NCABNasdaq StockholmTechnologyIFRS · SEK

NCAB Group

NCAB Group is a prominent supplier of printed circuit boards (PCBs), focusing on delivering high-mix, low-volume specialized products. The company operates globally, with a strong presence in Europe, North America, and Asia, sourcing primarily from external suppliers in China. NCAB Group emphasizes sustainability and cost-efficiency, ensuring on-time delivery with zero defects. Founded in 1993, it has grown through both organic expansion and strategic acquisitions, maintaining a robust entrepreneurial culture.

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Revenue3,743m SEK
+3.6 %y/y
Operating profit (EBIT)336m SEK
−12.9 %y/y
EBIT margin9.0%
−1.7 ppy/y
Net income206m SEK
−19.1 %y/y
Free cash flow280m SEK
−19.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01,0002,0003,0004,0005,000m SEK2021: 3,220 m SEK2021: EBIT 387 m SEK20212022: 4,458 m SEK2022: EBIT 546 m SEK20222023: 4,088 m SEK2023: EBIT 591 m SEK20232024: 3,614 m SEK2024: EBIT 386 m SEK20242025: 3,743 m SEK2025: EBIT 336 m SEK2025TTM 2026: EBIT 409 m SEKTTM409
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
PCBs100 %

High-Mix Low-Volume specialized PCBs

Customers

NCAB Group serves a diverse range of customers across various industries, including aerospace, defense, medtech, and EV charging sectors. The company's customer base is characterized by demanding requirements for quality and reliability, often involving complex and specialized PCB needs. NCAB's local presence in key markets ensures close collaboration with clients, providing technical and customer support throughout the production process. The company has successfully expanded into new customer segments, enhancing its growth potential.

Aerospace and Defense

Reliable and high-quality PCBs for critical applications

Medtech

Specialized PCBs for medical technology applications

EV Charging

PCBs for electric vehicle charging infrastructure

Strategy

NCAB Group's strategic priorities include expanding its customer base into new segments such as EV charging and medtech, while maintaining strong growth in existing markets like aerospace and defense. The company focuses on sustainability and cost-efficiency, ensuring high-quality products at competitive prices. Strategic acquisitions are a key component of NCAB's growth strategy, enhancing its market position and operational capabilities. The company also aims to mitigate currency risks and optimize its supply chain to improve profitability.

Expand into new segmentsMedium term

To capture growth opportunities in emerging markets

Sustainability and cost-efficiencyLong term

To offer competitive pricing and meet customer demands

Strategic acquisitionsShort term

To enhance market position and capabilities

Geography

NCAB Group operates in 19 countries across Europe, Asia, and North America, with a significant portion of its PCBs sourced from China. The company has a strong presence in the Nordics, Europe, North America, and the East, with local offices providing technical and customer support. The geographic distribution allows NCAB to cater to diverse markets and manage supply chain complexities effectively. Currency fluctuations and regional economic conditions can impact the company's financial performance.

Risks

NCAB Group faces several risks, including currency fluctuations that can impact financial performance due to its global operations. The reliance on external suppliers, primarily in China, exposes the company to geopolitical and supply chain risks. Economic downturns in key markets could affect demand for PCBs, while technological advancements may require continuous innovation. Additionally, integration of acquisitions poses operational challenges and potential disruptions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Currency fluctuations2Economic downturns3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical risksImpact: Critical

    Dependence on Chinese suppliers for PCBs

  2. Currency fluctuationsImpact: HighLikelihood: High

    Global operations expose NCAB to exchange rate volatility

  3. Economic downturnsImpact: HighLikelihood: High

    Could reduce demand for PCBs in key markets

  4. Technological advancementsImpact: Medium

    Need for continuous innovation to stay competitive

Accounting

Judgemental items
Revenue recognition timing

Order placements and delivery schedules affect timing

Impact: significant

Currency translation differences

Global operations lead to exchange rate impacts

Impact: notable

Acquisition-related accounting

Fair value measurements require careful consideration

Impact: critical

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Last updated: 24/09/2026

NCAB Group (NCAB) Revenue, Earnings & Financials 2025 – Clarifo