Year-end Report 2023


  • Net sales decreased by 14% to SEK 878.6 million (1,026.1). Both net sales and order intake were negatively impacted by lower prices and customers’ inventory adjustments. In USD, net sales decreased 13%. For comparable units, the decrease in net sales was 23% in SEK, and 22% in USD.
  • Order intake decreased 14% to SEK 873 million (1,009). The decrease in USD was 12%. For comparable units, the decrease in order intake was 22% in SEK, and 21% in USD. Book-to-bill steadily improved and amounted to 0.99 per cent.
  • EBITA decreased to SEK 119.0 million (141.0), representing an EBITA margin of 13.5% (13.7). EBITA was positively affected by SEK 2.0 million resulting from a dissolved additional purchase consideration and acquisition costs. Adjusted EBITA amounted to SEK 117.0 million (131.4), corresponding to an EBITA margin of 13.3% (12.9).
  • Cash flow from operating activities was SEK 85.5 million (189.4).
  • Operating profit was SEK 103.8 million (129.3).
  • Profit after tax was SEK 67.2 million (71.3).
  • Earnings per share before and after dilution was SEK 0.36 (0.38).


  • Net sales decreased 8% to SEK 4,087.8 million (4,457.7). In USD, net sales decreased 13%. For comparable units, net sales decreased 15% in SEK, and 19% in USD.
  • Order intake decreased 11% to SEK 3,751 million (4,227). In USD, order intake decreased 15%. For comparable units, the decrease in order intake was 18% in SEK, and 22% in USD.
  • EBITA increased to SEK 646.9 million (630.9), representing an EBITA margin of 15.8% (14.2). EBITA was positively impacted, net, by a dissolved additional purchase consideration and acquisition costs totalling SEK 13.6 million. Excluding these items, EBITA amounted to SEK 633.3 million (629.3), representing an EBITA margin of 15.5% (14.1). Earnings were charged with SEK 27 million in development costs for new IT systems.
  • Cash flow from operating activities was SEK 700.4 million (568.1).
  • Operating profit was SEK 591.4 million (546.4).
  • Return on equity was 31.9% (42.4).
  • Profit after tax was SEK 403.9 million (417.1).
  • Earnings per share before dilution was SEK 2.16 (2.23). After dilution SEK 2.15 (2.23)


  • On 31 October, it was announced that an agreement had been signed to acquire 100 per cent of the shares in Electronic Advanced Circuits S.L in Spain and that a company had been opened in Portugal. The acquisition was completed in November according to plan.
  • In December, Howard Goff was appointed President of NCAB North America. Howard Goff has extensive experience within NCAB, including as President of NCAB Europe and most recently as VP Sales.
  • Anders Forsén, CFO of NCAB, has announced that he wishes to leave his position at NCAB during the autumn of 2024. A recruitment process has been initiated.
  • The Board of Directors proposes a dividend of SEK 1.10 (1.10) per share to be paid in May.


Strong resilience in a weak market

After a few years of highly robust growth during the pandemic, the global PCB market took a downward turn in 2022 and declined further in 2023 in line with the weaker economy. The decrease in 2023 was significant and is expected to be on par with the downturn in 2009. During the pandemic years, inventory was accumulated at several levels due to such factors as component shortages. The weaker economy, combined with inventory adjustments and lower prices in the market, led to reduced net sales for NCAB.

NCAB brings unique values to customers and the manufacturers of PCBs and we are satisfied that in 2023 we were able to see healthy growth in new part numbers, which is the driving force for future revenue, and that more than 200 new customers were added. In line with our earlier communication, we see signs of the decline bottoming out. Net sales for the quarter, when adjusted for currency effects and the customary inventory optimisation by customers at year-end, were in line with the order intake we recorded in quarters two and three.

Over time, the electronics sector has displayed steady growth, driven by everyday products and industrial products becoming increasingly intelligent and connected. With increasingly rapid product development and requirements for enhanced performance, the demands on printed circuit boards (PCBs) and the importance of being able to assure the quality of design are increasing. This also applies to finding reliable manufacturers who meet the sustainability requirements of today and tomorrow.

In the various regions, we can see that Asia and the USA, which were regions affected early by the weakened market, are now showing signs that the bottom has been reached and gradual improvements can be discerned. However, Europe, and in particular, Germany, have taken a downturn with weak demand. We do not expect a rapid positive rebound at the beginning of 2024, but instead that improvements will occur gradually as inventory adjustment effects wane and an economic improvement is established.

We are proud that we were able to maintain our EBITA result at a high level despite this challenging market. In spite of weaker net sales, our EBITA margin reached record levels of just over 15 per cent for the full year and a healthy 13.5 per cent for the quarter. Apart from good cost control, through proactive sourcing work, we were able to increase our customers’ competitiveness through lower prices and at the same time cover our costs for securing quality and service.

The price decrease in the PCB sector, which is largely related to surplus capacity among manufacturers, was greatest in the first half of the year. During the third quarter, the prices again fell slightly due to the stronger USD rate against the CNY, but stabilised during the fourth quarter. We currently see no sign that prices will continue downward.

Despite a difficult market, I am proud that we continue to invest in our long-term growth and to develop leadership in technology and sustainability. During the year, we were awarded the Ecovadis Gold rating for our sustainability work and we are pleased to once again be awarded as the best employer according to the Brilliant Awards. During the quarter, we launched our new business system, which will be rolled out to all NCAB companies in 2024 and 2025.

Our acquisitions, which in 2023 occurred in Italy, the USA, Germany and Spain, have been integrated and will contribute annual sales of nearly SEK 400 million. We have a highly interesting pipeline of acquisition candidates, with several at the discussion stage.

“We are proud that we were able to maintain our EBITA result at a high level despite this challenging market”

Peter Kruk
President and CEO, NCAB Group AB

NCAB Group is publishing the year-end report for the full-year 2023 on Thursday 15 February at 7:30 a.m. A web-cast teleconference will be held at 10:00 a.m. CET on the same date, where President and CEO Peter Kruk and CFO Anders Forsén will present the report. The presentation will be followed by a Q&A session. The presentation will be held in English. For those who wish to participate via webcast, please use the link below:
For those who wish to participate via teleconference, please register on the link below. After registration, you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

Annual Report 10 April 2024
Interim report first quarter 25 April 2024
Annual General Meeting 8 May 2024
Interim report second quarter 23 July 2024
Interim report third quarter 5 November 2024

About NCAB Group
NCAB is a worldwide leading supplier of printed circuit boards (PCBs), listed on NASDAQ Stockholm. NCAB offers PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost. NCAB was founded in 1993. Since its foundation, the operations have been characterised by an entrepreneurial and cost-efficient culture and have showed strong growth and good profitability over time. Today, NCAB has a local presence in 17 countries in Europe, Asia and North America. Net sales in 2023 amounted to SEK 4,088 million. Organic growth and acquisitions are part of NCAB’s strategy. For more information about NCAB Group, please visit us at