I"teíim Reקoít
Q1 2026Financial performance in January-March
Sales amounted to SEK 962 (1,003) million. Organic growth was -6%, currency and acquisition adjusted.
Operating profit was SEK 84 (93) million. Adjusted operating profit was SEK 88 (100) million, adjusted for revaluations of operating assets and liabilities in foreign currencies and non-recurring items.
The operating margin amounted to 8.7% (9.2%). The adjusted operating margin was 9.1% (10.0%).
Profit after financial items was SEK 65 (82) million.
Profit after tax amounted to SEK 52 (65) million, corresponding to SEK 1.83 (2.27) per share.
Adjusted for items affecting comparability, such as acquisition-related payments and investments in the property in Torsby, Sweden, operating cash flow amounted to SEK 46 (178) million. Total cash flow after investments amounted to SEK
-776 (156) million, or SEK -27.18 (5.48) per share.
Events in January to MarchNOTE secured a SEK 135 million order from a leading Nordic defence corporation. Production commences in 2026 and continues into 2028.
In March, NOTE joined Swedish Security & Defence sector organisation SOFF, thus intensifying its long-term commitment to the Security & Defence sector, and further consolidating its role in building robust and reliable defence industry supply chains across Sweden and Europe.
Also in March, NOTE acquired 100% of the shares of brittish STI Enterprises Holdings Ltd. (STI) - a leader in manufacturing sophisticated and critical electronic solutions with long-term experience and in-depth customer relationships with leading global defence corporations. NOTE anticipates STI contributing approximately SEK 550-600 million of sales in 2026. In tandem with the acquisition, NOTE reported that it was reiterating its full-year outlook (operating margin of 9.5-10.5%), while expecting sales of SEK 930-960 million for Q1, with an operating margin of 8.5-9.0%.
SEK m
4,200
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* NOTE Haddenham is included from June 2021, NOTE Herrljunga from July 2022, NOTE Sofia from April 2023, NOTE Basildon from July 2023, Kasdon from October 2025 and STI from March 20, 2026.
** Operating margin adjusted for revaluations of operating assets and liabilities in foreign currency. Also for non-recurring items, see further in note 2.
CEO's comme"ts
With ouí acquisition of STI, we become one of Euíope's laígeí defence industíy
subcontíactoís, which gives us a platfoím to keep building on. We view this acquisition as stíategically vital and tíansfoímational foí the whole of NOTE.
A transformational acquisition on an expansive market
At the end of the quarter, we completed our acquisition of STI, the UK's leading EMS partner for the defence industry, which we view as transformational for the whole of NOTE. A strategically vital acquisition that complements our existing structure and strengthens our offering to both existing and
new defence customers across Europe. We add several of Europe's leading defence corporations to our established Security & Defence partnerships-a strategic segment for NOTE.
Our sector is in a structurally interesting position with strong drivers being regionalisation, security & defence and increasing demands for technicality and delivery reliability. With our long term customer relationships, technical excellence and an organisation with the demonstrable capability to deliver to stringent standards, NOTE is well prepared for its next growth phase.
Security & Defence made up 18% of our business in the quarter, and we expect this share to keep increasing in the year, partly because only 10 days' sales from STI are included in the first quarter, and partly because we expect to scale up the rest of our defence-related business. This makes us one of Eu-rope's larger defence industry subcontractors and gives us a platform to keep building on. It also means substantial expansion of NOTE's operations in the UK, and STI brings sophisticated technology skills, strategic and long-term customer relationships, and an operation whose profitability is comparable to NOTE's.
Expectations of a cautious start to the yearSales for the quarter were SEK 962 million, somewhat above the interval we reported in our outlook for the quarter. We expected a slow start to the year, because several of our customers anticipated continued market hesitancy related to an uncertain business environment. The volumes of our new acquisition STI were somewhat above estimates.
Security & Defence is the customer segment with the strongest underlying demand, but we did see how volumes in our other plants were impacted by supplier chain bottlenecks late in the previous year and early this year. With market demand and the ongoing ramp-up in the segment, we're continuing to take strategic steps to further consolidate our long-term positioning jointly with our customers.
Profitability remains highWe achieved an underlying operating margin of 9.1% in the quarter, which was somewhat above the interval we presented in our outlook. Growth brings profitability, and we are aware that when market uncertainty restricts growth, this does have some negative impact on our operating margin. We have also made a deliberate decision to strengthen our investments in the sales organisation to up the tempo of winning business.
It's important to remember that the profitability we are reporting remains in the upper range of the sector interval. But we have higher expectations and know that we have an organisation with the demonstrable capability to combine growth, flexibility and profitability. We're working continuously on
rationalising and adapting resources, and when volumes from our customers recover, we see great potential to lift profitability again.
Strong financial positionNOTE still has a strong financial position and its equity to assets ratio was around 35% at the end of the quarter. We have generated high operating cash flows in recent years and expect this to continue in the current year. Operating cash flow for the quarter was SEK 46 million, limited by lower volumes and an additional increase to working capital.
We know we're in a position of stability and flexibility, where we've executed major investments in our existing operations and plants, while making further acquisitions. We're now focusing on maximising the pay-off of on our investments simultaneous with continuing to invest in strategic capacities and our capabilities group wide to keep growing alongside our customers.
Strategic steps consolidate our positioning going forwardAlthough the start of the year was characterised by caution, we remain confident of the progress going forward. Our order backlog for the current year was at the end of the quarter 11% higher than the corresponding point of the previous year, in like-for-like terms.
Our view for the full year 2026 remains that we expect a gradual improvement through the year. We can also add the volumes of our acquisition STI, which we expect to contribute SEK 550-600 million for the remainder of the year. For the full year, we anticipate an underlying operating margin of 9.5-10.5%.
Johannes Lind-Widestam
President and CEO, NOTE
Comme"ts o" Q1S;les
Group, January-MarchThe year started slowly and sales for the quarter were SEK 962 (1,003) million. Adjusted for currency effects of -5%, and sales in acquired units of 6%, organic growth was -6%.
Despite fairly uncertain market conditions generally, some optimism was evident from customers. At the end of the quarter, in like-for-like terms, order backlog for the current year was up by 11% (currency adjusted) on the corresponding point of the previous year.
The 15 largest customers in sales terms represented 49% (51%) of sales in the period. No single customer (group) made up more than approximately 8% (7%) of total sales.
Operating margin in the above chart is adjusted for revaluations of operating assets and liabili-
ties in foreign currency, also for non-recurring items, see further in note 2.
Operating margin
Net sales
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Oקeí;ti"g segme"ts
Western Europe Rest of WorldSEK m 800
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Operating margin in the above chart is adjusted for non-recurring items. Operating margin in the above chart is adjusted for non-recurring items.
Western EuropeNOTE's Western Europe operating segment consists of units located in geographical regions with high industrial activity and innovation standards in Sweden, Finland and the UK.
Sales from the Western Europe segment reduced by 2% in the quarter. Sales in Sweden, NOTE's largest market, were negative 6% in the quarter.
Progress in Sweden varies between plants and is closely linked to their customers and the progress of customer projects. The main explanation for sales not reaching the expected level was challenges faced by customers in the Defence segment, which was a contributor to the group's growth not being higher in the quarter.
The UK market continued to face challenges, and sales in the year excluding acquisitions were down by -21%, which was in line with the expectations of a weak start to the year. NOTE's recent UK acquisition performed at expected levels. The recent acquisitions are highly concentrated on Security & Defence, so their progress also differs from other UK companies.
Sales from the Finnish plant, which is one of the group's smaller units, saw negative growth in the quarter.
Rest of WorldThe Rest of World operating segment consists of our units in Estonia, China and Bulgaria. They are located close to major end markets and regions with strong production traditions and high skills levels.
Sales from the Rest of World segment decreased by 13% in the quarter. Sales from the Estonian plant, which are mainly to customers in northern
Europe, achieved growth of 2% for the quarter; currency adjusted, growth was higher. Sales from the plant in China were down by 35% in the quarter, primarily explained by a weak start to the year within the Communication segment.
Sales from NOTE's plant in Bulgaria, a smaller unit, were consistent with the previous year.
Intra-groupIntra-group consists of business support functions in the parent company and the sourcing operations of NOTE Components. Group eliminations are also included.
C"stomeí segme"ts
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Security & DefenceQ2 Q3 Q4 Q1
CommunicationQ2 Q3 Q4 Q1
MedtechNOTE divides its sales into five customer segments:
IndustrialThe manufacture of products in segments like automation, control, infrastructure, energy and construction technology.
NOTE's largest customer segment saw zero growth in the quarter excluding acquisitions. Progress varies, and while we saw growth on the Swedish market, progress on our other domestic markets was negative, excluding acquisitions.
Security & DefenceManufacture of products intended for the defence industry and other security solutions that may have defence, commercial and
personal applications. Previously a sub-segment, mainly of Industrial.
Given the high comparative figures and periodicity of shipments to defence projects, sales excluding acquisitions were down 12% in the quarter.
CommunicationManufacture includes network products, antennae and IoT devices.
The segment is still negatively impacted by delayed investments linked to the roll-out of the 5G network and the resulting postponement of field installations of customer products.
Sales in the quarter excluding acquisitions were down by 20%. This was especially apparent in our Rest of World units. Meanwhile, our Swedish operations made positive progress.
MedtechMedical technology products in diagnostics, treatment and X-ray are the foundation of this segment.
Sales decreased by 27% in the quarter. The main explanation for the decrease is one major customer cutting its volumes by over 70% in the quarter.
GreentechThe Greentech segment consists of customers active in the green technology transition.
The segment reported negative growth of 13% in the first quarter, with the main explanation being one major customer in the EV segment facing challenges with sales, reducing its output by some 70% in the quarter.
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Res"lts of oקeí;tio"s
Group, January-MarchGross profit was SEK 129 (133) million, with a gross margin of 13.4% (13.3%). Sales and administration overheads for the period were SEK 48 (33)
million. The number for the year includes SEK 3 million of additional costs for acquired units, and acquisition costs of SEK 6 million. As a share of sales, overheads were 5.0% (3.4%).
Other operating income/expenses were SEK 3 (-7) million. This item, which normally consists of revaluations of operating assets and liabilities in foreign currencies, included SEK 13 (-18) million of non-recurring items* in the first quarter.
Operating profit in the period was SEK 84 (93) million with an operating margin of 8.7% (9.2%). Adjusted operating profit was SEK 88 (100) million and the adjusted operating margin was 9.1% (10.0%). The adjustment related to revaluations of operating assets and liabilities in foreign currencies,
non-recurring items* and acquisition costs, see note 2.
Higher net debt was a contributor to financial expenses increasing to SEK
-17 (-9) million net. Revaluations of financial assets and liabilities in foreign currencies, such as factoring liabilities, amounted to SEK -2 (-2) million. In total, net financial items for the period were SEK -19 (-11) million.
Profit after financial items was SEK 65 (82) million, equivalent to a profit margin of 6.8% (8.2%).
Profit after tax was SEK 52 (65) million, or SEK 1.83 (2.27) per share. The tax expense for the period was equivalent to 20% (21%) of profit before tax.
C;sk flow
One of NOTE's key missions is to maintain good and cost-efficient supply of materials to customers. With continued relatively good availability of
materials and electronic components, NOTE has worked actively to achieve more effective capital tied up in inventory. Capital tied up in inventory was 16% higher than at the corresponding point of the previous year. Adjusted for acquisitions, the increase was 2%.
NOTE is making continuous efforts to monitor credit risks and limit the number of outstanding customer credit days. Accounts receivable-trade were up by 18% year on year. Adjusted for acquisitions, accounts receivable-trade were comparable with the previous year.
Accounts payable-trade mainly consist of purchases of electronic components and other production materials. NOTE is working actively on a partner model on the supplier side, which has implications including sourcing being concentrated on fewer, quality-assured suppliers wherever possible. This working method simultaneously helps rationalise the utilisation of working capital. At the end of the period, accounts payable-trade were 19% higher than at the corresponding point of the previous year. Adjusted for acquisitions, the increase was 8%.
Continued positive profit performance generated a positive operating cash flow for the period, although limited by somewhat higher working capital tied-up. The total cash flow after investments for the quarter amounted to SEK -776 (156) million, corresponding to SEK -27.18 (5.48) per share. The operating cash flow after investments for the same period amounted to SEK 46 (178) million, which was adjusted for items affecting comparability including the acquisition of STI of SEK 822 million and the property investment in Torsby, Sweden in the comparative period.
Liq"idity ;"d "et debt
NOTE puts a sharp focus on measures that further improve the group's liquidity and cash flow.
The group's reported available cash and cash equivalents, including unused credit facilities, amounted to SEK 426 (793) million at the end of the period. Excluding estimated financial liabilities on the additional right-of-use assets for leased properties under IFRS 16 (Leases), net debt at the end of the period was SEK 1,278 (-34) million.
Eq"ity to ;ssets í;tio
NOTE has a strong financial position. According to NOTE's financial targets, its minimum equity to assets ratio should be 30%. At the end of the quarter, the equity to assets ratio was 35.1% (49.9%).
I"vestme"ts
Expenditure on property, plant and equipment in the year, excluding right-of-use assets for leased properties (IFRS 16 Leases), was SEK 14 (35) million, corresponding to 1.5% (3.5%) of sales. This expenditure mainly consisted of projects to increase capacity, efficiency and quality. The investment in the ongoing expansion of the Torsby, Sweden plant was SEK - (22) million for the period. Planned depreciation on property, plant and equipment, excluding right-of-use assets for leased properties (IFRS 16 Leases), was SEK 20 (24) million.
P;íe"t +omק;"y
The parent company, NOTE AB (publ), is primarily focused on management, co-ordination and development of the group. Revenue was SEK 25 (25) million for the quarter, mainly from intra-group services. Profit before tax amounted to SEK 31 (49) million in the period.
* Includes SEK13 million of non-recurring items that consist of a SEK 27 million reversal of a contingent consideration and a SEK -14 million provision for customer loss. The comparative period included SEK -18 million, consisting of restructuring expenses, mainly of the UK operation.
Otkeí i"foímatio"Fi";"+i;l defi"itio"s
Gross profit margin Equity per share Average number of employees Cash flow per share Net sales per employee Net debt Operating capital Order backlog Return on equity Return on operating capital Operating margin Equity to assets ratio Profit marginGross profit as a percentage of net sales.
Equity divided by the number of outstanding shares at end of the period. Average number of employees calculated on the basis of hours worked.
Cash flow after investments divided by the number of outstanding shares at end of the period. Net sales divided by the average number of full-time employees.
Interest-bearing liabilities and provisions less cash and cash equivalents.
Total assets less cash and cash equivalents, non-interest bearing liabilities and provisions. A combination of fixed orders and customer forecasts.
Net profit as a percentage of the average equity for the most recent twelve-month period.
Operating profit as a percentage of the average operating capital for the most recent twelve-month period. Operating profit as a percentage of net sales.
Equity as a percentage of total assets.
Profit after financial items as a percentage of net sales.
Notes on the consolidated financial statements Note 1. Accounting policies and measurement principlesNOTE applies International Financial Reporting Standards (IFRS) as adopted by the EU. Significant accounting and measurement principles are presented in the Annual Report for 2025 on pages 91-93. The group's interim financial report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. The parent company applies RFR 2.
All amounts are stated in SEK million unless otherwise indicated.
Note 2. Items affecting comparabilityItems affecting comparability are excluded from operating profit, adjusted operating profit, which the group considers to be the most relevant measures for monitoring performance. The table below specifies the items affecting comparability that have impacted the result for the period. Items affecting comparability for the quarter amounted to SEK 4 million and mainly consist of a reversal of contingent consideration, a provision for an anticipated customer credit loss and acquisition-related costs.
Items affecting comparability (SEK million) | 2026 Q1 | 2025 Q1 | 2026 R12 | 2025 Full year |
Administrative expenses | ||||
- Acquisition-related costs | -6 | - | -9 | -3 |
Other operating income/expenses | ||||
- Reversal of contingent consideration | 27 | - | 27 | - |
- Provision for customer credit loss | -14 | - | -14 | - |
- Restructuring costs | - | -18 | - | -18 |
- Other incl. foreign exchange effects | -11 | 11 | -5 | 17 |
Total | -4 | -7 | -1 | -4 |
On 20 March, NOTE acquired all the shares of STI Group, a UK EMS provider with strong positioning in the defence sector. STI's estimated full-year
2026 sales are GBP 60 million with profitability comparable to NOTE's. At acquisition, the employee headcount was approximately 300. This acquisition consolidates NOTE's presence on the UK market and is an exceptional complement to NOTE's operations. The purchase consideration is GBP
72.5 million on a cash/debt-free basis, equivalent to an adjusted EV/EBITDA multiple of approximately 10x.
Existing customer relationships with a total value of SEK 92 million were
identified in tandem with the acquisition. The goodwill of SEK 748 million arising on acquisition mainly relates to the company's skills and processes in PCBA manufacture and box build, particularly in defence, as well as expected coordination gains with NOTE's other operations.
Information on purchase consideration, acquired net assets and goodwill are stated in the following table:
Acquired assets and liabilities taken over in the acquisition | 2026 |
Total purchase consideration | 859 |
Intangible assets - customer relationships | 92 |
Property, plant and equipment | 19 |
Right-of-use assets | 35 |
Inventories | 82 |
Accounts receivable - trade and other current receivables | 121 |
Cash and cash equivalents | 36 |
Long-term lease liabilities for right-of-use assets for properties | -28 |
Short-term lease liabilities for right-of-use assets for properties | -7 |
Tax liability | -3 |
Accounts payable-trade and other current operating liabilities | -150 |
Acquired identifiable net assets | 111 |
Goodwill | 748 |
Total acquired net assets | 859 |
Cash flow relating to acquisitions in the period | |
Purchase consideration paid | 859 |
Cash in acquired entity | -36 |
Net outflow, cash and cash equivalents | 822 |
Externaltransaction expenses forthe acquisition were around SEK 6 million and were mainly costs forlocallegaland other advisory services. These expenses are recognised on the administrative expenses line in the Consolidated Income Statementand are included in operating activities in the Cash Flow Statement.
Transactions with related partiesThere were no transactions with related parties in the period.
DividendTo maximise its financial freedom to act in the sector's ongoing structural transformation, the Board of Directors is proposing that no dividend is paid for 2025, as communicated in the Year-end Report for 2025.
Significant operational risksNOTE is one of northern Europe's leading EMS partners. It has especially strong market positioning in the high mix market segment, i.e. for products that require high technology competence and flexibility. NOTE produces PCBAs, subassemblies and box build products. The customer offering covers the complete product lifecycle, from design to after-sales.
Foramore detailed review of the group's operational and financial risks, refer to NOTE's Annual Reportfor 2025, specifically to the Reportof the Directors on pages 37-40, as wellas note 24, Financial risks and finance policy, on pages 109-111.
NOTE's operations set relatively high standards for working capital financing. Accordingly, NOTE puts a sharp focus on managing liquidity risk.
Discrepancies between reportsSwedish and English-language versions of this Report have been produced. In the event of any discrepancy between the two, the Swedish version shall apply.
Audit reviewAs in previous years, the Interim Report for Q1 has not been subject to review by the company's auditor.
Stockholm, Sweden, 22 April 2026
The Board of Directors of NOTE AB (publ)
Co"solidated summaíy
Q";íteíly s"mm;íy
SEK million | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 |
Net sales | 962 | 1,001 | 830 | 980 | 1,003 | 1,025 | 809 | 1,012 |
Gross margin | 13.4% | 15.4% | 13.3% | 13.4% | 13.3% | 14.5% | 12.5% | 13.7% |
Operating margin | 8.7% | 11.3% | 9.0% | 10.3% | 9.2% | 9.5% | 8.0% | 9.8% |
Profit margin | 6.8% | 10.9% | 8.1% | 9.6% | 8.2% | 8.9% | 6.8% | 8.6% |
Cash flow after investing activities | -776 | -285 | 105 | 58 | 156 | 124 | 120 | 137 |
Cash flow per share, SEK | -27.18 | -9.98 | 3.69 | 2.04 | 5.48 | 4.35 | 4.21 | 4.73 |
Equity per share, SEK | 60.7 | 57.7 | 55.1 | 53.6 | 57.8 | 57.5 | 54.1 | 54.0 |
Equity to asset ratio | 35.1% | 48.0% | 49.6% | 48.9% | 49.9% | 51.1% | 48.8% | 49.1% |
Average number of emplyees | 1,543 | 1,505 | 1,476 | 1,467 | 1,453 | 1,433 | 1,455 | 1,478 |
Net sales per employee, SEK in thousands | 623 | 665 | 562 | 668 | 690 | 715 | 556 | 685 |
Six-ye;í s"mm;íy
SEK million | Rolling 12 mth. | 2025 | 2024 | 2023 | 2022 | 2021 |
Net sales | 3,773 | 3,814 | 3,901 | 4,243 | 3,687 | 2,643 |
Gross margin | 13.9% | 13.9% | 13.3% | 12.1% | 12.8% | 13.4% |
Operating margin | 9.9% | 10.0% | 9.0% | 10.1% | 9.3% | 9.5% |
Profit margin | 8.9% | 9.2% | 8.0% | 9.2% | 8.4% | 9.0% |
Earnings per share, before dilution, SEK | 9.44 | 9.89 | 8.61 | 11.04 | 8.79 | 6.82 |
Cash flow after investing activities | -900 | 32 | 465 | 98 | -31 | -142 |
Cash flow per share, SEK | -31.53 | 1.12 | 16.33 | 3.38 | -1.07 | -4.97 |
Equity per share, SEK | 60.7 | 57.7 | 57.5 | 48.2 | 37.9 | 28.0 |
Return on operating capital | 14.6% | 18.9% | 21.5% | 24.3% | 25.3% | 27.6% |
Return on equity | 15.9% | 17.1% | 18.1% | 25.7% | 26.8% | 28.4% |
Equity to asset ratio | 35.1% | 48.0% | 51.1% | 43.3% | 39.7% | 37.0% |
Average number of employees | 1,498 | 1,475 | 1,465 | 1,504 | 1,366 | 1,218 |
Net sales per employee, SEK in thousands | 2,519 | 2,586 | 2,663 | 2,821 | 2,699 | 2,170 |
I"+ome st;teme"t
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Net sales | 962 | 1.003 | 3,773 | 3,814 |
Cost of goods and services sold | -833 | -870 | -3,248 | -3,285 |
Gross profit | 129 | 133 | 525 | 529 |
Selling expenses | -21 | -16 | -80 | -75 |
Administrative expenses | -26 | -17 | -81 | -72 |
Other operating income/expenses | 2 | -7 | 8 | -1 |
Operating profit | 84 | 93 | 372 | 381 |
Net financial income/expenses | -19 | -11 | -37 | -29 |
Profit after financial items | 65 | 82 | 335 | 352 |
Income tax | -13 | -17 | -67 | -71 |
Profit after tax | 52 | 65 | 268 | 281 |
Otkeí Comקíeke"sive I"+ome
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Profit after tax | 52 | 65 | 268 | 281 |
Other comprehensive income | ||||
Items that can be subsequently reversed in the income statement: | ||||
Exchange rate differences | 34 | -58 | 7 | -85 |
Cash flow hedges | - | - | - | - |
Tax on hedges and exchange rate difference | - | - | - | - |
Total other comprehensive income after tax | 34 | -58 | 7 | -85 |
Comprehensive income after tax | 86 | 7 | 275 | 196 |
E;í"i"gs קeí sk;íe
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Number of shares at end of period (000) | 28,549 | 28,484 | 28,549 | 28,549 |
Weighted average number of shares (000)* | 28,549 | 28,484 | 28,512 | 28,496 |
Weighted average number of shares (000)** | 28,553 | 28,484 | 28,520 | 28,549 |
Earnings per share, SEK* | 1.83 | 2.27 | 9.44 | 9.89 |
Earnings per share, SEK** | 1.83 | 2.27 | 9.44 | 9.89 |
* Before dilution
** After dilution
Financial statements of the gíoup, continuedB;l;"+e skeet
SEK million | 2026 31 March | 2025 31 March | 2025 31 dec |
Assets | |||
Goodwill | 1,361 | 261 | 595 |
Intangible assets-customer relationships | 159 | 29 | 71 |
Other intangible assets | 50 | 28 | 51 |
Right of use assets-leased properties | 326 | 135 | 126 |
Property, plant and equipment | 518 | 446 | 500 |
Deferred tax assets | 37 | 18 | 16 |
Other financial assets | 1 | 1 | 1 |
Total non-current assets | 2,452 | 918 | 1,360 |
Inventories | 1,043 | 920 | 868 |
Accounts receivable-trade | 984 | 836 | 846 |
Other current receivables | 119 | 92 | 67 |
Cash and bank balances | 338 | 531 | 293 |
Total current asset | 2,484 | 2,379 | 2,074 |
TOTAL ASSETS | 4,936 | 3,297 | 3,434 |
Equity and liabilities | |||
Equity | 1,734 | 1,645 | 1,648 |
Liabilities | |||
Long-term interest-bearing liabilities | 618 | 142 | 125 |
Long-term liabilities, right of use asset-leased properties | 283 | 112 | 104 |
Deferred tax liabilities | 132 | 80 | 112 |
Other long-term provisions | 13 | - | - |
Total non-current liabilities | 1,046 | 334 | 341 |
Current interest-bearing liabilities | 998 | 355 | 570 |
Short-term liabilities, right of use asset-leased properties | 40 | 25 | 24 |
Advance payment from customers | 94 | 102 | 81 |
Accounts payable-trade | 714 | 598 | 540 |
Other current liabilities | 309 | 237 | 229 |
Other short-term provisions | 1 | 1 | 1 |
Total non-current liabilities | 2,156 | 1,318 | 1,445 |
TOTAL EQUITY AND LIABILITIES | 4,936 | 3,297 | 3,434 |
Ck;"ges i" eq"ity
SEK in million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Opening equity | 1,648 | 1,638 | 1,645 | 1,638 |
Comprehensive income after tax | 86 | 7 | 275 | 196 |
Dividend | - | - | -199 | -199 |
New issue of shares | - | - | 13 | 13 |
Closing equity | 1,734 | 1,645 | 1,734 | 1,648 |
C;sk flow st;teme"t
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Operating activities | ||||
Profit after financial items | 65 | 82 | 335 | 352 |
Reversed depreciation and amortisation | 38 | 32 | 129 | 123 |
Other non-cash items | 17 | 1 | 8 | -8 |
Tax paid | -36 | -34 | -77 | -75 |
Change in working capital | -23 | 109 | -17 | 115 |
Cash flow from operating activities | 61 | 190 | 378 | 507 |
Cash flow from investing activities | -837 | -34 | -1,278 | -475 |
Cash flow from financing activities | 812 | -15 | 699 | -128 |
Change in cash and cash equivalents | 36 | 141 | -201 | -96 |
Cash and cash equivalents | ||||
At beginning of period | 293 | 411 | 531 | 411 |
Cash flow after investing activities | -776 | 156 | -900 | 32 |
Cash flow from financing activities | 812 | -15 | 699 | -128 |
Exchange rate difference in cash and cash equivalents | 9 | -21 | 8 | -22 |
Cash and cash equivalents at end of period | 338 | 531 | 338 | 293 |
Un-utilised credits | 88 | 262 | 88 | 127 |
Available cash and cash equivalents | 426 | 793 | 426 | 420 |
Oקeí;ti"g Segme"ts
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
WESTERN EUROPE | ||||
External net sales | 758 | 770 | 2,813 | 2,825 |
Internal net sales | 8 | - | 32 | 24 |
Operating profit | 79 | 82 | 293 | 296 |
Operating margin | 10.3% | 10.6% | 10.3% | 10.4% |
Inventories | 837 | 709 | 837 | 688 |
External accounts receivable-trade | 832 | 655 | 832 | 672 |
Average number of employees | 1,014 | 975 | 966 | 955 |
REST OF WORLD | ||||
External net sales | 204 | 233 | 960 | 989 |
Internal net sales | 6 | 10 | 32 | 36 |
Operating profit | 17 | 17 | 84 | 84 |
Operating margin | 8.3% | 7.0% | 8.5% | 8.2% |
Inventories | 206 | 211 | 206 | 180 |
External accounts receivable-trade | 151 | 180 | 151 | 173 |
Average number of employees | 503 | 461 | 511 | 502 |
INTRA-GROUP | ||||
Internal net sales | -14 | -11 | -63 | -60 |
Operating profit | -13 | -6 | -6 | 1 |
External accounts receivable-trade | 1 | 1 | 1 | 1 |
Average number of employees | 26 | 17 | 21 | 18 |
S;les קeí +"stomeí segme"t
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
WESTERN EUROPE | ||||
Industrial | 310 | 298 | 1,153 | 1,141 |
Security & Defence | 172 | 137 | 535 | 500 |
Communication | 54 | 50 | 195 | 191 |
Medtech | 101 | 139 | 423 | 461 |
Greentech | 121 | 145 | 509 | 533 |
Total external sales | 758 | 769 | 2,815 | 2,826 |
REST OF WORLD | ||||
Industrial | 106 | 108 | 490 | 492 |
Security & Defence | - | - | - | - |
Communication | 60 | 87 | 299 | 326 |
Medtech | 11 | 15 | 55 | 59 |
Greentech | 27 | 24 | 114 | 111 |
Total external sales | 204 | 234 | 958 | 988 |
TOTAL | ||||
Industrial | 416 | 406 | 1,643 | 1,633 |
Security & Defence | 172 | 137 | 535 | 500 |
Communication | 114 | 137 | 494 | 517 |
Medtech | 112 | 154 | 478 | 520 |
Greentech | 148 | 169 | 623 | 644 |
Total external sales | 962 | 1,003 | 3,773 | 3,814 |
I"+ome st;teme"t
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Full year |
Net sales | 25 | 25 | 92 | 92 |
Cost of services sold | -17 | -11 | -65 | -59 |
Gross profit | 8 | 14 | 27 | 33 |
Selling expenses | -4 | -3 | -16 | -15 |
Administrative expenses | -5 | -3 | -18 | -16 |
Other operating income/expenses | 21 | -28 | -3 | -52 |
Operating profit | 20 | -20 | -10 | -50 |
Net financial income/expenses | 11 | 69 | 30 | 88 |
Profit after financial items | 31 | 49 | 20 | 38 |
Appropriations | - | - | 64 | 64 |
Profit before tax | 31 | 49 | 84 | 102 |
Income tax | -6 | -3 | -14 | -11 |
Profit after tax | 25 | 46 | 70 | 91 |
Otkeí +omקíeke"sive I"+ome
SEK million | 2026 Q1 | 2025 Q1 | Rullande 12 mån. | 2025 Full year |
Profit after tax | 25 | 46 | 70 | 91 |
Other comprehensive income | ||||
Items that can be subsequently reversed in the income statement: | - | - | - | - |
Total other comprehensive income | - | - | - | - |
Comprehensive income after tax | 25 | 46 | 70 | 91 |
B;l;"+e skeet
SEK million | 2026 31 March | 2025 31 March | 2025 31 Dec |
Assets | |||
Intangible assets | - | - | - |
Property, plant and equipment | - | - | - |
Long-term receivables from group companies | 1,763 | 335 | 780 |
Financial non-current assets | 278 | 278 | 278 |
Total non-current assets | 2,041 | 613 | 1,058 |
Receivables from group companies | 149 | 112 | 120 |
Other current receivables | 26 | 10 | 15 |
Cash and bank balances | 3 | 259 | 1 |
Total current assets | 178 | 381 | 136 |
TOTAL ASSETS | 2,219 | 994 | 1,194 |
Equity and liabilities | |||
Equity | 387 | 503 | 362 |
Untaxed reserves | 122 | 111 | 122 |
Liabilities | |||
Long-term interest-bearing liabilities to financial insitutions | 500 | - | - |
Total non-current liabilities | 500 | - | - |
Short-term interest-bearing liabilities to financial institutions | 574 | - | 121 |
Liabilities to group companies | 607 | 356 | 569 |
Other current liabilities and provisions | 29 | 24 | 20 |
Total current liabilities | 1,210 | 380 | 710 |
TOTAL EQUITY AND LIABILITIES | 2,219 | 994 | 1,194 |
Ck;"ges i" eq"ity
SEK million | 2026 Q1 | 2025 Q1 | Rolling 12 mth. | 2025 Helår |
Opening equity | 362 | 457 | 503 | 457 |
Comprehensive income after tax | 25 | 46 | 70 | 91 |
Dividend | - | - | -199 | -199 |
New issue of shares | - | - | 13 | 13 |
Closing equity | 387 | 503 | 387 | 362 |
Tkis is NOTE
NOTE produces PCBAs, subassemblies and box build products. NOTE is a competitive EMS provider and stable business partner to customers with high standards. NOTE's products are embedded in complex systems for electronic control, surveillance and security, for example.
NOTE's business model builds on delivering high end manufacture, custom logistics solutions and consulting for the best possible total cost through longterm customer relationships and partnerships. Its customer offering covers complete product lifecycles, from design to after-sales. Primarily, its customer base consists of large corporations operating on the global market, and enterprises whose main sales are in northern Europe.
TORSBY
HERRLJUNGA
LUND
STI WOLVERHAMPTON HADDENHAM BASILDON WINDSOR
NOTE has a presence in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales over the last 12 months were SEK 3,773 million, and the group has approximately 1,800 employees. NOTE is listed on Nasdaq Stockholm.
High-tech plants on
a global maíket
NORRTÄLJE
HYVINKÄÄ
PÄRNU
SOFIA
TANGXIA
In Western Europe, NOTE factories are located in regions characterised by high industrial activity and strong innovation capability. The factories in Estonia, Bulgaria and China are situated close to major end markets and in regions with a long-established manufacturing tradition.
Fi";"+i;l i"foím;tio"
NOTE AB (publ)
Corporate ID no. 556408-8770
CalendarInterim Report Q2 15 July 2026
Interim Report Q3 23 October 2026
Ordering financial informationFinancial and other relevant information can be obtained from NOTE on request. Out of consideration for the environment, an electronic subscription service is readily available from NOTE's website.
Investor Relations contactFrida Frykstrand
CFO
Tel: +46 ( 0) 70 462 09 39
E-mail: frida.frykstrand@note-ems.com
Website: www.note-ems.com/ E-mail: info@note-ems.com Tel: +46 (0) 8 568 990 00