Ncab Group Ab · OMXSTO:NCAB
Ncab Group Ab — Q1 2026 Earnings Presentation
21 slides from Ncab Group Ab's earnings presentation, Apr 23, 2026
Slide 1: Strong growth in order intake
Strong growth in order intake NCAB Q1 Report 2026 23 April 2026 NCAB GROUP © Q 1 2 026 1
Slide 2: Today's presenters
NCAB GROUP Q1 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q 1 2 026 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 1 2 026 3
Slide 4: Mission and vision
19 45 656 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 1 2 026 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 1 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: Strong growth on topline and EBITA
KEY TAKE AWAYS IN Q1 2026 Strong growth on topline and EBITA Order intake and Net Sales in USD continue to grow Market recovery continues with sequentially increasing order intake growth last 4 quarters NCAB resilient supply chain help customers manage challenging supply situation driven by AI inves
Slide 8: In figures
Q1 2026 In figures Order intake increased by 27% to 1,289 (1,014) MSEK 43% organic growth in USD Book to bill of 1.20 Net Sales increased by 12% to 1,074 (958) MSEK 24% organic growth in USD EBITA increased to 128.2 MSEK (100.0), 11.9% EBITA- margin Gross Margin increased to 34.9% (34.7) Negative im
Slide 9: Growing revenue with stable gross margin
Growing revenue with stable gross margin Net Sales, MSEK 4,458 Gross margin, % 44 4,088 3,743 3,859 3,614 40 3,220 37.1 36.0 35.4 35.1 36 31.3 31.7 2,115 30.7 32 30.2 32.2 1,781 1,617 30.3 1,400 28 24 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM2026 NCAB GROU P © Q1 2026 9
Slide 10: Order intake and sales turning up
ORDER INTAKE AND NET SALES IN Q1 2026 Order intake and sales turning up MSEK 27% Order intake increased by 27% to 1,289 MSEK 1,400 1,289 and for comparable units in USD up by 43% 1,300 1,200 1,092 1,074 1,100 Positive development in all segments. All 1,014 958 985 985 1,000 934 949 902 increased wit
Slide 11: EBITA improving year on year
EBITA RESULT EBITA improving year on year MSEK 28% % 11.9% EBITA increased to 128 MSEK (100) 140 12 130 10.4% 11 FX impacted the result negatively by 27 MSEK 120 10 110 100 9 100 Strong operational leverage on higher volumes 8 90 80 7 The EBITA margin increased to 11.9% (10.4) 898 70 6 128 60 5 Gros
Slide 12: Nordic
SEGMENTS Nordic Order intake increased by 17% to 261 MSEK (222) MSEK % 300 18 Organic growth of 7% in SEK and 25% in USD 16 Good development, notably in Norway, offset early 250 13.9% 14 order placements in Q4 200 10.7% 12 Net sales increased by 21% to 271 MSEK (224) 10 150 898 Organic growth of 12%
Slide 13: Europe
SEGMENTS Europe Order intake increased by 8% to 537 MSEK (497) MSEK % Organic growth of 2% in SEK and 20% in USD 550 18 500 16 Positive trend notably in Germany and Benelux, 450 14 whereas UK and Italy impacted by automotive 400 11.2% 11.3% 12 350 Net sales increased by 2% to 508 MSEK (497) 10 300 2
Slide 14: North America
SEGMENTS North America Order intake increased by 71% to 403 MSEK (236) MSEK % Growth of 100% in USD supported by large project 240 18 orders with deliveries extending into 2027 220 16 200 14 Positive development in Defence and Power 180 12.0% 160 12 Net sales up by 24% to 233 MSEK (188) and 45% in 1
Slide 15: East
SEGMENTS East Order intake increased 52% to 88 MSEK (58) MSEK % Order intake in USD increased by 77% 70 22 18.5% 20 Capitalizing on market growth in high tech, 60 16.3% 18 leveraging NCAB’s supply base, as well as growing 50 16 with NCAB global customers 14 40 12 898 10 Net sales increased 21% to 61
Slide 16: Strong finances to support our growth
KPI:s Strong finances to support our growth Q1 2026 Q1 2025 ROE % 15.6 15.1 Net debt/EBITDA 1.5 1.6 Equity/Asset ratio % 42.1 41.9 Net working capital, MSEK 431 340 Net working capital/Net sales LTM %* 10.9 9.0 Available liquidity, MSEK 1,233 1,355 Dividend 1.10** 0 *) Proforma adjusted for M&A **)
Slide 17: 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 18: 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 19: 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 20: Q&A
Q&A NCAB GROUP © Q 1 2 026 20
Slide 21: Financial calendar 2026
Financial calendar 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 © Q1 2026 21