NCC-BNasdaq StockholmIndustrialsIFRS · SEK

NCC

NCC is a prominent construction and property development company operating primarily in the Nordic region. The company is involved in various segments including infrastructure, building, industry, and property development. NCC is known for its strategic focus on sustainable construction and green industry transformation, aiming to support industrial initiatives linked to the green transition. The company has a strong order backlog and is actively engaged in energy and water treatment projects, as well as public and residential building developments.

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Revenue55.7bn SEK
−9.6 %y/y
Operating profit (EBIT)768m SEK
−62.2 %y/y
EBIT margin1.4%
−1.9 ppy/y
Net income142m SEK
−91.0 %y/y
Free cash flow1,183m SEK
−71.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

020406080bn SEK2021: 4.8 bn SEK2021: EBIT 1.8 bn SEK20212022: 54.2 bn SEK2022: EBIT 1.4 bn SEK20222023: 56.9 bn SEK2023: EBIT 1.8 bn SEK20232024: 61.6 bn SEK2024: EBIT 2.0 bn SEK20242025: 55.7 bn SEK2025: EBIT 0.77 bn SEK202555.70.77
RevenueOperating profit (EBIT)

Business

Share of revenue
Infrastructure30 %

Includes construction projects in energy and water treatment sectors.

Building Nordics25 %

Construction projects in Denmark, Finland, and Norway.

Building Sweden20 %

Construction projects focused on public and residential buildings in Sweden.

Industry15 %

Production of asphalt and stone materials.

Property Development10 %

Development and sale of commercial and residential properties.

Customers

NCC serves a diverse range of customers across the Nordic region, including public sector entities, private developers, and industrial companies. The company's infrastructure projects are often commissioned by government bodies seeking to improve public utilities and transport networks. In the building segment, NCC caters to both public and private clients, constructing schools, hospitals, and residential units. The industry segment supplies materials to construction firms and municipalities. The property development arm targets investors and businesses looking for commercial real estate opportunities.

Public Sector

Commissions infrastructure projects for public utilities and transport.

Private Developers

Seek residential and commercial building construction.

Industrial Companies

Engage in green transformation projects with NCC.

Municipalities

Purchase asphalt and stone materials for local projects.

Strategy

NCC's strategic priorities include enhancing operational efficiency, expanding its green industry transformation business, and maintaining a strong order backlog. The company is focused on sustainable construction practices and supporting industrial initiatives linked to the green transition. NCC is also conducting a strategic review of its Industry business area to explore potential divestments. These strategies aim to strengthen NCC's market position and ensure long-term growth.

Operational EfficiencyShort term

To improve margins and competitiveness.

Green Industry TransformationMedium term

To support industrial green initiatives.

Order Backlog MaintenanceLong term

To ensure future revenue stability.

Industry Business ReviewShort term

To explore potential divestments.

Geography

NCC operates predominantly in the Nordic countries, with significant activities in Sweden, Denmark, Finland, and Norway. Sweden is the largest market, contributing a substantial portion of the company's revenue through infrastructure and building projects. Denmark and Finland have shown strong performance in the building sector, while Norway is seeing operational improvements. The company's strategic focus on the Nordic region allows it to leverage regional growth opportunities and government infrastructure initiatives.

Risks

NCC faces several risks, including economic fluctuations impacting construction demand, cost inflation affecting project profitability, and regulatory changes in the Nordic region. The company's exposure to seasonal variations can lead to fluctuations in earnings, particularly in the first quarter. Additionally, strategic risks include potential divestments and the execution of green transformation projects. These risks require careful management to ensure NCC's continued success.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Economic Fluctuations1Cost Inflation2Regulatory Changes3
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. Economic FluctuationsImpact: HighLikelihood: High

    Affect demand for construction projects.

  2. Cost InflationImpact: HighLikelihood: High

    Impacts project profitability.

  3. Regulatory ChangesImpact: MediumLikelihood: Low

    Could affect operations in Nordic region.

  4. Seasonal VariationsImpact: Medium

    Lead to earnings fluctuations.

  5. Strategic DivestmentsImpact: Medium

    Potential impact on business structure.

Accounting

Judgemental items
Revenue Recognition

Affects timing and amount of recognized revenue.

Impact: high

Seasonal Variations

Lead to fluctuations in quarterly earnings.

Impact: medium

Project Risk Provisions

Influence profitability of older projects.

Impact: high

Fair Value Measurements

Affect reported gains from property sales.

Impact: high

Derivatives Accounting

Impacts financial results through hedging.

Impact: medium

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Last updated: 24/09/2026