NOTE : Auditor´s Report 2024

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Auditor's Report To the General Meeting of the Shareholders of NOTE AB (publ), corporate identity number 556408-8770 Report on the annual accounts and consolidated accounts Opinions We have performed an audit of the annual accounts and con solidated accounts of NOTE AB (publ) for the year 2024. The annual accounts and consolidated accounts are included on the pages 38-77 and 80 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2024 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accor dance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2024 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Our opinions in this report on the annual accounts and consolidated accounts are consistent with the content of the additional report that has been submitted to the parent company's audit committee in accordance with the Audit Regulation (537/2014) Article 11. Basis for opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Vart ansvar enligt dessa standarder be-skrivs narmare i avsnittet Revisorns ansvar. Our responsibilities under those standards are further described in the Auditor's Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited com- pany or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Our audit approach Focus and scope of the audit We designed our audit by determining materiality and assessing the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated finan cial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the group operates. Materiality The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic deci sions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole Key audit matters Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit 81 This is a translation of the Swedish language original. In the event Df any differences between this translation and the Swedish language original, tne latter shall prevail. of the annual accounts and consolidated accounts of the current period. These matters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. Valuation of accounts receivable We refer to note 23, Financial instruments per category, note 24, Financial risks and financial policy and note 30, Important accounting estimates and judgments. The NOTE Group sells products to a large number of customers worldwide. The customer base is relatively spread out with customers in various industries. The payment terms for customers are dependent on customer-specific conditions and signed customer agreements. The value of outstanding receivable depends on the extent to which customers fulfil their payment obligations. In accordance with NOTE's accounting principles, management makes individual assessments of all overdue accounts receivable. Based on these assessments, provisions for credit risk are recognised. These assessments are complex and influenced by multiple factors, which naturally introduces a degree of uncertainty. Our audit approach to the key audit matter We have evaluated the design and effectiveness of certain selected controls in the sales process, handling of accounts receivable and payments from customers. These include, for example, credit assessments and reconciliations of accounts receivable balances. We have also taken note of and considered the company management's analyses, which include, among other things, the age distribution of receivables, the development of the average credit period and other credit risks. Furthermore, we have evaluated processes for valuing accounts receivable and performed sample testing of provisions against the company's assessment basis. In addition to tests of controls in the sales process and valuation of accounts receivable, we have followed up payments of accounts receivable for a selection of the group's customers. Valutation inventory We refer to note 15, Inventories and note 30, Important accounting estimates and judgments. In the NOTE group's production units, there is stock of raw materials and other input goods, work in progress and selfpro-duced finished goods stock. NOTE engages in customer-specific manufacturing of electronic components, based on manufacturing orders and sales forecasts from the customer. Given that NOTE's manufacturing involves customer-specific components, there is a risk of inventory obsolescence. NOTE performs individual assessments of stock per customer, taking possible obsolescence into account. Based on these assessments, provisions are recognised. These evaluations are complex and dependent on several factors, and therefore naturally contain a measure of uncertainty. Our audit approach to the key audit matter We have evaluated the design and effectiveness of certain selected controls within NOTE's processes for purchasing raw materials and inventory management. These include, for example, stock reconciliations and stock deliveries. In addition to testsing controls in the purchasing processes and inventory management, we have assessed the company's obsolescence provisions through random sampling of items in the company's valuation documentation. Furthermore, a detailed audit is also carried out through random testing of pricing in the raw materials warehouse, as well as markup calculations in work in progress and finished goods. We also reviewed inventory in terms of how long goods have been in stock and we also carried out stock counts for all significant units. Other information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1-23, 25-27, 34-37, 78-79 och 85. Information regarding guidelines for remuneration to senior executives adopted by the annual general meeting of shareholders is also considered as other information. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consoli dated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this informa- tion, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilites of the Board of Directors and the Managing Director Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is 82 This is a translation Of the Swedish language Original. In the event Of any differences between this translation and the Swedish language original, the latter shall prevail. necessary to enable the preparation of annual accounts and consolidated accounts that are free ligheterfrom material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing Director are responsible for the assessment of the company's and the group's ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intend to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director's responsibilities and tasks in general, among other things oversee the company's financial reporting process. Auditor's responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on Revisorsinspektionen's website: https://www.revisorsinspektionen.se/ revisornsansvar. This description is part of the auditor"s report. Report on other legal and regulatory requirements Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Director's and the Managing Director of NOTE AB (publ) for the year 2024 and the proposed appropriations of the company's profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Director's and the Managing Director be discharged from liability for the financial year. Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor's Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company's profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company's and the group's type of operations, size and risks place on the size of the parent company's and the group' equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company's organization and the administration of the company's affairs. This includes among other things continuous assessment of the company's and the group's financial situation and ensuring that the company"s organization is designed so that the accounting, management of assets and the company's financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors' guidelines and instructions and among other matters take measures that are necessary to fulfill the company's accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor's responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: -+ has undertaken any action or been guilty of any omission which can give rise to liability to the company, or -+ in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appro- priations of the company's profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company's profit or loss are not in accordance with the Companies Act. A further description of our responsibility for the audit of the administration is available on Revisorsinspektionen's website: https://www.revisorsinspektionen.se/revisornsansvar . This description is part of the auditor's report. This is a translation of the Swedish language original. In the eyent of any differences between this translation and the Swedish language original, the latter shall prevail. 83 The auditor's examiniation of the ESEF report Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors (and the Managing Director) have prepared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for NOTE AB (publ) for the financial year 2024. Our examination and our opinion relate only to the statutory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting. Basis for opinion We have performed the examination in accordance with FAR's recommendation RevR 18 Examination of the Esef report. Our responsibility under this recommendation is described in more detail in the Auditors' responsibility section. We are independent of NOTE AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Board of Directors and the managing Director sible for the preparation of Esef report in accordance with the Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors (and the Managing Director) determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor's responsibility V0ur responsibility is to obtain reasonable assurance whether the Esef report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires me (us) to plan and execute procedures to achieve reasonable assurance that the Esef report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the ESEF report. The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the Esef report has been prepared in a format that enables uniform electronic reporting of the annual accounts and consolidated accounts. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design audit procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors (and the Managing Director), but not for the purpose of expressing an opinion on the effectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of assumptions made by the Board of Directors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XHMTL format and a recon ciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assessment of whether the consolidated statement of financial performance, financial position, changes in equity, cash flow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation .kassaflodesanalys samt noter i Esef-rapporten har markts med iXBRL in accor dance with what follows from the Esef regulation. Ohrlings PricewaterhouseCoopers AB, Stockholm, was appointed auditor of NOTE AB (publ) by the general meeting of the shareholders on the 18 april 2024 and has been the company's auditor since the 19 april 2008. Stockholm 21 march 2025 Ohrlings PricewaterhouseCoopers AB Andreas Skogh Authorised Public Accountant 84 This Is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.

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