Mycronic (MYCR) Q4 2025 earnings summary

Executive summary

• Q4 order intake declined 19% year-over-year to SEK 1,939 million, mainly due to Pattern Generators, while full-year order intake rose 2% to SEK 7,757 million.

• Net sales for Q4 were SEK 2,021 million, down 2% year-over-year, but full-year net sales increased 12% to SEK 7,938 million.

• EBIT for Q4 was SEK 342 million (margin 17%), and for the year SEK 1,940 million (margin 24%).

• Backlog remained stable at SEK 4,681 million.

• Four acquisitions were signed in 2025, including ETZ post-period, strengthening the PCB Test and Global Technologies business lines.

Financial highlights

• Q4 gross margin was 46.8%, down from 48.8% last year; full-year gross margin was 52.4%.

• Aftermarket revenue for the year was SEK 1,977 million, 25% of net sales.

• Cash and equivalents at year-end were SEK 2,323 million, with net cash position at SEK 1,974 million.

• Return on equity was 22.8% and return on capital employed was 27.9% for the year.

• Book-to-bill ratio was 1.0 for both Q4 and the full year.

Outlook and guidance

• Net sales for 2026 are projected at SEK 8.25 billion.

• Electronics industry expected to grow 5.8% in 2026; semiconductor market forecast to grow 16%.

• First revenues from new inspection equipment for semiconductor photomasks expected in 2027.

• Continued R&D investment, especially in Pattern Generators and new product launches.

• Global Technologies and High Volume divisions expected to be main growth drivers in 2026.