Financial performance in April-June
• Sales amounted to SEK 980 (1,012) million. Organic growth was 0%, currency adjusted.
• Operating profit was SEK 101 (99) million. Adjusted operating profit was SEK 94 (97) million, adjusted for revaluations of operating assets and liabilities in foreign currencies.
• The operating margin amounted to 10.3% (9.8%). The adjusted operating margin was 9.6% (9.6%).
• Profit after financial items was SEK 94 (86) million.
• Profit after tax amounted to SEK 76 (68) million, corresponding to SEK 2.65 (2.34) per share.
• Adjusted for items affecting comparability, such as investments in the property in Torsby, Sweden and acquisition-related payments in the comparative period, operating cash flow amounted to SEK 82 (157) million. Total cash flow after investments amounted to SEK 58 (137) million, or SEK 2.04 (4.73) per share.

Financial performance in January–June
• Sales amounted to SEK 1,983 (2,067) million. Organic growth was -2%, currency adjusted.
• Operating profit was SEK 194 (190) million. Adjusted operating profit was SEK 194 (189) million, adjusted for revaluations of operating assets and liabilities in foreign currencies, and for a SEK 18 million provision for restructuring of the UK operation in the first quarter.
• The operating margin amounted to 9.7% (9.2%). The adjusted operating margin was 9.8% (9.2%).
• Profit after financial items was SEK 176 (164) million.
• Profit after tax amounted to SEK 141 (132) million, corresponding to SEK 4.93 (4.54) per share.
• Adjusted for items affecting comparability, such as investments in the property in Torsby, Sweden and acquisition-related payments in the comparative period, operating cash flow amounted to SEK 260 (241) million. Total cash flow after investments amounted to SEK 214 (221) million, or SEK 7.51 (7.63) per share.

CEO’s comments – NOTE is continuing to invest in growth and profitability. We’re well positioned to exploit the opportunities on the market.

”The first half-year 2025 featured a world in transformation. With a clear strategy, strong customer relationships and an organisation with proven capability to deliver in every situation, we’re continuing to build for our future. We’re investing, expanding and evolving—even when the business environment is uncertain. Our customers are applying increasingly stringent standards to quality, flexibility and efficiency—and we’re satisfying them by continuing to improve our technology, skills and production flows. The fact that sales per NOTE employee are increasing continuously is clear evidence that our efforts are paying off.

In the second quarter, we reported sales of SEK 980 million, which is in line with our guidance, despite a continued poor market. This is a sign of our strength, and we’re experiencing growth on virtually all our markets apart from the UK.

While growth generates profitability, we’re seeing how our continuous efforts on streamlining and adapting our resources are paying off in stronger profitability, despite temporary market challenges restraining our growth. In the second quarter we reported an underlying operating margin of 9.6%.

We continue to see strong cash flows from operations and operating cash flow for the quarter was SEK 82 million, and cumulative for the year SEK 260 million. NOTE’s financial situation remains really strong and we have stability and room to exploit the opportunities on the market.

Year over year, we expect a progressive improvement of sales in the second half-year, but we have narrowed the interval of our full-year sales estimate to SEK 3.9-4.1 million from SEK 3.9-4.3 billion previously. We’re reiterating our operating margin estimate in the 9.5-10.5% interval.

We view the second half-year as a stage in our continued growth journey, and we’re continuing to invest to address our customers’ expansion over the coming years.”, says Johannes Lind-Widestam, CEO and President.

NOTEs Interim Report for Q2 2025 is now available in PDF format on the corporate web site, www.note-ems.com, and attached to this message. Today at 10.00 CET, NOTE organizes a teleconference for analysts, media and investors, where CEO and President Johannes Lind-Widestam presents the report. The Interim Report for January-September will be published on 16 October.