Nordisk Bergteknik
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Nordisk Bergteknik (NORB) investor relations material

Nordisk Bergteknik Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved increased profitability and continued organic growth in Q4 2025, supported by a recovering market environment.

  • Net sales for 2025 increased by 4% year-over-year to SEK 3,450.8 million, with organic growth of 6% and improved profitability across all segments.

  • Operates in a diversified project portfolio across infrastructure, energy, real estate, and mining, with 18 subsidiaries and over 1,100 employees.

  • Maintains a leading market position in Northern Europe for rock and foundation solutions.

  • The group’s financial position strengthened, with net debt/adjusted EBITDA stable at 3.2x.

Financial highlights

  • Q4 2025 net revenue rose 2% year-over-year to SEK 911.3 million; full-year net sales up 4% to SEK 3,450.8 million.

  • Adjusted EBIT for Q4 was SEK 51.7 million (margin 5.7%), and for the year SEK 140.7 million (margin 4.1%).

  • Adjusted EBITDA margin reached 14.2% in Q4 2025, up from 12.8% the previous year; full-year margin was 13.3%.

  • Adjusted cash flow from operating activities was SEK 179.2 million in Q4 and SEK 237.6 million for the year, down from SEK 322.0 million.

  • Profit for the year reached SEK 28.5 million, with EPS of SEK 0.50, up from SEK 0.17 in 2024.

Outlook and guidance

  • Long-term market outlook remains positive, driven by infrastructure investment needs and stable demand in mining and maintenance.

  • Growth strategy focuses on organic expansion, M&A, and vertical integration within the value chain.

  • Targets annual net sales growth above 15% over a business cycle and an adjusted EBIT margin above 7% medium term.

  • Net debt/adjusted EBITDA is targeted not to exceed 2.5x, with temporary increases allowed for major acquisitions.

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Frequently asked questions

Nordisk Bergteknik provides infrastructure and construction services specializing in rock engineering, foundation work, and excavation. It serves clients across Sweden and Norway in the construction and civil engineering sectors. The company is headquartered in Gothenburg, Sweden, and its shares are listed on the Nasdaq Stockholm.

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