NYAB has signed a project management contract with Compute Nordic Finland Oy for the development of a large-scale data center in Mikkeli, Finland, with a potential total construction value of approximately 100 MEUR. We consider this an important strategic win that provides much-needed visibility for the Finnish operations, which have recently reflected a more cautious market environment compared to the robust momentum seen in Sweden. Although the construction phase has not yet been formally awarded and is subject to separate client orders, where the final value will be determined stepwise, the potential project's scale is significant relative to our 2026 revenue estimate of 614 MEUR. While this announcement does not lead to immediate estimate changes, it would put upward pressure on our forecasts if fully secured and would materially de-risk our growth projections for the Finnish unit from 2026 onwards.

Strategic fit in high-voltage and industrial infrastructure

Earthworks for this new data center project are expected to begin in March 2026, and, while not explicitly stated, we believe the project timeline could be in the range of 2-3 years (33-50 MEUR annually). The project's technical scope, including two 100 MW data halls, high-voltage connections, and substation works, plays directly into NYAB's core competencies in complex energy and industrial infrastructure. We believe this project validates NYAB's strategy to grow in advanced industrial developments and highlights its ability to secure large-scale contracts despite the cautious market sentiment in Finland.

The stepwise nature of the contract, where construction work is commissioned through separate orders, allows NYAB to manage its resource allocation efficiently, which is consistent with its asset-light and selective business model. While we maintain caution until the planning phase is completed and construction orders are finalized, if NYAB is commissioned for the construction work, it will notably strengthen the medium-term growth outlook for the Civil Engineering segment. However, the value-driving construction contract remains to be formally awarded before we can fully incorporate it into our estimates.