Nordisk Bergteknik AB Class B (NORB.B) AI Stock Analysis

• Market Cap: kr724.06M
• Dividend Yield: N/A
• Average Volume (3M): 32.03K
• Price to Earnings (P/E): 28.3
• Beta (1Y): 0.10
• Revenue Growth: 4.24%
• EPS Growth: 29.69%
• Country: SE
• Employees: 1,123
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.04
• Shares Outstanding: 57,237,865
• 10 Day Avg. Volume: 20,463
• 30 Day Avg. Volume: 32,035
• PEG Ratio: 0.15
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 0.23
• P/FCF Ratio: 134.51
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.36
• Revenue Forecast (FY): kr3.62B

• Rating: 50 Neutral
• Price Target: kr12.00 ▼(-10.45% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weak financial quality—thin/volatile profitability, higher leverage, and very weak recent free cash flow. Technicals are moderately supportive with a constructive longer-term trend but neutral momentum. Valuation appears stretched (P/E ~28) relative to current earnings strength, with no dividend yield data to provide support.

Positive Factors

Specialized service niche

Nordisk Bergteknik’s focus on rock engineering and foundation contracting embodies a specialized, technical service offering with high barriers to entry. This durable positioning supports longer-term contracting opportunities, framework wins and repeat clients where technical expertise and equipment depth matter.

Revenue scale and growth

Consistent top-line expansion gives the company scale advantages in bidding, equipment utilization and staffing. Durable revenue growth supports fixed-cost absorption and long-term competitiveness if execution and project selection remain disciplined.

Consistent operating cash generation

Reliable operating cash flow indicates core contract activity converts to cash even when margins fluctuate. That durable cash generation provides liquidity to fund working capital, capex and servicing of debt, supporting resilience over the next several quarters.

Negative Factors

Volatile, thin profitability

Earnings have swung dramatically, reflecting thin margins and inconsistent project-level profitability. Such volatility undermines earnings predictability, weakens retained earnings buildup and complicates long-term planning for investment and debt reduction.

Elevated leverage

A higher debt load relative to equity reduces financial flexibility and increases fixed interest obligations. If operating margins remain thin, elevated leverage raises refinancing and solvency risk and limits capacity for opportunistic investments or bidder flexibility on new contracts.

Weak and volatile free cash flow

Highly variable free cash flow indicates capex or working-capital pressure and uneven cash conversion from projects. Persistent weak FCF constrains deleveraging, limits reinvestment without external financing and raises the need for disciplined project selection.

Nordisk Bergteknik AB Class B Business Overview & Revenue Model

Company Description

Nordisk Bergteknik AB (publ), together with its subsidiaries, provides rock handling and foundation solutions in Sweden and Norway. Its rock handling services include drilling, excavation, wire sawing, rock reinforcement, shaft work, scaling, shotcreting, soil nailing, and grouting services; and rock safety and concrete rehabilitation of bridges, piers, and buildings, as well as offers hanging nets, bolting, and protection services against rockfalls, buildings and roads. The company's foundation services comprise piling, sheet piling, foundation reinforcement, grouting, and groundwater lowering. It undertakes projects in the field of infrastructure, construction, wind farms, mines, natural environments, and other areas. The company was founded in 1966 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Nordisk Bergteknik generates revenue through its core services of drilling and blasting for mining and construction projects. The company typically charges clients on a project basis, which includes fees for labor, equipment usage, and materials. Key revenue streams include contracts with mining companies for exploration services and ongoing partnerships with construction firms requiring excavation and material handling. Additionally, the company may engage in joint ventures or strategic alliances with other firms in the resource sector, expanding its service offerings and market reach, which can contribute to increased earnings. Overall, the company's focus on efficiency and sustainability helps to differentiate it in a competitive market, potentially leading to higher profit margins.

Nordisk Bergteknik AB Class B Financial Statement Overview

Summary

Strong revenue scale and growth, but profitability has deteriorated sharply (net income fell from 144.4M in 2022 to 9.6M in 2024, only 28.5M in 2025). Leverage is elevated with debt (1.71B in 2025) meaningfully above equity (~1.23B), and free cash flow weakened materially to ~6M in 2025 despite positive operating cash flow.

Income Statement

Revenue scale is solid and the top line has grown sharply over the period (including a strong rebound in 2025), but profitability has deteriorated meaningfully. Net income fell from 144.4M (2022) to 9.6M (2024) and only 28.5M (2025), implying very thin earnings power versus revenue. Margin stability is a concern given the swing from healthy 2022 profitability to near-breakeven levels in 2024–2025, even as EBITDA stayed relatively steady.

Balance Sheet

Leverage is elevated and has trended higher as the business scaled: total debt rose to 1.71B (2025) while equity stayed roughly flat around 1.23B, keeping debt meaningfully above equity in recent years (about 1.25x in 2023–2024). Asset growth has not translated into stronger shareholder returns, with return on equity dropping from 11.9% (2022) to under 1% (2024). The balance sheet is not distressed, but the higher debt load reduces flexibility if profitability remains soft.

Cash Flow

Operating cash flow is consistently positive (roughly 123M–322M across 2021–2024, and 237.6M in 2025), which supports liquidity. However, free cash flow is volatile and has been weak recently (90.6M in 2024 down to just 6M in 2025), indicating higher reinvestment needs and/or less efficient cash conversion. Earlier years also show negative free cash flow (2020–2021), reinforcing that cash generation after investment is not yet consistently reliable.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.45B	3.31B	3.53B	3.40B	1.92B
Gross Profit	2.01B	2.03B	144.60M	1.92B	1.14B
EBITDA	440.40M	442.90M	457.60M	479.00M	249.60M
Net Income	28.50M	9.60M	40.40M	144.40M	44.70M
Balance Sheet
Total Assets	3.40B	3.41B	3.55B	3.38B	2.24B
Cash, Cash Equivalents and Short-Term Investments	78.30M	122.90M	124.10M	254.90M	455.80M
Total Debt	1.71B	1.54B	1.53B	1.40B	805.60M
Total Liabilities	2.18B	2.19B	2.33B	2.13B	1.27B
Stockholders Equity	1.23B	1.23B	1.21B	1.22B	947.30M
Cash Flow
Free Cash Flow	6.00M	90.60M	50.10M	300.00K	-28.40M
Operating Cash Flow	237.60M	322.00M	291.60M	267.60M	122.70M
Investing Cash Flow	-158.10M	-154.80M	-281.40M	-405.40M	-263.20M
Financing Cash Flow	-138.70M	-163.10M	-153.90M	-53.40M	514.60M

Nordisk Bergteknik AB Class B Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 13.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NORB.B, the sentiment is Neutral. The current price of 13.4 is below the 20-day moving average (MA) of 13.70, below the 50-day MA of 13.69, and above the 200-day MA of 12.50, indicating a neutral trend. The MACD of -0.42 indicates Positive momentum. The RSI at 37.93 is Neutral, neither overbought nor oversold. The STOCH value of 23.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NORB.B.

Nordisk Bergteknik AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYGGP	72 Outperform	kr2.01B	14.95	―	1.24%	4.25%	127.31%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NORB.B	50 Neutral	kr724.06M	28.32	1.98%	―	4.24%	29.69%
EOLU.B	49 Neutral	kr887.29M	-3.09	18.63%	5.62%	―	―
ELTEL	48 Neutral	kr1.41B	58.96	0.72%	―	-6.38%	―
FG	46 Neutral	kr1.22B	-14.32	―	―	8.40%	-101.19%
WBGR.B	43 Neutral	kr561.00M	-0.77	-56.98%	―	-0.02%	-50.72%

Nordisk Bergteknik AB Class B Corporate Events

Nordisk Bergteknik to Present Growth Strategy at Stora Aktiedagarna 2026

Nordisk Bergteknik, a specialist in rock handling and foundation solutions for infrastructure and construction projects, is pursuing growth by positioning itself as an early-stage partner in building sustainable, modern societal functions. Its operations focus on combining technical capability with sensitivity to natural conditions, underscoring a long-term commitment to sustainable development in the Nordic market.

The company will present its business and strategy at Stora Aktiedagarna on March 11, 2026, at the Birger Jarl Conference Center in Stockholm, with Deputy CEO Victor Örn delivering the presentation in Swedish. The event, organized by Aktiespararna and featuring live-streamed company presentations, offers Nordisk Bergteknik an opportunity to increase visibility among investors and stakeholders, potentially strengthening its market profile and supporting its growth ambitions.

The most recent analyst rating on ($SE:NORB.B) stock is a Hold with a SEK14.00 price target. To see the full list of analyst forecasts on Nordisk Bergteknik AB Class B stock, see the SE:NORB.B Stock Forecast page.

Nordisk Bergteknik lifts 2025 sales and margins as profitability recovers

Nordisk Bergteknik AB reported a 4% increase in full-year 2025 net sales to SEK 3,450.8 million, with organic growth improving to 6% and adjusted EBIT margin rising to 4.1%, signaling strengthened profitability. For the fourth quarter, net sales grew 2% and the EBIT margin more than doubled to 5.1%, while the board’s Nomination Committee plans to propose Göran Näsholm as new chairman, pointing to a potential shift in governance as the group consolidates its operational gains.

Full-year profit climbed to SEK 28.5 million and earnings per share improved to SEK 0.50, even as operating cash flow declined to SEK 237.6 million and leverage remained at 3.2 times net debt to adjusted EBITDA. In the quarter, profitability recovered from a weak prior-year period, with profit turning positive and operating cash flow remaining strong, suggesting better operational efficiency and offering some reassurance to shareholders and creditors regarding the company’s financial trajectory.

The most recent analyst rating on ($SE:NORB.B) stock is a Hold with a SEK15.00 price target. To see the full list of analyst forecasts on Nordisk Bergteknik AB Class B stock, see the SE:NORB.B Stock Forecast page.

Nordisk Bergteknik Wins SEK 60 Million Rock Engineering Contract for LKAB’s Malmberget Expansion

Nordisk Bergteknik has secured a SEK 60 million contract through main contractor NCC to provide comprehensive rock handling services for the construction of a new sorting plant in Malmberget, in Sweden’s Gällivare municipality. The assignment covers drilling, blasting, and rock reinforcement and stabilization for about 400,000 cubic metres of rock to prepare roads, levelled areas and building sites, and will be executed in close collaboration between two of the group’s specialized subsidiaries. The sorting plant forms part of LKAB’s roughly SEK 6 billion investment to expand production capacity and meet stricter environmental, technological and workplace requirements, with the new facility designed to process an additional 7–8 million tonnes of crude ore over a 24,000-square-metre footprint. The deal underscores Nordisk Bergteknik’s positioning in technically demanding rock engineering for ongoing mining operations in the Nordic region and highlights the strategic importance of its expertise and sustainable working methods in securing complex, large-scale mining-related contracts.

The most recent analyst rating on ($SE:NORB.B) stock is a Hold with a SEK15.00 price target. To see the full list of analyst forecasts on Nordisk Bergteknik AB Class B stock, see the SE:NORB.B Stock Forecast page.

Nordisk Bergteknik AB Announces Leadership Transition

Nordisk Bergteknik AB is undergoing a leadership change as the Nomination Committee plans to propose Göran Näsholm as the new Chairman of the Board, succeeding Mats O. Paulsson, who has declined re-election. Näsholm, a significant shareholder and current Vice Chairman, brings extensive leadership experience from his previous roles at Ahlsell AB and Alfa Laval Group. This transition is part of the company’s broader preparations for the Annual General Meeting in 2026, where further proposals regarding board composition and remuneration will be presented.

The most recent analyst rating on ($SE:NORB.B) stock is a Hold with a SEK15.50 price target. To see the full list of analyst forecasts on Nordisk Bergteknik AB Class B stock, see the SE:NORB.B Stock Forecast page.