NOTE AB (publ) (NOTE) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to notes year end report. How do we summarize this year and quarter? If you start with a quarter, it's it's quarter where we made a very where we came back to the profitability that we are hoping and expecting. Maybe we're in the higher end compared to where we have been and where our long term objectives has been, but that is not a bad thing as I see it. Profitability is very important for us because that builds a foundation for what we want to do in the future. Profitability and cash generation is what gives us the opportunity to be aggressive in the consolidation that is ongoing in the market. So this quarter is yet another quarter where we show our ability to adjust and adopt to the current surroundings. Our top line were not that high. We came in just barely in our guidance. We had some delays and push-outs from the defence area. We are also seeing that in the first quarter. And to be clear, those push-outs are not lost sales. Those are delayed sales. And that means that currently we have some issues with especially test... Getting products through tests, that sounds very straightforward and easy, but these are really complex products with a lot of different processes involved. So we see some delays there and we have had some push-outs from our customers from the fourth quarter and also now in January. We do expect the defense segment to come in really strong for the year. We have previously guided for our expectations of plus 30% year over year until 2030. We do not see any reason why that trend is broken. We see our order backlog in this segment is at the highest ever. So that means that we are fairly comfortable that we will see a very good security and defense segment development throughout the year and also if we look forwa...