22.3) million. In comparison period in 2023, free cash flow benefited by EUR 9.2 million related to the settlement of Mikkeli dispute.

This release is a summary of NYAB AB’s Year-end Report 2024. The complete report is attached to this release and available at https://nyabgroup.com/en/investors/nyab-as-an-investment/reports-and-presentations/. The information presented in the Year-end Report is unaudited.

 

Key figures (IFRS)

	10–12/2024 (3 months)	10–12/2023 (3 months)	01–12/2024 (12 months)	01–12/2023 (12 months)
Revenue, EUR thousand	117,118	87,848	345,937	280,417
Year-on-year change in revenue, %	33.3%	-2.1%	23.4%	10.7%
EBITDA, EUR thousand	13,602	8,578	30,328	21,374
% of net sales	11.6%	9.8%	8.8%	7.6%
EBITA, EUR thousand	12,508	7,644	26,371	17,818
% of net sales	10.7%	8.7%	7.6%	6.4%
Operating Profit (EBIT), EUR thousand	12,267	6,614	25,350	15,187
% of net sales	10.5%	7.5%	7.3%	5.4%
Profit for the period, EUR thousand	9,261	3,564	16,753	9,049
Earnings per share (EPS), basic, in euros	0.01	0.01	0.02	0.01
Earnings per share (EPS), diluted, in euros	0.01	0.01	0.02	0.01
Interest-bearing liabilities, EUR thousand	13,991	17,014	13,991	17,014
Equity, EUR thousand	193,246	185,326	193,246	185,326
Balance sheet total, EUR thousand	285,318	266,088	285,318	266,088
Return on equity, last 12 months, %	8.9%	4.9%	8.9%	4.9%
Return on capital employed, last 12 months, %	12.0%	6.6%	12.0%	6.6%
Equity ratio -%	73.1%	73.0%	73.1%	73.0%
Net debt, EUR thousand	-16,622	-5,630	-16,622	-5,630
Net gearing -%	-8.6%	-3.0%	-8.6%	-3.0%
Net debt/EBITDA, last 12 months	-0.55	-0.26	-0.55	-0.26
Free cash flow, EUR thousand	18,345	16,819	22,502	22,338
Order backlog, EUR thousand	325,061	294,730	325,061	294,730
Number of employees at the end of the period	492	403	492	403

CEO Johan Larsson’s review

NYAB delivered a strong finish for 2024 with operational and financial performance that further strengthened our position and foundation for future profitable growth.

NYAB’s business operations in the quarter were focused on effective execution of the record-high order backlog that was built during the earlier quarters of the year. I am therefore very satisfied to report a strong finish to the year. In the fourth quarter, our revenue increased by 33% to EUR 117.1 million. Operating profit increased 86% and amounted to EUR 12.3 million, corresponding to an EBIT margin of 10.5%. For the full year, our revenue increased by 23% to EUR 345.9 million. Operating profit increased 67% and amounted to EUR 25.4 million, corresponding to an EBIT margin of 7.3%, and we generated a free cash flow of EUR 18.2 million for the fourth quarter and EUR 22.5 million for the full year. 

Our market position with exposure to the stable market segments of infrastructure, energy, and industry has continued to develop favorably. Overall, there is a high underlying demand in our addressed markets, tendering activities are at a high level, and the project portfolio and order backlog are developing positively, which provides good prospects for the year 2025. The difference in market situation between Sweden and Finland is still evident. While the order backlog in Sweden continues to develop positively, the market development in Finland still shows slowness although we have seen signs of improved activity.

During the year, we have been able to work effectively cross-border and have, as an example, benefited from using Finnish resources and expertise in Sweden. We also continued to strengthen our position in partnering, and the proportion of assignments based on our collaboration model is constantly increasing, now accounting for approximately one-third of our total revenue. These contracts provide an attractive risk/reward profile and lay the foundation for long-term relationships with our customers as we enter at an early stage and can offer added value.

The acquisition of Dovre Group Plc’s consulting and project personnel business was completed in January 2025 and the integration is now ongoing with full force. The deal creates a platform for geographical expansion, as Dovre’s strong presence in Norway provides NYAB with a solid platform for growth. The new businesses also enable us to incorporate new value-creating solutions in a larger part of the value chain, which strengthens our competitiveness and increases revenue potential. More details regarding the acquisition can be found in the section “Creating a platform for geographical expansion – acquisition of Dovre Group’s Consulting and Project Personnel Businesses” of the Year-end Report.

For the full year 2024, we achieved good results also in relation to our long-term financial targets. Strong growth in revenue and operating profit together with a healthy cash flow has further strengthened our financial position. NYAB’s Board of Directors proposes a dividend of EUR 0.01 per share, which corresponds to 42% of net profit and thus meets the goal of exceeding a dividend of 35% in relation to net profit.

In summary, our results clearly show the strength of our scalable business model. This gives us financial stability and flexibility, as well as creates good conditions for profitable growth. NYAB’s business model in combination with skilled and motivated employees enable value creation, and we always strive to get better. With another successful year behind us and with a strong order backlog, we now take the step into a new eventful year of development. We intend to continue delivering on our financial targets, hence steadily building a better and stronger company.

Presentation of the Interim Report

NYAB will arrange a live audiocast regarding the Year-end Report on Wednesday, 26 February 2025 at 14:00 CET. In the webcast, NYAB CEO Johan Larsson and CFO Klas Rewelj will present NYAB’s financial information and significant events for the fourth quarter and the financial year 2024. The audiocast will be available at https://nyabgroup.events.inderes.com/q4-report-2024/.

 

Contacts

Johan Larsson, CEO, NYAB AB, johan.larsson@nyabgroup.com, +46 (0)70 182 50 70

Klas Rewelj, CFO, NYAB AB, klas.rewelj@nyabgroup.com, +46 (0)70 626 54 24

NYAB’s Investor Relations can be contacted by e-mail, ir@nyabgroup.com.

NYAB’s Certified Adviser is Augment Partners AB, info@augment.se, phone +46 8 604 22 55.

 

This information was submitted for publication at 10:00 CET on 26 February 2025.

 

About NYAB
NYAB enables the progress of society for future generations, with extensive experience from complex and challenging projects within infrastructure, energy, and industrial construction. We provide end-to-end services in engineering, construction, and maintenance to both the private and public sectors. In 2025, we expanded our geographical reach, adding Norway and global regions to our core markets of Sweden and Finland.

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