NCAB Group AB (publ)
STO:NCAB
NCAB Group AB (publ)
NCAB Group AB (publ), a notable player in the global printed circuit board (PCB) industry, has crafted an intriguing narrative of growth and specialization. Founded in 1993 and headquartered in Sweden, NCAB positions itself as a central hub, connecting the intricate demands of its diverse clientele with a network of carefully chosen suppliers, primarily in Asia. The company's business model is built on a supply chain mastery and a rigorous quality assurance process that sets it apart in the market. By focusing on technical expertise and flexibility, NCAB ensures that each PCB not only meets but exceeds the specific requirements of its customers, spanning industries like automotive, telecommunications, and industrial electronics. This nuanced orchestration allows for efficient communication between the design ideations of the client and the manufacturing capabilities of production partners, often leading to faster lead times and reduced costs.
Financially, NCAB Group's revenue streams are driven by its ability to scale these operations globally while maintaining local support through dedicated sales offices in over 15 countries. By cutting back on ownership of physical manufacturing units, the company avoids the hefty fixed costs associated with direct production, instead leveraging expertise to ensure compliance and quality from its partnered factories. This asset-light approach serves to maximize profitability while minimizing risk, with NCAB pocketing margins on the volume of PCBs sold. It is not just about trading units but rather comprehensively managing a value chain that is both intricate and expansive. Through this adept maneuvering, NCAB has effectively solidified its standing as a leading PCB supplier with a client-first strategy, emphasizing not only delivery but educated guidance through the rapidly evolving electronics landscape.
NCAB Group AB (publ), a notable player in the global printed circuit board (PCB) industry, has crafted an intriguing narrative of growth and specialization. Founded in 1993 and headquartered in Sweden, NCAB positions itself as a central hub, connecting the intricate demands of its diverse clientele with a network of carefully chosen suppliers, primarily in Asia. The company's business model is built on a supply chain mastery and a rigorous quality assurance process that sets it apart in the market. By focusing on technical expertise and flexibility, NCAB ensures that each PCB not only meets but exceeds the specific requirements of its customers, spanning industries like automotive, telecommunications, and industrial electronics. This nuanced orchestration allows for efficient communication between the design ideations of the client and the manufacturing capabilities of production partners, often leading to faster lead times and reduced costs.
Financially, NCAB Group's revenue streams are driven by its ability to scale these operations globally while maintaining local support through dedicated sales offices in over 15 countries. By cutting back on ownership of physical manufacturing units, the company avoids the hefty fixed costs associated with direct production, instead leveraging expertise to ensure compliance and quality from its partnered factories. This asset-light approach serves to maximize profitability while minimizing risk, with NCAB pocketing margins on the volume of PCBs sold. It is not just about trading units but rather comprehensively managing a value chain that is both intricate and expansive. Through this adept maneuvering, NCAB has effectively solidified its standing as a leading PCB supplier with a client-first strategy, emphasizing not only delivery but educated guidance through the rapidly evolving electronics landscape.
Order Intake: NCAB saw strong Q4 order intake, up 20% in SEK and 33% organically in USD, with about one-third driven by early customer preorders.
Revenue Growth: Net sales in Q4 increased 9% in SEK and over 20% in USD, reflecting broad-based regional recovery.
Margin Recovery: EBITA margin improved to 10.9% in Q4 (from 8% last year), despite a significant SEK 23 million FX headwind.
Pricing Trends: PCB prices are expected to rise about 10% on average in early 2026, but only minor price impact was seen in Q4 orders.
Lead Times: Lead times have extended by 1–2 months, now averaging 5–6 months for order conversion, affecting revenue timing.
Acquisitions & Strategy: Two acquisitions completed in 2025; company maintains a strong balance sheet and continues to pursue M&A as a major growth lever.
Dividend: Proposed dividend of SEK 1.1 per share, with management citing strong cash flow and balance sheet as rationale for the payout.
