NOTE (NOTE) Q3 2025 earnings summary

Executive summary

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

• Operating profitability improved to 9.3%, with a trailing 12-month margin of 9.9%, close to the 10% target.

• Earnings per share increased by 26% year-over-year, with profit after tax at SEK 54 million and EPS at SEK 1.92.

• Strong cash flow for the quarter at SEK 121 million, with available cash and credit facilities totaling SEK 735 million at period end.

• Announced acquisition of Kasdon Electronics/Group to strengthen the defense sector presence, expected to close mid-October 2025.

Financial highlights

• Q3 net sales: SEK 830 million (SEK 809 million in Q3 2024); organic growth 6% after -3% currency effect.

• Q3 operating margin: 9.3% (9.0% reported, 9.3% adjusted); trailing 12-month margin 9.9%.

• Earnings per share rose 26% year-over-year; profit after tax SEK 54 million.

• Cash flow for the quarter was SEK 121 million; SEK 1,024 million generated over 24 months.

• Equity ratio stands at 50%, with net debt at SEK 27 million (excluding IFRS 16 leases).

Outlook and guidance

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

• Q4 operating margin anticipated between 10.0% and 11.0%; to achieve a 10% full-year margin, Q4 needs to reach 10.9%.

• Organic growth for Q4 is expected to be positive but low, in the 0%-5% range.

• The Kasdon acquisition will be consolidated from October 1 and is expected to positively impact profitability.

• Full-year turnover is expected to be SEK 100-120 million lower due to currency effects and some customer push-outs.