NOTE adjusts forecast for full-year 2023

NOTE forecasts full-year sales of SEK 4.21-4.26 billion, compared to its previous forecast of SEK 4.3 billion.

For the fourth quarter of 2023, sales are expected to be between SEK 1,050 - 1,100 million with an operating margin between 8.5%-9.0%. For the first nine months of the year, the operating margin was 9.9%.

The lower levels are mainly explained by delays in the start-up of several new projects, especially in the defence sector, as well as increased conversion costs in factories where the turnover of several customers was lower than the company anticipated at the beginning of the quarter.

For 2024, NOTE estimates that sales will be in the range of SEK 4.5 - 4.8 billion with an operating margin of 10%. The operating margin is expected to gradually improve in the year.

About NOTE
NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). NOTE is a competitive electronics manufacturer and a stable business partner to customers with high standards. Its products are found in complex systems for electronic control, monitoring and security, for example.

The business model is based on offering advanced manufacturing, customised logistics solutions and advice at the best possible total cost through long-term customer relationships and partnerships. The customer offering covers the entire product life cycle, from design to aftermarket. Customers are primarily large companies operating on the global market, but also companies with their primary sales in northern Europe.

NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months totalled SEK 3,849 million and the group has some 1,450 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit www.note-ems.com.

NOTE adjusts forecast for full-year 2023