Ncab Group Ab · OMXSTO:NCAB
Ncab Group Ab — Q3 2026 Earnings Presentation
22 slides from Ncab Group Ab's earnings presentation, Oct 23, 2026
Slide 1: A safe haven in a challenging market
A safe haven in a challenging market NCAB Q3 Report 2026 23 October 2026 NCAB GROUP © Q 3 2 026 1
Slide 2: Today's presenters
NCAB GROUP Q3 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q3 202 6 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 © Q3 202 6 3
Slide 4: 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 © Q3 202 6
Slide 5: Mission and vision
19 45 686 34 companies markets specialists factories MISSION VISION PCBs for demanding customers, Making PCBs easy on time with zero defects, produced sustainably at the lowest total cost NCAB GROUP © Q3 202 6 5
Slide 6: Global PCB market is growing fast
Global PCB market is growing fast MUSD MUSD 120,000 800 700 100,000 Prismark market data 600 80,000 500 NCAB Order Intake 60,000 400 300 40,000 200 20,000 100 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 2026LTM Sour
Slide 7: Supply chain woes accelerate forward orders and price increases
KEY TAKE AWAYS IN Q3 2026 Supply chain woes accelerate forward orders and price increases Order intake on record level increase by 166% Strained supply situation with no near term relief in sight resulted in increasing forward orders and significant price increases Solid underlying growth in all seg
Slide 8: IMP Electronics Solutions - Australia
ACQUISITIONS IMP Electronics Solutions - Australia Based in Adelaide, Australia Started in 1964 with sales in Australia & New Zealand Main customer base in the industrial and defence sectors Revenue 2025 of approximately AUD 9 million with EBITA margin in line with NCAB 12 employees of which 6 in Au
Slide 9: In figures
Q3 2026 In figures Order intake increased by 166% to 2,620 (985) MSEK 155% organic growth in USD Book to bill of 1.79 Net Sales increased by 54% to 1,463 (949) MSEK 45% organic growth in USD EBITA of 210.8 MSEK (110.1), despite 8 MSEK adverse FX Gross Margin declined to 34.8% (35.2) EBITA margin inc
Slide 10: Growing revenue with stable gross margin
Growing revenue with stable gross margin Stability in recent quarters, even despite significant Net sales, MSEK market change Gross margin, % 44 4,606 4,458 4,088 40 3,614 3,743 36.0 3,220 35.1 35.1 36 37.1 31.3 31.7 30.2 30.7 32 2,115 32.2 1,781 30.3 1,617 1,400 28 24 20 2017 2018 2019 2020 2021 20
Slide 11: Order intake and sales accelerating
ORDER INTAKE AND NET SALES IN Q3 2026 Order intake and sales accelerating MSEK Order intake increased by 166% to 2,620 MSEK and 2,800 2,620 for comparable units in USD up by 155% 2,600 2,400 2,200 Growth comprised of approximately 50% higher 2,000 prices and 80% forward orders 1,800 1,570 1,600 1,46
Slide 12: EBITA improving year on year
EBITA RESULT EBITA improving year on year MSEK % EBITA increased to 211 MSEK (110) 220 14.4 15 200 14 13 Strong operational leverage on higher volumes 180 11.6 12 & higher pricing 160 11 10 140 M&A contributed positively 9 120 898 8 211 7 Offset partially by higher variable compensation 100 6 80 cos
Slide 13: Nordic
SEGMENTS Nordic Order intake increased by 188% to 599 MSEK (208) MSEK % 300 18 Organic growth of 159% in SEK and 158% in USD 16 250 14.0 Pricing, forward ordering in all markets and solid 14 development in energy, defence and industrial sectors 200 12 12.4 Net sales increased by 43% to 290 MSEK (203
Slide 14: Europe
SEGMENTS Europe Order intake increased by 143% to 1,205 MSEK (496) MSEK % This was driven by strong pricing effects, forward 700 18 ordering and solid demand development from 600 16 industrial and automotive customers 12.8 14 500 Net sales increased by 35% to 628 MSEK (464) 12 400 9.8 10 Continued s
Slide 15: North America
SEGMENTS North America Order intake increased by 194% to 650 MSEK (221) MSEK % Growth of 195% in USD supported by forward orders 450 16.7 18 with deliveries extending into 2027 400 15.4 16 Positive development in defence and energy 350 14 infrastructure for data centres 300 12 250 10 Net sales up by
Slide 16: East
SEGMENTS East Order intake increased 180% to 166 MSEK (60) MSEK % Order intake in USD increased by 180% 21.1 140 22 20 Capitalizing on market growth in high tech, 120 16.4 18 leveraging NCAB’s supply base, as well as growing 100 16 with NCAB global customers 14 80 12 898 10 Net sales up by 109% to 1
Slide 17: ROE improving driven by EBITA development
KPI:s ROE improving driven by EBITA development Q3 2026 Q3 2025 ROE % 21.7 14.1 Net debt/EBITDA LTM* 1.2 1.6 Equity/Asset ratio % 36.4 41.5 Net working capital, MSEK 455 299 Net working capital/Net sales LTM %** 9.6 7.9 Available liquidity, MSEK 1,234 1,374 * - Proforma adjusted to include prior yea
Slide 18: Consistent development of our pipeline
NCAB ACQUISITION PROCESS Consistent development of 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 Multi-Teknik,
Slide 19: 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 Support increased revenue systems scale and platforms Access to NCAB factory panel and marketing Improved quality and service through FM Incre
Slide 20: 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 21: Q&A
Q&A NCAB GROUP © Q 3 2 026 21
Slide 22: Financial calendar 2026-2027
Financial calendar 2026-2027 Capital Markets Day 19 November, 2026 Q4 report 12 February, 2027 Q1 report 23 April, 2027 AGM 10 May, 2027 Q2 report 22 July, 2027 Q3 report 27 October, 2027 Q4 report 16 February, 2028 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROU P © Q3 2026 22