NYAB

While the headline miss was meaningful, in our view the underlying read was more constructive than the print suggested, supported by very strong order intake and a record-high Civil Engineering order backlog

14:11

We talked about the Q1 performance with CEO Johan Larsson.

While the Q1 miss introduces some smaller pressure to our near-term estimate, we believe the 700 MEUR potential value in Phase 1 assignments and the expanding order backlog provide strong visibility, keeping our longer-term investment case firmly intact.

We expect the company to start the year with double-digit revenue growth and a slight year-on-year margin improvement, supported by continued strong activity in the Swedish infrastructure and power segments.

While the initial value of this phase is likely relatively small, we believe it positions NYAB well for subsequent, more valuable project phases.

We consider this an important strategic win that provides much-needed visibility for the Finnish operations