Sweden's NCAB Group Q1 sales beat estimates on order intake & price increases

NCAB AB (publ)

23/04/2026 06:49

Overview

Sweden PCB supplier's Q1 net sales rose 12% yr/yr, beating analyst expectations

Order intake grew 27% in SEK, boosted by large project orders and price increases

Board proposed SEK 1.10 per share dividend for May payment

Outlook

Company expects price increases to start impacting net sales in Q2 and more in H2 2026

Company sees continued longer lead times and higher prices due to AI data centre investments

NCAB says it is well equipped to manage capacity shortages and logistic disruptions

Result Drivers

ORDER INTAKE & PRICE INCREASES - Growth in Q1 was driven by higher order intake, boosted by large project orders and price increases

CAPACITY CONSTRAINTS - Longer lead times and higher prices resulted from AI data centre investments consuming global PCB production capacity

REGIONAL & SECTOR GROWTH - Strong development in North America and Asia, with notable gains in aerospace, defence, medtech, and data centre support systems

Company press release: ID:nMFN8MHP6H

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Beat
SEK 1.07 bln
SEK 1.05 bln (3 Analysts)
Q1 Adjusted EPS
SEK 0.40
Q1 Net Income
SEK 74.70 mln
Q1 EBIT
SEK 111.10 mln
Q1 EBITA
SEK 128.20 mln
Q1 Orders
SEK 1.29 bln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the semiconductors peer group is "buy."

Wall Street's median 12-month price target for NCAB Group AB (publ) is SEK63.00, about 8.7% below its April 22 closing price of SEK69.00

The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 26 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)