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Mycronic
Annual Report • Feb 6, 2025
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Annual Report
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Year-end Report January–December 2024
Fourth quarter
- Order intake amounted to SEK 2,381 (1,448) million, an increase of 64 percent
- Net sales increased 5 percent to SEK 2,059 (1,968) million. Based on constant exchange rates, net sales increased 4 percent
- EBIT amounted to SEK 527 (620) million and the EBIT margin was 26 (32) percent
- Earnings per share were SEK 4.71 (5.23) before dilution and SEK 4.71 (5.23) after dilution
January–December
- Order intake amounted to SEK 7,611 (6,280) million, an increase of 21 percent
- Net sales increased 24 percent to SEK 7,057 (5,706) million. Based on constant exchange rates, net sales increased 25 percent
- EBIT amounted to SEK 2,021 (1,235) million and the EBIT margin was 29 (22) percent
- Earnings per share were SEK 17.25 (10.22) before dilution and SEK 17.24 (10.22) after dilution
- The Board of Directors proposes an ordinary dividend of SEK 5.50 (4.50) per share to the 2025 Annual General Meeting. The Board of Directors further proposes an extra dividend of SEK 2.00 (-) per share
"We ended the record year of 2024 with order intake increasing 64 percent in the fourth quarter, driven by Pattern Generators and a strong performance in High Volume and Global Technologies. Net sales increased 5 percent to the new record level of SEK 2,059 million, where a decrease in Pattern Generators was offset by increases mainly in High Volume and Global Technologies. EBIT amounted to SEK 527 million, corresponding to an EBIT margin of 26 percent. EBIT for the full year thereby exceeded SEK 2 billion, which is a milestone. We have strong positions in the segments where we operate, which has manifested itself in a positive trend for a number of years. To secure and develop these positions in the future, we will accelerate our investments in research and development and further build the sales organizations globally, which will include establishing subsidiaries in new markets", says Anders Lindqvist, President and CEO.
Outlook 2025
It is the Board of Directors' opinion that net sales for 2025 will be at a level of SEK 7.5 billion.
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Group summary | 2024 | 2023 | 2024 | 2023 | |
| Order intake, SEK million | 2,381 | 1,448 | 7,611 | 6,280 | |
| Net Sales, SEK million | 2,059 | 1,968 | 7,057 | 5,706 | |
| Book-to-bill | 1.2 | 0.7 | 1.1 | 1.1 | |
| Order backlog, SEK million | 4,702 | 4,149 | 4,702 | 4,149 | |
| Gross margin, % | 48.8% | 54.0% | 52.7% | 50.0% | |
| EBIT, SEK million | 527 | 620 | 2,021 | 1,235 | |
| EBIT margin, % | 25.6% | 31.5% | 28.6% | 21.6% | |
| Earnings per share before dilution, SEK | 4.71 | 5.23 | 17.25 | 10.22 | |
| Earnings per share after dilution, SEK | 4.71 | 5.23 | 17.24 | 10.22 | |
| Cash Flow, SEK million | 443 | 491 | 822 | 966 | |
| Changes in Net Sales | |||||
| Total growth, % | 5% | 31% | 24% | 11% | |
| Organic growth, % | 2% | 30% | 25% | 8% | |
| Growth from acquisitions/divestments, % | 2% | - | 1% | 0% | |
| Currency effects, % | 0% | 1% | -2% | 4% |
CEO comments
We ended the record year of 2024 with order intake increasing 64 percent in the fourth quarter, driven by Pattern Generators and a strong performance in High Volume and Global Technologies. Net sales increased 5 percent to the new record level
of SEK 2,059 million, where a decrease in Pattern Generators was offset by increases mainly in High Volume and Global Technologies. EBIT amounted to SEK 527 million, corresponding to an EBIT margin of 26 percent. EBIT for the full year thereby exceeded SEK 2 billion, which is a milestone. I also note with satisfaction that all divisions delivered an EBIT margin of at least 10 percent for the full year.
In Pattern Generators, the photomask markets for both displays and semiconductors were stable during the final quarter of the year. During the quarter, Mycronic received an award for the SLX, our semiconductor mask writer, at an important industry conference in Monterey, USA, offering further confirmation of its success. After the end of the period Pattern Generators received the first order for a Prexision 8000 Evo, which was launched in April 2024 and is Mycronic's most advanced mask writer for displays.
During the quarter, the market in Europe remained weak for High Flex, while the US showed signs of a recovery following the presidential election. The division has gained market share in a weak market, partly as the segments it operates in have reported stronger demand than the market as a whole. During the year, High Flex also increased its sales of complete production lines by more than 50 percent compared with the preceding year.
In High Volume, demand improved during the fourth quarter both in the Chinese domestic market and the
Order intake and net sales, rolling 12 months Gross and EBIT margin, rolling 12 months
markets outside of China. This was the case for both the consumer electronics industry and the automotive industry. In the middle of October 2024, Modus High-Tech Electronics GmbH was acquired, a Dusseldorf-based provider of automated optical inspection systems for electronics volume production.
In Global Technologies, investments related to the testing of PCBs used in advanced servers for AI applications continued to drive demand in the PCB Test business line. Investments in Southeast Asia by companies reducing their exposure to China also contributed to the healthy demand. In Die Bonding, AI applications continued to support demand for high-speed optical transceivers, leading to good demand for our machines. The third business line, Photonic Interconnects, reported a good order intake in the last quarter of the year.
We can now look back on another strong year, with records in order intake, order backlog, net sales and EBIT. We have strong positions in the segments where we operate, which has manifested itself in a positive trend for a number of years. To secure and develop these positions in the future, we will accelerate our investments in research and development and further build the sales organizations globally, which will include establishing subsidiaries in new markets. As previously announced, the High Flex division will relocate to premises in Kista, Stockholm in the second half of 2025. This will enable continued growth and improved production flows for both Pattern Generators and High Flex. In addition, our strong financial position provides a solid foundation to pursue M&A opportunities.
Anders Lindqvist, President and CEO
Financial performance
GROUP
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Order intake, SEK million | 2,381 | 1,448 | 7,611 | 6,280 |
| Order backlog, SEK million | 4,702 | 4,149 | 4,702 | 4,149 |
| Net Sales, SEK million | 2,059 | 1,968 | 7,057 | 5,706 |
| Gross profit, SEK million | 1,004 | 1,063 | 3,719 | 2,855 |
| Gross margin, % | 48.8% | 54.0% | 52.7% | 50.0% |
| EBIT, SEK million | 527 | 620 | 2,021 | 1,235 |
| EBIT margin, % | 25.6% | 31.5% | 28.6% | 21.6% |
| EBITDA, SEK million | 599 | 685 | 2,287 | 1,499 |
The Group's order intake increased 64 percent to SEK 2,381 (1,448) million during the final quarter of the year, supported by Pattern Generators and a strong performance in High Volume and Global Technologies. For the full year, order intake increased 21 percent to SEK 7,611 (6,280) million. The Group's order backlog at the end of the year was SEK 4,702 (4,149) million.
Net sales increased 5 percent during the fourth quarter of the year to SEK 2,059 (1,968) million, where a decrease in Pattern Generators was offset by increases mainly in High Volume and Global Technologies. For the full year, net sales increased 24 percent to SEK 7,057 (5,706) million. Net sales for the quarter were positively impacted by currency effects of SEK 5 million and for the full year negatively by SEK 100 million.
The gross margin for the quarter decreased to 49 (54) percent, driven by lower gross margins in Pattern Generators and High Volume and a less favorable division mix, with Pattern Generators representing a smaller share of the Group's net sales. The gross margin for the full year increased to 53 (50) percent.
EBIT for the quarter amounted to SEK 527 (620) million, corresponding to an EBIT margin of 26 (32) percent. EBIT for the full year amounted to the new record level of SEK 2,021 (1,235) million, corresponding to an EBIT margin of 29 (22) percent. Acquisition-related costs amounted to SEK 21 (14) million for the quarter and SEK 74 (63) million for the full year.
Cash flow and financial position
Consolidated cash and cash equivalents at the end of the year amounted to SEK 3,014 (2,140) million. Cash flow for the year amounted to SEK 822 (966) million. Cash flow from operating activities amounted to SEK 1,874 (1,608) million. Working capital increased during the year, yielding a cash flow effect of SEK -324 (138) million, driven primarily by higher inventory.
Investing activities generated a cash flow of SEK -500 (-195) million during the year, where the acquisitions of Vanguard Automation and Modus High-Tech Electronics accounted for SEK -258 million, investments in property, plant and equipment for SEK -126 (-103) million and capitalization of product development for SEK -84 (-63) million. The year's financing activities generated a cash flow of SEK -552 (-447) million, of which SEK -441 (-343) million was related to dividends to shareholders. At the end of the year, Mycronic had a strong net cash position of SEK 2,795 (1,912) million.
Sustainability
Mycronic further expanded purchases of renewable electricity, when all divisions during the quarter started purchasing wind power for their Chinese facilities through International Renewable Energy Certificates (I-RECs). Preparations were made during the quarter for reporting in the Annual and Sustainability Report for the financial year 2024. Following the postponement of the Swedish implementation of CSRD, Mycronic decided to nevertheless publish an Annual and Sustainability Report for 2024 that aims at meeting substantial portions of the requirements of the CSRD's ESRS reporting standard.
PATTERN GENERATORS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Order intake, SEK million | 1,144 | 513 | 3,262 | 2,694 |
| Order backlog, SEK million | 3,334 | 3,068 | 3,334 | 3,068 |
| Net Sales, SEK million | 702 | 878 | 2,997 | 2,106 |
| Gross profit, SEK million | 444 | 600 | 2,105 | 1,389 |
| Gross margin, % | 63.3% | 68.4% | 70.2% | 66.0% |
| EBIT, SEK million | 311 | 510 | 1,694 | 1,053 |
| EBIT margin, % | 44.3% | 58.1% | 56.5% | 50.0% |
| EBITDA | 329 | 525 | 1,756 | 1,110 |
| R&D expenditures, SEK million | -106 | -74 | -332 | -255 |
| R&D costs, SEK million | -91 | -66 | -287 | -228 |
The photomask markets were stable for both displays and semiconductors in the final quarter of the year. During the quarter, Mycronic received an award for the SLX, Pattern Generators' semiconductor mask writer, at an important industry conference in Monterey, USA, offering further confirmation of its success.
During the quarter, Pattern Generators received orders for one Prexision 8 Evo, one FPS Evo, one FPS6100 and six SLXs. Order intake increased 123 percent to SEK 1,144 (513) million. For the full year, order intake increased 21 percent to SEK 3,262 (2,694) million.
At the end of the year, the order backlog amounted to SEK 3,334 (3,068) million and contained 29 systems with planned deliveries as follows:
2025 Q1: 3 Prexision 8 Evos, 1 Prexision Lite 8 Evo, 1 FPS10 Evo, 3 SLXs 2025 Q2: 1 Prexision 80 Evo, 1 Prexision 8 Evo, 1 Prexision Lite 8 Evo, 4 SLXs 2025 Q3: 1 Prexision Lite 8 Evo, 2 SLXs 2025 Q4: 1 Prexision Lite 8 Evo, 1 FPS6100, 2 SLXs
2026 Q1: 1 Prexision 8 Evo, 1 FPS Evo, 3 SLXs 2026 Q3: 1 Prexision 8 Evo, 1 SLX
Compared to the delivery timetable presented in the most recent interim report, delivery of one SLX has been moved from the first quarter of 2025 to the fourth quarter of 2024, at the same time as delivery of one SLX has been moved from the second quarter of 2025 to the third quarter of 2026. Delivery of one Prexision 80 Evo has been moved from the third to the second quarter of 2025.
During the final quarter of the year, Pattern Generators delivered one Prexision 8 Entry Evo, five SLXs and
Mycronic's first MMX (metrology system for semiconductor photomasks), compared with one Prexision 8 Evo, one Prexision Lite 8 Evo and six SLXs during the corresponding period of the preceding year. Net sales declined 20 percent to SEK 702 (878) million compared with the very strong comparative quarter of the preceding year. For the full year, net sales increased 42 percent to SEK 2,997 (2,106) million. Net sales for the fourth quarter were negatively impacted by currency effects of SEK 5 million and for the full year negatively by SEK 66 million.
The gross margin for the final quarter of the year amounted to 63 (68) percent, the reduction reflecting a less favorable product mix. For the full year, the gross margin amounted to 70 (66) percent.
EBIT declined during the quarter to SEK 311 (510) million, corresponding to an EBIT margin of 44 (58) percent. EBIT for the full year increased to SEK 1,694 (1,053) million, corresponding to an EBIT margin of 57 (50) percent. Pattern Generators was not charged with acquisition-related costs.
R&D costs for the fourth quarter amounted to SEK 91 (66) million and SEK 287 (228) million for the full year. Capitalization of development costs amounted to SEK 16 (7) million for the quarter and SEK 45 (27) million for the full year.
After the end of the period Pattern Generators received the first order for a Prexision 8000 Evo, which was launched in April 2024 and is Mycronic's most advanced mask writer for displays.
HIGH FLEX
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023* | ||
| Order intake, SEK million | 389 | 359 | 1,471 | 1,501 | |
| Order backlog, SEK million | 102 | 120 | 102 | 120 | |
| Net Sales, SEK million | 486 | 477 | 1,489 | 1,535 | |
| Gross profit, SEK million | 219 | 221 | 602 | 640 | |
| Gross margin, % | 45.0% | 46.2% | 40.5% | 41.7% | |
| EBIT, SEK million | 106 | 96 | 156 | 195 | |
| EBIT margin, % | 21.8% | 20.1% | 10.5% | 12.7% | |
| EBITDA | 118 | 107 | 202 | 237 | |
| R&D expenditures, SEK million | -51 | -55 | -207 | -214 | |
| R&D costs, SEK million | -43 | -45 | -176 | -183 |
*Restated for comparability, see Note 1.
The market in Europe remained weak, while the US showed signs of a recovery following the presidential election. High Flex has gained market share in a weak market, partly as the segments it operates in have reported stronger demand than the market as a whole. During the year, the division also increased its sales of complete production lines by more than 50 percent compared with the preceding year.
Order intake increased 8 percent during the final quarter of the year to SEK 389 (359) million. For the full year, order intake decreased 2 percent to SEK 1,471 (1,501) million. The order backlog at the end of the year was SEK 102 (120) million.
High Flex ended the last quarter of the year with good deliveries, slightly outperforming the strong quarter in the corresponding period of the preceding year, with net sales increasing by 2 percent to SEK 486 (477) million. For the full year, net sales decreased 3 percent to SEK 1,489 (1,535) million. Net sales for the quarter were positively impacted
by currency effects of SEK 2 million and for the full year negatively by SEK 7 million.
The gross margin for the quarter amounted to 45 (46) percent and 40 (42) percent for the full year.
EBIT increased to SEK 106 (96) million, corresponding to an EBIT margin of 22 (20) percent. EBIT for the full year decreased to SEK 156 (195) million, corresponding to an EBIT margin of 11 (13) percent. Acquisition-related costs amounted to SEK 1 (2) million for the quarter and SEK 6 (6) million for the full year.
R&D costs for the fourth quarter amounted to SEK 43 (45) million and SEK 176 (183) million for the full year. The capitalization of development costs amounted to SEK 8 (12) million for the quarter and SEK 36 (36) million for the full year.
HIGH VOLUME
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023* | |
| Order intake, SEK million | 387 | 276 | 1,523 | 1,101 |
| Order backlog, SEK million | 752 | 662 | 752 | 662 |
| Net Sales, SEK million | 467 | 306 | 1,434 | 1,140 |
| Gross profit, SEK million | 163 | 121 | 555 | 482 |
| Gross margin, % | 34.8% | 39.7% | 38.7% | 42.3% |
| EBIT, SEK million | 76 | 32 | 223 | 173 |
| EBIT margin, % | 16.3% | 10.3% | 15.6% | 15.2% |
| EBITDA | 80 | 35 | 234 | 196 |
| R&D expenditures, SEK million | -43 | -34 | -154 | -128 |
| R&D costs, SEK million | -44 | -34 | -151 | -132 |
*Restated for comparability, see Note 1.
Demand improved during the fourth quarter both in the Chinese domestic market and the markets outside of China. This was the case for both the consumer electronics industry and the automotive industry. In the middle of October 2024, Modus High-Tech Electronics GmbH was acquired, a Dusseldorf-based provider of automated optical inspection systems for electronics volume production.
Order intake rose 40 percent during the fourth quarter and amounted to SEK 387 (276) million. For the full year, order intake increased 38 percent to SEK 1,523 (1,101) million. At the end of the year, the order backlog totaled SEK 752 (662) million.
Net sales increased 53 percent to SEK 467 (306) million, with Modus contributing SEK 9 million. For the full year, net sales increased 26 percent to SEK 1,434 (1,140) million. Net sales for the quarter were positively impacted by currency effects of SEK 7 million and for the full year negatively by SEK 20 million.
The gross margin for the quarter amounted to 35 (40) percent, the reduction reflecting a less favorable project mix. For the full year, the gross margin amounted to 39 (42) percent.
EBIT amounted to SEK 76 (32) million, corresponding to an EBIT margin of 16 (10) percent. Modus had a negative EBIT impact of SEK 4 million. EBIT for the full year increased to SEK 223 (173) million, corresponding to an EBIT margin of 16 (15) percent. Acquisition-related costs amounted to SEK 3 (1) million for the quarter and SEK 3 (13) million for the full year.
R&D costs for the quarter amounted to SEK 44 (34) million and SEK 151 (132) million for the full year. The capitalization of development costs amounted to SEK 0 (-) million for the quarter and SEK 4 (-) million for the full year.
GLOBAL TECHNOLOGIES
| 2024 | 2023 303 |
2024 1,355 |
2023 |
|---|---|---|---|
| Order intake, SEK million 461 |
987 | ||
| Order backlog, SEK million 514 |
297 | 514 | 297 |
| Net Sales, SEK million 403 |
310 | 1,138 | 928 |
| Gross profit, SEK million 179 |
122 | 455 | 343 |
| Gross margin, % 44.4% |
39.2% | 40.0% | 37.0% |
| EBIT, SEK million 86 |
37 | 113 | 59 |
| EBIT margin, % 21.3% |
11.8% | 10.0% | 6.3% |
| EBITDA 102 |
51 | 177 | 117 |
| R&D expenditures, SEK million -31 |
-22 | -101 | -82 |
| R&D costs, SEK million -39 |
-29 | -134 | -110 |
Investments related to the testing of PCBs used in advanced servers for AI applications continued to drive demand in the PCB Test business line. Investments in Southeast Asia by companies reducing their exposure to China also contributed to the healthy demand. In Die Bonding, AI applications continued to support demand for high-speed optical transceivers, leading to good demand for Global Technologies' machines. The third business line, Photonic Interconnects, developed well and reported a good order intake in the quarter.
Order intake in the last quarter of the year increased 52 percent to SEK 461 (303) million and 37 percent to SEK 1,355 (987) million during the full year. Order intake excluding the newly acquired Vanguard Automation increased 39 percent during the quarter and 32 percent for the full year. At the end of the year, the order backlog totaled SEK 514 (297) million.
Net sales increased 30 percent to SEK 403 (310) million. For the full year, net sales increased 23 percent to SEK 1,138 (928) million. Net sales for the quarter were not impacted
by currency effects while the full year was negatively impacted by SEK 8 million. Organic net sales increased 19 percent during the quarter and 20 percent for the full year.
The gross margin increased to 44 (39) percent for the quarter and to 40 (37) percent for the full year.
EBIT increased to SEK 86 (37) million, corresponding to an EBIT margin of 21 (12) percent. During the quarter, Photonic Interconnects had a negative impact on EBIT of SEK 1 million. For the full year, EBIT increased to SEK 113 (59) million despite a negative impact of SEK 31 million from Photonic Interconnects. The EBIT margin for the full year amounted to 10 (6) percent. Acquisition-related costs amounted to SEK 15 (11) million for the quarter and SEK 54 (44) million for the full year.
R&D costs for the fourth quarter amounted to SEK 39 (29) million and SEK 134 (110) million for the full year. Global Technologies did not capitalize any development costs.
Electronics industry
The global electronics industry is assessed to have grown by 4.6 percent in 2024 to USD 2,543 billion1 . For full year 2024, the semiconductor market is forecast to have grown 17.3 percent to the equivalent of USD 618 billion1 .
OUTLOOK
Annual growth for the electronics industry is forecast at 5.7 percent for the period 2023-20281 . Segments with the strongest expected growth during this five-year period are electronics for data centers, defense & aerospace, mobile phones and industrial applications. The electronics industry is forecast to demonstrate growth of 6.9 percent in 2025. Growth is expected to occur in all segments, except in consumer segment for TVs, which is forecast to decline. The semiconductor market is expected to grow 10.0 percent in 2025, driven by the demand for AI chips for data centers and a shift in the product mix toward more expensive mobile phones and tablets. Market growth is forecast to be positive during the 2023-2028 period as a whole, with annual growth of 8.5 percent1 . The display market is estimated to have grown 13.0 percent in 2024 to USD 134 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 a forecast growth of 24.5 percent. For 2025, the market is forecast to grow 6.1 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 3.0 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 |
+6.9% | +4.6% | +0.1% |
| Semiconductor industry, percentual change¹ |
+10.0% | +17.3% | -8.0% |
| SMT component mounting, percentual change³ |
NA | NA | -26.5% |
| Dispensing, USD million⁴ | NA | NA | 730 |
| Displays, USD, billion² | 142 | 134 | 118 |
| Photomasks for displays, percentual change in value⁵ |
+2.0% | +2.0% | +6.4% |
| Photomasks for semiconductors, percentual change in value⁶ |
+15.9% | +16.9% | +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 4,300 million7 . The segment SMT robots for component mounting declined by 7.7 percent in 2024 to USD 2,077 million. Markets in China and Southeast Asia showed growth while North and South America, Japan and Europe displayed a negative trend3 . The dispensing
equipment market decreased 22 percent and had sales of USD 730 million4 in 2023 - figures for 2024 are not yet available.
ASSEMBLY AUTOMATION AND TEST MARKET AREA
In die bonding, the market for optical components in data/telecommunications was USD 11.7 billion8in 2023. The market is expected to post annual growth of 13.0 percent during the 2024-2029 period, to USD 26.8 billion8 . In electrical testing, the market for printed circuit boards and substrates is assessed to have increased by 5.8 percent in 2024, to USD 73.6 billion9 , and is expected to post annual growth of 5.6 percent during the 2023-2028 period to USD 91.1 billion9 .
PATTERN GENERATORS MARKET AREA
PHOTOMASKS FOR DISPLAYS
The market is estimated to have grown by 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 by 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 16.9 percent to USD 9.1 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 15.9 percent to USD 10.6 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 December 2024
- 2) Omdia, latest forecast January 2025
- 3) Protec MDC, January 2025
- 4) Prismark, April 2024 (annual update) 5) Omdia, June 2024 (annual update)
- 6) TechInsights, April 2024
- 7) Protec MDC, January 2024, Mycronic analysis, May 2024
- 8) Lightcounting, April 2024
9) Prismark, December 2024 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 4,062 (3,195) million for the full year. EBIT amounted to SEK 1,600 (767) million.
Cash and cash equivalents at the end of the year amounted to SEK 2,084 million, compared with SEK 1,371 million at the end of 2023.
NOMINATION COMMITTEE
The Nomination Committee for Mycronic's 2025 Annual General Meeting has been appointed in accordance with the instructions for the Nomination Committee as decided by the 2024 Annual General Meeting. The Nomination Committee comprises: Henrik Blomquist (Bure Equity), Patrik Jönsson (SEB Fonder), Thomas Ehlin (Fourth AP Fund), and Patrik Tigerschiöld (Chairman of Mycronic). The Nomination Committee represented 40.1 percent of votes and shares as of August 31, 2024.
ANNUAL GENERAL MEETING 2025
The Annual General Meeting will be held on May 7, 2025. The notification will be sent out in due course.
In line with the dividend policy, the Board of Directors proposes to the Annual General Meeting an ordinary dividend of SEK 5.50 (4.50) per share, totaling SEK 538.5 (440.6) million. The Board of Directors further proposes an extra dividend of SEK 2.00 (-) per share, totaling SEK 195.8 (-) million.
The record date for entitlement to the dividend is proposed as May 9, 2025. Provided the Meeting resolves in favor of the dividend proposal, the dividend will be paid on May 14, 2025.
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. CET on February 6, 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. CET on February 6, 2025, with President and CEO Anders Lindqvist and CFO and Sr VP Corporate Development Pierre Brorsson. The presentation will be webcast.
FINANCIAL CALENDAR
| April 1, 2025 |
|---|
| April 25, 2025 |
| May 7, 2025 |
| July 11, 2025 |
| October 23, 2025 |
| February 5, 2026 |
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 year-end report provides a true and fair picture 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, February 6, 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
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| Consolidated profit and loss accounts in summary, SEK million | Note | 2024 | 2023 | 2024 | 2023 | |
| Net sales | 5, 6 | 2,059 | 1,968 | 7,057 | 5,706 | |
| Cost of goods sold | -1,055 | -905 | -3,338 | -2,850 | ||
| Gross profit | 1,004 | 1,063 | 3,719 | 2,855 | ||
| Research and development | 7 | -216 | -174 | -747 | -653 | |
| Selling expenses | -172 | -161 | -628 | -658 | ||
| Administrative expenses | -102 | -106 | -361 | -338 | ||
| Other income and expenses | 12 | -2 | 38 | 28 | ||
| EBIT | 527 | 620 | 2,021 | 1,235 | ||
| Financial income and expenses | 16 | 15 | 63 | 27 | ||
| Profit/loss before tax | 543 | 635 | 2,084 | 1,262 | ||
| Tax | -78 | -125 | -396 | -266 | ||
| Net Profit/loss | 464 | 510 | 1,688 | 996 | ||
| Earnings per share before dilution, SEK | 4.71 | 5.23 | 17.25 | 10.22 | ||
| Earnings per share after dilution, SEK | 4.71 | 5.23 | 17.24 | 10.22 | ||
| Results attributable to owners of the Parent Company | 460 | 510 | 1,683 | 998 | ||
| Results attributable to non-controlling interests | 5 | 0 | 5 | -2 | ||
| 464 | 510 | 1,688 | 996 |
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Consolidated statement of comprehensive income in summary, SEK million |
2024 | 2023 | 2024 | 2023 |
| Net Profit/loss | 464 | 510 | 1,688 | 996 |
| Other comprehensive income | ||||
| Items not to be reclassified to profit/loss, after tax | ||||
| Actuarial profit/loss from defined benefits to employees | -2 | -4 | -2 | -4 |
| Items to be reclassified to profit/loss, after tax | ||||
| Translation differences at translating foreign entities | 155 | -153 | 190 | -126 |
| Changes in cash flow hedges | -119 | 107 | -144 | 59 |
| Total comprehensive income | 499 | 460 | 1,731 | 925 |
| Total comprehensive income attributable to owners of the Parent Company | 492 | 462 | 1,724 | 929 |
| Total comprehensive income attributable to non-controlling interests | 7 | -2 | 7 | -4 |
| 499 | 460 | 1,731 | 925 |
| Consolidated statements of financial position in summary, SEK million | 31 Dec 24 | 31 Dec 23 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 2,686 | 2,292 |
| Property, plant and equipment | 574 | 495 |
| Non-current receivables | 59 | 58 |
| Deferred tax assets | 214 | 175 |
| Total non-current assets | 3,533 | 3,021 |
| Current assets | ||
| Inventories | 2,056 | 1,602 |
| Trade receivables | 1,507 | 1,270 |
| Other current receivables | 301 | 308 |
| Cash and cash equivalents | 3,014 | 2,140 |
| Total current assets | 6,879 | 5,319 |
| Total assets | 10,412 | 8,340 |
| EQUITY AND LIABILITIES | ||
| Equity | 6,575 | 5,282 |
| Non-current liabilities | ||
| Non-current interest-bearing liabilities | 133 | 150 |
| Deferred tax liabilities | 405 | 359 |
| Other non-current liabilities | 94 | 43 |
| Total non-current liabilities | 632 | 551 |
| Current liabilities | ||
| Current interest-bearing liabilities | 87 | 78 |
| Trade payables | 557 | 388 |
| Other current liabilities | 2,562 | 2,041 |
| Total current liabilities | 3,205 | 2,507 |
| Total liabilities | 3,837 | 3,058 |
| Total equity and liabilities | 10,412 | 8,340 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Consolidated cash flow statements in summary, SEK million | 2024 | 2023 | 2024 | 2023 | |
| Profit/loss before tax | 543 | 635 | 2,084 | 1,262 | |
| Adjustments for non-cash items and | |||||
| paid income tax | 38 | 114 | 114 | 209 | |
| Change in working capital | 76 | -186 | -324 | 138 | |
| Cash flow from operating activities | 656 | 563 | 1,874 | 1,608 | |
| Cash flow from investing activities | -193 | -56 | -500 | -195 | |
| Cash flow from financing activities | -20 | -17 | -552 | -447 | |
| Cash flow for the period | 443 | 491 | 822 | 966 | |
| Cash and cash equivalents, opening balance | 2,532 | 1,745 | 2,140 | 1,274 | |
| Exchange difference for cash and cash equivalents | 39 | -96 | 53 | -100 | |
| Cash and cash equivalents, closing balance | 3,014 | 2,140 | 3,014 | 2,140 |
| Jan-Dec | ||||
|---|---|---|---|---|
| Consolidated statement of changes in equity in summary, SEK million | 2024 | 2023 | ||
| Opening balance | 5,282 | 4,703 | ||
| Dividend to owners | -441 | -343 | ||
| Swap agreement related to own shares | - | 9 | ||
| Repurchase of own shares | -19 | -26 | ||
| Equity-settled share based payments | 20 | 14 | ||
| Total comprehensive income | 1,731 | 925 | ||
| Closing balance | 6,575 | 5,282 | ||
| Of which holdings of non-controlling interests | 43 | 36 |
| Jan-Dec | ||||
|---|---|---|---|---|
| Other key figures * | 2024 | 2023 | ||
| Equity per share, SEK | 67.37 | 54.12 | ||
| Return on equity (rolling 12 months), % | 28.5% | 20.0% | ||
| Return on capital employed (rolling 12 months), % | 34.1% | 24.3% | ||
| Net cash, SEK million | 2,795 | 1,912 | ||
| Average number of employees | 2,158 | 2,027 |
*In addition to the performance indicators presented on page 1. See calculations on page 20.
Parent Company
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Profit/loss accounts in summary, Parent Company, SEK million | 2024 | 2023 | 2024 | 2023 |
| Net sales | 1,025 | 1,292 | 4,062 | 3,195 |
| Cost of goods sold | -467 | -527 | -1,590 | -1,423 |
| Gross profit | 558 | 765 | 2,472 | 1,773 |
| Other operating expenses | -173 | -365 | -872 | -1,006 |
| EBIT | 385 | 400 | 1,600 | 767 |
| Result from financial items | 130 | 348 | 218 | 421 |
| Profit/loss after financial items | 514 | 747 | 1,818 | 1,187 |
| Appropriations | -296 | -74 | -296 | -74 |
| Profit/loss before tax | 218 | 674 | 1,521 | 1,113 |
| Tax | -38 | -73 | -306 | -160 |
| Net Profit/loss | 179 | 601 | 1,215 | 953 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Statement of comprehensive income, Parent Company, SEK million | 2024 | 2023 | 2024 | 2023 | |
| Net Profit/loss | 179 | 601 | 1,215 | 953 | |
| Other comprehensive income | - | - | - | - | |
| Total comprehensive income | 179 | 601 | 1,215 | 953 |
| Balance sheets in summary, Parent Company, SEK million | 31 Dec 24 | 31 Dec 23 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible and tangible assets | 248 | 216 |
| Financial assets | 3,433 | 3,056 |
| Total non-current assets | 3,681 | 3,272 |
| Current assets | ||
| Inventories | 917 | 752 |
| Current receivables | 942 | 954 |
| Cash and cash equivalents | 2,084 | 1,371 |
| Total current assets | 3,943 | 3,077 |
| TOTAL ASSETS | 7,624 | 6,349 |
| EQUITY AND LIABILITIES | ||
| Equity | 4,103 | 3,327 |
| Untaxed reserves | 1,670 | 1,374 |
| Provisions | 22 | 16 |
| Non-current liabilities | - | - |
| Current liabilities | ||
| Current interest-bearing liabilities | - | - |
| Other current liabilities | 1,829 | 1,633 |
| Total current liabilities | 1,829 | 1,633 |
| TOTAL EQUITY AND LIABILITIES | 7,624 | 6,349 |
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.
During the third quarter of 2023, High Flex took over global responsibility for China-based HC Xin from High Volume, while High Volume took over global responsibility for both the MYSmart dispensing products and the Mexico office from High Flex. Comparative figures for the first two quarters of 2023 are restated in this year-end report.
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2023. The carrying amounts and fair values are deemed to essentially correspond with one another.
NOTE 2 RELATED PARTY TRANSACTIONS
A description of related party transactions can be found in Note 8 of the 2023 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, which are in all material aspects the same as presented in the 2023 Annual Report. For example, Mycronic is exposed to country-specific risks such as political decisions or overarching changes to the regulatory framework, both geographically and product-wise.
NOTE 4 EVENTS AFTER THE END OF THE PERIOD
After the end of the period, orders were received for four systems: one Prexision 8000 Evo, which replaces a previously received order for a Prexision 8 Evo, two Prexision MMS Evos, and one Prexision 8 Entry Evo.
NOTE 5 REVENUE FROM CONTRACTS WITH CUSTOMERS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Revenue by geographical market, SEK million | 2024 | 2023 | 2024 | 2023 |
| EMEA | 303 | 276 | 931 | 919 |
| North and South America | 261 | 326 | 899 | 1,162 |
| Asia | 1,494 | 1,366 | 5,228 | 3,625 |
| 2,059 | 1,968 | 7,057 | 5,706 | |
| Revenue by type of good/service, SEK million | ||||
| System | 1,543 | 1,533 | 5,312 | 4,077 |
| Aftermarket | 516 | 435 | 1,745 | 1,629 |
| 2,059 | 1,968 | 7,057 | 5,706 | |
| Timing of revenue recognition, SEK million | ||||
| Goods transferred at a point in time | 1,748 | 1,686 | 5,890 | 4,643 |
| Services transferred over time | 311 | 282 | 1,168 | 1,063 |
| 2,059 | 1,968 | 7,057 | 5,706 |
NOTE 6 OPERATING SEGMENT REPORTING
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023* |
| Net sales by Division | ||||
| Pattern Generators | 702 | 878 | 2,997 | 2,106 |
| High Flex | 486 | 477 | 1,489 | 1,535 |
| High Volume | 467 | 306 | 1,434 | 1,140 |
| Global Technologies | 403 | 310 | 1,138 | 928 |
| Internal net sales between divisions | - | -3 - |
-3 | |
| 2,059 | 1,968 | 7,057 | 5,706 | |
| EBIT by Division | ||||
| Pattern Generators | 311 | 510 | 1,694 | 1,053 |
| High Flex | 106 | 96 156 |
195 | |
| High Volume | 76 | 32 223 |
173 | |
| Global Technologies | 86 | 37 113 |
59 | |
| Group functions etc | -56 | -55 | -175 | -249 |
| Effects from IFRS 16 | 4 | 8 1 |
4 | |
| Group | 527 | 620 | 2,021 | 1,235 |
| SEK million | 31 Dec 24 | 31 Dec 23 | ||
| Assets by Division | ||||
| Capitalized Development Costs | ||||
| Pattern Generators | 91 | 65 | ||
| High Flex | 82 | 75 | ||
| High Volume | 4 | - | ||
| 177 | 140 | |||
| Inventories | ||||
| Pattern Generators | 661 | 519 | ||
| High Flex | 425 | 392 | ||
| High Volume | 684 | 457 | ||
| Global Technologies | 288 | 235 | ||
| Unrealized profit in inventories | -1 | -2 | ||
| 2,056 | 1,602 | |||
| Trade Receivables | ||||
| Pattern Generators | 411 | 571 | ||
| High Flex | 400 | 328 | ||
| High Volume | 448 | 243 | ||
| Global Technologies | 248 | 129 | ||
| 1,507 | 1,270 |
*Restated for comparability, see Note 1.
NOTE 7 RESEARCH AND DEVELOPMENT COSTS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Research and development costs, SEK million | 2024 | 2023 | 2024 | 2023* |
| R&D expenditures | ||||
| Pattern Generators | -106 | -74 | -332 | -255 |
| High Flex | -51 | -55 | -207 | -214 |
| High Volume | -43 | -34 | -154 | -128 |
| Global Technologies | -31 | -22 | -101 | -82 |
| -231 | -183 | -793 | -679 | |
| Capitalization of Development Costs | ||||
| Pattern Generators | 16 | 7 | 45 | 27 |
| High Flex | 8 | 12 | 36 | 36 |
| High Volume | 0 | - | 4 | - |
| 25 | 19 | 84 | 63 | |
| Amortization of Acquired Technology | ||||
| High Flex | -1 | -1 | -5 | -6 |
| High Volume | 0 | 0 | 0 | -4 |
| Global Technologies | -8 | -7 | -32 | -28 |
| -10 | -9 | -37 | -38 | |
| Reported cost | -216 | -174 | -747 | -653 |
*Restated for comparability, see Note 1.
NOTE 8 BUSINESS COMBINATIONS
Acquisition of Vanguard Automation
At the beginning of the second quarter 2024, Mycronic acquired 100 percent of the shares in Vanguard Automation, a company headquartered in Karlsruhe, Germany, which has developed a technology and automated equipment for 3D microfabrication of optical interconnects. Following this acquisition, Mycronic can provide a broader offering of die bonding and optical packaging solutions to its customers. Vanguard Automation forms a new business line within the Global Technologies division. In 2023, Vanguard Automation's net sales amounted to EUR 5.2 million. The company has 26 employees. The purchase consideration amounts to EUR 18 million, corresponding to SEK 207 million, on a cash and debtfree basis. Under certain conditions, based on parameters such as sales and earnings, an additional purchase consideration of a maximum of EUR 8 million will be disbursed in 2026. The purchase price allocation was finalized in the fourth quarter without any material changes. In the purchase price allocation, intangible assets in the form of technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 156 million and is primarily attributable to the complementing nature of Vanguard Automation's and MRSI's offerings that cater to the photonics industry. The acquisition price is adjusted for contingent considerations, which are deemed to correspond to fair value. As of December 31, 2024 a contingent consideration has been recorded of EUR 4 million, an equivalent of SEK 51 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 1, 2024. Vanguard Automation's operations contributed SEK 34 million to consolidated net sales in 2024 whereas EBIT was negatively impacted by SEK 31 million.
Acquisition of Modus High-Tech Electronics
In the middle of October 2024, 100 percent of the shares in Modus High-Tech Electronics GmbH was acquired, a Dusseldorfbased provider of automated optical inspection systems for electronics volume production. Following the transaction, Modus becomes part of Mycronic's High Volume division. Modus has 18 employees and net sales amounted to EUR 4 million in 2023. The acquisition price amounts to EUR 8 million, corresponding to SEK 89 million. Work to assign values to acquired assets and liabilities is ongoing and the purchase price allocation is therefore still preliminary as of December 31, 2024. In the preliminary purchase price allocation, intangible assets in the form of technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 48 million and is primarily attributable to Modus' complementary
technology in relation to High Volume, as well as anticipated synergies through the integration. The company was consolidated in the Mycronic Group as of October 16, 2024. Modus contributed SEK 9 million to consolidated net sales in 2024 whereas EBIT was negatively impacted by SEK 4 million.
| Vanguard Automation | Modus | |
|---|---|---|
| SEK million | 2024 | 2024 |
| Acquisition price | ||
| Cash paid for the acquisition | 179 | 89 |
| Long-term contingent considerations (estimated fair value) | 46 | - |
| Total | 225 | 89 |
| Acquired assets and liabilities at fair value | ||
| Intangible assets | 57 | 19 |
| Property, plant and equipment | 12 | 3 |
| Inventories | 8 | 25 |
| Current receivables | 16 | 4 |
| Cash and cash equivalents | 9 | 1 |
| Non-current liabilities | -22 | -8 |
| Current liabilities | -11 | -4 |
| Total | 69 | 41 |
| Goodwill | 156 | 48 |
| Changes in consolidated cash and cash equivalents as of the acquisition | ||
| Cash paid for the acquisition | 179 | 89 |
| Cash and cash equivalents in acquired subsidiaries | -9 | -1 |
| Total | 170 | 88 |
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.
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-Dec | ||
|---|---|---|
| Return on equity | 2024 | 2023 |
| Net profit/loss (rolling 12 months) | 1,688 | 996 |
| Average shareholders' equity | 5,928 | 4,993 |
| 28.5% | 20.0% | |
| Return on capital employed | ||
| Profit/loss before tax (rolling 12 months) | 2,084 | 1,262 |
| Financial expenses | 15 | 13 |
| Profit/loss before financial expenses | 2,099 | 1,275 |
| Average balance sheet total | 9,376 | 7,840 |
| Average non-interest-bearing liabilities | 3,224 | 2,599 |
| Average capital employed | 6,152 | 5,241 |
| 34.1% | 24.3% | |
| Book-to-bill | ||
| Order intake | 7,611 | 6,280 |
| Net sales | 7,057 | 5,706 |
| 1.1 | 1.1 | |
| EBITDA | ||
| EBIT | 2,021 | 1,235 |
| Depreciation/Amortization | 266 | 264 |
| 2,287 | 1,499 | |
| Underlying EBIT | ||
| EBIT | 2,021 | 1,235 |
| Acquisition-related costs included in: | ||
| Cost of goods sold | 2 | - |
| Operating expenses | 72 | 63 |
| 74 | 63 | |
| 2,095 | 1,298 | |
| Equity per share | ||
| Equity at balance day | 6,575 | 5,282 |
| No. of outstanding shares at end of period, thousand | 97,590 | 97,597 |
| 67.37 | 54.12 | |
| Earnings per share before/after dilution, SEK | ||
| Net Profit/loss attributable to owners of the Parent Company | 1,683 | 998 |
| Average no. of outstanding shares before dilution, thousand | 97,590 | 97,610 |
| 17.25 | 10.22 | |
| Average no. of outstanding shares after dilution, thousand | 97,645 | 97,636 |
| 17.24 | 10.22 | |
| Net cash, SEK million | ||
| Cash and cash equivalents | 3,014 | 2,140 |
| Interest-bearing liabilities | -219 | -227 |
| 2,795 | 1,912 |
| Quarterly data | Q4 24 | Q3 24 | Q2 24 | Q1 24 | Q4 23 | Q3 23 | Q2 23* | Q1 23* |
|---|---|---|---|---|---|---|---|---|
| Order intake | ||||||||
| Pattern Generators | 1,144 | 274 | 1,199 | 645 | 513 | 561 | 804 | 816 |
| High Flex | 389 | 385 | 362 | 334 | 359 | 407 | 349 | 386 |
| High Volume | 387 | 389 | 357 | 390 | 276 | 249 | 350 | 226 |
| Global Technologies | 461 | 411 | 207 | 277 | 303 | 250 | 246 | 189 |
| Internal order intake between divisions | - | - | - | - | -3 | - | - | - |
| 2,381 | 1,459 | 2,125 | 1,645 | 1,448 | 1,467 | 1,748 | 1,617 | |
| Order Backlog | ||||||||
| Pattern Generators | 3,334 | 2,891 | 3,424 | 2,876 | 3,068 | 3,433 | 3,307 | 2,945 |
| High Flex | 102 | 199 | 167 | 158 | 120 | 239 | 209 | 207 |
| High Volume | 752 | 832 | 778 | 741 | 662 | 692 | 688 | 584 |
| Global Technologies | 514 | 457 | 330 | 327 | 297 | 305 | 272 | 236 |
| 4,702 | 4,379 | 4,700 | 4,102 | 4,149 | 4,669 | 4,475 | 3,972 | |
| Net Sales | ||||||||
| Pattern Generators | 702 | 807 | 650 | 838 | 878 | 435 | 442 | 351 |
| High Flex | 486 | 353 | 353 | 296 | 477 | 378 | 347 | 334 |
| High Volume | 467 | 336 | 320 | 311 | 306 | 244 | 247 | 342 |
| Global Technologies | 403 | 284 | 203 | 247 | 310 | 216 | 209 | 192 |
| Internal net sales between divisions | - | - | - | - | -3 | - | - | - |
| 2,059 | 1,780 | 1,527 | 1,692 | 1,968 | 1,274 | 1,245 | 1,219 | |
| Gross Profit | ||||||||
| Pattern Generators | 444 | 589 | 438 | 635 | 600 | 286 | 283 | 220 |
| High Flex | 219 | 136 | 140 | 107 | 221 | 156 | 132 | 131 |
| High Volume | 163 | 134 | 131 | 128 | 121 | 101 | 108 | 151 |
| Global Technologies | 179 | 98 | 74 | 104 | 122 | 80 | 73 | 68 |
| 1,004 | 958 | 783 | 974 | 1,063 | 623 | 599 | 570 | |
| Gross Margin | ||||||||
| Pattern Generators | 63.3% | 72.9% | 67.3% | 75.8% | 68.4% | 65.9% | 64.0% | 62.5% |
| High Flex | 45.0% | 38.6% | 39.7% | 36.1% | 46.2% | 41.3% | 38.1% | 39.3% |
| High Volume | 34.8% | 39.9% | 40.9% | 41.1% | 39.7% | 41.5% | 43.8% | 44.1% |
| Global Technologies | 44.4% | 34.5% | 36.3% | 42.1% | 39.2% | 36.9% | 35.1% | 35.5% |
| 48.8% | 53.8% | 51.3% | 57.6% | 54.0% | 48.9% | 48.1% | 46.8% | |
| R&D expenses | ||||||||
| Pattern Generators | -91 | -68 | -65 | -63 | -66 | -56 | -56 | -50 |
| High Flex | -43 | -38 | -48 | -46 | -45 | -40 | -48 | -51 |
| High Volume | -44 | -39 | -35 | -33 | -34 | -33 | -30 | -35 |
| Global Technologies | -39 | -33 | -34 | -27 | -29 | -29 | -28 | -24 |
| Total R&D expenses | -216 | -179 | -182 | -170 | -174 | -158 | -162 | -160 |
| Selling expenses | -172 | -148 | -173 | -135 | -161 | -130 | -193 | -173 |
| Administrative expenses | -102 | -80 | -94 | -85 | -106 | -72 | -88 | -72 |
| Other income/expenses | 12 | -4 | 15 | 15 | -2 | -1 | 15 | 16 |
| EBIT | 527 | 547 | 348 | 599 | 620 | 263 | 170 | 182 |
| Of which EBIT Pattern Generators | 311 | 498 | 342 | 543 | 510 | 203 | 191 | 149 |
| Of which EBIT High Flex | 106 | 31 | 18 | 1 | 96 | 60 | 12 | 26 |
| Of which EBIT High Volume | 76 | 47 | 45 | 55 | 32 | 41 | 41 | 60 |
| Of which EBIT Global Technologies | 86 | 13 | -15 | 30 | 37 | 10 | 9 | 3 |
| Of which EBIT Group functions etc | -56 | -44 | -43 | -31 | -55 | -52 | -85 | -57 |
| EBIT margin | 25.6% | 30.7% | 22.8% | 35.4% | 31.5% | 20.6% | 13.7% | 14.9% |
| Equity per share | 67.37 | 62.21 | 57.81 | 59.77 | 54.12 | 49.36 | 47.76 | 50.02 |
| Earnings per share before dilution | 4.71 | 4.59 | 2.94 | 5.01 | 5.23 | 2.10 | 1.37 | 1.52 |
| Earnings per share after dilution | 4.71 | 4.59 | 2.94 | 5.00 | 5.23 | 2.10 | 1.37 | 1.52 |
| Closing share price | 399.40 | 395.00 | 408.60 | 378.00 | 287.40 | 226.00 | 267.00 | 254.80 |
*Restated for comparability, see Note 1.