Ncab Group Ab · OMXSTO:NCAB

Ncab Group Ab — Q1 2025 Earnings Presentation

20 slides from Ncab Group Ab's earnings presentation, Apr 25, 2025

  1. Slide 1: Focus on flexibility in the turbulence

    Focus on flexibility in the turbulence NCAB Q1 Report 25 April 2025 NCAB GROUP © Q1 2025 1

  2. Slide 2: Today's presenters

    NCAB GROUP Q1 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q1 2025 2

  3. 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 © Q1 2025 3

  4. Slide 4: NCAB at a glance: mission and vision

    19 45 607 33 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 © Q1 2025 4

  5. Slide 5: Positive order intake and adapting to tariffs

    KEY TAKE AWAYS IN Q1 2025 Positive order intake and adapting to tariffs Improved order intake Continued strong order development in North America and East and better than 2024 Europe improving vs Q4 Revenue lags behind, but recovered from Q4 Gross margins slightly down, EBITA recover vs Q4 Gross mar

  6. Slide 6: B&B Leiterplattenservice - Germany

    ACQUISITIONS B&B Leiterplattenservice - Germany Based in Saxony with main customer base in Germany Started in 1996, closed factory in 2022 Industrial and Energy customer focus extending coverage in eastern part of Germany Revenue 2024 of 150 MSEK with EBITA > 20 MSEK 25 employees in Germany and Chin

  7. Slide 7: Q1 2025 in figures

    Q1 2025 In figures Order intake increased by 5% to 1,014 (970) MSEK In USD order intake increased by 2% Book to bill of 1.06 Net Sales increased by 1% to 958 (951) MSEK Organic growth -8% in USD EBITA decreased to 100 MSEK, 10.4% EBITA-margin Gross Margin decreased to 34.7% (38.1) Operating cash flo

  8. Slide 8: Sales recovered from the weak Q4

    THE FIRST QUARTER IN NUMBERS Sales recovered from the weak Q4 Q1 958 89.7 100.0 10.4 % 2025 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs +1% -2% -30% -4.6 pp Q1 2024 NCAB GROUP © Q1 2025 8

  9. Slide 9: Top line stabilized and gross margin somewhat weaker

    Top line stabilized and gross margin somewhat weaker 38 36 35 31 32 32 30 30 31 4,458 Gross margin, % 4,088 Net sales, MSEK 3,614 3,622 3,220 2,115 1,781 1,617 1,400 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q1 2025 NCAB GROUP © Q1 2025 9

  10. Slide 10: Order intake and sales turning up

    ORDER INTAKE AND NET SALES IN Q1 2025 Order intake and sales turning up Order intake increased by 5% to 1,014 and for comparable units in USD down by 5% 1,100 1,014 1,000 970 951 958 938 935 Positive development in Nordics and East but 900 887 898 907 830 still weak demand Europe 800 700 Net sales i

  11. Slide 11: EBITA result coming back from Q4

    EBITA RESULT EBITA result coming back from Q4 MSEK % EBITA decreased to 100 MSEK (143) 200 18 15.0% 16 Caused by lower revenue and gross margin 150 143 14 120 119 10.4% 12 The EBITA margin decreased to 10.4% (15.0%) 100 10 100 8 Gross margin still good at 34.7% (38.1%), 72 898 6 Gross profit amounte

  12. Slide 12: Segments: Nordic

    SEGMENTS Nordic MSEK Order intake decreased by 5% to 222 MSEK (234) 240 19.2% 20 % 220 Positive development in Denmark and Finland 200 180 15 Norway weak vs 2024 due to low EV business 160 140 10.7% Net sales amounted to 224 MSEK (216), 120 10 increasing by 4% in SEK 216 207 898 224 100 202 197 Sign

  13. Slide 13: Segments: Europe

    SEGMENTS Europe MSEK Order intake increased by 2% to 497 MSEK (488) % 700 18 Improvement vs Q4, but organically in USD 15.2% 16 600 13% behind strong Q1 of 2024 14 500 Positive development in Spain and Benelux 11.2% 12 400 10 Net sales decreased by 1% to 497 MSEK (503) 898 300 8 Revenue helped by se

  14. Slide 14: Segments: North America

    SEGMENTS North America Order intake increased by 18% to 236 MSEK (199) MSEK % New sales reps signed to further expand our 220 18 external sales network and regional coverage 200 16 180 13.0 14 Net sales decreased by 2% to 188 MSEK (191) 160 12 140 NCAB well positioned to benefit by ability to offer

  15. Slide 15: Segments: East

    SEGMENTS East Order intake increased 22% to 58 MSEK (48) MSEK % 70 20 Market conditions in China slowly improving 60 16.3% 15 Good influx of new customers 50 15.1% 40 Net sales increased 24% to 51 MSEK (41) 898 10 30 63 56 56 Lead times for high tech material begin to grow 51 20 41 5 EBITA increased

  16. Slide 16: Still strong finances to support our growth

    KPI:s Still strong finances to support our growth 2025 2024 ROE % 15.1 26.3 Net debt/EBITDA 1.6 0.7 Equity/Asset ratio % 41.9 43.7 Net working capital, MSEK 340 312 Net working capital/Net sales LTM % 9.0 8.0 Available liquidity, MSEK 1,355 1,104 Dividend 0* 1.10 *) suggested by the Board NCAB GROUP

  17. Slide 17: Good progress in our acquisition pipeline

    NCAB ACQUISITION PROCESS Good progress in our pipeline Focus on Europe, US and East Approx. 300 identified companies HMLV segment Example of criteria Right customer portfolio No own production Profitable company Shortlist ~ 50 target companies Cumatrix, Belgium EPI Components, Austria 2024/2025 ICOM

  18. Slide 18: 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

  19. Slide 19: Q&A

    Q&A NCAB GROUP © Q1 2025 19

  20. Slide 20: Financial calendar 2025

    Financial calendar 2025 Annual General Meeting 8 May Q2 report 22 July Q3 report 24 October Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROUP © Q1 2025 20

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