Mycronic (MYCR) Q4 2025 earnings summary

Executive summary

• Order intake declined 19% year-over-year to SEK 1,939 million in Q4, 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, with 20% growth at constant exchange rates.

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

• The board proposes a dividend of SEK 3.25 per share, a slight increase from the previous year, with no extra dividend.

• Four acquisitions were signed in 2025, including ETZ post-period, and a major relocation of PCB Assembly Solutions was completed.

Financial highlights

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

• Aftermarket revenue exceeded SEK 500 million for the quarter and is approaching SEK 2 billion annually, now 25% of net sales.

• Cash and equivalents at year-end were SEK 2,323 million, with a net cash position of 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, based on current exchange rates and a small contribution from the Cowin acquisition.

• R&D investments will increase further in 2025, peaking with the launch of new inspection equipment.

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

• Global Technologies and High Volume divisions are expected to be the main growth engines in 2026.

• Pattern Generators will see continued investment and a strong start to the year, with potential support from semiconductor equipment orders.