Mycronic (MYCR) Q4 2025 earnings summary

Executive summary

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

• Net sales for Q4 were flat to slightly down at SEK 2,021 million, with full-year net sales up 12% to SEK 7,938 million, and 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%).

• Backlog remained stable at SEK 4.7 billion at year-end.

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

Financial highlights

• Q4 net sales declined 2% year-over-year to SEK 2,021 million, impacted by an 11% negative currency effect.

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

• Full-year EBIT margin was 24%, with gross margin at 52.4%.

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

• Dividend of SEK 3.25 per share proposed, up from SEK 2.75.

Outlook and guidance

• Net sales for 2026 are projected at SEK 8.25 billion, based on current exchange rates and a small contribution from Cowin.

• 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 High Volume divisions.

• Global Technologies and High Volume expected to be main growth drivers in the coming year.