Logotype for NOTE

NOTE (NOTE) investor relations material

NOTE Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for NOTE
Q3 2025 earnings summary16 Oct, 2025

Executive summary

  • Sales reached SEK 830 million in Q3 2025, representing 6% organic growth despite a 3% negative currency effect and a slow market.

  • Profitability improved to an adjusted operating margin of 9.3% (8.3%), with underlying operating profit at 9.9% and profit after tax at SEK 54 million.

  • Earnings per share increased by 26% year-over-year to SEK 1.92 (1.52), and cash flow for the quarter was SEK 121 million.

  • Cash flow over the last 24 months totaled SEK 1,024 million, with available cash and credit facilities at SEK 735 million at period end.

  • Six acquisitions have been completed since current leadership, all funded by internal cash flow, with share buybacks exceeding issuances.

Financial highlights

  • Q3 2025 net sales were SEK 830 million (SEK 809 million in Q3 2024), with organic growth of 6% after a -3% currency effect.

  • Q3 operating profit was SEK 74 million (SEK 64 million), with an adjusted operating margin of 9.3% (8.3%).

  • Cash flow remains robust, with SEK 100–150 million more expected from further inventory reductions.

  • Equity ratio stands at 50%, and net debt is low at SEK 27 million (excluding leases).

  • The company has maintained a five-year CAGR exceeding 15%, though growth has slowed in the last two years.

Outlook and guidance

  • Q4 2025 sales are expected in the SEK 1,000–1,050 million range, with a negative currency effect of SEK 30–40 million.

  • Q4 profitability is guided at 10–11%, with a full-year target of 10% underlying operating profit.

  • Organic growth for Q4 is expected to be 0–5%, lower than the previously guided 5–10%.

  • Management remains optimistic about long-term growth, especially in Security & Defence and Greentech segments.

  • The Caston and Kasdon acquisitions are expected to positively impact profitability and will be consolidated from October 1 and mid-October 2025, respectively.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next NOTE earnings date

Logotype for NOTE
Q4 202526 Jan, 2026
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next NOTE earnings date

Logotype for NOTE
Q4 202526 Jan, 2026

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

NOTE targets global customers in the industrial, telecommunications, medical technology, and technology & innovation market segments. NOTE´s customers use its manufacturing services in their product life cycle planning, ranging from development to full-scale manufacturing. NOTE’s geographical position enables efficient transfer of technology to and from Asia. Its expertise is built on long-term experience and know-how covering the complete range of technologies and production processes required in demanding EMS production.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage