2024-09-19

NOTE adjusts forecast for Q3 and full year 2024

For the third quarter 2024, turnover is expected to be between SEK 790-810 million with an operating margin between 7.5-8.0%. For the fourth quarter, sales are expected to be between SEK 975-1,025 million with an operating margin of at least 9.5%. For the full year 2024, this means a turnover of SEK 3.83-3.90 billion with an operating margin in the range of 8.9-9.2%, compared to the previous forecast of SEK 4.10-4.40 billion and an operating margin of 9.5-10.5%.

The lower levels in the second half of the year are explained by a further slowdown in customer demand, particularly in the Communications and Greentech segments. Margin development is strongly linked to the lower volumes and adjustments of costs are ongoing.

The lower volumes in 2024 mean that the long-term goal of reaching sales of SEK 7.5 billion by 2027 at the latest is postponed one year to 2028.

The strong cash flows NOTE reported for the first two quarters of the year are expected to continue during 2024. NOTE's financial position remains strong with an equity ratio exceeding 50%.

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