AI Terminal
Mycronic
Earnings Release • Jul 11, 2025
2946_ir_2025-07-11_e7bf481f-b50e-4ad6-956c-29d670e49e25.pdf
Earnings Release
Open in ViewerOpens in native device viewer
Q2
Interim Report January-June 2025
Second quarter
- Order intake amounted to SEK 1,330 (2,125) million, a decline of 37 percent
- Net sales increased 35 percent to SEK 2,066 (1,527) million. Based on constant exchange rates, net sales increased 46 percent
- EBIT amounted to SEK 568 (348) million and the EBIT margin was 27 (23) percent
- Earnings per share were SEK 2.28 (1.47) before and after dilution
January-June
- Order intake amounted to SEK 3,388 (3,770) million, a decrease of 10 percent
- Net sales increased 31 percent to SEK 4,208 (3,219) million. Based on constant exchange rates, net sales increased 35 percent
- EBIT amounted to SEK 1,344 (947) million and the EBIT margin was 32 (29) percent
- Earnings per share were SEK 5.46 (3.97) before and after dilution
"Net sales increased 35 percent in the second quarter, with strong growth in Pattern Generators, High Volume and Global Technologies. EBIT increased to SEK 568 million, corresponding to an EBIT margin of 27 percent. Order intake declined 37 percent, explained by Pattern Generators. At the same time, Global Technologies showed a strong order intake. Following a strong second quarter, completed acquisitions and reduced time for uncertainty since there are less than six months remaining of the year, the Outlook for 2025 has been revised", says Anders Lindqvist, President and CEO.
Outlook 2025
The Board of Directors reverts to its original opinion regarding net sales for 2025 to be at a level of SEK 7.5 billion, from previously a level of SEK 7.0 to 7.5 billion.
| Q2 | Jan-Jun | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| Group summary | 2025 | 2024 | 2025 | 2024 | Rolling 12 month |
2024 |
| Order intake, SEK million | 1,330 | 2,125 | 3,388 | 3,770 | 7,228 | 7,611 |
| Net Sales, SEK million | 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 |
| Book-to-bill | 0.6 | 1.4 | 0.8 | 1.2 | 0.9 | 1.1 |
| Order backlog, SEK million | 4,068 | 4,700 | 4,068 | 4,700 | 4,068 | 4,702 |
| Gross margin, % | 53.4% | 51.3% | 57.3% | 54.6% | 54.4% | 52.7% |
| EBIT, SEK million | 568 | 348 | 1,344 | 947 | 2,417 | 2,021 |
| EBIT margin, % | 27.5% | 22.8% | 31.9% | 29.4% | 30.0% | 28.6% |
| Earnings per share before dilution, SEK* | 2.28 | 1.47 | 5.46 | 3.97 | 10.12 | 8.62 |
| Earnings per share after dilution, SEK* | 2.28 | 1.47 | 5.46 | 3.97 | 10.11 | 8.62 |
| Cash Flow, SEK million | -1,156 | -293 | -1,109 | 369 | -656 | 822 |
| Changes in Net Sales | ||||||
| Total growth, % | 35% | 23% | 31% | 31% | 25% | 24% |
| Organic growth, % | 44% | 23% | 34% | 32% | 27% | 25% |
| Growth from acquisitions/divestments, % | 2% | 0% | 1% | 0% | 1% | 1% |
| Currency effects, % | -10% | 0% | -5% | -1% | -3% | -2% |
*Recalculated to reflect the share split executed on June 3 2025, whereby one existing share was split into two shares.
CEO comments
Net sales increased 35 percent in the second quarter, with strong growth in Pattern Generators, High Volume and Global Technologies. EBIT increased to SEK 568 million, corresponding to an EBIT margin of 27 percent. Order intake declined 37
percent, explained by Pattern Generators. At the same time, Global Technologies showed a strong order intake.
In Pattern Generators, photomask markets were stable for both displays and semiconductors in the second quarter of the year. Pattern Generators did not receive any orders for new systems during the quarter and order intake was only related to the aftermarket, where service contracts continue to increase with the growing number of installed systems. The business is characterized by fluctuations over time and performance should be viewed from a long-term perspective.
During the quarter, High Flex changed its name to PCB Assembly Solutions. The new name reflects the division's growing product offering of advanced production equipment and solutions for the manufacturing of PCB assemblies. The European market showed signs of some recovery from a low level during the second quarter, while the US market was characterized by uncertainty over tariffs.
High Volume's Chinese domestic market continued to show strong demand during the second quarter. Business outside China also performed well.
Global Technologies completed two acquisitions during the quarter. In April, RoBAT was acquired, a company headquartered in the United Kingdom, which has developed
a technology for fast and reliable tests of signal quality on PCBs. RoBAT forms part of the PCB Test business line. In June, Surfx Technologies was acquired, a company headquartered in the US, providing atmospheric plasma solutions for surface treatment, including cleaning and active oxide removal. These solutions are used in advanced packaging, semiconductor processing, and other electronics manufacturing applications. Surfx forms a new business line within the Global Technologies division, called Applied Plasma. The division now has five business lines: PCB Test, Die Bonding, Photonic Interconnects, Magnetic Test and Applied Plasma.
The market for the PCB Test business line remained strong, while the Die Bonding business line was affected by the uncertainties created by the US-China tariff dispute.
After the end of the period, Pattern Generators signed an agreement to acquire Cowin DST, a company based in South Korea primarily providing systems for display panel repair, as well as display and semiconductor photomask repair. Closing is pending regulatory approval, expected to take two to four months.
Following a strong second quarter, completed acquisitions and reduced time for uncertainty since there are less than six months remaining of the year, the Outlook for 2025 has been revised.
Anders Lindqvist, President and CEO
Order intake and net sales, rolling 12 months Gross and EBIT margin, rolling 12 months
Financial performance
GROUP
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Order intake, SEK million | 1,330 | 2,125 | 3,388 | 3,770 | 7,228 | 7,611 |
| Order backlog, SEK million | 4,068 | 4,700 | 4,068 | 4,700 | 4,068 | 4,702 |
| Net Sales, SEK million | 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 |
| Gross profit, SEK million | 1,103 | 783 | 2,413 | 1,757 | 4,375 | 3,719 |
| Gross margin, % | 53.4% | 51.3% | 57.3% | 54.6% | 54.4% | 52.7% |
| EBIT, SEK million | 568 | 348 | 1,344 | 947 | 2,417 | 2,021 |
| EBIT margin, % | 27.5% | 22.8% | 31.9% | 29.4% | 30.0% | 28.6% |
| EBITDA, SEK million | 646 | 415 | 1,497 | 1,075 | 2,708 | 2,287 |
In June, Mycronic's share was split in accordance with the decision of the Annual General Meeting in May, whereby one existing share was split into two shares.
Order intake in the second quarter declined 37 percent to SEK 1,330 (2,125) million, explained by Pattern Generators. At the same time, Global Technologies showed a strong order intake. For the first six months, order intake decreased 10 percent to SEK 3,388 (3,770) million. The Group's order backlog at the end of the quarter was SEK 4,068 (4,700) million.
Net sales increased 35 percent to SEK 2,066 (1,527) million, with strong growth in Pattern Generators, High Volume and Global Technologies. For the first six months of the year, net sales increased 31 percent to SEK 4,208 (3,219) million. Net sales for the quarter were impacted by currency effects of SEK -158 million and for the first six months by SEK -153 million.
The gross margin increased to 53 (51) percent, driven by higher gross margins in Pattern Generators and Global Technologies and a more favorable division mix, with Pattern Generators representing a higher share of Group net sales. For the first six months of the year, the gross margin increased to 57 (55) percent.
EBIT for the quarter increased to SEK 568 (348) million, corresponding to an EBIT margin of 27 (23) percent. For the first six months of the year, EBIT was SEK 1,344 (947) million, representing an EBIT margin of 32 (29) percent. Acquisition-related costs amounted to SEK 43 (23) million for the quarter and SEK 65 (35) million for the first six months.
Cash flow and financial position
Consolidated cash and cash equivalents at the end of June amounted to SEK 1,804 (2,535) million. Cash flow for the first six months amounted to SEK -1,109 (369) million. Cash flow from operating activities amounted to SEK 668 (1,119) million. Working capital increased during the first six months of the year, yielding a cash flow effect of SEK -596 (115) million, driven primarily by lower advance payments from customers and higher inventory.
Investing activities generated a cash flow of SEK -993 (-262) million during the first six months, with the acquisitions of Hprobe, RoBAT and Surfx accounting for SEK -924 million, capitalization of product development for SEK -35 (-36) million and investments in property, plant and equipment for SEK -25 (-68) million. Financing activities generated a cash flow of SEK -784 (-488) million, of which SEK -734 (-441) million related to dividends to shareholders. At the end of June, Mycronic had a net cash position of SEK 1,606 (2,322) million.
During the quarter, the Global Technologies division acquired RoBAT, a company headquartered in the United Kingdom, which has developed a technology for fast and reliable tests of signal quality on PCBs, and Surfx Technologies, a company headquartered in the US, providing atmospheric plasma solutions for surface treatment, including cleaning and active oxide removal.
Sustainability
During the quarter, the existing SEK 1 billion credit facility with Handelsbanken was renewed. The new facility runs until 2030 and is linked to specific requirements related to the company's science-based climate targets, as well as due diligence in the supply chain.
PATTERN GENERATORS
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Order intake, SEK million | 191 | 1,199 | 1,147 | 1,844 | 2,565 | 3,262 |
| Order backlog, SEK million | 2,309 | 3,424 | 2,309 | 3,424 | 2,309 | 3,334 |
| Net Sales, SEK million | 974 | 650 | 2,171 | 1,488 | 3,680 | 2,997 |
| Gross profit, SEK million | 675 | 438 | 1,588 | 1,073 | 2,620 | 2,105 |
| Gross margin, % | 69.4% | 67.3% | 73.1% | 72.1% | 71.2% | 70.2% |
| EBIT, SEK million | 537 | 342 | 1,289 | 886 | 2,097 | 1,694 |
| EBIT margin, % | 55.1% | 52.6% | 59.4% | 59.5% | 57.0% | 56.5% |
| EBITDA | 556 | 357 | 1,328 | 914 | 2,170 | 1,756 |
| R&D expenditures, SEK million | -113 | -75 | -221 | -144 | -409 | -332 |
| R&D costs, SEK million | -108 | -65 | -208 | -129 | -367 | -287 |
Photomask markets were stable for both displays and semiconductors in the second quarter of the year.
Pattern Generators did not receive any orders for new systems during the quarter and order intake was only related to the aftermarket, where service contracts continue to increase with the growing number of installed systems. The business is characterized by fluctuations over time and performance should be viewed from a long-term perspective. Order intake declined 84 percent to SEK 191 (1,199) million. For the first six months of the year, order intake decreased 38 percent to SEK 1,147 (1,844) million.
The order backlog at the end of the quarter was SEK 2,309 (3,424) million and contained 19 systems, with planned deliveries as follows:
2025 Q3: 1 Prexision Lite 8 Evo, 2 SLXs, 1 MMX 2025 Q4: 1 Prexision Lite 8 Evo, 1 FPS6100, 2 SLXs
2026 Q1: 1 Prexision 8000 Evo, 1 Prexision 8 Evo, 1 Prexision 8 Entry Evo, 1 FPS Evo, 3 SLXs 2026 Q2: 1 Prexision 8 Evo, 1 Prexision Lite 8 Evo, 1 Prexision MMS 2026 Q3: 1 SLX
Compared to the delivery timetable presented in the most recent interim report, delivery of a Prexision 8 Evo has been moved from the third to the second quarter of 2026.
During the quarter, Pattern Generators delivered one Prexision 80 Evo, one Prexision Lite 8 Evo, one Prexision MMS and five SLXs, compared with one Prexision 8 Evo, one Prexision MMS and three SLXs in the corresponding period of the preceding year. Net sales increased 50 percent to
SEK 974 (650) million. For the first six months, net sales increased 46 percent to SEK 2,171 (1,488) million. Net sales for the second quarter were impacted by currency effects of SEK -73 million and for the first six months by SEK -82 million.
The gross margin for the quarter was 69 (67) percent and for the first six months of the year 73 (72) percent.
EBIT increased to SEK 537 (342) million, corresponding to an EBIT margin of 55 (53) percent. For the first six months, EBIT amounted to SEK 1,289 (886) million, equalling an EBIT margin of 59 (60) percent. Pattern Generators was not charged with acquisition-related costs.
R&D costs for the quarter amounted to SEK 108 (65) million and SEK 208 (129) million for the first six months. The capitalization of development costs amounted to SEK 5 (10) million for the quarter and SEK 13 (16) million for the first six months.
After the end of the period, Pattern Generators signed an agreement to acquire Cowin DST, a company based in South Korea primarily providing systems for display panel repair, as well as display and semiconductor photomask repair. In recent years the company has also invested in developing new inspection and cleaning technologies which could be used in various applications, primarily in the display and semiconductor industries. Closing is pending regulatory approval, expected to take two to four months.
PCB ASSEMBLY SOLUTIONS
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Order intake, SEK million | 356 | 362 | 651 | 696 | 1,425 | 1,471 |
| Order backlog, SEK million | 133 | 167 | 133 | 167 | 133 | 102 |
| Net Sales, SEK million | 328 | 353 | 620 | 649 | 1,460 | 1,489 |
| Gross profit, SEK million | 122 | 140 | 229 | 247 | 585 | 602 |
| Gross margin, % | 37.2% | 39.7% | 37.0% | 38.0% | 40.1% | 40.5% |
| EBIT, SEK million | 14 | 18 | 1 | 19 | 138 | 156 |
| EBIT margin, % | 4.3% | 5.1% | 0.1% | 3.0% | 9.4% | 10.5% |
| EBITDA | 25 | 30 | 23 | 41 | 184 | 202 |
| R&D expenditures, SEK million | -53 | -57 | -104 | -110 | -201 | -207 |
| R&D costs, SEK million | -45 | -48 | -92 | -94 | -173 | -176 |
The European market showed signs of some recovery from a low level during the second quarter, while the US market was characterized by uncertainty over tariffs. During the quarter, the division changed its name to PCB Assembly Solutions. The new name reflects the division's growing product offering of advanced production equipment and solutions for the manufacturing of PCB assemblies.
Order intake declined 2 percent during the quarter to SEK 356 (362) million. For the first six months, order intake decreased 7 percent to SEK 651 (696) million. The order backlog at the end of the quarter amounted to SEK 133 (167) million.
Net sales decreased 7 percent during the quarter to SEK 328 (353) million. For the first six months, net sales decreased 4 percent to SEK 620 (649) million. Net sales for the quarter were impacted by currency effects of SEK -23 million and for the first six months by SEK -17 million.
The gross margin for the quarter was 37 (40) percent and for the first six months 37 (38) percent.
EBIT was SEK 14 (18) million, corresponding to an EBIT margin of 4 (5) percent. For the first six months of the year, EBIT amounted to SEK 1 (19) million, representing an EBIT margin of 0 (3) percent. Acquisition-related costs amounted to SEK 1 (2) million during the quarter and to SEK 1 (3) million for the first six months.
R&D costs for the quarter amounted to SEK 45 (48) million and SEK 92 (94) million for the first six months. The capitalization of development costs amounted to SEK 9 (11) million for the quarter and SEK 13 (18) million for the first six months.
HIGH VOLUME
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Order intake, SEK million | 383 | 357 | 936 | 747 | 1,712 | 1,523 |
| Order backlog, SEK million | 915 | 778 | 915 | 778 | 915 | 752 |
| Net Sales, SEK million | 443 | 320 | 772 | 631 | 1,575 | 1,434 |
| Gross profit, SEK million | 170 | 131 | 314 | 258 | 610 | 555 |
| Gross margin, % | 38.5% | 40.9% | 40.6% | 41.0% | 38.8% | 38.7% |
| EBIT, SEK million | 74 | 45 | 133 | 100 | 256 | 223 |
| EBIT margin, % | 16.7% | 14.1% | 17.2% | 15.8% | 16.3% | 15.6% |
| EBITDA | 77 | 47 | 140 | 104 | 269 | 234 |
| R&D expenditures, SEK million | -43 | -37 | -82 | -70 | -166 | -154 |
| R&D costs, SEK million | -43 | -35 | -82 | -68 | -165 | -151 |
High Volume's Chinese domestic market continued to show strong demand during the second quarter. Business outside China also performed well.
Order intake rose 7 percent during the quarter and amounted to SEK 383 (357) million. For the first six months, order intake increased 25 percent to SEK 936 (747) million. The order backlog at the end of the quarter was SEK 915 (778) million.
Net sales increased 39 percent to SEK 443 (320) million, with Modus contributing SEK 5 million. For the first six months, net sales increased 22 percent to SEK 772 (631) million. Net sales for the quarter were impacted by currency effects of SEK -37 million and for the first six months by SEK -34 million.
The gross margin for the quarter was 38 (41) percent and for the first six months of the year 41 (41) percent.
High Volume's EBIT increased to SEK 74 (45) million, corresponding to an EBIT margin of 17 (14) percent. Modus had an EBIT impact of SEK -7 million. For the first six months of the year, EBIT was SEK 133 (100) million, equalling an EBIT margin of 17 (16) percent. Acquisitionrelated costs amounted to SEK 2 (-) million for the quarter and SEK 6 (-) million for the first six months.
R&D costs for the quarter amounted to SEK 43 (35) million and SEK 82 (68) million for the first six months. The capitalization of development costs amounted to SEK 1 (2) million for the quarter and SEK 1 (2) million for the first six months.
GLOBAL TECHNOLOGIES
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Order intake, SEK million | 402 | 207 | 656 | 483 | 1,528 | 1,355 |
| Order backlog, SEK million | 711 | 330 | 711 | 330 | 711 | 514 |
| Net Sales, SEK million | 323 | 203 | 646 | 451 | 1,334 | 1,138 |
| Gross profit, SEK million | 136 | 74 | 284 | 178 | 561 | 455 |
| Gross margin, % | 42.2% | 36.3% | 44.0% | 39.5% | 42.1% | 40.0% |
| EBIT, SEK million | 11 | -15 | 65 | 14 | 164 | 113 |
| EBIT margin, % | 3.5% | -7.6% | 10.0% | 3.1% | 12.3% | 10.0% |
| EBITDA | 34 | 2 | 105 | 45 | 237 | 177 |
| R&D expenditures, SEK million | -39 | -26 | -69 | -46 | -125 | -101 |
| R&D costs, SEK million | -47 | -34 | -82 | -61 | -154 | -134 |
Global Technologies completed two acquisitions during the quarter. In April, RoBAT was acquired, a company headquartered in the United Kingdom, which has developed a technology for fast and reliable tests of signal quality on PCBs. RoBAT forms part of the PCB Test business line. In June, Surfx Technologies was acquired, a company headquartered in the US, providing atmospheric plasma solutions for surface treatment, including cleaning and active oxide removal. These solutions are used in advanced packaging, semiconductor processing, and other electronics manufacturing applications. Surfx forms a new business line within the Global Technologies division, called Applied Plasma. The division now has five business lines: PCB Test, Die Bonding, Photonic Interconnects, Magnetic Test and Applied Plasma.
The PCB Test business line developed well during the quarter, while the Die Bonding business line was affected by the uncertainties created by the US-China tariff dispute.
Order intake increased 95 percent during the quarter to SEK 402 (207) million. Order intake excluding acquisitions increased 55 percent. For the first six months, order intake increased 36 percent to SEK 656 (483) million. The order backlog at the end of the quarter was SEK 711 (330) million.
Net sales increased 59 percent to SEK 323 (203) million, with acquired companies (Hprobe, RoBAT and Surfx)
contributing SEK 23 million. For the first six months, net sales increased 43 percent to SEK 646 (451) million. Net sales for the quarter were impacted by currency effects of SEK -25 million and for the first six months by SEK -20 million. Organic net sales increased 59 percent during the quarter.
The gross margin increased to 42 (36) percent for the quarter and to 44 (39) percent for the first six months.
EBIT increased to SEK 11 (-15) million, corresponding to an EBIT margin of 3 (-8) percent. Hprobe, RoBAT and Surfx had an EBIT impact of SEK -23 million during the quarter. Due to founder and employee retention bonuses and acquisition-related costs, Surfx is expected to have a negative EBIT impact on the division in 2025. For the first six months of the year, EBIT amounted to SEK 65 (14) million, representing to an EBIT margin of 10 (3) percent. Acquisition-related costs amounted to SEK 34 (15) million during the quarter and to SEK 49 (25) million for the first six months.
R&D costs for the quarter amounted to SEK 47 (34) million and SEK 82 (61) million for the first six months. The capitalization of development costs amounted to SEK 3 (-) million for the quarter and SEK 8 (-) million for the first six months.
Electronics industry
The global electronics industry grew 5.0 percent in 2024 to USD 2,554 billion1 . For the full year 2024, the semiconductor market is estimated to have grown 19.2 percent to the equivalent of USD 628 billion1 .
OUTLOOK
Note that some of the forecasts below were made before the tariff announcements. Annual growth for the electronics industry is forecast at 5.5 percent for the period 2024- 20291 . Segments with the strongest expected growth during this five-year period are electronics for data centers, defense & aerospace, industrial applications and communications. The electronics industry is forecast to demonstrate growth of 7.4 percent in 2025. Growth is expected to occur in all segments, except in consumer segment for TVs. The semiconductor market is expected to grow 11.8 percent in 2025, driven by demand for AI chips for data centers. Market growth is forecast to be positive during the 2024-2029 period as a whole, with annual growth of 7.7 percent1 . The display market grew 13.8 percent in 2024 to USD 135 billion2 , mainly due to healthy demand for displays for TVs, mobile phones and cars. The OLED portion of the market was the primary growth engine, with growth of 26.1 percent. For 2025, the market is forecast to grow 4.7 percent due to growth in both LCD and OLED displays. During the 2024-2029 period, the display market is expected to demonstrate annual growth of 2.3 percent2 . The long-term trend toward a larger share of advanced OLED displays is forecast to continue.
| Size/growth | 2025F | 2024 | 2023 |
|---|---|---|---|
| Electronics industry, percentual change¹ |
+7.4% | +5.0% | +0.1% |
| Semiconductor industry, percentual change¹ |
+11.8% | +19.2% | -8.0% |
| SMT component mounting, percentual change³ |
NA | -7.7% | -26.5% |
| Dispensing, USD million⁴ | NA | 750 | 730 |
| Displays, USD, billion² | 141 | 135 | 118 |
| Photomasks for displays, percentual change in value⁵ |
+2.0% | +2.0% | +6.4% |
| Photomasks for semiconductors, percentual change in value⁶ |
+15.8% | +15.0% | +7.4% |
| Display photomask area, thousand sq. meters⁵ |
22.7 | 22.3 | 21.7 |
SMT AND DISPENSING MARKET AREA
The global market for SMT equipment has annual sales of approximately USD 3,900 million7 . The segment SMT robots for component mounting declined 7.7 percent in 2024 to USD 2,077 million. During the first quarter, the market decreased 0.3% compared with the corresponding period in 2024. Markets in Southeast Asia and China showed growth while Japan, North and South America and Europe displayed a negative trend3 . The dispensing equipment market increased 2.7 percent and had sales of USD 750 million4 in 2024.
ASSEMBLY AUTOMATION AND TEST MARKET AREA
In die bonding, the market for optical components in data/telecommunications was USD 16.6 billion8in 2024. The market is expected to post annual growth of 16.9 percent during the 2025-2030 period, to USD 43.9 billion8 . In electrical testing, the market for PCBs and substrates is assessed to have increased 5.8 percent in 2024, to USD 73.6 billion9 , and post annual growth of 5.2 percent during the 2024-2029 period, to USD 94.7 billion9 .
PATTERN GENERATORS MARKET AREA PHOTOMASKS FOR DISPLAYS
The market is estimated to have grown 2.0 percent in 2024, to USD 985 million5,10. The market performance was positive, following a good development in 2023 and display manufacturers continued to develop new LCD and OLED displays at a good pace. The market continues to be driven by an ongoing shift toward a higher proportion of advanced displays that require more, and more advanced, photomasks. The expectation for 2025 is that the photomask market will grow 2.0 percent to USD 1,005 million5,10. The forecast for total area growth amounts to an average of 2.4 percent per year for 2024-20285 . Stronger growth for OLED photomasks is expected, with an annual average area growth of 3.2 percent for 2024–20285 , which drives the need for photomasks produced by advanced mask writers.
PHOTOMASKS FOR SEMICONDUCTORS
For 2024, the assessment is that the market showed strong growth of 15.0 percent to USD 9.0 billion6 . The market trend was mixed, with some segments and regions continuing to perform strongly, such as AI and advanced memory chips, although there were also weaker segments, such as semiconductors for the automotive industry. The expectation for 2025 is that the market will continue to perform positively, with growth of 15.8 percent to USD 10.4 billion6 . The market value will continue to be primarily driven by the volume trend for the most advanced photomasks, which are mainly produced by E-beam mask writers. The market for laser-based mask writers is also expected to develop positively.
- 1) Prismark, latest forecast June 2025
- 2) Omdia, latest forecast April 2025
- 3) Protec MDC, April 2025 4) Prismark, April 2025 (annual update)
- 5) Omdia, June 2024 (annual update)
- 6) TechInsights, January 2025
- 7) Protec MDC, January 2025, Mycronic analysis, April 2025
- 8) Lightcounting, April 2025
- 9) Prismark, June 2025
- 10) 141 YEN/USD used by Mycronic for conversion
Other
PARENT COMPANY
Mycronic AB is the Group's Parent Company.
The Parent Company's net sales amounted to SEK 2,599 (1,996) million for the first six months. EBIT amounted to SEK 940 (837) million.
Cash and cash equivalents at the end of the first six months amounted to SEK 913 million, compared with SEK 2,084 million at the end of 2024.
FINANCIAL INFORMATION
Mycronic AB (publ) is listed on Nasdaq Stockholm, Large Cap. The information in this report is published in accordance with the EU Market Abuse Regulation and the Swedish Securities Act. The information was submitted for publication, through the contact persons stated below, at 8:00 a.m. CEST on July 11, 2025.
Financial reports and press releases are published in Swedish and English and are available at mycronic.com.
This report was not reviewed by the company's auditor.
PRESENTATION
Mycronic will hold a presentation at 10:00 a.m. CEST on July 11, 2025, with President and CEO Anders Lindqvist and CFO and Sr VP Corporate Development Pierre Brorsson. The presentation will be webcast.
FINANCIAL CALENDAR
| Interim Report January–September | |
|---|---|
| 2025 | October 23, 2025 |
| Year-end report 2025 | February 5, 2026 |
| Annual and Sustainability Report 2025 | April 1, 2026 |
| Interim Report January–March 2026 | April 24, 2026 |
| Annual General Meeting 2026 | May 6, 2026 |
| Interim Report January–June 2026 | July 14, 2026 |
| Interim Report January–September | |
| 2026 | October 22, 2026 |
| Year-end report 2026 | February 4, 2027 |
FOR ADDITIONAL INFORMATION, PLEASE CONTACT
Anders Lindqvist President and CEO Tel: +46 8 638 52 00 E-mail: [email protected]
Pierre Brorsson CFO and Sr VP Corporate Development Tel: +46 8 638 52 00 E-mail: [email protected]
Sven Chetkovich Director Investor Relations Tel: +46 70 558 39 19 E-mail: [email protected]
The Board of Directors and CEO certify that this interim report provides a true and fair view of the business activities, financial position and results of operations of the Parent Company and the Group and describes the significant risks and uncertainties to which the Parent Company and the Group are exposed.
Täby, July 11, 2025 Mycronic AB (publ)
Anders Lindqvist President and CEO
Patrik Tigerschiöld Arun Bansal Anna Belfrage Chairman Board member Board member
Katarina Bonde Staffan Dahlström Jens Hinrichsen Board member Board member Board member
Bo Risberg Jörgen Lundberg Sahar Raouf
Board member Employee representative Employee representative
Mycronic AB (publ) Box 3141 SE-183 03 Täby, Sweden Tel: +46 8 638 52 00
www.mycronic.com Reg office: Stockholm Reg no: 556351-2374
Group
| Q2 | Jan-Jun | Rolling | Jan-Dec | ||||
|---|---|---|---|---|---|---|---|
| Consolidated profit and loss accounts in summary, SEK million |
Note | 2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| Net sales | 5, 6 | 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 |
| Cost of goods sold | -963 | -744 | -1,796 | -1,462 | -3,672 | -3,338 | |
| Gross profit | 1,103 | 783 | 2,413 | 1,757 | 4,375 | 3,719 | |
| Research and development | 7 | -242 | -182 | -464 | -352 | -859 | -747 |
| Selling expenses | -172 | -173 | -348 | -307 | -668 | -628 | |
| Administrative expenses | -114 | -94 | -220 | -180 | -402 | -361 | |
| Other income and expenses | -6 | 15 | -37 | 30 | -29 | 38 | |
| EBIT | 568 | 348 | 1,344 | 947 | 2,417 | 2,021 | |
| Financial income and expenses | 6 | 17 | 16 | 34 | 46 | 63 | |
| Profit/loss before tax | 574 | 365 | 1,360 | 981 | 2,463 | 2,084 | |
| Tax | -128 | -78 | -293 | -206 | -483 | -396 | |
| Net Profit/loss | 446 | 287 | 1,067 | 775 | 1,980 | 1,688 | |
| Earnings per share before dilution, SEK | 2.28 | 1.47 | 5.46 | 3.97 | 10.12 | 8.62 | |
| Earnings per share after dilution, SEK | 2.28 | 1.47 | 5.46 | 3.97 | 10.11 | 8.62 | |
| Results attributable to owners of the Parent Company |
446 | 287 | 1,066 | 775 | 1,974 | 1,683 | |
| Results attributable to non-controlling interests | 0 | 0 | 1 | 0 | 6 | 5 | |
| 446 | 287 | 1,067 | 775 | 1,980 | 1,688 |
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| Consolidated statement of comprehensive income in summary, SEK million |
2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| Net Profit/loss | 446 | 287 | 1,067 | 775 | 1,980 | 1,688 |
| Other comprehensive income | ||||||
| Items not to be reclassified to profit/loss, after tax |
||||||
| Actuarial profit/loss from defined benefits to employees Net gain/loss on equity instruments designated at fair |
- | - | - | - | -2 | -2 |
| value through other comprehensive income | 40 | - | 40 | - | 40 | - |
| Items to be reclassified to profit/loss, after tax | ||||||
| Translation differences at translating foreign entities | -81 | -47 | -368 | 91 | -269 | 190 |
| Changes in cash flow hedges | 39 | 2 | 185 | -77 | 118 | -144 |
| Total comprehensive income | 444 | 242 | 925 | 789 | 1,867 | 1,731 |
| Total comprehensive income attributable to owners of | ||||||
| the Parent Company | 445 | 242 | 929 | 788 | 1,865 | 1,724 |
| Total comprehensive income attributable to non controlling interests |
-1 | 0 | -4 | 1 | 2 | 7 |
| 444 | 242 | 925 | 789 | 1,867 | 1,731 |
| Consolidated statements of financial position in summary, SEK million |
Note | 30 Jun 25 | 30 Jun 24 | 31 Dec 24 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 6, 8 | 3,683 | 2,551 | 2,686 |
| Property, plant and equipment | 531 | 527 | 574 | |
| Non-current receivables | 54 | 58 | 59 | |
| Deferred tax assets | 194 | 192 | 214 | |
| Total non-current assets | 4,462 | 3,327 | 3,533 | |
| Current assets | ||||
| Inventories | 6 | 2,140 | 1,937 | 2,056 |
| Trade receivables | 6 | 1,393 | 959 | 1,507 |
| Other current receivables | 551 | 326 | 301 | |
| Cash and cash equivalents | 1,804 | 2,535 | 3,014 | |
| Total current assets | 5,887 | 5,757 | 6,879 | |
| Total assets | 10,349 | 9,085 | 10,412 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 6,778 | 5,642 | 6,575 | |
| Non-current liabilities | ||||
| Non-current interest-bearing liabilities | 127 | 131 | 133 | |
| Deferred tax liabilities | 542 | 357 | 405 | |
| Other non-current liabilities | 176 | 90 | 94 | |
| Total non-current liabilities | 846 | 578 | 632 | |
| Current liabilities | ||||
| Current interest-bearing liabilities | 70 | 82 | 87 | |
| Trade payables | 547 | 556 | 557 | |
| Other current liabilities | 2,108 | 2,226 | 2,562 | |
| Total current liabilities | 2,725 | 2,864 | 3,205 | |
| Total liabilities | 3,571 | 3,442 | 3,837 | |
| Total equity and liabilities | 10,349 | 9,085 | 10,412 |
| Q2 | Jan-Jun | Jan-Dec | |||||
|---|---|---|---|---|---|---|---|
| Consolidated cash flow statements in summary, SEK million |
2025 | 2024 | 2025 | 2024 | 12 month | 2024 | |
| Profit/loss before tax | 574 | 365 | 1,360 | 981 | 2,463 | 2,084 | |
| Adjustments for non-cash items and | |||||||
| paid income tax | 3 | 29 | -97 | 23 | -6 | 114 | |
| Change in working capital | -151 | -12 | -596 | 115 | -1,034 | -324 | |
| Cash flow from operating activities | 426 | 382 | 668 | 1,119 | 1,422 | 1,874 | |
| Cash flow from investing activities | -827 | -213 | -993 | -262 | -1,231 | -500 | |
| Cash flow from financing activities | -755 | -462 | -784 | -488 | -848 | -552 | |
| Cash flow for the period | -1,156 | -293 | -1,109 | 369 | -656 | 822 | |
| Cash and cash equivalents, opening balance | 2,990 | 2,841 | 3,014 | 2,140 | 2,535 | 2,140 | |
| Exchange difference for cash and cash equivalents | -30 | -13 | -102 | 27 | -76 | 53 | |
| Cash and cash equivalents, closing balance | 1,804 | 2,535 | 1,804 | 2,535 | 1,804 | 3,014 |
| Consolidated statement of changes in equity in summary, SEK million | Jan-Jun | |||
|---|---|---|---|---|
| 2024 | 2024 | |||
| Opening balance | 6,575 | 5,282 | 5,282 | |
| Dividend to owners | -734 | -441 | -441 | |
| Repurchase of own shares | - | - | -19 | |
| Equity-settled share based payments | 13 | 12 | 20 | |
| Total comprehensive income | 925 | 789 | 1,731 | |
| Closing balance | 6,778 | 5,642 | 6,575 | |
| Of which holdings of non-controlling interests | 39 | 37 | 43 |
| Jan-Jun | Jan-Dec | ||
|---|---|---|---|
| Other key figures* | 2025 | 2024 | 2024 |
| Equity per share, SEK** | 34.73 | 28.91 | 33.68 |
| Return on equity (rolling 12 months), % | 31.9% | 28.9% | 28.5% |
| Return on capital employed (rolling 12 months), % | 38.7% | 35.3% | 34.1% |
| Net cash, SEK million | 1,606 | 2,322 | 2,795 |
| Average number of employees | 2,349 | 2,027 | 2,158 |
*In addition to the performance indicators presented on page 1. See calculations on page 21.
**Recalculated to reflect the share split executed on June 3 2025, whereby one existing share was split into two shares.
Parent Company
| Q2 | Jan-Jun | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| Profit/loss accounts in summary, Parent Company, SEK million |
2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| Net sales | 1,209 | 906 | 2,599 | 1,996 | 4,666 | 4,062 |
| Cost of goods sold | -463 | -377 | -882 | -747 | -1,726 | -1,590 |
| Gross profit | 745 | 530 | 1,717 | 1,249 | 2,940 | 2,472 |
| Other operating expenses | -345 | -264 | -776 | -411 | -1,237 | -872 |
| EBIT | 400 | 265 | 940 | 837 | 1,702 | 1,600 |
| Result from financial items | 18 | 28 | 38 | 55 | 201 | 218 |
| Profit/loss after financial items | 418 | 294 | 978 | 893 | 1,903 | 1,818 |
| Appropriations | - | - | - | - | -296 | -296 |
| Profit/loss before tax | 418 | 294 | 978 | 893 | 1,607 | 1,521 |
| Tax | -91 | -60 | -207 | -184 | -329 | -306 |
| Net Profit/loss | 326 | 233 | 772 | 709 | 1,278 | 1,215 |
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
| Statement of comprehensive income, Parent Company, SEK million |
2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| Net Profit/loss | 326 | 233 | 772 | 709 | 1,278 | 1,215 |
| Other comprehensive income | - | - | - | - | - | - |
| Total comprehensive income | 326 | 233 | 772 | 709 | 1,278 | 1,215 |
| Balance sheets in summary, Parent Company, SEK million | 30 Jun 25 | 30 Jun 24 | 31 Dec 24 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible and tangible assets | 230 | 207 | 248 |
| Financial assets | 4,404 | 3,335 | 3,433 |
| Total non-current assets | 4,634 | 3,542 | 3,681 |
| Current assets | |||
| Inventories | 916 | 893 | 917 |
| Current receivables | 796 | 532 | 942 |
| Cash and cash equivalents | 913 | 1,835 | 2,084 |
| Total current assets | 2,625 | 3,259 | 3,943 |
| TOTAL ASSETS | 7,259 | 6,801 | 7,624 |
| EQUITY AND LIABILITIES | |||
| Equity | 4,153 | 3,607 | 4,103 |
| Untaxed reserves | 1,670 | 1,374 | 1,670 |
| Provisions | 22 | 16 | 22 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | - | - | - |
| Other non-current liabilities | 19 | - | - |
| Total non-current liabilities | 19 | - | - |
| Current liabilities | |||
| Current interest-bearing liabilities | - | - | - |
| Other current liabilities | 1,395 | 1,805 | 1,829 |
| Total current liabilities | 1,395 | 1,805 | 1,829 |
| TOTAL EQUITY AND LIABILITIES | 7,259 | 6,801 | 7,624 |
Notes
NOTE 1 ACCOUNTING POLICIES
This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting, along with applicable provisions in the Swedish Annual Accounts Act. The report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act. For the Group and Parent Company, accounting policies, valuation policies and assumptions were applied in accordance with the latest annual report. The accounting policies of the segments are the same as for the Group, with the exception of IFRS 16 Leases. The segments and the Parent Company recognize lease payments as a cost on a straight-line basis over the term of the lease. The right-of-use asset and the lease liability are thus not reported in the balance sheet.
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2024. The carrying amounts and fair values are deemed to essentially correspond with one another.
In relation to the acquisition of the previously held non-controlling interest in Surfx Technologies made in 2020, the Group elected to classify irrevocably its equity investments in the company, as equity instruments designated at fair value through Other comprehensive income.
NOTE 2 RELATED PARTY TRANSACTIONS
A description of related party transactions can be found in Note 8 of the 2024 Annual Report. The scope and nature of these transactions did not change significantly during the period.
NOTE 3 RISKS AND UNCERTAINTIES
The Group's business is exposed to a number of risks and uncertainties that are both operational and financial in nature, most of which are presented in the 2024 Annual Report. Mycronic is a global company with customers and production sites in multiple geographies worldwide and is therefore exposed to political decisions, such as tariffs and trade barriers.
NOTE 4 EVENTS AFTER THE END OF THE PERIOD
After the end of the period, Pattern Generators signed an agreement to acquire Cowin DST, a company based in South Korea primarily providing systems for display panel repair, as well as display and semiconductor photomask repair. Closing is pending regulatory approval, expected to take two to four months.
| Q2 | Jan-Jun | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| Revenue by geographical market, SEK million | 2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| EMEA | 229 | 209 | 391 | 415 | 907 | 931 |
| North and South America | 222 | 194 | 447 | 430 | 916 | 899 |
| Asia | 1,615 | 1,124 | 3,370 | 2,374 | 6,224 | 5,228 |
| 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 | |
| Revenue by type of good/service, SEK million | ||||||
| System | 1,601 | 1,119 | 3,212 | 2,403 | 6,121 | 5,312 |
| Aftermarket | 465 | 408 | 996 | 816 | 1,926 | 1,745 |
| 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 | |
| Timing of revenue recognition, SEK million | ||||||
| Goods transferred at a point in time | 1,758 | 1,232 | 3,583 | 2,633 | 6,840 | 5,890 |
| Services transferred over time | 309 | 294 | 625 | 586 | 1,207 | 1,168 |
| 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 |
NOTE 5 REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 6 OPERATING SEGMENT REPORTING
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| Net sales by Division | ||||||
| Pattern Generators | 974 | 650 | 2,171 | 1,488 | 3,680 | 2,997 |
| PCB Assembly Solutions | 328 | 353 | 620 | 649 | 1,460 | 1,489 |
| High Volume | 443 | 320 | 772 | 631 | 1,575 | 1,434 |
| Global Technologies | 323 | 203 | 646 | 451 | 1,334 | 1,138 |
| Internal net sales between divisions | -2 | - | -2 | - | -2 | - |
| 2,066 | 1,527 | 4,208 | 3,219 | 8,047 | 7,057 | |
| EBIT by Division | ||||||
| Pattern Generators | 537 | 342 | 1,289 | 886 | 2,097 | 1,694 |
| PCB Assembly Solutions | 14 | 18 | 1 | 19 | 138 | 156 |
| High Volume | 74 | 45 | 133 | 100 | 256 | 223 |
| Global Technologies | 11 | -15 | 65 | 14 | 164 | 113 |
| Group functions etc | -69 | -43 | -146 | -74 | -246 | -175 |
| Effects from IFRS 16 | 1 | 1 | 2 | 3 | 8 | 8 |
| Group | 568 | 348 | 1,344 | 947 | 2,417 | 2,021 |
| SEK million | 30 Jun 25 | 30 Jun 24 | 31 Dec 24 |
|---|---|---|---|
| Assets by Division | |||
| Capitalized Development Costs | |||
| Pattern Generators | 93 | 72 | 91 |
| PCB Assembly Solutions | 78 | 80 | 82 |
| High Volume | 4 | 2 | 4 |
| Global Technologies | 8 | - | - |
| 183 | 153 | 177 | |
| Inventories | |||
| Pattern Generators | 645 | 608 | 661 |
| PCB Assembly Solutions | 450 | 458 | 425 |
| High Volume | 664 | 579 | 684 |
| Global Technologies | 382 | 293 | 288 |
| Unrealized profit in inventories | -1 | -2 | -1 |
| 2,140 | 1,937 | 2,056 | |
| Trade Receivables | |||
| Pattern Generators | 354 | 200 | 411 |
| PCB Assembly Solutions | 325 | 261 | 400 |
| High Volume | 451 | 344 | 448 |
| Global Technologies | 263 | 153 | 248 |
| 1,393 | 959 | 1,507 |
NOTE 7 RESEARCH AND DEVELOPMENT COSTS
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| Research and development costs, SEK million | 2025 | 2024 | 2025 | 2024 | 12 month | 2024 |
| R&D expenditures | ||||||
| Pattern Generators | -113 | -75 | -221 | -144 | -409 | -332 |
| PCB Assembly Solutions | -53 | -57 | -104 | -110 | -201 | -207 |
| High Volume | -43 | -37 | -82 | -70 | -166 | -154 |
| Global Technologies | -39 | -26 | -69 | -46 | -125 | -101 |
| -248 | -195 | -477 | -370 | -900 | -793 | |
| Capitalization of Development Costs | ||||||
| Pattern Generators | 5 | 10 | 13 | 16 | 42 | 45 |
| PCB Assembly Solutions | 9 | 11 | 13 | 18 | 31 | 36 |
| High Volume | 1 | 2 | 1 | 2 | 2 | 4 |
| Global Technologies | 3 | - | 8 | - | 8 | - |
| 18 | 23 | 35 | 36 | 83 | 84 | |
| Amortization of Acquired Technology | ||||||
| PCB Assembly Solutions | 0 | -1 | -1 | -3 | -3 | -5 |
| High Volume | 0 | - | -1 | - | -1 | 0 |
| Global Technologies | -11 | -8 | -20 | -15 | -37 | -32 |
| -12 | -10 | -22 | -18 | -41 | -37 | |
| Reported cost | -242 | -182 | -464 | -352 | -859 | -747 |
NOTE 8 BUSINESS COMBINATIONS
Acquisition of Hprobe SA
In March, 2025, Mycronic acquired 100 percent of the shares in Hprobe SA, a company headquartered in Grenoble, France. The company is a leader in the emerging niche market of MRAM (Magnetoresistive Random Access Memory) testing and manufactures equipment for high-speed magnetic testing of MRAMs and magnetic sensors. Hprobe, founded in 2017, has 14 employees and net sales amounted to EUR 4 million in 2024. Hprobe forms a new business line within the Global Technologies division, called Magnetic Test. The purchase consideration amounts to EUR 16 million, corresponding to SEK 177 million, on a cash and debt-free basis.
Work to assign values to acquired assets and liabilities is ongoing and the purchase price allocation is therefore still preliminary as of June 30, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 122 million and is primarily attributable to the company's leading position as a supplier of equipment for high-speed magnetic testing of MRAMs and magnetic sensors, as well as the collective expertise of its employees. The company was consolidated in the Mycronic Group as of March 13, 2025. The impact of Hprobe's operations on consolidated net sales and EBIT is not significant.
Acquisition of RoBAT Limited
In April, 2025, RoBAT was acquired, a company headquartered in the United Kingdom, which has developed a technology for fast and reliable tests of signal quality on PCBs. The company was founded in 2001, with currently 27 employees, and offices in the United Kingdom, the US and China. Net sales in 2024 amounted to GBP 3 million. Following the transaction, RoBAT becomes part of the PCB Test business line within the Global Technologies division. The purchase consideration amounts to GBP 7.5 million, corresponding to SEK 97 million, on a cash and debt-free basis. Under certain conditions, based on parameters such as sales and earnings, an additional purchase consideration of a maximum of GBP 4 million could be disbursed in 2028.
Work to assign values to acquired assets and liabilities is ongoing and the purchase price allocation is therefore still preliminary as of June 30, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 67 million and is primarily attributable to RoBAT's specialized technology for high-frequency signal quality testing of bare board PCBs, which complements and enhances Mycronic's existing offering within the PCB Test business line. The acquisition price is adjusted for contingent considerations, which are deemed to correspond to fair value. As of June 30, 2025, a contingent consideration has been recorded of GBP 1.5 million, an equivalent of SEK 19 million. The contingent consideration is recorded as Other non-current liabilities in the consolidated statements of financial position in summary. The company was consolidated in the Mycronic Group as of April 4, 2025. The impact of RoBAT's operations on consolidated net sales and EBIT is not significant.
Acquisition of Surfx Technologies LLC
In June, 2025, Surfx Technologies was acquired, a company headquartered in the US, providing atmospheric plasma solutions for surface treatment, including cleaning and active oxide removal. These solutions are used in advanced packaging, semiconductor processing, and other electronics manufacturing applications. Surfx forms a new business line within the Global Technologies division, called Applied Plasma. Surfx was founded in 1999. Mycronic made a minor investment in Surfx in 2020 and previous to the acquisition owned 7.5 percent of the company. Surfx has 34 employees located in the US and Taiwan, with net sales for 2025 projected at USD 25-30 million. The total consideration amounts to USD 87.5 million, corresponding to SEK 840 million, on a cash and debt-free basis. This includes previously held noncontrolling interests. Out of the total consideration, USD 5 million will be paid as a retention incentive to the founder and the employees and will be expensed during 2025. Under certain conditions, based on sales criteria, an additional consideration of a maximum of USD 57.8 million could be disbursed in 2026-2028, whereof USD 9.4 million pertains to the retention incentive program and therefore expensed during the qualifying period in relation to the expected outcome.
Work to assign values to acquired assets and liabilities is ongoing and the purchase price allocation is therefore still preliminary as of June 30, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 613 million and is primarily attributable to the company's leading position in atmospheric plasma solutions. Additionally, the collective expertise of Surfx's skilled employees in the field of plasma technology plays a key role in enabling Mycronic to enhance its product offerings in 3D die stacking, which is critical for the advancement of AI technologies. The acquisition price is adjusted for contingent
considerations, which are deemed to correspond to fair value. As of June 30, 2025, a contingent consideration has been recorded of USD 11.0 million, an equivalent of SEK 105 million. SEK 31 million of the contingent consideration is recorded as Other current liabilities and SEK 74 million as Other non-current liabilities in the consolidated statements of financial position in summary. The company was consolidated in the Mycronic Group as of June 3, 2025. The impact of Surfx's operations on consolidated net sales and EBIT is not significant.
| Hprobe | RoBAT | Surfx | ||
|---|---|---|---|---|
| SEK million | 2025 | 2025 | 2025 | |
| Acquisition price | ||||
| Cash paid for the acquisition | 161 | 97 | 779 | |
| Fair value of previously held non-controlling interest | - | - | 50 | |
| Deferred payment/Closing adjustment | 17 | - | -12 | |
| Contingent considerations (estimated fair value) | - | 18 | 105 | |
| Total | 178 | 115 | 922 | |
| Acquired assets and liabilities at fair value | ||||
| Intangible assets | 68 | 31 | 315 | |
| Property, plant and equipment | 3 | 10 | 4 | |
| Non-current receivables | 6 | 0 | 0 | |
| Inventories | 10 | 18 | 35 | |
| Current receivables | 29 | 11 | 16 | |
| Cash and cash equivalents | 27 | 6 | 79 | |
| Non-current liabilities | -32 | -9 | -78 | |
| Current liabilities | -56 | -20 | -62 | |
| Total | 56 | 48 | 310 | |
| Goodwill | 122 | 67 | 613 | |
| Changes in consolidated cash and cash equivalents as of the acquisition | ||||
| Cash paid for the acquisition | 161 | 97 | 779 | |
| Cash and cash equivalents in acquired subsidiaries | -27 | -6 | -79 | |
| Total | 134 | 90 | 700 |
NOTE 9 DEFINITIONS AND RECONCILIATION ALTERNATIVE PERFORMANCE MEASURES, ETC
The European Securities and Markets Authority (ESMA) has issued guidelines regarding alternative performance measures for listed companies.
These relate to financial key figures used by management, to control and evaluate the Group's business, which cannot be directly inferred from the financial statements. Alternative performance measures are also considered to be of interest to external investors and analysts who monitor the company. For definitions of other key ratios, please refer to the Annual Report.
Acquisition-related costs
Acquisition-related costs include expensing of acquired inventories at fair value, amortization and impairment of acquired intangible assets, changes in value and revaluation of contingent considerations and transaction costs etc.
Book-to-bill
Order intake in relation to net sales. Used to show future development of net sales.
Capital employed
Balance sheet total less non-interest bearing liabilities. Used to show the ability to meet capital needs from operations.
Earnings per share
Net profit/loss attributable to the owners of the Parent Company divided by the average number of outstanding shares before and after dilution. Used to show the company's earnings per share.
EBITDA
Operating result, EBIT, before depreciation and amortization.
Equity per share
Equity on balance day divided by the number of outstanding shares at the end of the period. Used to measure the value of the company per share.
Net cash
Cash and cash equivalents less interest-bearing liabilities.
Order backlog
Remaining orders for goods, valued at the closing date exchange rate. Used to show secured future net sales of goods.
Order intake
Orders received for goods and services, valued at average exchange rates. The order intake also includes revaluation of the order backlog at closing date exchange rates. Used to show orders received.
Organic growth
Change in net sales, excluding increase related to acquisitions and decrease related to divestments, recalculated to the previous year's exchange rates as a percentage of the previous year's net sales. Net sales from acquired companies are included in the calculation of organic growth as of the first day of the first month which falls 12 months after the date of acquisition.
Return on capital employed
Profit before financial expenses as a percentage of average capital employed. Used to show return on capital needed for operations.
Return on equity
Net profit/loss as a percentage of average equity. Used to show return on shareholder capital over time.
Underlying EBIT and underlying EBIT margin
Underlying EBIT consists of operating result excluding acquisition-related costs and gains/losses from divestments of subsidiaries. The underlying EBIT margin is underlying EBIT as a percentage of net sales. Used to describe how operations are developing and performing excluding acquisition-related costs and gains/losses from divestments.
| Jan-Jun | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| Return on equity | 2025 | 2024 | 12 month | 2024 |
| Net profit/loss (rolling 12 months) | 1,980 | 1,489 | 1,980 | 1,688 |
| Average shareholders' equity | 6,210 | 5,153 | 6,210 | 5,928 |
| 31.9% | 28.9% | 31.9% | 28.5% | |
| Return on capital employed | ||||
| Profit/loss before tax (rolling 12 months) | 2,463 | 1,884 | 2,463 | 2,084 |
| Financial expenses | 17 | 13 | 17 | 15 |
| Profit/loss before financial expenses | 2,480 | 1,898 | 2,480 | 2,099 |
| Average balance sheet total | 9,717 | 8,359 | 9,717 | 9,376 |
| Average non-interest-bearing liabilities | 3,301 | 2,981 | 3,301 | 3,224 |
| Average capital employed | 6,416 | 5,378 | 6,416 | 6,152 |
| 38.7% | 35.3% | 38.7% | 34.1% | |
| Book-to-bill | ||||
| Order intake | 3,388 | 3,770 | 7,228 | 7,611 |
| Net sales | 4,208 | 3,219 | 8,047 | 7,057 |
| 0.8 | 1.2 | 0.9 | 1.1 | |
| EBITDA | ||||
| EBIT | 1,344 | 947 | 2,417 | 2,021 |
| Depreciation/Amortization | 153 | 128 | 291 | 266 |
| 1,497 | 1,075 | 2,708 | 2,287 | |
| Underlying EBIT | ||||
| EBIT | 1,344 | 947 | 2,417 | 2,021 |
| Acquisition-related costs included in: | ||||
| Cost of goods sold | 7 | - | 9 | 2 |
| Operating expenses | 58 | 35 | 94 | 72 |
| 65 | 35 | 103 | 74 | |
| 1,408 | 983 | 2,520 | 2,095 | |
| Equity per share* | ||||
| Equity at balance day | 6,778 | 5,642 | 6,778 | 6,575 |
| No. of outstanding shares at end of period, thousand* | 195,180 | 195,195 | 195,180 | 195,180 |
| 34.73 | 28.91 | 34.73 | 33.68 | |
| Earnings per share before/after dilution, SEK* | ||||
| Net Profit/loss attributable to owners of the Parent Company | 1,066 | 775 | 1,974 | 1,683 |
| Average no. of outstanding shares before dilution, thousand* | 195,180 | 195,195 | 195,173 | 195,180 |
| 5.46 | 3.97 | 10.12 | 8.62 | |
| Average no. of outstanding shares after dilution, thousand* | 195,311 | 195,265 | 195,280 | 195,289 |
| 5.46 | 3.97 | 10.11 | 8.62 | |
| Net cash, SEK million | ||||
| Cash and cash equivalents | 1,804 | 2,535 | 1,804 | 3,014 |
| Interest-bearing liabilities | -198 | -213 | -198 | -219 |
| 1,606 | 2,322 | 1,606 | 2,795 |
*Recalculated to reflect the share split executed on June 3 2025, whereby one existing share was split into two shares.
| Quarterly data | Q2 25 | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 | Q4 23 | Q3 23 |
|---|---|---|---|---|---|---|---|---|
| Order intake | ||||||||
| Pattern Generators | 191 | 956 | 1,144 | 274 | 1,199 | 645 | 513 | 561 |
| PCB Assembly Solutions | 356 | 295 | 389 | 385 | 362 | 334 | 359 | 407 |
| High Volume | 383 | 553 | 387 | 389 | 357 | 390 | 276 | 249 |
| Global Technologies | 402 | 254 | 461 | 411 | 207 | 277 | 303 | 250 |
| Internal order intake between divisions | -2 | - | - | - | - | - | -3 | - |
| 1,330 | 2,058 | 2,381 | 1,459 | 2,125 | 1,645 | 1,448 | 1,467 | |
| Order Backlog | ||||||||
| Pattern Generators | 2,309 | 3,092 | 3,334 | 2,891 | 3,424 | 2,876 | 3,068 | 3,433 |
| PCB Assembly Solutions | 133 | 105 | 102 | 199 | 167 | 158 | 120 | 239 |
| High Volume | 915 | 975 | 752 | 832 | 778 | 741 | 662 | 692 |
| Global Technologies | 711 | 445 | 514 | 457 | 330 | 327 | 297 | 305 |
| 4,068 | 4,617 | 4,702 | 4,379 | 4,700 | 4,102 | 4,149 | 4,669 | |
| Net Sales | ||||||||
| Pattern Generators | 974 | 1,197 | 702 | 807 | 650 | 838 | 878 | 435 |
| PCB Assembly Solutions | 328 | 292 | 486 | 353 | 353 | 296 | 477 | 378 |
| High Volume | 443 | 330 | 467 | 336 | 320 | 311 | 306 | 244 |
| Global Technologies | 323 | 323 | 403 | 284 | 203 | 247 | 310 | 216 |
| Internal net sales between divisions | -2 | -3 | ||||||
| 2,066 | - 2,142 |
- 2,059 |
- 1,780 |
- 1,527 |
- 1,692 |
1,968 | - 1,274 |
|
| Gross Profit | ||||||||
| Pattern Generators | 675 | 912 | 444 | 589 | 438 | 635 | 600 | 286 |
| PCB Assembly Solutions | 122 | 107 | 219 | 136 | 140 | 107 | 221 | 156 |
| High Volume | 170 | 143 | 163 | 134 | 131 | 128 | 121 | 101 |
| Global Technologies | 136 | 148 | 179 | 98 | 74 | 104 | 122 | 80 |
| 1,103 | 1,310 | 1,004 | 958 | 783 | 974 | 1,063 | 623 | |
| Gross Margin | ||||||||
| Pattern Generators | 69.4% | 76.2% | 63.3% | 72.9% | 67.3% | 75.8% | 68.4% | 65.9% |
| PCB Assembly Solutions | 37.2% | 36.8% | 45.0% | 38.6% | 39.7% | 36.1% | 46.2% | 41.3% |
| High Volume | 38.5% | 43.5% | 34.8% | 39.9% | 40.9% | 41.1% | 39.7% | 41.5% |
| Global Technologies | 42.2% | 45.8% | 44.4% | 34.5% | 36.3% | 42.1% | 39.2% | 36.9% |
| 53.4% | 61.1% | 48.8% | 53.8% | 51.3% | 57.6% | 54.0% | 48.9% | |
| R&D expenses | ||||||||
| Pattern Generators | -108 | -100 | -91 | -68 | -65 | -63 | -66 | -56 |
| PCB Assembly Solutions | -45 | -47 | -43 | -38 | -48 | -46 | -45 | -40 |
| High Volume | -43 | -40 | -44 | -39 | -35 | -33 | -34 | -33 |
| Global Technologies | -47 | -35 | -39 | -33 | -34 | -27 | -29 | -29 |
| Total R&D expenses | -242 | -222 | -216 | -179 | -182 | -170 | -174 | -158 |
| Selling expenses | -172 | -175 | -172 | -148 | -173 | -135 | -161 | -130 |
| Administrative expenses Other income/expenses |
-114 | -106 | -102 | -80 | -94 | -85 | -106 | -72 |
| EBIT | -6 568 |
-31 | 12 527 |
-4 | 15 348 |
15 599 |
-2 620 |
-1 263 |
| Of which EBIT Pattern Generators | 537 | 775 752 |
311 | 547 498 |
342 | 543 | 510 | 203 |
| Of which EBIT PCB Assembly Solutions | ||||||||
| 14 | -13 | 106 | 31 | 18 | 1 | 96 | 60 | |
| Of which EBIT High Volume | 74 | 59 | 76 | 47 | 45 | 55 | 32 | 41 |
| Of which EBIT Global Technologies | 11 | 54 | 86 | 13 | -15 | 30 | 37 | 10 |
| Of which EBIT Group functions etc | -69 | -77 | -56 | -44 | -43 | -31 | -55 | -52 |
| EBIT margin | 27.5% | 36.2% | 25.6% | 30.7% | 22.8% | 35.4% | 31.5% | 20.6% |
| Equity per share* | 34.73 | 36.18 | 33.69 | 31.11 | 28.91 | 29.89 | 27.06 | 24.68 |
| Earnings per share before dilution* | 2.28 | 3.18 | 2.36 | 2.30 | 1.47 | 2.50 | 2.61 | 1.05 |
| Earnings per share after dilution* | 2.28 | 3.18 | 2.35 | 2.30 | 1.47 | 2.50 | 2.61 | 1.05 |
| Closing share price* | 201.8 | 210.00 | 199.70 | 197.50 | 204.30 | 189.00 | 143.70 | 113.00 |
*Recalculated to reflect the share split executed on June 3 2025, whereby one existing share was split into two shares.