Slide 1: Year-end Report 2024
Year-end Report 2024
Slide 2: President and CEO
President and CEO Anders Lindqvist 2
Slide 3: Agenda
Agenda • Q4 in short • Divisional development • Financials • Sustainability • Q&A • Appendix – Market update 3
Slide 4: Q4 in short
Q4 in short Strong finish to a record year • Second best order intake ever, increasing 64% to SEK 2,381 (1,448) million • Record net sales, increasing 5% to SEK 2,059 (1,968) million • EBIT amounted to SEK 527 (620) million • EBIT margin at 26 (32)% • Order backlog at SEK 4,702 (4,149) million • Ful
Slide 5: Pattern Generators
Pattern Generators Share of Group’s net sales Net sales SEK 702 M EBIT SEK 311 M Excellent order intake 34% Order intake SEK 1,144 M EBIT margin 44% • Stable photomask markets for both displays and semiconductors • Award for the SLX received at an important industry conference in Monterey, USA • Ord
Slide 6: High Flex
High Flex Strong finish to the year • The market in Europe remained weak, while the US showed signs of a recovery following the election • High Flex has gained market share in a weak market, partly as the segments it operates in have reported stronger demand than the market as a whole • Order intake
Slide 7: High Volume
High Volume Acquisition of Modus • Demand improved both in the Chinese domestic market and the markets outside of China • This was the case for both the consumer electronics industry and the automotive industry • Modus High-Tech Electronics GmbH acquired in October • Provider of automated optical in
Slide 8: Global Technologies
Global Technologies Healthy AI-driven demand • Investments related to the testing of PCBs used in advanced servers for AI applications continued to drive demand in the PCB Test business line • Investments in Southeast Asia by companies reducing their exposure to China also contributed to the healthy
Slide 9: Outlook 2025
Outlook 2025 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 rolling 12 months
Group net sales and EBIT margin rolling 12 months MSEK % 8000 50 7000 45 • Net sales R12 amounted to SEK 7,057 million 40 6000 35 • Full year EBIT exceeded SEK 2 billion for the first time 5000 30 • EBIT margin R12 at 29% 4000 25 • Aftermarket revenue R12 at SEK 1,745 million 3000 20 • 25% of net s
Slide 12: Group net sales and EBIT margin per quarter
Group net sales and EBIT margin per quarter MSEK % 2500 40 35 • Net sales increased 5% vs Q4 2023, to the new record 2000 30 level of SEK 2,059 million 1500 25 • Highest ever aftermarket revenue, at SEK 516 million 20 • EBIT margin at 26% 1000 15 10 500 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Afterm
Slide 13: Group Q4 EBIT bridge
Group Q4 EBIT bridge MSEK -15% 620 48 -107 -43 527 -11 4 15 EBIT Q4 Volume Gross R&D M&S G&A Other EBIT Q4 2023 effect margin 2024 effect % of Sales 2023 32% 54% -9% -8% -5% 0% % of Sales 2024 49% -10% -8% -5% 1% 26% 13
Slide 14: Group 2024 EBIT bridge
Group 2024 EBIT bridge MSEK +64% -94 2,021 191 30 -23 9 673 1,235 EBIT 2023 Volume Margin R&D M&S G&A Other EBIT 2024 effect effect % of Sales 2023 22% 50% -11% -12% -6% 0% % of Sales 2024 53% -11% -9% -5% 1% 29% 14
Slide 15: Divisional Q4 EBIT contribution
Divisional Q4 EBIT contribution MSEK 32% 620 26% 49 2 527 45 10 -199 Q4 2023 Pattern Generators High Flex High Volume Global Technologies Group functions Q4 2024 15
Slide 16: Divisional 2024 EBIT contribution
Divisional 2024 EBIT contribution MSEK 29% 78 2,021 50 55 641 - 39 22% 1,235 2023 Pattern Generators High Flex High Volume Global Technologies Group functions 2024 16
Slide 17: Good cash flow despite dividend payment and acquisitions
Good cash flow despite dividend payment and acquisitions MSEK YTD 2024 YTD 2023 Cash flow from operations • Strong cash flow from operations before change in working capital 2,198 1,471 • Increase in working capital driven primarily by higher Change in working capital -324 138 inventory Cash flow fr
Slide 18: President and CEO
President and CEO Anders Lindqvist 18
Slide 19: Sustainability
Sustainability • Mycronic further expanded purchases of renewable electricity, when all divisions during the quarter started purchasing wind power for their Chinese facilities through International Renewable Energy Certificates (I-RECs). • Preparations were made during the quarter for reporting in t
Slide 20: MYCRONIC
MYCRONIC
Slide 21: Appendix: Q4 2024 Market update
APPENDIX Q4 2024 Market update
Slide 22: Preliminary outcome 2024
Preliminary outcome 2024 Market summary and updates • Global electronics industry 4.6% to 2,543 BnUSD1) • Semiconductors 17.3% to 618 BnUSD1) • Optical components -7.8% to 11.7 BnUSD3) • Printed circuit boards and substrates 5.8% to 73.6 BnUSD4 • Display market 13.0% to 134 BnUSD5) • Display photoma
Slide 23: Forecasts 2025
Forecasts 2025 Market summary and updates • Global electronics industry 6.9% to reach 2,719 BnUSD1) • Semiconductor industry 10.0% to reach 680 BnUSD1) • Optical components 24.1% to reach 14.5 BnUSD2) • Printed circuit boards and substrates 6.1% to reach 78.1 BnUSD3) • Displays 6.1% to 142 BnUSD4) •
Slide 24: Electronics industry systems
Electronics industry systems Yearly development by industry segment • Growth of 4.6% forecast for 2024, to reach USD billion 3 500 2,543 BnUSD, with strongest development in • Computers 16.2% 3 000 • Aerospace/Defense 8.1% • Medical 4.5% 2 500 • Growth of 6.9% forecast for 2025, to reach 2 000 2,719
Slide 25: Semiconductors
Semiconductors Quarterly development USD billion 225 • -8.0% in 2023 to reach 527 BnUSD 200 • Forecast 17.3% growth in 2024 to 175 reach 618 BnUSD 150 • Forecast 10.0% growth in 2025 to reach 680 BnUSD 125 • 2023 to 2028 CAGR growth forecast at 100 8.5% to reach 792 BnUSD 75 50 25 0 2019 2020 2021 2
Slide 26: SMT and Dispensing
SMT and Dispensing Market update SMT assembly equipment* • In 2023 the market size was 2,250 MUSD1). • The SMT assembly equipment market declined by 7.7% in 2024 to USD 2,077 million. Markets in China and Southeast Asia showed growth while markets in North and South America, Japan and Europe display
Slide 27: 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 13.0% 26.8 • Optical components production is the main 25.3 23.4 driver for die/lens attach and other adjacent process
Slide 28: Pattern Generators: Display panel market
Pattern Generators Display panel market BUSD Display panel revenue BUSD OLED display panel revenue 250 100 3.0% 5.5% 200 80 69 70 150 155 155 64 142 146 57 59 150 134 60 53 118 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 29: Photomask market expected to have continued to develop positively in 2024
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 30: 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 31: Bringing tomorrow's electronics to life
Bringing tomorrow’s electronics to life MYCRONIC