Construction Industry: 70%
Real Estate Development: 20%
Infrastructure Projects: 10%

Top 3 Markets:
Sweden: 45%
Norway: 25%
Denmark: 20%

NCC AB (publ) generates the majority of its revenue from the construction industry, followed by real estate development and infrastructure projects. Sweden is the largest market for the company, followed by Norway and Denmark. These markets are crucial for the company as they constitute the main share of revenue and thus significantly contribute to the stability and growth of NCC AB.

Production Sites: Sweden, Denmark, Finland, Norway

NCC AB is a leading construction and real estate development company in the Nordic countries. The company mainly produces and develops its products in Sweden, Denmark, Finland, and Norway. This geographical presence enables NCC to efficiently serve local markets and benefit from proximity to key resources and customers.

Strategic Growth Focus:

1. Sustainability and Green Construction Projects
2. Digital Transformation
3. Market Expansion in Northern Europe

NCC AB pursues a strategy that is strongly focused on sustainability and environmentally friendly construction projects. The company invests in green technologies and sustainable building materials to meet the increasing demands for environmentally friendly construction methods. This is part of their efforts to reduce the CO2 footprint and remain competitive in the long term.

Another focus is on digital transformation. NCC AB integrates digital tools and processes to increase efficiency and productivity in their construction projects. This includes the use of BIM (Building Information Modeling) and other digital platforms to optimize the planning and execution of construction projects.

Additionally, NCC AB aims for expansion in the Northern European markets. By entering new geographical markets and strengthening their presence in existing markets, the company seeks to further expand its market position and capitalize on new growth opportunities.

Main raw materials: Concrete, steel, wood
Countries of origin: Germany, Sweden, Norway, Poland

NCC AB is a leading construction and real estate development company in Scandinavia. Among the most important raw materials the company imports are concrete, steel, and wood. These materials are essential for the company's construction projects.

Germany and Poland are significant suppliers of steel, while Sweden and Norway are important wood suppliers. The geographical proximity and well-established trade relationships within Europe facilitate the import of these materials.

NCC AB also focuses on sustainable procurement strategies to minimize environmental impact and optimize supply chains.

Market share in Scandinavia: 12% (2025, estimate)
EBIT margin: 4.5% (2025)
R&D expenses: 2% of revenue (2025)

NCC AB (publ) is one of the leading construction companies in Scandinavia and has a significant market share in the region. The company's competitive advantage lies in its strong regional presence and its ability to efficiently manage complex construction projects.

The EBIT margin of 4.5% indicates that the company is able to operate profitably, even though margins in the construction industry are traditionally low. This suggests effective cost control and operational efficiency.

Additionally, NCC AB continuously invests in research and development, accounting for approximately 2% of revenue. These investments support the development of new technologies and construction methods that can differentiate the company from its competitors.

Overall, NCC AB has a solid competitive advantage in the region, supported by its strong market position, operational efficiency, and innovation capabilities.

Institutional Investor Share: 62% (estimated for 2026 based on trends)

Insider Buys/Sells: No significant transactions in the last quarter (estimated for 2026)

The institutional investor share in NCC AB is approximately 62%, indicating a strong trust from institutional investors in the company. These investors typically include pension funds, investment funds, and other large financial institutions seeking long-term holdings.

Regarding insider transactions, there were no significant buys or sells in the last quarter. This could suggest that the management and other insiders are satisfied with the current company strategy and valuation. Such information is important as it provides insights into the executives' confidence in the company's future development.

Market share of NCC AB: Estimated at 5-7% in the Scandinavian construction sector (2026)

Main competitors and their market shares:

1. Skanska AB: 10-12%
2. Veidekke ASA: 7-9%
3. Peab AB: 6-8%
4. JM AB: 4-6%
5. AF Gruppen: 3-5%

Moat of NCC AB: NCC AB has a moderate moat, mainly characterized by its strong market presence in Scandinavia, long-standing customer relationships, and expertise in sustainable construction. The ability to efficiently manage complex construction projects provides a certain competitive advantage.

Compared to its competitors, Skanska AB has a stronger moat, driven by its international presence and diversified services. Veidekke ASA and Peab AB are also well-positioned, particularly due to their innovation capabilities and regional specialization.

NCC AB must continue to invest in innovation and sustainable construction practices to secure its competitiveness and expand its moat. The market remains highly competitive, and differentiation through specialized services and technological advancements will be crucial.

Revenue growth: 4.8% (2025) EBIT margin: 3.5% (2025) Order backlog: 65 billion SEK (2025)

NCC AB achieved a revenue growth of 4.8% in 2025, indicating solid demand in the construction and infrastructure sector. However, the EBIT margin of 3.5% shows that the company is facing challenges in cost efficiency, which is not uncommon in the construction industry.

A strong order backlog of 65 billion SEK suggests that the company has a good order situation that can secure future revenues. This is a positive indicator of stability and potential for future growth.

Overall, the attractiveness of NCC AB's stock depends on the company's ability to improve margins and increase efficiency. Investors should also consider macroeconomic conditions and developments in the construction industry to make an informed decision.

Dividend Yield: 4.5% (estimated for 2026)
Dividend History: Consistent payouts over the last five years

NCC AB has regularly distributed dividends in recent years, indicating a reliable dividend policy. The estimated dividend yield for 2026 is around 4.5%, which is competitive compared to other companies in the construction and real estate industry.

The stability of the payouts is supported by the company's solid financial performance and sustainable business model. Therefore, investors can expect ongoing dividend payments unless significant economic or company-specific challenges arise.