Mycronic (MYCR) Q1 2025 earnings summary

Executive summary

• Order intake rose 25% year-over-year to SEK 2,058 million, with record net sales up 27% to SEK 2,142 million and EBIT reaching SEK 775 million at a 36% margin.

• Two acquisitions were completed: Hprobe (MRAM testing) and Robat (PCB signal quality testing), both integrated into Global Technologies.

• Order backlog increased to SEK 4,617 million.

• Aftermarket revenues reached a record SEK 531 million, mainly in Pattern Generators.

• Earnings per share before dilution increased to SEK 6.36 from SEK 5.01.

Financial highlights

• Net sales increased 27% year-over-year to SEK 2,142 million; EBIT margin for the quarter was 36%, with rolling 12-month EBIT margin at 29%.

• Gross margin improved to 61.1% from 57.6% year-over-year, especially in Pattern Generators and Global Technologies.

• Cash flow from operations before working capital changes was SEK 686 million; after changes, SEK 241 million.

• Net cash position at quarter-end was SEK 2,775 million; cash and cash equivalents at SEK 2,990 million.

• Acquisition-related costs totaled SEK 22 million.

Outlook and guidance

• Net sales guidance for 2025 revised to SEK 7.0–7.5 billion due to increased uncertainty from tariffs and currency fluctuations.

• Direct tariff impact is limited, but indirect effects on investment climate and currency are significant.

• Uncertainty is highest in divisions with shorter lead times, notably High Flex.