{"id":16724,"date":"2026-01-26T08:00:00","date_gmt":"2026-01-26T07:00:00","guid":{"rendered":"https:\/\/www.note-ems.com\/mfn_news\/notes-bokslutskommunike-2025\/"},"modified":"2026-01-26T08:00:00","modified_gmt":"2026-01-26T07:00:00","slug":"notes-to-the-financial-statements-2025","status":"publish","type":"mfn_news","link":"https:\/\/www.note-ems.com\/en\/pressmeddelande\/notes-bokslutskommunike-2025\/","title":{"rendered":"NOTE's year-end report 2025"},"content":{"rendered":"
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Financial performance October-December<\/strong>
- Sales totalled SEK 1 001 (1 025) million. Organic growth was -1% adjusted for currency.
- Operating profit totalled SEK 113m (98) and adjusted operating profit was SEK 114m (108), adjusted for revaluations of operating assets and liabilities in foreign currencies and for acquisition costs.
- The operating margin was 11.31% (9.51%). The adjusted operating margin was 11.41% (10.51%).
- Profit after net financial items totalled SEK 109 (91) million.
- Profit after tax totalled SEK 86 (73) million, corresponding to SEK 3.04 (2.55) per share.
- Adjusted for items affecting comparability, such as acquisition-related payments and investments in the property in Torsby, operating cash flow totalled SEK 58 million (140). Total cash flow after investments amounted to SEK -285 (124) million, corresponding to SEK -9.98 (4.35) per share.

<\/strong>Financial performance January-December<\/strong>
<\/strong>- Sales totalled SEK 3,814 (3,901) million. Organic growth was +0% adjusted for currency.
- Operating profit totalled SEK 381m (352). Adjusted operating profit totalled SEK 385m (364), adjusted for revaluations of operating assets and liabilities in foreign currencies, a provision of SEK 18m for restructuring of the UK operations in the first quarter of this year and acquisition costs.
- The operating margin was 10.01% (9.01%). The adjusted operating margin was 10.11% (9.31%).
- Profit after net financial items totalled SEK 352 (310) million.
- Profit after tax totalled SEK 281 (248) million, corresponding to SEK 9.89 (8.61) per share.
- Adjusted for items affecting comparability, such as acquisition-related payments and investments in the property in Torsby, operating cash flow totalled SEK 437 million (539). Total cash flow after investments amounted to SEK 32 (465) million, corresponding to SEK 1.12 (16.33) per share.<\/p>\n

Dividends<\/strong>
In order to ensure maximum financial flexibility during the ongoing structural transformation of the industry, the Board proposes that no dividend be paid for 2025.<\/p>\n

CEO commentary - <\/strong>We are delivering what we promised as sales come in above the billion mark. We are also proud to deliver our highest profitability ever with an operating margin of over 11% for the quarter.<\/strong><\/em><\/p>\n

\u201dIn Q4, we are delivering what we promised when sales came in above 1 billion. The fact that it is in the lower range of our guidance is explained by defence-related products where the defence industry continues to have challenges to keep up with the rapid ramp-up that the industry is undergoing, which leads to delays even for us as an EMS partner. Our industry is in an exciting phase where trends such as regionalisation, electrification and security and defence are strong drivers going forward. With the strong customer relationships we have and an organisation with a proven ability to deliver in all situations, we are ready to take a leading position. That is why we are investing, expanding and developing our business - even when the world is uncertain.<\/em><\/p>\n

We made our single largest investment for NOTE when we received the go-ahead to finalise the acquisition of UK EMS provider Kasdon at the start of Q4. Kasdon has sales of some \u00a312 million and a strong position in the defence sector. We're very pleased with what this company has delivered in its first months as part of NOTE.<\/em><\/p>\n

Another important milestone was reached in December when the expansion of our largest factory in Sweden was completed. With a doubled production area, our factory in Torsby has the potential to grow strongly and with the customers Torsbyfabriken has and their plans for the future, we are convinced that the expansion of the factory was urgent.<\/em><\/p>\n

We are delivering very strong profitability. For the quarter, we reached an underlying operating margin of 11.41 TSEK, which is our highest level ever, and for the full year the corresponding figure is 10.11 TSEK. The fact that we are delivering record levels of profitability even when sales are lower than we hoped for shows what a great organisation we have.<\/em><\/p>\n

Continued high profitability combined with efficient development of working capital utilisation meant continued strong cash flows. We delivered an operating cash flow of SEK 58 million for the quarter and SEK 437 million for the full year. With an equity\/assets ratio of 48% and sound financing, we have stability and room for manoeuvre, and are thus well positioned to take advantage of the opportunities that exist in the market.<\/em><\/p>\n

The continued challenges in the defence segment are expected to impact the beginning of 2026. Thereafter, we see a gradual strengthening from customers, which gives us a positive outlook for the full year 2026. This is reflected in the order backlog, which at the end of 2025 was 11% higher than at the same time last year for the corresponding units.<\/em><\/p>\n

Given the positive drivers for the industry, our strong position as an EMS partner and an efficient organisation, we are well positioned for the growth to come.\u201d<\/em>, says Johannes Lind-Widestam, President and CEO.<\/p>\n

NOTE's year-end report is available from today in pdf format on its website, www.note-ems.com, and is attached to this press release. NOTE is organising a presentation for analysts, media and investors at 10:00 a.m. CET today, where President and CEO Johannes Lind-Widestam will present the report. The Interim Report for January-March will be presented on 23 April.<\/p>\n<\/div>\n

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For further information, please contact:<\/strong>
Johannes Lind-Widestam, President and CEO, tel. 070-541 72 22
<\/strong>Frida Frykstrand, Finance Director, tel. 070-462 09 39<\/p>\n<\/div>\n

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About NOTE<\/strong>
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.<\/em>
\u00a0<\/em>
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.<\/em>
\u00a0<\/em>
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 <\/em>www.note-ems.com<\/a><\/em>.<\/em><\/p>\n<\/div>\n

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This information is information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-04-24 08:00 CEST.<\/em><\/p>\n<\/div>\n

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Attached files<\/strong>
Year-end report 2025<\/a><\/p>\n<\/div>\n