NCC Orders Jump to SEK 12,829 Million as European Companies Post Mixed Results
Key Facts
Three European companies reported third-quarter results on November 3, 2026, presenting a mixed picture of order growth, distribution pressures and continued losses. Orders received by NCC rose to SEK 12,829 million from SEK 11,135 million in the year-earlier period, marking a fourth consecutive quarterly increase. In the medical sector, Devyser Diagnostics said inventory buildup at its largest distributor weighed on sales during the quarter, with the effect expected to continue in the fourth quarter. SynAct Pharma cut quarterly operating expenses but posted a loss after tax, and reported cash and cash equivalents of SEK 42.364 million at period-end. The results put NCC's business growth alongside commercial and financing challenges at the other two companies, without providing a single, consistent signal of improving profitability and liquidity.
NCC orders rose from SEK 11,135 million in the third quarter of 2025 to SEK 12,829 million in the third quarter of 2026, according to the company's report. The increase marked a fourth consecutive quarter of growth, with the comparison limited to orders received in the two periods. In its quarterly results, NCC included an item affecting the comparison valued at SEK 198 million, related to the relocation of its head office. The company said the move would generate annual savings of SEK 50 million, with the full effect expected in 2028. This distinguishes the item's impact on the period's results from the annual savings the company expects later, as the full benefit will not be realized before then. As for the sale of its industry division, the company has signed an agreement, but the transaction has not yet closed; completion is expected in the second half of 2027.
At Devyser, the report's indication of year-on-year sales growth coincided with inventory pressure at the company's largest distributor during the third quarter. The company said the effect was likely to continue in the fourth quarter, before the distributor's sales gradually return to normal starting in 2027. This places the expected commercial recovery after a period of continued pressure, rather than among the reported quarter's results. After the quarter-end, Devyser's subsidiary in Italy won a new three-year agreement for testing and software. The agreement includes double the testing volume compared with the period covered by the previous agreement, and has a total value of about SEK 5.7 million. The contract is a development subsequent to the financial period, while the company says sales at its largest distributor will remain a factor in the fourth quarter.
SynAct's cash and cash equivalents stood at SEK 42.364 million on September 30, 2026, compared with SEK 77.939 million a year earlier. The company said its cash balance provided a funding runway into the fourth quarter of 2027 and beyond several potential value-creating milestones. The report showed a reduction in quarterly operating expenses, but the company posted a loss after tax, so lower expenses alone do not amount to a return to profitability. The convertible financing facility was announced on July 20, 2026, and was not part of the third-quarter results announcement. The reported balance therefore reflects liquidity at the end of September, while the funding horizon is based on the company's estimate of how long its cash will last. That horizon remains tied to the company's plans and potential milestones as losses continue.
On clinical development, SynAct said further analyses of data from the ADVANCE study provided a clearer basis for designing a Phase III trial. The company expects to receive feedback from the U.S. Food and Drug Administration on the design by the end of 2026 or early 2027. It said: "We expect to receive feedback from the U.S. Food and Drug Administration by the end of the year or in early 2027." The next announced step is therefore to obtain the regulator's feedback on the trial design, within the timeline the company set on November 3. Separately, SynAct announced on October 27 its first commercial partnership for resomelagon with a Brazilian pharmaceutical company, after the quarter ended and before the results were published. In September, the World Health Organization also included resomelagon among six dengue drug candidates with evidence supporting further clinical development.