Slide 1: Second quarter 2025
Second quarter 2025
Slide 2: President and CEO
President and CEO Anders Lindqvist 2
Slide 3: Agenda
Agenda • Q2 in short • Divisional development • Financials • Sustainability • Q&A • Appendix – Market update 3
Slide 4: Q2 in short: Strong net sales and EBIT
Q2 in short Strong net sales and EBIT • Strong net sales, increasing 35% to SEK 2,066 (1,527) million • EBIT increased to SEK 568 (348) million • EBIT margin at 27 (23)% • Order intake declined 37% to SEK 1,330 (2,125) million • Explained by Pattern Generators • Order backlog at SEK 4,068 (4,700) mi
Slide 5: Pattern Generators
Pattern Generators Share of Group’s net sales Net sales SEK 974 M EBIT SEK 537 M Solid system deliveries 47% Order intake SEK 191 M EBIT margin 55% • Photomask markets were stable for both displays and semiconductors • No orders for new systems. Order intake was only related to the aftermarket • Ord
Slide 6: PCB Assembly Solutions
PCB Assembly Solutions Weak markets, new name • The European market showed signs of some recovery from a low level • The US market was characterized by uncertainty over tariffs • The division changed its name to PCB Assembly Solutions • Order intake declined 2% to SEK 356 (362) million • Net sales d
Slide 7: High Volume
High Volume Healthy market demand • The Chinese domestic market continued to show strong demand • Business outside China also performed well • Order intake rose 7% to SEK 383 (357) million • Net sales increased 39% to SEK 443 (320) million • Modus contributed SEK 5 million • Gross margin at 38 (41)%
Slide 8: Global Technologies
Global Technologies Two acquisitions • RoBAT has developed a technology for fast and reliable tests of signal quality on PCBs • Surfx Technologies provides atmospheric plasma solutions for surface treatment, including cleaning and active oxide removal. • The PCB Test business line developed well dur
Slide 9: Outlook 2025 revised following a strong second quarter
Outlook 2025 revised following a strong second quarter, completed acquisitions and reduced time for uncertainty Net sales SEK 7.5 billion 9
Slide 10: CFO and Sr VP Corporate Development
CFO and Sr VP Corporate Development Pierre Brorsson 10
Slide 11: Group net sales and EBIT margin per quarter
Group net sales and EBIT margin per quarter MSEK % 2500 40 35 • Net sales increased 35% vs Q2 2024, to an excellent 2000 30 SEK 2,066 million 1500 25 • Aftermarket revenue at SEK 465 million 20 • EBIT margin at 27% 1000 15 10 500 5 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Aftermarket System EBIT m
Slide 12: Group net sales and EBIT margin rolling 12 months
Group net sales and EBIT margin rolling 12 months MSEK % 9000 50 8000 45 • Net sales R12 amounted to SEK 8,047 million 7000 40 35 • EBIT margin R12 at 30% 6000 5000 30 • Aftermarket revenue R12 at SEK 1,926 million 25 4000 • 24% of net sales 20 3000 • Increasing quarter-on-quarter since Q1 2021 15
Slide 13: Group Q2 EBIT bridge
Group Q2 EBIT bridge MSEK +63% 43 -60 0 -20 568 -21 277 348 EBIT Q2 Volume Gross R&D M&S G&A Other EBIT Q2 2024 effect margin 2025 effect % of Sales 2024 23% 51% -12% -11% -6% 1% % of Sales 2025 53% -12% -8% -6% 0% 27% 13
Slide 14: Divisional Q2 EBIT contribution
Divisional Q2 EBIT contribution MSEK 27% 27 29 568 195 -26 -4 23% 348 Q2 2024 Pattern Generators PCB AS High Volume Global Technologies Group functions Q2 2025 14
Slide 15: Cash flow primarily impacted by acquisitions and dividends
Cash flow primarily impacted by acquisitions and dividends MSEK YTD 2025 YTD 2024 Cash flow from operations • Strong cash flow from operations before change in working capital 1,263 1,004 • Increase in working capital primarily driven by lower Change in working capital -596 115 advance payments from
Slide 16: President and CEO
President and CEO Anders Lindqvist 16
Slide 17: Sustainability
Sustainability • The existing SEK 1 billion credit facility with Handelsbanken was renewed • The new facility runs until 2030 and is linked to specific requirements related to the company's science-based climate targets, as well as due diligence in the supply chain 17
Slide 18: Q&A
Q&A 18
Slide 19: Appendix: Q2 2025 Market update
APPENDIX Q2 2025 Market update
Slide 20: Preliminary outcome 2024
Preliminary outcome 2024 Market summary and updates • Global electronics industry 5.0% to 2,554 BnUSD1) • Semiconductors 19.2% to 628 BnUSD1) • Optical components 39.3% to 16.6 BnUSD3) • Printed circuit boards and substrates 5.8% to 73.6 BnUSD4 • Display market 13.8% to 135 BnUSD5) • Display photoma
Slide 21: Forecasts 2025
Forecasts 2025 Market summary and updates • Note that all forecasts on the following pages were made before the tariff announcements • Global electronics industry 7.4% to reach 2,743 BnUSD1) • Semiconductor industry 11.8% to reach 702 BnUSD1) • Optical components 20.8% to reach 20.1 BnUSD2) • Printe
Slide 22: Electronics industry systems
Electronics industry systems Yearly development by industry segment • Growth of 5.0% for 2024, to reach 2,554 USD billion 3 500 BnUSD, with strongest development in • Computers 16.7% 3 000 • Aerospace/Defense 8.7% • Medical 4.7% 2 500 • Growth of 7.4% forecast for 2025, to reach 2 000 2,743 BnUSD, w
Slide 23: Semiconductors
Semiconductors Quarterly development USD billion 250 • Estimated 19.2% growth in 2024 to 225 reach 628 BnUSD 200 • Forecast 11.8% growth in 2025 to reach 702 BnUSD 175 150 • 2024 to 2029 CAGR growth forecast at 7.7% to reach 908 BnUSD 125 100 75 50 25 0 2020 2021 2022 2023 2024 2025F 2026F 2027F 202
Slide 24: SMT and Dispensing
SMT and Dispensing Market update SMT assembly equipment* • The SMT assembly equipment market declined 7.7% in 2024 to USD 2,077 million.1) • During the first quarter 2025, the market declined 0.3% compared with the same period in 2024. Markets in Southeast Asia and China showed growth while Japan, N
Slide 25: Optical components for data/telecom
Optical components for data/telecom Long-term growth in key die bonding market driven by mega trends Optical components for data/telecom (BUSD) Healthy data/telecom long-term growth 43.9 • Optical components production is the main 16.9% 39.5 driver for die/lens attach and other adjacent processes 33
Slide 26: Pattern Generators: Display panel market
Pattern Generators Display panel market BUSD Display panel revenue BUSD OLED display panel revenue 250 100 4.8% 200 2.3% 80 66 68 151 151 60 64 141 144 148 58 150 135 60 54 118 43 100 40 50 20 0 0 2023 2024 2025F 2026F 2027F 2028F 2029F 2023 2024 2025F 2026F 2027F 2028F 2029F • Display market showed
Slide 27: Pattern Generators: Photomask market
Pattern Generators Photomask market expected to have continued to develop positively in 2024 Billion Japanese Yen Thousands of square meters Mask Revenue Mask Area 200 30 2.4% 2.0% 25 150 20 100 15 10 50 5 0 0 2023 2024 2025F 2026F 2027F 2028F 2023 2024 2025F 2026F 2027F 2028F • The market continued
Slide 28: Pattern Generators: Increasing photomask demand for OLED displays
Pattern Generators Increasing photomask demand for OLED displays - 2024 expected to be another positive year Thousands of square meters Mask Area OLED 9 3.2% • OLED development for mobile, IT and TV displays drives demand 8 for OLED photomasks • 2024 area growth of photomasks for OLED displays expec
Slide 29: Bringing tomorrow's electronics to life
Bringing tomorrow’s electronics to life MYCRONIC