NCAB increases order intake – but full-year profit declines
PCB supplier NCAB reported increased order intake and improved results in the fourth quarter of 2025, while full-year profit declined compared with 2024.
NCAB ended 2025 with net sales rising 9% to SEK 901.9 million (EUR 84.8 million), compared with SEK 830.3 million (EUR 77.9 million) in the same period last year. Order intake increased 20% to SEK 1,092 million (EUR 102.6 million), up from SEK 907 million (EUR 85.3 million) a year earlier. Book-to-bill stood at 1.21.
EBITA rose to SEK 98.6 million (EUR 9.3 million) from SEK 71.6 million (EUR 6.7 million) in the comparative period, corresponding to a margin of 10.9% (8.6%). Operating profit amounted to SEK 82.0 million (EUR 7.7 million), up from SEK 53.3 million (EUR 5.0 million), and profit after tax reached SEK 52.7 million (EUR 5.0 million), compared with SEK 41.5 million (EUR 3.9 million) in Q4 2024.
Full-year profit down
For the full year 2025, net sales increased 4% to SEK 3,743.5 million (EUR 351.9 million), from SEK 3,614.0 million (EUR 339.4 million) in 2024. Order intake rose 10% to SEK 4,076 million (EUR 383.1 million), compared with SEK 3,701 million (EUR 347.8 million) a year earlier.
EBITA, however, decreased to SEK 402.6 million (EUR 37.8 million) from SEK 449.7 million (EUR 42.3 million). Operating profit amounted to SEK 336.1 million (EUR 31.6 million), down from SEK 386.1 million (EUR 36.3 million), and profit after tax for the year was SEK 206.1 million (EUR 19.4 million), down from SEK 254.8 million (EUR 23.9 million) in 2024.
During the quarter, NCAB completed the acquisition of Multi-Teknik Mönsterkort in Sweden.
Cautiously optimistic for 2026
According to CEO Peter Kruk, organic order intake accelerated during the second half of the year. Part of the increase was related to earlier order placements in anticipation of longer lead times and price increases at the start of 2026.
The company said growth was broad across segments and regions, including EV charging, defence, medtech, and energy solutions for data centres.
“We are cautiously optimistic for the start of 2026, following increasing organic growth in order intake over our past three quarters. Net sales and profitability development have resumed growth despite the significant adverse impact of FX,” Peter Kruk said in the year-end report.
