Year- end Report 2025
Year-end Report 2025
Financial performance in October-December
Sales amounted to SEK 1,001 (1,025) million. Organic growth was -1%, currency adjusted.
Operating profit was SEK 113 (98) million. Adjusted operating profit was SEK 114 (108) million, adjusted for revaluations of operating assets and liabilities in foreign currencies and acquisition costs.
The operating margin amounted to 11.3% (9.5%). The adjusted operating margin was 11.4% (10.5%).
Profit after financial items was SEK 109 (91) million.
Profit after tax amounted to SEK 86 (73) million, corresponding to SEK 3.04 (2.55) per share.
Adjusted for items affecting comparability, such as acquisition-related payments made and investments in the property in Torsby, Sweden, operating cash flow amounted to SEK 58 (140) million. Total cash flow after investments amounted to SEK -285 (124) million, or SEK -9.98 (4.35) per share.
Financial performance in January-DecemberSales amounted to SEK 3,814 (3,901) million. Organic growth was +0%, currency adjusted.
Operating profit was SEK 381 (352) million. Adjusted operating profit was SEK 385 (364) million, adjusted for revaluations of operating assets and liabilities in foreign currencies, for a SEK 18 million provision for restructuring of the UK operation in the first quarter and for acquisition costs.
The operating margin amounted to 10.0% (9.0%). The adjusted operating margin was 10.1% (9.3%).
Profit after financial items was SEK 352 (310) million.
Profit after tax amounted to SEK 281 (248) million, corresponding to SEK 9.89 (8.61) per share.
Adjusted for items affecting comparability, such as acquisition-related payments made and investments in the property in Torsby, Sweden, operating cash flow amounted to SEK 437 (539) million. Total cash flow after investments amounted to SEK 32 (465) million, or SEK 1.12 (16.33) per share.
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.
SEK m
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Net sales, rolling 12 months * Operating margin, rolling 12 months **%
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9
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6
2020
2021 2022 2023 2024
2025
2020 2021 2022 2023 2024 2025
* NOTE Haddenham is included from June 2021, NOTE Herrljunga from July 2022, NOTE Sofia from April 2023, NOTE Basildon from July 2023 and Kasdon from October 2025.
** Operating margin adjusted for revaluations of operating assets and liabilities in foreign currency. Also for non-recurring items, by SEK -5 m in Q4 2021, SEK +30 m in Q3 2022, SEK -15 m in Q4 2022, SEK -12 m in Q4 2023, SEK +7 m in Q3 2024, SEK +18 m in Q1 2025 and SEK
+3 m in Q4 2025.
1
Events in January-SeptemberThe resolutions of the AGM on 24 April included approving a dividend of SEK 7 (-) per share, corresponding to SEK 199.4 million, and on cancelling the 500,000 shares the company re-purchased and held in treasury. The background to this resolution is the company's high profitability and rationalisation of working capital tied-up, which has generated strong cash flows.
In early April, Swedish telecom company Waystream announced it had appointed NOTE as exclusive production partner for its products. NOTE commenced the production partnership when Waystream saw the advantages of inshoring production into Sweden in addition to resources already in place in Asia. The collaboration between Waystream and NOTE's Lund plant progressed well in the year, and the partnership will intensify now that NOTE is becoming Waystream's exclusive production partner. NOTE Lund's previous volume share was approx. 60%, the transition to full volume was completed in the summer. Waystream's sales were SEK 115 million in 2024, representing growth of 15%, and it enjoys a secure market position in its segment.
In early-July, NOTE announced an upscaled partnership with an existing customer in the Security & Defence segment. This customer has decided to place an order worth SEK 132 million with NOTE, with sales scheduled to start in October 2025, and continue for a two-year period.
In September, NOTE announced that it had appointed Bahare Mackinovski as its Chief Sales & Marketing Officer. This appointment is a strategic step in the company's long-term investment in growth, increased customer value and greater market presence. Bahare has been a Board member of NOTE since 2015, but gave up her Board seat to take on an executive role within Group Management at year-end.
In October, NOTE completed the acquisition of 100% of the shares of Kasdon Group, a UK electronics contract manufacturer with strong positioning in the defence sector, which accounts for about half of the company's revenue. This acquisition advances NOTE's positioning on the UK EMS market and brings strategic breadth in this high-demand segment. Kasdon reported revenues of just over GBP 12 million in 2024/2025 and has ambitious growth plans. The initial purchase consideration is GBP 28.2 million, on a cash-free/debt-free basis, with a potential maximum earn-out of GBP 5.9 million, or a total purchase consideration of GBP 34.1 million, equivalent to an adjusted EV/EBITDA multiple of about 6. This acquisition is being financed from NOTE's existing cash and credit facilities, with a minority paid in NOTE stock.
In the context of the acquisition of Kasdon Group's shares, NOTE executed a private placement of 65,000 shares worth SEK
12.6 million, or GBP 1 million. After this new issue, the total number of NOTE shares is 28,548,600, and share capital is SEK 15,045,986.97. The new share issue resulted in dilution of about 0.23% for existing shareholders.
CEO's comments
Sales over 1 billion Swedish kronor in Q4We delivered as promised in Q4, when our sales passed one billion Swedish kronor. Being at the lower end of our guidance is due to defence-related products. Overall, the market remains
soft, even if we have seen it move in a positive direction for most customers. Security & Defence is the segment where we see we have the most potential for growth. Unfortunately, there were a lot of deferrals in Q4, with the defence industry continuing to face challenges in keeping pace with the rapid ramp-up the sector is undergoing. As an EMS partner, it's fairly straightforward for us to upscale capacity when customer volumes grow quickly, but other parts of the supply chain find it more difficult, which also causes delays for us. However, we can see that the volumes are there, and when the business cycle and demand growth accelerate, we're well positioned.
Our sector is in an exciting phase, with trends like regionalisa-tion, electrification and security & defence being strong drivers going forward. With our close customer relationships and an organisation with proven capability to deliver in every situation, we're ready to take a leading position. This is why we're investing, expanding and developing our business even when the business environment is uncertain.
Welcoming UK based Kasdon to the Group, while we also radically upscale our capacity in SwedenWe made our single biggest investment in NOTE when we got approval to complete our acquisition of UK EMS provider Kasdon in early-Q4. Kasdon's sales are around GBP 12 mil-
lion, and has a strong positioning in the defence sector, which generates about half of the company's revenue. This acquisition strengthens our positioning on the UK market and brings strategic depth in a high-demand segment. Kasdon has ambitious growth plans in the coming years, combined with high profitability. We're really pleased with how this company has performed in its first months as part of NOTE.
We achieved another major milestone in December when the expansion of our largest Swedish plant was completed. Doubling production space means our Torsby plant now has the potential for rapid growth, and with its customer base and their plans
for the future, we're convinced that expanding this plant was important.
We've seen our customers' growth plans and have made substantial investments in capacity and capability in recent years to stay one step ahead, and be able to satisfy the increasingly stringent quality, flexibility and efficiency standards our customers apply. We're satisfying them by continuing to improve our technology, skills and production flows. We're expanding several plants to gain more production capacity, or relocating to new premises that offer more production space and the more effective utilisation of facilities.
Strategy for sustainable growth with high profitabilityI'm proud to report that we're achieving very high profitability. Our most recent acquisition, Kasdon, which is achieving high
We delivered as promised with sales of over 1 billion Swedish kronor. We're also proud to
deliver our highest profitability to date with an operating margin of over 11% for the quarter.
profitability fully in line with plan, is one contributor. For the quarter, we delivered underlying operating margin of 11.4%, which is our highest margin to date, and the corresponding full-year figure is 10.1%. The fact that we're achieving record profitability growth when sales are below what we'd hoped, demonstrates what a fantastic organisation we have. Our organisation has the proven capability to combine quality and flexibility with really strong profitability. Our strategy and work on continuous improvement are paying off.
Positioned to keep exploiting opportunities on the marketSustained high profitability, combined with efficient progress in the utilisation of working capital, generated continued high cash flows. We reported an operating cash flow of SEK 58 million for the quarter and SEK 437 million for the full year. With an equity to assets ratio of 48% plus sound finances, we have stability and room to manoeuvre, and are thus well positioned to exploit the opportunities on the market.
Optimistic about a progressive improvement in 2026 We expect the defence sector's continued challenges to impact early-2026. We then anticipate a gradual improvement from customers, giving us a positive view of the full year 2026. This is reflected in our order backlog, which at year and 2025, was up 11% on the corresponding point of the previous year, in like-for-like terms.Given the positive drivers for the sector, our strong positioning as an EMS partner and efficient organisation, we're well positioned for coming growth.
Johannes Lind-Widestam
Comments on the Year-end Report
Sales Net sales and Operating margin Group, October-DecemberSEK m %
Sales in the quarter progressed in line with expectations and were
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Operating margin
SEK 1,001 (1,025) million. Adjusted for currency effects of -5%, organic growth was -1%.
Group, January-DecemberSales in the year were SEK 3,814 (3,901) million. Adjusted for currency effects of -3%, organic growth was +0%.
Despite fairly uncertain market conditions generally, some optimism was evident from customers. In like-for-like terms, order backlog was up by 11% (currency adjusted) on the corresponding point of the previous year.
The 15 largest customers in sales terms represented 46% (44%)
Operating margin in the above chart is adjusted for revaluations of operating assets and liabilities in foreign currency, also for non-recurring items, by SEK +7 m net in Q3 2024, SEK
+18 m net in Q1 2025 and SEK +3 m in Q4 2025.
of sales in the period. No single customer (group) made up more than approx. 6% (6%) of total sales.
Operating segmentsSEK m
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Western Europe% SEK m
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Rest of World %16
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The operating margin in the above chart has been adjusted for non-recurring items.
Western Europe
NOTE'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.
Demand from the Western Europe segment reduced by 7% in the quarter and 6% for the full year.
Sales in Sweden, NOTE's largest market, were in growth for the first three quarters of the year, but were negative 7% in the quarter, so growth for the year was 0%. 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 major 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 -32%. NOTE's recent UK acquisition performed at expected levels. Due to progress on the UK market, NOTE's smallest UK plant was closed in the year, with most of its customers being transferred to other NOTE operations.
Sales from the Finnish plant, which makes up a smaller unit of the group, increased sharply in the previous year, achieving
The operating margin in the above chart has been adjusted for non-recurring items.
37% growth for the full year. With the brisk growth of the previous year, and thus high comparative figures, sales slowed in the fourth quarter, and growth for year was -10%.
Rest of World
The 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 Rest of World, which faced challenges in the previous year, were up by 14% in the quarter and 11% for the full year.
Sales from the Estonian plant, which are mainly to customers in northern Europe, achieved growth of 28% for the quarter and
12% for the full year. Sales from the plant in China, which had been growing in previous quarters, were down by 5% in the quarter, but increased by 6% for the full year. Negative growth for the quarter was mainly due to the currency.
Sales from NOTE's plant in Bulgaria, a smaller unit, increased sharply, as expected.
Intra-group
Intra-group consists of business support functions in the parent company and the sourcing operations of NOTE Components. Group eliminations are also included.
Customer segmentsSEK m
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IndustrialQ3 Q4 Q1 Q2
Security & DefenceQ3 Q4 Q1 Q2
Q3 Q4
Q3 Q4
NOTE divides its sales into five customer segments:
Industrial
The manufacture of products in segments like automation, control, infrastructure, energy and construction technology.
NOTE's largest customer segment saw growth excluding acquisitions of 3% for the quarter and -6% for the full year. Previously, Defence was included in this segment, but effective 2025 (and in comparative figures) is reported as a separate segment. Progress between customers varies, and there was one UK customer that had an especially large impact because it zeroed volumes in
the first half-year due to inventory adaptation. NOTE resumed shipments to this customer in the third quarter. A customer of one of the Swedish plants experienced declining demand from its customer base, which had a sizeable negative impact on NOTE's volumes.
Security & Defence
Manufacture 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.
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CommunicationQ3 Q4 Q1 Q2 Q3 Q4
MedtechQ3 Q4 Q1 Q2 Q3 Q4
GreentechQ3 Q4 Q1 Q2 Q3 Q4
The segment was in expansive growth in the previous year, then increasing by 91%. Sales growth was especially high late in the previous year. Given the high comparative figures and periodicity of shipments to defence projects, sales excluding acquisitions were down 28% for the quarter and 4% for the full year.
Communication
Manufacture 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 customers' products.
Sales were down by 17% in the quarter and 7% for the full year.
Medtech
Medical technology products in diagnostics, treatment and X-ray are the foundation of this segment
Sales decreased by 18% in the quarter by 12% for the full year.
Medtech was also subject to variation between customers, but market uncertainty meant that several customers experienced reduced demand for their products, resulting in lower output. One major customer in the segment also conducted inventory adaptation, which had a significant impact on volumes.
Greentech
The Greentech segment consists of customers active in the green technology transition.
The segment achieved growth of 17% for the fourth quarter and 22% for the full year. Variation between customers was substantial, with one customer zeroing volumes in the period, and others in high growth. Greentech has faced growth challenges for some time, and the EV companies that previously burdened the segment now represent a substantial growth share.
Results of operations Group, October-DecemberGross profit was SEK 154 (148) million, with a gross margin of 15.4% (14.5%).
Sales and administration overheads for the period were SEK 43 (40) million. The quarterly number includes acquisition costs of SEK 3 million. As a share of sales, overheads were 4.3% (3.9%).
Other operating income/expenses were SEK 2 (-10) million, mainly consisting of revaluations of operating assets and liabilities in foreign currencies.
Operating profit for the period was SEK 113 (98) million, with an operating margin of 11.3% (9.5%). Adjusted for revaluations of operating assets and liabilities in foreign currencies and acquisition costs, adjusted operating profit was SEK 114 (108) million, and the adjusted operating margin was 11.4% (10.5%).
A lower interest rate contributed to financial expenses reducing to SEK -5 (-6) million net. Revaluations of financial assets and liabilities in foreign currencies, such as factoring liabilities, amounted to SEK 1 (-1) million. In total, net financial items for the period were SEK -4 (-7) million.
Profit after financial items was SEK 109 (91) million, equivalent to a profit margin of 10.9% (8.9%).
Profit after tax was SEK 86 (73) million, or SEK 3.04 (2.55) per share. The tax expense for the period was equivalent to 21% (20%) of profit before tax.
Group, January-DecemberGross profit was SEK 529 (519) million, with a gross margin of 13.9% (13.3%).
Sales and administration overheads for the period were SEK 147 (155) million. The figure for the year includes acquisition costs of SEK 3 million. As a share of sales, overheads were 3.9% (4.0%).
Other operating income/expenses were SEK -1 (-12) million. This item, which usually consists of revaluations of operating assets and liabilities in foreign currencies, included an SEK 18 million provision for restructuring the UK operation in the first quarter.
Operating profit for the period was SEK 381 (352) million, with an operating margin of 10.0% (9.0%). Adjusted operating profit amounted to SEK 385 (364) million, and the adjusted operating margin was 10.1% (9.3%). The adjustment was for revaluations of operating assets and liabilities in foreign currencies, a restructuring provision and acquisition costs.
Lower net debt for most of the year, and a lower interest rate, were contributors to financial expenses decreasing to SEK -28
(-38) million net. Revaluations of financial assets and liabilities in foreign currencies, such as factoring liabilities, amounted to SEK -1 (-4) million. In total, net financial items for the period were SEK -29 (-42) million. Profit after financial items was SEK 352 (310) million, equivalent to a profit margin of 9.2% (8.0%).
Profit after tax was SEK 281 (248) million, or SEK 9.89 (8.61) per share. The tax expense for the period was equivalent to 20% (20%) of profit before tax.
Cash flowOne 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 down 10% on the corresponding point of the previous year.
NOTE is making continuous efforts to monitor credit risks and limit the number of outstanding customer credit days. Accounts receivable-trade were down by -1% year on year. Overdue receivables reduced on the previous year-end.
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 comparable with the corresponding point of the previous year.
Reduced capital tied-up in inventory and continued positive profit performance generated a positive operating cash flow for the period. The total cash flow after investments for the quarter amounted to -285 (124) MSEK, corresponding to -9.98 (4.35) SEK per share. The operating cash flow after investments for the same period amounted to 58 (140) MSEK, adjusted for non-re-curring items such as the acquisition of Kasdon of 328 MSEK and investments in the property in Torsby. The total cash flow after investments for the full year amounted to 32 (465) MSEK, corresponding to 1.12 (16.33) SEK per share. The operating cash flow after investments for the full year amounted to 437 (539) MSEK, adjusted for non-recurring items such as the acquisi-
tion of Kasdon of 328 MSEK and investments in the property in Torsby.
Liquidity and net debtNOTE 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 420 (623) 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 403 (87) million.
Equity to assets ratioNOTE 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 48,0% (51.1%). The reported equity to assets ratio includes the SEK 199 million dividend paid in the second quarter.
InvestmentsExpenditure on property, plant and equipment in the year, excluding right-of-use assets for leased properties (IFRS 16 Leases),
was SEK 155 (153) million, corresponding to 4.1% (3.9%) 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 77 (43) million for the period. Planned depreciation on property, plant and equipment, excluding right-of-use assets for leased properties (IFRS 16 Leases), was SEK 72 (72) million.
Other information
Financial definitions Average number of employees Average number of employees calculated on the basis of hours worked. Cash flow per share Cash flow after investments divided by the number of outstanding shares at end of the period. Equity per share Equity divided by the number of outstanding shares at end of the period. Equity to assets ratio Equity as a percentage of total assets. Gross profit margin Gross profit as a percentage of net sales. Net debt Interest-bearing liabilities and provisions less cash and cash equivalents. Net sales per employee Net sales divided by the average number of full-time employees. Operating capital Total assets less cash and cash equivalents, non-interest bearing liabilities and provisions. Operating margin Operating profit as a percentage of net sales. Order backlog A combination of fixed orders and customer forecasts. Profit margin Profit after financial items as a percentage of net sales. Return on equity Net profit as a percentage of the average equity for the most recent twelve-month period. Return on operating capital Operating profit as a percentageof the average operating capital for the most recent twelve-month period.
Annual General MeetingThe Annual General Meeting in April re-elected the Board Members Anna Belfrage, Bahare Mackinovski, Charlotte Stjerngren, Johan Hagberg and Egil Dahl. Anna Belfrage was elected Chairman of the Board. The Meeting approved the Board's proposed dividend of SEK 7 (-) per share, corresponding to SEK 199.4 million, and cancelation of the 500,000 shares the company re-purchased and held in treasury. The background to this decision is the company's high profitability and rationalisation of working capital, which has generated strong cash flows.
Notes on the consolidated financial statementsOn 30 September, NOTE acquired all the shares of Kasdon Group, a UK electronics contract manufacturer with strong positioning in the defence sector. Kasdon's estimated full-year sales for 2024/2025 are just over GBP 12 million with a high operating margin. At the time of acquisition, Kasdon had around 50 employees. The acquisition consolidates NOTE's presence on the UK market, and gives access to the defence sector. The initial purchase consideration of GBP 28.2 million, of which GBP 1 million was paid in NOTE shares, was settled upon completion and
Parent companyThe parent company, NOTE AB (publ), is primarily focused on management, co-ordination and development of the group. Revenue was SEK 92 (98) million for the year, mainly from intra-group services. Profit before tax amounted to SEK 102
(136) million in the period. Profit for the period includes a SEK 71 million dividend from subsidiaries.
after final approval from the UK regulators. Given positive outcomes linked to Kasdon's 2025 profitability targets, a maximum earn-out of GBP 5.9 million may be payable. The acquisition analysis below is based on maximum purchase consideration
Existing customer relationships with a total value of SEK 56 million were identified in tandem with the acquisition. The
goodwill of SEK 345 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:
NOTE 1
Acquisitions
Acquired assets and liabilities taken over in the acquisition | 2025 | |
Total purchase consideration | 548 | |
Intangible assets - customer relationships | 56 | |
Property, plant and equipment | 11 | |
Right-of-use assets | 9 | |
Inventories | 29 | |
Accounts receivable - trade and other current receivables | 28 | |
Cash and cash equivalents | 136 | |
Long-term lease liabilities for right-of-use assets for properties | -8 | |
Short-term lease liabilities for right-of-use assets for properties | -1 | |
Tax liability | -22 | |
Accounts payable-trade and other current operating liabilities | -35 | |
Acquired identifiable net assets | 203 | |
Goodwill | 345 | |
Total acquired net assets | 548 | |
Cash flow relating to acquisitions in the period | ||
Purchase consideration paid | 464 | |
Cash in acquired entity | -136 | |
Net outflow, cash and cash equivalents | 328 |
External transaction expenses for the acquisition were approximately SEK 3 million, and mainly related to costs for local legal and other advisory services. These expenses are recognised on the administrative expenses line in the Consolidated Income Statement and are included in operating activities in the Cash Flow Statement.
New customer segmentationEffective the first quarter 2025, NOTE reporting its sales in five customer segments: Industrial, Security & Defence, Communication, Medtech and Greentech. Defence was previously a sub-segment of Industrial, and with its high sales growth and NOTE's continued strategic focus on this segment, reporting is clarified
by reporting it separately going forward. Some other customers have also been indicated transferred. Comparative periods have been adjusted to conform to the new segmentation, see below:
2024 | 2024 | 2024 | 2024 | |
External net sales, SEK m | Q1 | Q2 | Q3 | Q4 |
Industrial | 477 | 454 | 369 | 425 |
Security & Defence | 112 | 110 | 107 | 172 |
Communication | 149 | 151 | 114 | 143 |
Medtech | 160 | 167 | 116 | 145 |
Greentech | 157 | 130 | 103 | 140 |
Total external net sales | 1,055 | 1,012 | 809 | 1,025 |
There were no transactions with related parties in the period.
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.
For a more detailed review of the group's operational and financial risks, refer to NOTE's Annual Report for 2024, specifically to the Report of the Directors on pages 43-45, as well as note 24, Financial risks and finance policy, on pages 65-66.
NOTE's operations set relatively high standards for working capital financing. Accordingly, NOTE puts a sharp focus on managing liquidity risk.
Accounting and valuation principlesNOTE observes International Financial Reporting Standards (IFRS) as endorsed by the EU. Significant accounting and valuation principles are stated on pages 54-56 of the Annual Report for 2024. The group's Interim Report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. The parent company observes RFR 2.
All amounts are in SEK million unless otherwise stated.
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 Q4 has not been subject to review by the company's auditor.
Stockholm, Sweden, 25 January 2026 The Board of Directors of NOTE AB (publ)
Consolidated summary
SEK million | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
Net sales | 1,001 | 830 | 980 | 1 003 | 1,025 | 809 | 1,012 | 1,055 |
Gross margin | 15.4% | 13.3% | 13.4% | 13.3% | 14.5% | 12.5% | 13.7% | 12.4% |
Operating margin | 11.3% | 9.0% | 10.3% | 9.2% | 9.5% | 8.0% | 9.8% | 8.6% |
Profit margin | 10.9% | 8.1% | 9.6% | 8.2% | 8.9% | 6.8% | 8.6% | 7.4% |
Cash flow after investing activities | -285 | 105 | 58 | 156 | 124 | 120 | 137 | 84 |
Cash flow per share, SEK | -9.98 | 3.69 | 2.04 | 5.48 | 4.35 | 4.21 | 4.73 | 2.90 |
Equity per share, SEK | 57.7 | 55.1 | 53.6 | 57.8 | 57.5 | 54.1 | 54.0 | 51.8 |
Equity to asset ratio | 48.0% | 49.6% | 48.9% | 49.9% | 51.1% | 48.8% | 49.1% | 44.5% |
Average number of employees | 1,505 | 1,476 | 1,467 | 1,453 | 1,433 | 1,455 | 1,478 | 1,489 |
Net sales per employee, SEK 000 | 665 | 562 | 668 | 690 | 715 | 556 | 685 | 709 |
SEK million | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net sales | 3,814 | 3,901 | 4,243 | 3,687 | 2,643 | 1,874 |
Gross margin | 13.9% | 13.3% | 12.1% | 12.8% | 13.4% | 12.0% |
Operating margin | 10.0% | 9.0% | 10.1% | 9.3% | 9.5% | 8.0% |
Profit margin | 9.2% | 8.0% | 9.2% | 8.4% | 9.0% | 7.6% |
Earnings per share, before dilution, SEK | 9.89 | 8.61 | 11.04 | 8.79 | 6.82 | 4.11 |
Cash flow after investing activities | 32 | 465 | 98 | -31 | -142 | 172 |
Cash flow per share, SEK | 1.12 | 16.33 | 3.38 | -1.07 | -4.97 | 6.06 |
Equity per share, SEK | 57.7 | 57.5 | 48.2 | 37.9 | 28.0 | 20.0 |
Return on operating capital | 18.9% | 21.5% | 24.3% | 25.3% | 27.6% | 22.7% |
Return on equity | 17.1% | 18.1% | 25.7% | 26.8% | 28.4% | 22.5% |
Equity to asset ratio | 48.0% | 51.1% | 43.3% | 39.7% | 37.0% | 49.8% |
Average number of employees | 1,475 | 1,465 | 1,504 | 1,366 | 1,218 | 1,101 |
Net sales per employee, SEK 000 | 2,586 | 2,663 | 2,821 | 2,699 | 2,170 | 1,702 |
Consolidated Financial Reports
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
Net sales Cost of goods and services sold | 1,001 -847 | 1,025 -877 | 3,814 -3,285 | 3,901 -3,382 |
Gross profit | 154 | 148 | 529 | 519 |
Selling expenses | -21 | -21 | -75 | -81 |
Administrative expenses | -22 | -19 | -72 | -74 |
Other operating income/expenses | 2 | -10 | -1 | -12 |
Profit after financial items | 113 | 98 | 381 | 352 |
Net financial income/expenses | -4 | -7 | -29 | -42 |
Profit after financial items | 109 | 91 | 352 | 310 |
Income tax | -23 | -18 | -71 | -62 |
Profit after tax | 86 | 73 | 281 | 248 |
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
Profit after tax | 86 | 73 | 281 | 248 |
Other comprehensive income | ||||
Items that can be subsequently reversed in the income statement: | ||||
Exchange rate differences | -19 | 24 | -85 | 55 |
Cash flow hedges | 0 | 0 | 0 | 0 |
Tax on hedges and exchange rate difference | 0 | 0 | 0 | 0 |
Total other comprehensive income after tax | -19 | 24 | -85 | 55 |
Comprehensive income after tax | 67 | 97 | 196 | 303 |
Number of shares at end of period (000)
Weighted average number of shares (000)* Weighted average number of shares (000)** Earnings per share, SEK*
Earnings per share, SEK**
2025 2024 2025 2024 Q4 Q4 Full year Full year28,549 28,484 28,549 28,484
28,534 28,484 28,496 28,821
28,565 28,484 28,549 28,821
3.04 2.55 9.89 8.61
3.04 2.55 9.89 8.61
Earnings per Share* Before dilution
** After dilution
SEK million | 2025 31 dec | 2024 31 dec |
Assets | ||
Goodwill | 595 | 272 |
Intangible assets-customer relationships | 71 | 34 |
Other intangible assets | 51 | 21 |
Right of use assets-rented properties | 126 | 131 |
Property, plant and equipment | 500 | 438 |
Deferred tax assets | 16 | 15 |
Other financial assets | 1 | 1 |
Total non-current assets | 1,360 | 912 |
Inventories | 868 | 963 |
Accounts receivable-trade | 846 | 856 |
Other current receivables | 67 | 65 |
Cash and bank balances | 293 | 411 |
Total current asset | 2,074 | 2,295 |
TOTAL ASSETS | 3,434 | 3,207 |
Equity and liabilities | ||
Equity | 1,648 | 1,638 |
Liabilities | ||
Long-term interest-bearing liabilities | 125 | 144 |
Long-term liabilities, right of use asset-rented properties | 104 | 106 |
Deferred tax liabilities | 112 | 81 |
Total non-current liabilities | 341 | 331 |
Current interest-bearing liabilities | 570 | 355 |
Short-term liabilities, right of use asset-rented properties | 24 | 25 |
Advance payment from customers | 81 | 95 |
Accounts payable-trade | 540 | 534 |
Other current liabilities | 229 | 228 |
Other short term provisions | 1 | 1 |
Total non-current liabilities | 1,445 | 1,238 |
TOTAL EQUITY AND LIABILITIES | 3,434 | 3,207 |
SEK million | 2025 | 2024 | 2025 | 2024 |
Q4 | Q4 | Full year | Full year | |
Opening equity | 1,568 | 1,541 | 1,638 | 1,396 |
Comprehensive income after tax | 67 | 97 | 196 | 303 |
Warrants | - | - | - | 5 |
Dividend | - | - | -199 | - |
Repurchase of own shares | - | - | - | -66 |
New issue of shares | 13 | - | 13 | - |
Closing equity | 1,648 | 1,638 | 1,648 | 1,638 |
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
Operating activities | ||||
Profit after financial items | 109 | 91 | 352 | 310 |
Reversed depreciation and amortisation | 33 | 31 | 123 | 122 |
Other non-cash items | 3 | 9 | -8 | 10 |
Tax paid | -6 | -3 | -75 | -60 |
Change in working capital | -57 | 38 | 115 | 220 |
Cash flow from operating activities | 82 | 166 | 507 | 602 |
Cash flow from investing activities | -367 | -42 | -475 | -137 |
Cash flow from financing activities | 107 | -37 | -128 | -236 |
Change in cash and cash equivalents | -178 | 87 | -96 | 229 |
Cash and cash equivalents | ||||
At beginning of period | 473 | 316 | 411 | 170 |
Cash flow after investing activities | -285 | 124 | 32 | 465 |
Cash flow from financing activities | 107 | -37 | -128 | -236 |
Exchange rate difference in cash and cash | -2 | 8 | -22 | 12 |
Cash and cash equivalents at end of period | 293 | 411 | 293 | 411 |
Un-utilised credits | 127 | 212 | 127 | 212 |
Available cash and cash equivalents | 420 | 623 | 420 | 623 |
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
WESTERN EUROPE | ||||
External net sales | 751 | 805 | 2,825 | 3,012 |
Internal net sales | 17 | 3 | 24 | 8 |
Operating profit | 89 | 100 | 296 | 317 |
Operating margin | 11.6% | 12.4% | 10.4% | 10.5% |
Inventories | 688 | 750 | 688 | 750 |
External accounts receivable-trade | 672 | 670 | 672 | 670 |
Average number of employees | 966 | 965 | 955 | 958 |
REST OF WORLD | ||||
External net sales | 250 | 220 | 989 | 889 |
Internal net sales | 7 | 7 | 36 | 36 |
Operating profit | 21 | 11 | 84 | 49 |
Operating margin | 8.2% | 4.8% | 8.2% | 5.2% |
Inventories | 180 | 213 | 180 | 213 |
External accounts receivable-trade | 173 | 185 | 173 | 185 |
Average number of employees | 520 | 452 | 502 | 489 |
INTRA-GROUP | ||||
Internal net sales | -24 | -10 | -60 | -44 |
Operating profit | 3 | -13 | 1 | -14 |
External accounts receivable-trade | 1 | 1 | 1 | 1 |
Average number of employees | 19 | 16 | 18 | 18 |
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
WESTERN EUROPE | ||||
Industrial | 327 | 317 | 1,141 | 1,314 |
Security & Defence | 143 | 172 | 500 | 501 |
Communication | 43 | 66 | 191 | 238 |
Medtech | 102 | 130 | 461 | 512 |
Greentech | 136 | 120 | 533 | 447 |
Total external sales | 751 | 805 | 2,826 | 3,012 |
REST OF WORLD | ||||
Industrial | 130 | 108 | 492 | 411 |
Security & Defence | - | - | - | - |
Communication | 76 | 77 | 326 | 319 |
Medtech | 17 | 15 | 59 | 76 |
Greentech | 27 | 20 | 111 | 83 |
Total external sales | 250 | 220 | 988 | 889 |
TOTAL | ||||
Industrial | 457 | 425 | 1,633 | 1,725 |
Security & Defence | 143 | 172 | 500 | 501 |
Communication | 119 | 143 | 517 | 557 |
Medtech | 119 | 145 | 520 | 588 |
Greentech | 163 | 140 | 644 | 530 |
Total external sales | 1,001 | 1,025 | 3,814 | 3,901 |
Parent Company Financial Reports
SEK million | 2025 Q4 | 2024 Q4 | 2025 Full year | 2024 Full year |
Net sales Cost of services sold | 20 -19 | 30 -10 | 92 -59 | 98 -34 |
Gross profit | 1 | 20 | 33 | 64 |
Selling expenses | -7 | -5 | -15 | -16 |
Administrative expenses | -4 | -4 | -16 | -15 |
Other operating income/expenses | -13 | 10 | -52 | 30 |
Operating profit | -23 | 21 | -50 | 63 |
Net financial income/expenses | 14 | 7 | 88 | 23 |
Profit after financial items | -9 | 28 | 38 | 86 |
Appropriations | 64 | 50 | 64 | 50 |
Profit before tax | 55 | 78 | 102 | 136 |
Income tax | -7 | -17 | -11 | -30 |
Profit after tax | 48 | 61 | 91 | 106 |
2025 | 2024 | 2025 | 2024 | |
SEK million | Q4 | Q4 | Full year | Full year |
Profit after tax | 48 | 61 | 91 | 106 |
Other comprehensive income | ||||
Items that can be subsequently reversed in the income statement: | - | - | - | - |
Total other comprehensive income | - | - | - | - |
Comprehensive income after tax | 48 | 61 | 91 | 106 |
SEK million | 2025 31 dec | 2024 31 dec |
Assets | ||
Intangible assets | 0 | 0 |
Property, plant and equipment | 0 | 0 |
Long-term receivables from group companies | 780 | 356 |
Financial non-current assets | 278 | 278 |
Total non-current assets | 1,058 | 634 |
Receivables from group companies | 120 | 131 |
Other current receivables | 15 | 8 |
Cash and bank balances | 1 | 77 |
Total current assets | 136 | 216 |
TOTAL ASSETS | 1,194 | 850 |
Equity and liabilities | ||
Equity | 362 | 457 |
Untaxed reserves | 122 | 111 |
Liabilities | ||
Liabilities to financial institutions | 121 | 0 |
Liabilities to group companies | 569 | 230 |
Other current liabilities and provisions | 20 | 52 |
Total current liabilities | 710 | 282 |
TOTAL EQUITY AND LIABILITIES | 1,194 | 850 |
Changes in Equity | ||||
SEK million | 2025 | 2024 | 2025 | 2024 |
Q4 | Q4 | Full year | Full year | |
Opening equity | 301 | 396 | 457 | 412 |
Comprehensive income after tax | 48 | 61 | 91 | 106 |
Warrants | - | - | - | 5 |
Dividend | - | - | -199 | - |
New issue of shares | 13 | - | 13 | - |
Repurchase of own shares | - | - | - | -66 |
Closing equity | 362 | 457 | 362 | 457 |
This 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 long-term 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.
NOTE has a presence in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales over the last 12 months were SEK 3,814 million, and the group has approximately 1,450 employees.
NOTE is listed on Nasdaq Stockholm.
Financial information
NOTE AB (publ)
Corporate ID no. 556408-8770
CalenderInterim Report Q1 23 April 2026
Interim Report Q2 15 July 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.
Website: https://www.note-ems.com E-mail: info@note-ems.com Tel: +46 (0)8 568 99000
Investor Relations contactFrida Frykstrand CFO
Tel: +46 (0)70 462 09 39
E-mail: frida.frykstrand@note-ems.com
Photo: Jann Lipka 17