Q2 2026 NCAB Group AB (publ) Earnings Call Transcript
Key Points
- NCAB Group AB (FRA:XB1) reported strong growth in both top-line revenue and EBITA, with a 25% increase in net sales and a 58% organic order intake growth in US dollars.
- The company has successfully leveraged its asset-light model, focusing on high mix, low volume segments, which has contributed to its resilience in a complex market environment.
- NCAB Group AB (FRA:XB1) has made strategic acquisitions, such as Board Shark PCB, which strengthens its position in the US market, particularly in the aerospace, industrial, and medical sectors.
- The company has maintained stable gross margins despite challenging market conditions, with a reported EBITA margin of 11.9%, up from 10% the previous year.
- NCAB Group AB (FRA:XB1) has a strong cash flow and liquidity position, with available liquidity over SEK1 billion, providing flexibility for future M&A activities.
- The company faces significant supply chain challenges, particularly due to AI-driven demand, which has led to capacity constraints and increased lead times.
- NCAB Group AB (FRA:XB1) experienced a negative impact from foreign exchange rates, with a SEK35 million negative impact on net sales and SEK10 million on EBITA.
- Transaction costs related to acquisitions, such as Board Shark PCB, were higher than expected, impacting the North America segment's EBITA.
- The company is dealing with increased working capital requirements due to longer lead times and potential upfront payments to suppliers.
- There is uncertainty regarding future PCB pricing and supply chain relief, as capacity additions in the industry are lagging behind the pace of AI investments.
Welcome to the NCAB Q2 presentation for 2026. (Operator Instructions)
Now I will hand the conference over to the CEO, Peter Kruk; CFO, Timothy Benjamin; and Head of Investor Relations, Gunilla Oehman. Please go ahead.
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Thank you, and welcome, everyone, to today's quarterly report. Starting out with NCAB as a background. We are a supplier of printed circuit boards, which are the products that you see on the left here, which form the foundation in any electronic products. So our customers are typically OEM customers or EMS companies mounting the electronics and creating the intelligent modules in today's modern industrial equipment.
And what is unique about our business is, of course, that the PCBs are uniquely designed for the product they go into. So there are no standard components, but we provide a lot of value, both in terms of engineering support as well as in the manufacturing.
NCAB, we are a company with outsourced
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