NCAB Group Ends 2025 With Strong Q4 Momentum Despite Weaker Full-Year Margins

NCAB Group AB ( (SE:NCAB) ) has provided an update.

NCAB Group reported a strong fourth quarter of 2025 with net sales up 9% to SEK 901.9 million and order intake up 20%, driving an improved EBITA margin of 10.9% despite negative currency effects and ongoing investments in a new IT platform. Profit after tax rose to SEK 52.7 million and earnings per share increased, signalling a recovery in profitability late in the year.

For the full year 2025, net sales grew 4% to SEK 3.74 billion but EBITA declined 11% and margins narrowed, weighed down by adverse exchange rates, IT platform costs and lower profitability compared with 2024. NCAB completed the acquisition of Swedish PCB company Multi-Teknik Mönsterkort AB and the board proposed reinstating a dividend of SEK 1.10 per share, underscoring confidence in cash generation and the group’s longer-term growth prospects despite softer full-year earnings and reduced returns on equity and capital employed.

The most recent analyst rating on (SE:NCAB) stock is a Hold with a SEK48.00 price target. To see the full list of analyst forecasts on NCAB Group AB stock, see the SE:NCAB Stock Forecast page.

More about NCAB Group AB

NCAB Group AB is a Swedish producer and supplier of printed circuit boards (PCBs), serving industrial and electronics customers globally. The company focuses on high-mix, high-complexity PCB solutions, with operations and sales primarily measured in both SEK and USD, reflecting its significant international exposure.

Average Trading Volume: 205,374

Technical Sentiment Signal: Sell

Current Market Cap: SEK8.08B

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