NYAB delivered stronger-than-expected revenue in Q1, while profitability was broadly in line with our estimates. Market conditions in Sweden remained favorable, and the demand picture in Finland is showing gradual improvement, with a brightening outlook for the remainder of 2025.

NYAB has released its first-quarter report, highlighting growth in both revenue and earnings. In this interview, CEO Johan Larsson discusses the current market landscape, cross-country developments and what investors should keep their eye on in coming quarters. 

NYAB will release its Q1 report on Wednesday. We expect strong revenue growth (Q1’25e: +55% y/y), mainly driven by M&A effects and favorable market conditions in Sweden. We also expect the operating margin to improve, supported by a favorable project mix, reduced seasonality, and sustained cost efficiency. Beyond the figures, management’s commentary on the market outlook, Dovre integration, and strategic direction will be key focus areas.

NYAB, a specialized contractor of complex and challenging construction projects, has diligently navigated recent years’ challenges in the broader construction market.