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NCC AB
(NCC.B)
NCC AB (NCC.B) vs. iShares MSCI Sweden ETF (EWD)
NCC AB Business Overview & Revenue Model
NCC AB Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 55.72B | 61.61B | 56.93B | 54.20B | 53.41B |
| Gross Profit | 5.47B | 5.28B | 4.69B | 4.00B | 4.52B |
| EBITDA | 2.11B | 3.36B | 3.08B | 2.60B | 3.11B |
| Net Income | 142.00M | 1.57B | 1.57B | 1.07B | 1.51B |
Balance Sheet | |||||
| Total Assets | 30.58B | 32.03B | 31.95B | 29.57B | 29.42B |
| Cash, Cash Equivalents and Short-Term Investments | 1.51B | 3.72B | 1.41B | 1.00B | 3.48B |
| Total Debt | 3.88B | 5.08B | 5.29B | 4.30B | 4.21B |
| Total Liabilities | 22.66B | 23.36B | 24.63B | 22.38B | 23.58B |
| Stockholders Equity | 7.92B | 8.66B | 7.32B | 7.18B | 5.84B |
Cash Flow | |||||
| Free Cash Flow | 1.54B | 3.94B | 99.00M | -707.00M | 1.49B |
| Operating Cash Flow | 1.91B | 4.64B | 807.00M | 265.00M | 2.26B |
| Investing Cash Flow | -761.00M | -647.00M | -446.00M | -401.00M | -363.00M |
| Financing Cash Flow | -3.17B | -1.79B | -187.00M | -1.90B | -1.49B |
NCC AB Technical Analysis
NCC AB Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr112.84B | 20.12 | 10.45% | 3.18% | 6.02% | 26.26% | |
65 Neutral | kr51.33B | 23.41 | 18.65% | 2.20% | 2.79% | 14.00% | |
61 Neutral | kr31.27B | 22.41 | 10.55% | 3.26% | -4.93% | 10.91% | |
59 Neutral | kr14.83B | 19.13 | 6.97% | 4.09% | -3.73% | -22.34% | |
57 Neutral | kr21.03B | 17.48 | ― | 4.22% | -4.21% | 10.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr19.35B | 151.80 | 20.30% | 4.17% | 5.68% | 27.52% |
NCC AB Corporate Events
NCC reported strong underlying profitability for the fourth quarter and full year 2025, with operating profit before items affecting comparability at SEK 692 million in Q4 and SEK 1,938 million for the year, driven by record earnings in the Industry and Building Nordics business areas. Despite this, a substantial non-cash impairment from revised property value assessments pushed Q4 into a loss and sharply reduced full-year profit after tax, while orders and the order backlog declined slightly as the group remained selective on projects and exited certain contracts; the weaker commercial property market also weighed on property values. Following a strategic review, NCC decided to retain its highly profitable Industry business area and reorganize it as a standalone company under its existing leadership to enhance development and strategic flexibility, while the board proposed maintaining the ordinary dividend and an extra dividend at prior-year levels, signalling confidence in the balance sheet, cash generation and prospects for profitable growth in priority segments and potential property divestments.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has secured a turnkey contract worth approximately SEK 700 million from waste-to-energy company Vestforbrænding to expand the district heating network in Herlev, near Copenhagen, as part of Denmark’s largest civil engineering initiative. The project involves extensive civil engineering works and installation of roughly 46 kilometers of distribution piping to bring district heating to 1,700 households, forming one of six major contracts within the broader “Värmeplan 2030” program that will ultimately serve 39,000 homes. Scheduled to start in autumn 2026 and conclude by the end of 2030, the order will be booked in the NCC Infrastructure business area in the first quarter of 2026, strengthening NCC’s position in large-scale sustainable energy infrastructure and underlining its role in supporting the transition to lower-emission heating solutions in the Danish market.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has been awarded a new SEK 250 million contract to build modern office and workspaces for defense contractor BAE Systems Hägglunds in Örnsköldsvik, Sweden, expanding on an existing collaboration that already includes construction of production facilities at the Gullänget factory site. The 7,500-square-meter office building, to be delivered through a partnering model and completed in 2028, will feature flexible office solutions and enhanced work environments to support BAE Systems Hägglunds’ ongoing expansion and development, while reinforcing NCC’s position in high-security and office-building projects and contributing additional volume to its NCC Building Sweden business area from the first quarter of 2026.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has appointed Tomas Brannemo as the new Head of its Infrastructure business area, effective March 2, 2026, when he will also join the Senior Management Team, succeeding longtime leader Kenneth Nilsson, who is retiring but will continue to oversee select projects for a period. Brannemo brings extensive international leadership experience from major industrial companies such as Johnson Controls, Xylem, Volvo Construction Equipment and ABB, and his recruitment underscores NCC’s ambition to build on the strong, profitable and market‑leading position of its infrastructure operations amid favorable market trends, signaling continuity and potential acceleration in the division’s development for customers, employees and other stakeholders.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has announced that it will publish its interim report for the fourth quarter and full-year 2025 on Thursday, 5 February 2026, with the report to be made available on the company’s investor relations website early that morning. On the same day, CEO Tomas Carlsson and CFO Susanne Lithander will host an English-language webcast at 09:00 CET to present and discuss the financial results, underscoring NCC’s efforts to maintain transparency and active communication with investors, analysts and other stakeholders ahead of what may be a closely watched update for the Nordic construction group.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has secured a turnkey contract worth about SEK 170 million to expand a police office building in Linköping, Sweden, for property owner Intea Garnisonen AB and the Swedish Police Authority. The project, which will add a five-storey plus basement extension of roughly 5,800 square meters for office and related police operations, underscores NCC’s specialist capabilities in security-classified and high-safety construction. The order will be booked in the NCC Building Sweden business area in the first quarter of 2026, with construction starting in the same quarter and completion targeted for the second quarter of 2028, reinforcing NCC’s role in critical public-sector infrastructure and long-term security-focused property development.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC is booking impairment charges of about SEK 1.4 billion, mainly tied to revised valuations of commercial property assets within its Property Development division and a review of tax assets in Norway, in response to a prolonged weak market for commercial real estate in Sweden and Finland. The non-cash charges, which do not affect ongoing contracting operations, cash flow or dividend capacity, will be recorded as items affecting comparability in the fourth quarter, where preliminary figures show net sales of SEK 15.9 billion and operating profit of SEK 692 million excluding these items, while strong order intake, a high level of early-phase collaboration agreements, and record earnings in the Industry division underscore management’s message that the group’s underlying performance, financial position and outlook for value creation remain solid despite the write-downs.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK241.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has been commissioned by Surahammar Municipality in Sweden to build a new school using construction documents from a similar NCC-built school in Norrköping, enabling a turnkey project valued at approximately SEK 175 million. The twin-school concept, comprising two parallel buildings totaling 6,000 square meters and accommodating about 400 students from preschool to Year 6, aims to exploit modularity and repetition for cost-efficient, functional and sustainable design, while also including specialized classrooms, kitchen, canteen and an outdoor environment that encourages physical activity; production will start in the first quarter of 2026, with completion planned for the third quarter of 2027, strengthening NCC’s position in standardized yet customized educational facilities and showcasing its ability to reuse proven designs to reduce risk and improve quality for municipal clients.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK242.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has secured three-year contracts worth approximately SEK 160 million from the Swedish Transport Administration to carry out road surface maintenance in southwestern Sweden, primarily in Halland county’s Halmstad district and parts of Västra Götaland, covering improvement works on about 200 kilometers of road. The asphalt will be produced at NCC’s Halmstad and Borås plants, with the projects emphasizing climate transparency through environmental product declarations (EPDs) for the asphalt used, and the agreements—booked in the NCC Industry business area in the first quarter of 2026—include an option for additional orders of up to 20 percent of the contract value, reinforcing NCC’s position in Nordic infrastructure maintenance and highlighting its focus on documented environmental performance.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK242.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has secured a major contract in Denmark to construct a combined office and laboratory facility covering approximately 42,000 square meters, in a project valued at about SEK 2.37 billion. The unnamed-customer project, due to start in early 2026 and complete in early 2029, will be booked in the fourth quarter of 2025 under the NCC Building Nordics business area, bolstering the company’s order book in its core Nordic market and underscoring its role in large-scale, technically complex non-residential construction, with potential long-term benefits for revenue visibility and capacity utilization in the region.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK242.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC has announced the appointment of Katarina Wilson as the new Chief Financial Officer, succeeding Susanne Lithander who will retire. Wilson, who brings extensive experience in financial control and business development from her previous roles at AcadeMedia, Husqvarna, Johnson & Johnson, and Electrolux, will join NCC’s Senior Management Team by June 1, 2026. This leadership change is expected to support NCC’s continued growth and strengthen its position as an industry leader.
The most recent analyst rating on ($SE:NCC.B) stock is a Buy with a SEK242.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.
NCC AB has announced a partnership with Malmö Stadsfastigheter to construct the Heleneholmsbadet swim center in Malmö, with an order value of approximately SEK 475 million. The project, which is expected to accommodate 630,000 visitors annually, will feature a 50-meter pool, three smaller pools, and sustainable features like steel pools and rooftop solar panels. Construction is set to begin in early 2026 and finish by the end of 2028, further solidifying NCC’s position as a specialist in swim center construction in Sweden.
The most recent analyst rating on ($SE:NCC.B) stock is a Hold with a SEK244.00 price target. To see the full list of analyst forecasts on NCC AB stock, see the SE:NCC.B Stock Forecast page.