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NOTE (NOTE) investor relations material
NOTE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales reached SEK 830 million in Q3 2025, reflecting 6% organic growth despite a 3% negative currency effect and a slow market.
Operating profitability improved to 9.3%, with a trailing 12-month margin of 9.9%, close to the 10% target.
Earnings per share increased by 26% year-over-year, with profit after tax at SEK 54 million and EPS at SEK 1.92.
Strong cash flow for the quarter at SEK 121 million, with available cash and credit facilities totaling SEK 735 million at period end.
Announced acquisition of Kasdon Electronics/Group to strengthen the defense sector presence, expected to close mid-October 2025.
Financial highlights
Q3 net sales: SEK 830 million (SEK 809 million in Q3 2024); organic growth 6% after -3% currency effect.
Q3 operating margin: 9.3% (9.0% reported, 9.3% adjusted); trailing 12-month margin 9.9%.
Earnings per share rose 26% year-over-year; profit after tax SEK 54 million.
Cash flow for the quarter was SEK 121 million; SEK 1,024 million generated over 24 months.
Equity ratio stands at 50%, with net debt at SEK 27 million (excluding IFRS 16 leases).
Outlook and guidance
Q4 2025 sales expected in the SEK 1,000–1,050 million range, with a negative currency effect of SEK 30–40 million.
Q4 operating margin anticipated between 10.0% and 11.0%; to achieve a 10% full-year margin, Q4 needs to reach 10.9%.
Organic growth for Q4 is expected to be positive but low, in the 0%-5% range.
The Kasdon acquisition will be consolidated from October 1 and is expected to positively impact profitability.
Full-year turnover is expected to be SEK 100-120 million lower due to currency effects and some customer push-outs.
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