Ncab Group Ab · OMXSTO:NCAB
Ncab Group Ab — Q4 2025 Earnings Presentation
26 slides from Ncab Group Ab's earnings presentation, Feb 13, 2026
Slide 1: Strong growth in all markets
Strong growth in all markets NCAB Q4 Report 2025 13 February 2026 NCAB GROUP © Q 4 2 025 1
Slide 2: Today's presenters
NCAB GROUP Q4 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q 4 2 025 2
Slide 3: Everything needs a PCB and each PCB is unique
DIGITALIZATION, ELECTRIFICATION AND IOT... Everything needs a PCB and each PCB is unique NCAB GROUP © Q 4 2 025 3
Slide 4: Companies, markets, specialists, factories; mission and vision
19 45 660 34 companies markets specialists factories MISSION VISION PCBs for demanding customers, The Number 1 PCB Producer on time with zero defects, produced wherever we are sustainably at the lowest total cost NCAB GROUP © Q 4 2 025 4
Slide 5: Our attractive niche – HMLV
OUR MARKET Our attractive niche – HMLV MIX High-Mix Low-Volume Higher product value <USD 2,000 per order line (HMLV) Higher quality demand High Harder to buy direct Less price pressure >USD 2,000 per order line High-Volume Low VOLUME High Low >50 sqm per order <50 sqm per order NCAB GROUP © Q 4 2 02
Slide 6: Global PCB market is resuming growth
Global PCB market is resuming growth MUSD MUSD 90,000 500 80,000 450 NCAB Order Intake 400 70,000 350 60,000 300 50,000 250 40,000 200 30,000 150 20,000 100 10,000 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sour
Slide 7: Positive development in defence and medtech
Positive development in defence and medtech % OF REVENUE 2025 OTHER TELECOM 5% 4% DEFENCE 6% INDUSTRIAL 47% POWER 11% AUTOMOTIVE 13% MEDICAL 14% 7 NCAB GROUP © Q 4 2 025
Slide 8: Increasingly differentiated supply base
Increasingly differentiated supply base 2018 USA Europe 2025 Other USA 1% 4% 2% 3% Taiwan 9% Europe 9% China China 95% 77% % of spend NCAB GROUP © Q 4 2 025 8
Slide 9: Continued growth in all markets
KEY TAKE AWAYS IN Q4 2025 Continued growth in all markets Order intake and Net Sales in USD continue to grow Market recovery continues with sequentially increasing order intake growth last 3 quarters General recovery across segments and accelerated growth in areas like defence, medtech and power Inc
Slide 10: Multi-Teknik Mönsterkort AB - Sweden
ACQUISITIONS Multi-Teknik Mönsterkort AB- Sweden Based in Gothenburg, Sweden with main customer base in Sweden Started in 1975, closed factory in 2008 Customers in the Industrial, Automotive, Telecom and Medical sectors Revenue 2024/25 of approximately SEK 110 million with EBITA just below 20 MSEK 1
Slide 11: In figures – Q4 2025
Q4 2025 In figures Order intake increased by 20% to 1,092 (907) MSEK 33% organic growth in USD Book to bill of 1.21 Net Sales increased by 9% to 901.9 (830.3) MSEK 21% organic growth in USD EBITA increased to 98.6 MSEK (71.6), 10.9% EBITA-margin Gross Margin decreased to 35.7% (35.9), but improved s
Slide 12: In figures – Full year 2025
FULL YEAR 2025 In figures Order intake increased by 10.1% to 4,076 (3,701) MSEK Book to bill 1.09 Net Sales increased by 3.6% to 3,743 (3,614) MSEK Organic growth 5% in USD EBITA decreased to 403 (450) MSEK EBITA margin of 10.8% (12.4) Adverse FX effect of 53 MSEK Operating cash flow at 287 MSEK (35
Slide 13: Top line starts to recover
Top line starts to recover Net Sales, MSEK 4.458 Gross margin, % 44 4.088 42 3.743 3.614 40 3.220 37,1 38 36,0 35,1 36 34 31,3 31,7 2.115 30,2 30,7 32 1.781 32,2 1.617 30 1.400 30,3 28 26 24 22 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 NCAB GROU P © Q4 2025 13
Slide 14: Order intake and sales turning up
ORDER INTAKE AND NET SALES IN Q4 2025 Order intake and sales turning up MSEK Order intake increased by 20% to 1,092 MSEK 1,100 1,092 1,014 985 985 and for comparable units in USD up by 33% 1,000 958 934 949 907 902 900 830 Positive development in all segments. All 800 increased with double digits in
Slide 15: EBITA improving year on year
EBITA RESULT EBITA improving year on year MSEK % EBITA increased to 99 MSEK (72) 140 10.9% 12 130 11 FX impacted the result negatively by 23 MSEK 120 10 110 8.6% 9 100 The EBITA margin increased to 10.9% (8.6) 8 90 80 7 Gross margin at 35.7% (35.9), slightly higher 72 898 70 6 than Q3 60 5 110 50 10
Slide 16: FX impact on quarter P&L
EBITA RESULT FX impact on quarter P&L FX deviations vs PY Revenue -101 MSEK USD/SEK 9.38 (10.78) Gross Profit - 40 MSEK EUR/SEK 10.91 (11.50) Translation - 37 MSEK Revaluation - 3 MSEK SG&A +17 MSEK EBITA - 23 MSEK NCAB GROUP © Q 4 2 025 16
Slide 17: Nordic
SEGMENTS Nordic Order intake increased by 24% to 289 MSEK (234) MSEK 15.9% % 15.7% 240 16 Early order placement supporting growth 220 14 200 The biggest increases came from Denmark, 180 12 Finland and Norway 160 10 140 Net sales increased to 229 MSEK (197) 120 224 898 229 8 100 215 203 Good growth d
Slide 18: Europe
SEGMENTS Europe Order intake increased by 13% to 483 MSEK (428) MSEK % Organic growth of 5% in SEK and 21% in USD 550 18 500 16 Positive trend in Spain, Benelux and Germany 450 14 400 Net sales increased by 10% to 400 MSEK (365) 350 12 300 8.5% 10 Organically, net sales increased by 3% in SEK 250 89
Slide 19: North America
SEGMENTS North America Order intake increased by 31% to 248 MSEK (190) MSEK % Good progress with extending New Product 240 18 220 16.0% Introduction model (NPI) across US 200 16 180 12.1% 14 Strong growth notably in Defence and Power 160 12 Net sales up by 4% to 214 MSEK (205) and 19% in 140 10 USD
Slide 20: East
SEGMENTS East Order intake increased 32% to 72 MSEK (55) MSEK % Order intake in USD increased by 49% 70 18 17.3% 16 Capitalizing on market growth in high tech, 60 14 leveraging NCAB’s supply base, as well as 50 12 12.7% growing with NCAB global customers 40 10 898 30 63 59 8 58 Net sales decreased 7
Slide 21: Strong finances to support our growth
KPI:s Strong finances to support our growth Q4 2025 Q4 2024 ROE % 14.3 18.3 Net debt/EBITDA 1.8 1.5 Equity/Asset ratio % 40.9 42.7 Net working capital, MSEK 376 333 Net working capital/Net sales LTM %* 9.6 8.6 Available liquidity, MSEK 1,233 1,336 Dividend ** 1.10 0 *) Proforma adjusted for M&A **)
Slide 22: Good opportunities in our pipeline
NCAB ACQUISITION PROCESS Good opportunities in our pipeline Approx. 300 identified companies Focus on Europe, US and East HMLV segment Right customer portfolio No own production Example of criteria Profitable company ~ 50 target companies Shortlist B&B Leiterplattenservice , Germany 2025 Multi-Tekni
Slide 23: Our integration process important for synergies
NCAB ACQUISITION PROCESS Our integration process important for synergies Marketing IT Finance Focus to use one brand Shared tools, – one company Economies of systems scale and platforms Operations Factory and logistics Sales Sustainability Strong relationships – customer contacts and visits People &
Slide 24: A clear strategy for high-pace profitable growth!
A clear strategy for high-pace profitable growth! GEOGRAPHICAL EXPANSION MARKET CONSOLIDATION Expand geographically to new markets using Consolidate market and explore economies of M&A to accelerate process scale for cost and capability advantages 100% FOCUS ON PCBS INCREASE MARKET SHARES Maintain 1
Slide 25: Q&A
Q&A NCAB GROUP © Q 4 2 025 25
Slide 26: Financial calendar 2026
Financial calendar 2026 Q1 report 23 April, 2026 AGM 7 May, 2026 Q2 report 22 July, 2026 Q3 report 23 October 2026 Q4 report 12 February, 2027 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROU P © Q4 2025 26