NOTE AB (publ) (NOTE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to note to Q1 presentation. How do we? How do we see upon the quarter that passed and that is, I think it's a what do you call it to two sided quarter we we when we went into this quarter we had a feeling that there were quite positive. Views on the on this year we we were expecting a quite good recovery gradually during the year. We saw that 2024 was the so-called stock adjustment year and where we saw big decreases on some of the customer side due to destocking and so on. Then gradually when I think that everyone knows that the politics in the US has affected our market quite significantly. How it affects us is not really clear, but if we look at the facts, we can say that, okay, we have, I joke about it a little bit, we have one of the less important numbers in our annual report until this year has been our direct sales to US. That is about 5% of our sales. I think it corresponded to 198 million in 2024. For some reason, that has become very important this year to talk about. So if we start within this area, we can say that about 5% of our sales go directly to US, 10% of additional goes what I call indirectly to US. That means that we sell this to customers in other parts of the world that are then shipping the products to US. So roughly 15% of our sales in 2024 corresponds to our sales that will end up in the US. How will that be affected by tariffs, by potential tariffs and so on? It's a bit early to say. One other number that we also see is that in 2024, about 8% of our sales from China went directly to US. That is a number that corresponds to a bit less than 40 million Swedish. So it's a very small number, maybe 1% of our sales. I would expect that number to, if the tariff remains, that will change. I cannot see that any customer will buy products prod...