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Mycronic Audit Report / Information 2025
2946_10-k_2026-02-05_4edc1dfd-729b-48ca-b128-294a115feea4.pdf
Audit Report / Information
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Year-end Report January-December 2025
Fourth quarter
- Order intake amounted to SEK 1,939 (2,381) million, a decline of 19 percent
- Net sales declined 2 percent to SEK 2,021 (2,059) million. Based on constant exchange rates, net sales increased 10 percent
- EBIT amounted to SEK 342 (527) million and the EBIT margin was 17 (26) percent
- Earnings per share were SEK 1.42 (2.36) before dilution and SEK 1.42 (2.35) after dilution
January-December
- Order intake amounted to SEK 7,757 (7,611) million, an increase of 2 percent
- Net sales increased 12 percent to SEK 7,938 (7,057) million. Based on constant exchange rates, net sales increased 20 percent
- EBIT amounted to SEK 1,940 (2,021) million and the EBIT margin was 24 (29) percent
- Earnings per share were SEK 7.99 (8.62) before and after dilution
- The Board of Directors proposes a dividend of SEK 3.25 (2.75) per share to the 2026 Annual General Meeting. No extra dividend (SEK 1.00) is proposed
"Order intake in the fourth quarter amounted to SEK 1,939 million, which constituted a 19 percent decline compared with the stellar fourth quarter last year. Net sales reached SEK 2,021 million, where declines in Pattern Generators, PCB Assembly Solutions and High Volume were almost fully compensated for by a strong development in Global Technologies. EBIT for the quarter declined to SEK 342 million, corresponding to an EBIT margin of 17 percent. 2025 was a record year in terms of both order intake and net sales. We also signed agreements to acquire four new exciting companies. Furthermore, the successful relocation during the year of PCB Assembly Solutions to Kista, Stockholm, has laid the foundation for future growth for both PCB Assembly Solutions and Pattern Generators, with both divisions now having improved their production possibilities", says Anders Lindqvist, President and CEO.
Outlook 2026
It is the Board of Directors' opinion that net sales for 2026 will be at a level of SEK 8.25 billion.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Group summary | 2025 | 2024 | 2025 | 2024 |
| Order intake, SEK million | 1,939 | 2,381 | 7,757 | 7,611 |
| Net Sales, SEK million | 2,021 | 2,059 | 7,938 | 7,057 |
| Book-to-bill | 1.0 | 1.2 | 1.0 | 1.1 |
| Order backlog, SEK million | 4,681 | 4,702 | 4,681 | 4,702 |
| Gross margin, % | 46.8% | 48.8% | 52.4% | 52.7% |
| EBIT, SEK million | 342 | 527 | 1,940 | 2,021 |
| EBIT margin, % | 16.9% | 25.6% | 24.4% | 28.6% |
| Earnings per share before dilution, SEK* | 1.42 | 2.36 | 7.99 | 8.62 |
| Earnings per share after dilution, SEK* | 1.42 | 2.35 | 7.99 | 8.62 |
| Cash Flow, SEK million | 309 | 443 | -585 | 822 |
| Changes in Net Sales | ||||
| Total growth, % | -2% | 5% | 12% | 24% |
| Organic growth, % | 3% | 2% | 15% | 25% |
| Growth from acquisitions/divestments, % | 7% | 2% | 4% | 1% |
| Currency effects, % | -11% | 0% | -7% | -2% |
*Recalculated to reflect the share split executed on June 3, 2025, whereby one existing share was split into two shares.
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CEO comments
Order intake in the fourth quarter amounted to SEK 1,939 million, which constituted a 19 percent decline compared with the stellar fourth quarter last year. Net sales reached SEK 2,021 million, where declines in Pattern Generators, PCB Assembly Solutions and
High Volume were almost fully compensated for by a strong development in Global Technologies. EBIT for the quarter declined to SEK 342 million, corresponding to an EBIT margin of 17 percent.
In Pattern Generators, the semiconductor photomask market showed positive development, mainly driven by AI applications, which are predominantly produced on leadingedge nodes. Despite this, a significant share of photomasks are written using laser-based mask writers, including writing a second-layer on the most advanced photomasks. Hence, the AI trend is also positive for the demand of laser-based mask writers. The display photomask market remained stable. Pattern Generators continued increasing its investments in new core technologies, aimed at broadening the offering to the existing customer base through the development of a new semiconductor photomask inspection product, thereby supporting continued organic growth. The division received orders for one Prexision 8 Evo, one FPS 6100 Evo and three SLXs.
For PCB Assembly Solutions, the European market continued to be weak, the US market was stable, and Asia showed positive development. In November, the division participated at the biennial Productronica trade show, in Munich. Despite the sluggish European market, the mood at Productronica was upbeat. PCB Assembly Solutions' launch of GenI received strong interest, a solution designed to liberate electronics manufacturers from the complexities of traditional Automated Optical Inspection (AOI) programming.
High Volume also participated at Productronica, generating a substantial amount of leads for the European market. A new production facility in Thailand was inaugurated during the quarter, with many customers present. The plans to partially list Axxon on a stock exchange in China have been put on hold. A broad Employee Stock Option Program (ESOP) has been launched for the division, in order to attract and retain top talent.
For Global Technologies, the market for the PCB Test business line remained strong. Solid demand from the AI segment transformed into high investments from PCB manufacturers. Investments in Southeast Asia also continued. The Die Bonding business line experienced good demand from the AI data center segment. The business line Applied Plasma also noted a good development in the quarter.
After the end of the period, Global Technologies acquired ETZ, a company based in Germany, which manufactures test probes. ETZ's net sales in 2025 amounted to almost EUR 4 million, of which sales to Mycronic made up around 85 percent. The company will become part of the PCB Test business line.
2025 was a record year in terms of both order intake and net sales. The gross margin was stable and we increased our investments in expanding the organization, in particular R&D, which impacted EBIT. We also signed agreements to acquire four new exciting companies. Furthermore, the successful relocation during the year of PCB Assembly Solutions to Kista, Stockholm, has laid the foundation for future growth for both PCB Assembly Solutions and Pattern Generators, with both divisions now having improved their production possibilities.
Order intake and net sales, rolling 12 months Gross and EBIT margin, rolling 12 months
Anders Lindqvist, President and CEO
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Financial performance
GROUP
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Order intake, SEK million | 1,939 | 2,381 | 7,757 | 7,611 |
| Order backlog, SEK million | 4,681 | 4,702 | 4,681 | 4,702 |
| Net Sales, SEK million | 2,021 | 2,059 | 7,938 | 7,057 |
| Gross profit, SEK million | 945 | 1,004 | 4,163 | 3,719 |
| Gross margin, % | 46.8% | 48.8% | 52.4% | 52.7% |
| EBIT, SEK million | 342 | 527 | 1,940 | 2,021 |
| EBIT margin, % | 16.9% | 25.6% | 24.4% | 28.6% |
| EBITDA, SEK million | 433 | 599 | 2,270 | 2,287 |
Order intake in the fourth quarter declined 19 percent to SEK 1,939 (2,381) million, explained mainly by Pattern Generators and despite Global Technologies showing a very strong development. For the full year, order intake increased 2 percent to SEK 7,757 (7,611) million. The Group's order backlog at the end of the year was SEK 4,681 (4,702) million.
Net sales in the quarter decreased 2 percent to SEK 2,021 (2,059) million, where declines in Pattern Generators, PCB Assembly Solutions and High Volume were almost fully compensated for by a healthy development in Global Technologies. For the full year, net sales increased 12 percent to SEK 7,938 (7,057) million. Net sales for the quarter were impacted by currency effects of SEK -239 million and for full year by SEK -514 million.
The gross margin was 47 (49) percent, with declines in Pattern Generators and PCB Assembly Solutions and an increase in High Volume. For the full year, the gross margin was 52 (53) percent.
EBIT for the quarter declined to SEK 342 (527) million, corresponding to an EBIT margin of 17 (26) percent. For the full year, EBIT amounted to SEK 1,940 (2,021) million, representing an EBIT margin of 24 (29) percent. Acquisition-related costs amounted to SEK 51 (21) million for the quarter and SEK 196 (74) million for the full year.
Cash flow and financial position
Consolidated cash and cash equivalents at the end of the year amounted to SEK 2,323 (3,014) million. Cash flow for the year amounted to SEK -585 (822) million. Cash flow
from operating activities amounted to SEK 1,407 (1,874) million. Working capital increased during the year, with a cash flow impact of SEK -549 (-324) million, driven primarily by higher inventory and lower advance payments from customers.
Investing activities generated a cash flow of SEK -1,129 (-500) million during the year, with the acquisitions of Hprobe, RoBAT and Surfx accounting for SEK -920 million, capitalization of product development for SEK -64 (-84) million and investments in property, plant and equipment for SEK -91 (-126) million. Financing activities generated a cash flow of SEK -862 (-552) million, of which SEK -734 (-441) million related to dividends to shareholders. At the end of the year, Mycronic had a net cash position of SEK 1,974 (2,795) million.
Sustainability
Data as per December 31 shows progress on diversity. The share of women in the workforce, as well as in managerial roles, increased in 2025. Notably, the Pattern Generators division reported a rise in female representation in its workforce, from 19 to 22 percent. The "Diversity and inclusion" category also improved in the annual employee engagement survey and is now its highest‑rated topic. During the quarter, initiatives were implemented aimed at enhancing sustainability expertise within the Group. Sales representatives received training, and purchasing managers participated in seminars focused on strengthening supply chain due diligence.
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PATTERN GENERATORS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Order intake, SEK million | 545 | 1,144 | 2,481 | 3,262 |
| Order backlog, SEK million | 2,582 | 3,334 | 2,582 | 3,334 |
| Net Sales, SEK million | 577 | 702 | 3,232 | 2,997 |
| Gross profit, SEK million | 335 | 444 | 2,209 | 2,105 |
| Gross margin, % | 58.2% | 63.3% | 68.3% | 70.2% |
| EBIT, SEK million | 173 | 311 | 1,623 | 1,694 |
| EBIT margin, % | 30.1% | 44.3% | 50.2% | 56.5% |
| EBITDA | 192 | 329 | 1,699 | 1,756 |
| R&D expenditures, SEK million | -124 | -106 | -445 | -332 |
| R&D costs, SEK million | -117 | -91 | -420 | -287 |
The semiconductor photomask market showed positive development, mainly driven by AI applications, which are predominantly produced on leading-edge nodes. Despite this, a significant share of photomasks are written using laser-based mask writers, including writing a second-layer on the most advanced photomasks. Hence, the AI trend is also positive for the demand of laser-based mask writers. The display photomask market remained stable. Pattern Generators continued increasing its investments in new core technologies, aimed at broadening the offering to the existing customer base through the development of a new semiconductor photomask inspection product, thereby supporting continued organic growth. The acquisition of Cowin DST remains pending regulatory approval in South Korea.
The division received orders for one Prexision 8 Evo, one FPS 6100 Evo and three SLXs during the quarter. Order intake decreased 52 percent compared with the stellar fourth quarter last year, to SEK 545 (1,144) million. For the full year, order intake decreased 24 percent to SEK 2,481 (3,262) million. The business is characterized by fluctuations over time and performance should be viewed from a longterm perspective.
The order backlog at the end of the year was SEK 2,582 (3,334) million and contained 18 systems, with planned deliveries as follows:
2026 Q1: 1 Prexision 8000 Evo, 1 Prexision 8 Evo,
1 FPS Evo, 4 SLXs
2026 Q2: 1 Prexision 8 Evo, 1 Prexision 8 Entry Evo,
2 Prexision Lite 8 Evo
2026 Q3: 1 Prexision Lite 8 Evo, 1 FPS 6100 Evo,
1 Prexision MMS 2026 Q4: 1 SLX 2027 Q1: 2 Prexision 8 Evo
2027 Q4: 1 SLX
Compared to the delivery timetable presented in the most recent interim report, delivery of a Prexision 8 Entry Evo has been moved from the first to the second quarter of 2026 and delivery of an SLX has been moved from the second to the fourth quarter of 2026.
During the quarter, Pattern Generators delivered one Prexision Lite 8 Evo, one FPS 6100 Evo and three SLXs. In addition, revenue for an SLX installed for a qualification project, was recognized in the fourth quarter. This is to be compared with deliveries of one Prexision 8 Entry Evo, five SLXs and one MMX in the corresponding period of the preceding year. Net sales declined 18 percent to SEK 577 (702) million. For the full year, net sales increased 8 percent to SEK 3,232 (2,997) million. Net sales for the quarter were impacted by currency effects of SEK -80 million and for the full year by SEK -197 million.
The gross margin for the final quarter of the year amounted to 58 (63) percent, the reduction reflecting a less favorable product mix. For the full year, the gross margin amounted to 68 (70) percent.
EBIT decreased to SEK 173 (311) million, corresponding to an EBIT margin of 30 (44) percent. For the full year, EBIT was SEK 1,623 (1,694) million, equalling an EBIT margin of 50 (57) percent. Pattern Generators was not charged with acquisition-related costs.
R&D costs for the quarter amounted to SEK 117 (91) million and SEK 420 (287) million for the full year. The capitalization of development costs amounted to SEK 7 (16) million for the quarter and SEK 25 (45) million for the full year.
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PCB ASSEMBLY SOLUTIONS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Order intake, SEK million | 362 | 389 | 1,417 | 1,471 |
| Order backlog, SEK million | 147 | 102 | 147 | 102 |
| Net Sales, SEK million | 438 | 486 | 1,372 | 1,489 |
| Gross profit, SEK million | 177 | 219 | 520 | 602 |
| Gross margin, % | 40.5% | 45.0% | 37.9% | 40.5% |
| EBIT, SEK million | 59 | 106 | 79 | 156 |
| EBIT margin, % | 13.4% | 21.8% | 5.8% | 10.5% |
| EBITDA | 71 | 118 | 125 | 202 |
| R&D expenditures, SEK million | -50 | -51 | -197 | -207 |
| R&D costs, SEK million | -44 | -43 | -172 | -176 |
The European market continued to be weak, the US market was stable, and Asia showed positive development. In November, the division participated at the biennial Productronica trade show, in Munich. Despite the sluggish European market, the mood at Productronica was upbeat. PCB Assembly Solutions' launch of GenI received strong interest, a solution designed to liberate electronics manufacturers from the complexities of traditional Automated Optical Inspection (AOI) programming. The division also introduced the MYPro A41, a pick-and-place machine for large PCBs.
Order intake decreased 7 percent during the quarter to SEK 362 (389) million. For the full year, order intake decreased 4 percent to SEK 1,417 (1,471) million. The order backlog at the end of the year amounted to SEK 147 (102) million.
Net sales declined 10 percent during the quarter to SEK 438 (486) million. For the full year, net sales decreased 8 percent to SEK 1,372 (1,489) million. Net sales for the
quarter were impacted by currency effects of SEK -40 million and for the full year by SEK -78 million.
The gross margin for the quarter was 40 (45) percent and for the full year 38 (40) percent.
EBIT declined to SEK 59 (106) million, corresponding to an EBIT margin of 13 (22) percent. EBIT for the full year decreased to SEK 79 (156) million, corresponding to an EBIT margin of 6 (11) percent. Acquisition-related costs amounted to SEK 1 (1) million during the quarter and to SEK 2 (6) million for the full year.
R&D costs for the quarter amounted to SEK 44 (43) million and SEK 172 (176) million for the full year. The capitalization of development costs amounted to SEK 7 (8) million for the quarter and SEK 26 (36) million for the full year.
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HIGH VOLUME
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Order intake, SEK million | 271 | 387 | 1,651 | 1,523 |
| Order backlog, SEK million | 683 | 752 | 683 | 752 |
| Net Sales, SEK million | 448 | 467 | 1,720 | 1,434 |
| Gross profit, SEK million | 184 | 163 | 690 | 555 |
| Gross margin, % | 41.1% | 34.8% | 40.1% | 38.7% |
| EBIT, SEK million | 55 | 76 | 267 | 223 |
| EBIT margin, % | 12.3% | 16.3% | 15.5% | 15.6% |
| EBITDA | 59 | 80 | 281 | 234 |
| R&D expenditures, SEK million | -54 | -43 | -183 | -154 |
| R&D costs, SEK million | -54 | -44 | -183 | -151 |
High Volume participated at the Productronica trade show in Munich, generating a substantial amount of leads for the European market. A new production facility in Thailand was inaugurated during the quarter, with many customers present.
The plans to partially list Axxon on a stock exchange in China have been put on hold. A broad Employee Stock Option Program (ESOP) has been launched for the division, with 120 participants, where employees are entitled to purchase shares in Axxon at a discount. The cost of the ESOP, consisting of both the discount and a potential increase in the value of the stock, will be incurred during the lock-in period 2025-2027. For 2026-2027, the discount cost is estimated at SEK 90 million per year. The discount will impact EBIT and any change in the value of the stock will be recorded in the income statement under financial income and expense.
Order intake decreased 30 percent during the quarter and amounted to SEK 271 (387) million. For the full year, order intake increased 8 percent to SEK 1,651 (1,523) million. The order backlog at the end of the year was SEK 683 (752) million.
Net sales amounted to a healthy SEK 448 (467) million, which still constituted a 4 percent decline. For the full year, net sales increased 20 percent to SEK 1,720 (1,434) million. Net sales for the quarter were impacted by currency effects of SEK -66 million and for the full year by SEK -144 million.
The gross margin for the quarter was 41 (35) percent and for the full year 40 (39) percent.
EBIT was SEK 55 (76) million, corresponding to an EBIT margin of 12 (16) percent. ESOP had an EBIT impact of -23 MSEK. There was also a one-off reversal of a personnel related provision, which had a positive EBIT impact of 13 MSEK. For the full year, EBIT amounted to SEK 267 (223) million, equalling an EBIT margin of 16 (16) percent. Acquisition-related costs amounted to SEK 1 (3) million for the quarter and SEK 7 (3) million for the full year.
R&D costs for the quarter amounted to SEK 54 (44) million and SEK 183 (151) million for the full year. The capitalization of development costs amounted to SEK 0 (0) million for the quarter and SEK 2 (4) million for the full year.
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GLOBAL TECHNOLOGIES
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Order intake, SEK million | 773 | 461 | 2,227 | 1,355 |
| Order backlog, SEK million | 1,269 | 514 | 1,269 | 514 |
| Net Sales, SEK million | 570 | 403 | 1,632 | 1,138 |
| Gross profit, SEK million | 256 | 179 | 756 | 455 |
| Gross margin, % | 44.9% | 44.4% | 46.3% | 40.0% |
| EBIT, SEK million | 118 | 86 | 225 | 113 |
| EBIT margin, % | 20.7% | 21.3% | 13.8% | 10.0% |
| EBITDA | 147 | 102 | 322 | 177 |
| R&D expenditures, SEK million | -52 | -31 | -170 | -101 |
| R&D costs, SEK million | -63 | -39 | -204 | -134 |
The market for the PCB Test business line remained strong. Solid demand from the AI segment transformed into high investments from PCB manufacturers, both those already present in the AI segment and those with ambitions to enter. Investments in Southeast Asia also continued. The Die Bonding business line experienced good demand from the AI data center segment. In addition, the aerospace & defense and medical segments showed healthy demand. The business line Applied Plasma also noted a good development in the quarter.
Order intake increased 68 percent during the quarter to SEK 773 (461) million. For the full year, order intake increased 64 percent to SEK 2,227 (1,355) million. Order intake excluding acquisitions increased 45 percent during the quarter and 41 percent for the full year. The order backlog at the end of the quarter amounted to SEK 1,269 (514) million.
Net sales increased 41 percent to SEK 570 (403) million, with acquired companies Hprobe, RoBAT and Surfx contributing SEK 131 million. For the full year, net sales increased 43 percent to SEK 1,632 (1,138) million. Net sales for the quarter were impacted by currency effects of SEK -53 million and for the full year by SEK -94 million. Organic net sales increased 19 percent during the quarter and 26 percent for the full year.
The gross margin for the quarter was 45 (44) percent and for the full year 46 (40) percent.
EBIT was SEK 118 (86) million, corresponding to an EBIT margin of 21 (21) percent. For the full year, EBIT amounted to SEK 225 (113) million, corresponding to an EBIT margin of 14 (10) percent. Hprobe, RoBAT and Surfx had an EBIT impact of SEK -6 million during the quarter and SEK -55 million for the full year. Acquisition-related costs amounted to SEK 50 (15) million during the quarter and to SEK 176 (54) million for the full year.
R&D costs for the quarter amounted to SEK 63 (39) million and SEK 204 (134) million for the full year. The capitalization of development costs amounted to SEK 2 (-) million for the quarter and SEK 11 (-) million for the full year.
After the end of the period, Global Technologies acquired ETZ, a company based in Germany, which manufactures test probes. ETZ's net sales in 2025 amounted to almost EUR 4 million, of which sales to Mycronic made up around 85 percent. The company will become part of the PCB Test business line.
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Electronics industry
The global electronics industry is assessed to have grown 8.5 percent in 2025 to USD 2,770 billion1 . For the full year 2025, the semiconductor market is forecast to have grown 20.4 percent to the equivalent of USD 756 billion1 .
OUTLOOK
Annual growth for the electronics industry is forecast at 5.9 percent for the period 2024-20291 . Segments with the strongest expected growth during this five-year period are electronics for data centers, aerospace & defense, industrial applications and communications. The electronics industry is forecast to grow 5.8 percent in 2026. Growth is expected to occur in all segments, except in the consumer segment for TVs. The semiconductor market is expected to grow 16.0 percent in 2026, driven by demand for AI chips for data centers and higher memory prices. Market growth is forecast to be positive during the 2024-2029 period as a whole, with annual growth of 10.1 percent1 . The display market declined 1.8 percent in 2025 to USD 133 billion2 , mainly due to OLED display price pressure, after a year of very strong growth of 26.1 percent during 2024 for the OLED display market. For 2026, the display market is forecast to decline a further 1.5 percent due to continued price pressure in both LCD and OLED displays. During the 2025-2030 period, the display market is expected to demonstrate annual growth of 1.6 percent2 . The long-term trend toward a larger share of advanced OLED displays is forecast to continue.
| Size/growth | 2026F | 2025 | 2024 |
|---|---|---|---|
| Electronics industry, percentual | |||
| change¹ | +5.8% | +8.5% | +5.0% |
| Semiconductor industry, percentual change¹ |
+16.0% | +20.4% | +19.2% |
| SMT component mounting, | |||
| percentual change³ | NA | +25.2% | -7.7% |
| Dispensing, USD million⁴ | NA | NA | 750 |
| Displays, USD, billion² | 131 | 133 | 135 |
| Photomasks for displays, percentual | |||
| change in value⁵ | -0.4% | +4.9% | +1.4% |
| Photomasks for semiconductors, | |||
| percentual change in value⁶ | +15.0% | +17.9% | +15.5% |
| Display photomask area, thousand | |||
| sq. meters⁵ | 23.0 | 22.8 | 22.0 |
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 grew 25.2 percent in 2025, to USD 2,600 million. Markets in Southeast Asia and China showed growth while North and South America were unchanged and Japan and Europe had a negative trend3 . The dispensing equipment market increased 2.7 percent and had sales of
USD 750 million4 in 2024 - figures for 2025 are not yet available.
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 have grown 20.8 percent in 2025 and post annual growth of 16.9 percent during the 2025-2030 period, to USD 43.9 billion8 . In electrical testing, the market for PCBs is assessed to have increased 15.4 percent in 2025, to USD 84.9 billion9 , and is expected to post annual growth of 8.2 percent during the 2024-2029 period, to USD 109.3 billion9 .
PATTERN GENERATORS MARKET AREA
PHOTOMASKS FOR DISPLAYS
The market is expected to have grown 4.9 percent in 2025, to USD 966 million5,10 . This growth followed a positive development also in 2024 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 2026 is that the photomask market will stabilize at the current level, showing a slight decline of 0.4 percent to USD 962 million5,10. The forecast for total area growth amounts to an average of 1.8 percent per year for 2025-2029 . Stronger growth for OLED photomasks is expected, with an annual average area growth of 5.1 percent for 2025-2029 , which drives the need for photomasks produced by more advanced mask writers.
PHOTOMASKS FOR SEMICONDUCTORS
For 2025, the market is expected to have shown strong growth of 17.9 percent to USD 10.6 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 2026 is that the market will continue to perform positively, with growth of 15.0 percent to USD 12.2 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 2025
- 2) Omdia, latest forecast January 2026
- 3) Protec MDC, January 2026
- 4) Prismark, April 2025 (annual update) 5) Omdia, July 2025 (annual update)
- 6) TechInsights, January 2026
- 7) Protec MDC, January 2025, Mycronic analysis, April 2025
- 8) Lightcounting, April 2025
- 9) Prismark, December 2025 10) 150 YEN/USD used by Mycronic for conversion
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Other
PARENT COMPANY
Mycronic AB is the Group's Parent Company.
The Parent Company's net sales amounted to SEK 4,218 (4,062) million for the full year. EBIT amounted to SEK 1,117 (1,600) million.
Cash and cash equivalents at the end of the year amounted to SEK 1,378 million, compared with SEK 2,084 million at the end of 2024.
NOMINATION COMMITTEE
The Nomination Committee for Mycronic's 2026 Annual General Meeting has been appointed in accordance with the instructions for the Nomination Committee as decided by the 2025 Annual General Meeting. The Nomination Committee comprises: Henrik Blomquist (Bure Equity), Patrik Jönsson (SEB Funds), Celia Grip (Swedbank Robur), and Patrik Tigerschiöld (Chairman of Mycronic). The Nomination Committee represented 39.0 percent of votes and shares as of August 31, 2025.
ANNUAL GENERAL MEETING 2026
The Annual General Meeting will be held on May 6, 2026. 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 a dividend of SEK 3.25 (2.75) per share, totaling SEK 636.5 (538.5) million. No extra dividend (SEK 1.00) is proposed.
The record date for entitlement to the dividend is proposed as May 8, 2026. Provided the Meeting resolves in favor of the dividend proposal, the dividend will be paid on May 13, 2026.
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 5, 2026.
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 5, 2026, with President and CEO Anders Lindqvist and CFO and Sr VP Corporate Development Pierre Brorsson. The presentation will be webcast.
FINANCIAL CALENDAR
| Annual 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 |
| Capital Markets Day | August 31, 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]
{9}------------------------------------------------
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 5, 2026 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
Board member Employee representative Employee representative
Bo Risberg Jörgen Lundberg Sahar Raouf
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
{10}------------------------------------------------
Group
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Consolidated profit and loss accounts in summary, SEK million | Note | 2025 | 2024 | 2025 | 2024 |
| Net sales | 5, 6 | 2,021 | 2,059 | 7,938 | 7,057 |
| Cost of goods sold | -1,075 | -1,055 | -3,775 | -3,338 | |
| Gross profit | 945 | 1,004 | 4,163 | 3,719 | |
| Research and development | 7 | -277 | -216 | -978 | -747 |
| Selling expenses | -210 | -172 | -749 | -628 | |
| Administrative expenses | -121 | -102 | -456 | -361 | |
| Other income and expenses | 5 | 12 | -39 | 38 | |
| EBIT | 342 | 527 | 1,940 | 2,021 | |
| Financial income and expenses | 9 | 16 | 30 | 63 | |
| Profit/loss before tax | 351 | 543 | 1,970 | 2,084 | |
| Tax | -76 | -78 | -410 | -396 | |
| Net Profit/loss | 275 | 464 | 1,560 | 1,688 | |
| Earnings per share before dilution, SEK | 1.42 | 2.36 | 7.99 | 8.62 | |
| Earnings per share after dilution, SEK | 1.42 | 2.35 | 7.99 | 8.62 | |
| Results attributable to owners of the Parent Company | 277 | 460 | 1,560 | 1,683 | |
| Results attributable to non-controlling interests | -2 | 5 | 0 | 5 | |
| 275 | 464 | 1,560 | 1,688 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Consolidated statement of comprehensive income in summary, SEK million |
2025 | 2024 | 2025 | 2024 | |
| Net Profit/loss | 275 | 464 | 1,560 | 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 value through other |
0 | -2 | 0 | -2 | |
| comprehensive income | - | - | 49 | - | |
| Items to be reclassified to profit/loss, after tax | |||||
| Translation differences at translating foreign entities | -88 | 155 | -496 | 190 | |
| Changes in cash flow hedges | 8 | -119 | 188 | -144 | |
| Total comprehensive income | 194 | 499 | 1,300 | 1,731 | |
| Total comprehensive income attributable to owners of the Parent Company | 192 | 492 | 1,301 | 1,724 | |
| Total comprehensive income attributable to non-controlling interests | 2 | 7 | -1 | 7 | |
| 194 | 499 | 1,300 | 1,731 |
{11}------------------------------------------------
| Consolidated statements of financial position in summary, SEK million | Note | 31 Dec 25 | 31 Dec 24 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 6, 8 | 3,524 | 2,686 |
| Property, plant and equipment | 699 | 574 | |
| Non-current receivables | 59 | 59 | |
| Deferred tax assets | 193 | 214 | |
| Total non-current assets | 4,474 | 3,533 | |
| Current assets | |||
| Inventories | 6 | 2,150 | 2,056 |
| Trade receivables | 6 | 1,336 | 1,507 |
| Other current receivables | 640 | 301 | |
| Cash and cash equivalents | 2,323 | 3,014 | |
| Total current assets | 6,449 | 6,879 | |
| Total assets | 10,922 | 10,412 | |
| EQUITY AND LIABILITIES | |||
| Equity | 7,109 | 6,575 | |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 252 | 133 | |
| Deferred tax liabilities | 526 | 405 | |
| Other non-current liabilities | 237 | 94 | |
| Total non-current liabilities | 1,015 | 632 | |
| Current liabilities | |||
| Current interest-bearing liabilities | 96 | 87 | |
| Trade payables | 465 | 557 | |
| Other current liabilities | 2,237 | 2,562 | |
| Total current liabilities | 2,798 | 3,205 | |
| Total liabilities | 3,813 | 3,837 | |
| Total equity and liabilities | 10,922 | 10,412 |
{12}------------------------------------------------
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Consolidated cash flow statements in summary, SEK million | 2025 | 2024 | 2025 | 2024 | |
| Profit/loss before tax | 351 | 543 | 1,970 | 2,084 | |
| Adjustments for non-cash items and | |||||
| paid income tax | 41 | 38 | -14 | 114 | |
| Change in working capital | 35 | 76 | -549 | -324 | |
| Cash flow from operating activities | 427 | 656 | 1,407 | 1,874 | |
| Cash flow from investing activities | -85 | -193 | -1,129 | -500 | |
| Cash flow from financing activities | -33 | -20 | -862 | -552 | |
| Cash flow for the period | 309 | 443 | -585 | 822 | |
| Cash and cash equivalents, opening balance | 2,002 | 2,532 | 3,014 | 2,140 | |
| Exchange difference for cash and cash equivalents | 11 | 39 | -107 | 53 | |
| Cash and cash equivalents, closing balance | 2,323 | 3,014 | 2,323 | 3,014 |
| Jan-Dec | ||
|---|---|---|
| Consolidated statement of changes in equity in summary, SEK million | 2025 | 2024 |
| Opening balance | 6,575 | 5,282 |
| Dividend to owners | -734 | -441 |
| Change of non-controlling interests* | -32 | - |
| Repurchase of own shares | -19 | -19 |
| Equity-settled share based payments | 20 | 20 |
| Total comprehensive income | 1,300 | 1,731 |
| Closing balance | 7,109 | 6,575 |
| Of which holdings of non-controlling interests | - | 43 |
*Pertains to the acquisition of the non-controlling interest in Shenzhen Huan Cheng Xin Precision Manufacture Co., Ltd.
| Jan-Dec | ||
|---|---|---|
| Other key figures* | 2025 | 2024 |
| Equity per share, SEK** | 36.41 | 33.68 |
| Return on equity (rolling 12 months), % | 22.8% | 28.5% |
| Return on capital employed (rolling 12 months), % | 27.9% | 34.1% |
| Net cash, SEK million | 1,974 | 2,795 |
| Average number of employees | 2,427 | 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.
{13}------------------------------------------------
Parent Company
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Profit/loss accounts in summary, Parent Company, SEK million | 2025 | 2024 | 2025 | 2024 |
| Net sales | 901 | 1,025 | 4,218 | 4,062 |
| Cost of goods sold | -473 | -467 | -1,732 | -1,590 |
| Gross profit | 428 | 558 | 2,486 | 2,472 |
| Other operating expenses | -318 | -173 | -1,369 | -872 |
| EBIT | 110 | 385 | 1,117 | 1,600 |
| Result from financial items | 197 | 130 | 258 | 218 |
| Profit/loss after financial items | 307 | 514 | 1,374 | 1,818 |
| Appropriations | -114 | -296 | -114 | -296 |
| Profit/loss before tax | 193 | 218 | 1,260 | 1,521 |
| Tax | -14 | -38 | -240 | -306 |
| Net Profit/loss | 179 | 179 | 1,020 | 1,215 |
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Statement of comprehensive income, Parent Company, SEK million | 2025 | 2024 | 2025 | 2024 |
| Net Profit/loss | 179 | 179 | 1,020 | 1,215 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | 179 | 179 | 1,020 | 1,215 |
{14}------------------------------------------------
| Balance sheets in summary, Parent Company, SEK million | 31 Dec 25 | 31 Dec 24 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible and tangible assets | 245 | 248 |
| Financial assets | 4,158 | 3,433 |
| Total non-current assets | 4,402 | 3,681 |
| Current assets | ||
| Inventories | 977 | 917 |
| Current receivables | 944 | 942 |
| Cash and cash equivalents | 1,378 | 2,084 |
| Total current assets | 3,299 | 3,943 |
| TOTAL ASSETS | 7,701 | 7,624 |
| EQUITY AND LIABILITIES | ||
| Equity | 4,390 | 4,103 |
| Untaxed reserves | 1,784 | 1,670 |
| Provisions | 17 | 22 |
| Non-current liabilities | ||
| Non-current interest-bearing liabilities | - | - |
| Other non-current liabilities | 56 | - |
| Total non-current liabilities | 56 | - |
| Current liabilities | ||
| Current interest-bearing liabilities | - | - |
| Other current liabilities | 1,454 | 1,829 |
| Total current liabilities | 1,454 | 1,829 |
| TOTAL EQUITY AND LIABILITIES | 7,701 | 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.
{15}------------------------------------------------
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, Global Technologies acquired ETZ, a company based in Germany, which manufactures test probes. ETZ's net sales in 2025 amounted to almost EUR 4 million, of which sales to Mycronic made up around 85 percent. The company will become part of the PCB Test business line within the Global Technologies division.
Orders were also received for a Prexision 8 Evo and an MMX.
NOTE 5 REVENUE FROM CONTRACTS WITH CUSTOMERS
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| Revenue by geographical market, SEK million | 2025 | 2024 | 2025 | 2024 |
| EMEA | 261 | 303 | 918 | 931 |
| North and South America | 451 | 261 | 1,146 | 899 |
| Asia | 1,309 | 1,494 | 5,874 | 5,228 |
| 2,021 | 2,059 | 7,938 | 7,057 | |
| Revenue by type of good/service, SEK million | ||||
| System | 1,510 | 1,543 | 5,962 | 5,312 |
| Aftermarket | 511 | 516 | 1,977 | 1,745 |
| 2,021 | 2,059 | 7,938 | 7,057 | |
| Timing of revenue recognition, SEK million | ||||
| Goods transferred at a point in time | 1,694 | 1,748 | 6,674 | 5,890 |
| Services transferred over time | 326 | 311 | 1,264 | 1,168 |
| 2,021 | 2,059 | 7,938 | 7,057 |
NOTE 6 OPERATING SEGMENT REPORTING
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 |
| Net sales by Division | ||||
| Pattern Generators | 577 | 702 | 3,232 | 2,997 |
| PCB Assembly Solutions | 438 | 486 | 1,372 | 1,489 |
| High Volume | 448 | 467 | 1,720 | 1,434 |
| Global Technologies | 570 | 403 | 1,632 | 1,138 |
| Internal net sales between divisions | -13 | - | -18 | - |
| 2,021 | 2,059 | 7,938 | 7,057 | |
| EBIT by Division | ||||
| Pattern Generators | 173 | 311 | 1,623 | 1,694 |
| PCB Assembly Solutions | 59 | 106 | 79 | 156 |
| High Volume | 55 | 76 | 267 | 223 |
| Global Technologies | 118 | 86 | 225 | 113 |
| Group functions etc | -66 | -56 | -259 | -175 |
| Effects from IFRS 16 | 2 | 4 | 6 | 8 |
| Group | 342 | 527 | 1,940 | 2,021 |
{16}------------------------------------------------
| SEK million | 31 Dec 25 | 31 Dec 24 |
|---|---|---|
| Assets by Division | ||
| Capitalized Development Costs | ||
| Pattern Generators | 96 | 91 |
| PCB Assembly Solutions | 73 | 82 |
| High Volume | 5 | 4 |
| Global Technologies | 11 | - |
| 185 | 177 | |
| Inventories | ||
| Pattern Generators | 722 | 661 |
| PCB Assembly Solutions | 446 | 425 |
| High Volume | 629 | 684 |
| Global Technologies | 353 | 288 |
| Unrealized profit in inventories | -1 | -1 |
| 2,150 | 2,056 | |
| Trade Receivables | ||
| Pattern Generators | 318 | 411 |
| PCB Assembly Solutions | 340 | 400 |
| High Volume | 305 | 448 |
| Global Technologies | 374 | 248 |
| 1,336 | 1,507 | |
NOTE 7 R&D COSTS
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| Research and development costs, SEK million | 2025 | 2024 | 2025 | 2024 | |
| R&D expenditures | |||||
| Pattern Generators | -124 | -106 | -445 | -332 | |
| PCB Assembly Solutions | -50 | -51 | -197 | -207 | |
| High Volume | -54 | -43 | -183 | -154 | |
| Global Technologies | -52 | -31 | -170 | -101 | |
| -280 | -231 | -994 | -793 | ||
| Capitalization of Development Costs | |||||
| Pattern Generators | 7 | 16 | 25 | 45 | |
| PCB Assembly Solutions | 7 | 8 | 26 | 36 | |
| High Volume | 0 | 0 | 2 | 4 | |
| Global Technologies | 2 | - | 11 | - | |
| 16 | 25 | 64 | 84 | ||
| Amortization of Acquired Technology | |||||
| PCB Assembly Solutions | 0 | -1 | -2 | -5 | |
| High Volume | 0 | 0 | -2 | 0 | |
| Global Technologies | -12 | -8 | -45 | -32 | |
| -13 | -10 | -48 | -37 | ||
| Reported cost | -277 | -216 | -978 | -747 |
{17}------------------------------------------------
NOTE 8 BUSINESS COMBINATIONS
Acquisition of Hprobe SA
In March, 2025, Mycronic acquired 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 was founded in 2017, had 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 December 31, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 116 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. Hprobe's operations contributed SEK 75 million to consolidated net sales in 2025 whereas EBIT was negatively impacted by SEK 9 million.
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 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 December 31, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 61 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 December 31, 2025, a contingent consideration has been recorded of GBP 2.7 million, an equivalent of SEK 34 million. The contingent consideration is recorded as Other noncurrent liabilities in the consolidated statements of financial position in summary. The company was consolidated in the Mycronic Group as of April 4, 2025. RoBAT's operations contributed SEK 52 million to consolidated net sales in 2025 whereas EBIT was negatively impacted by SEK 8 million.
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, with 34 employees located in the US and Taiwan. Mycronic made a minor investment in Surfx in 2020 and previous to the acquisition owned 7.5 percent of the company. The total consideration amounts to USD 87.5 million, corresponding to SEK 840 million, on a cash and debtfree basis. This includes previously held non-controlling interests. Out of the total consideration, USD 5 million is paid as a retention incentive to the founder and the employees, which was 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 December 31, 2025. In the preliminary purchase price allocation, intangible assets in technology, customer relationships, brand and goodwill were identified. Goodwill amounts to SEK 596 million and is primarily attributable to the company's leading position in atmospheric plasma solutions. Additionally, the collective expertise of Surfx's skilled
{18}------------------------------------------------
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 December 31, 2025, a contingent consideration has been recorded of USD 10.5 million, an equivalent of SEK 97 million. The contingent consideration is recorded as Other noncurrent liabilities in the consolidated statements of financial position in summary. The company was consolidated in the Mycronic Group as of June 3, 2025. Surfx's operations contributed SEK 139 million to consolidated net sales in 2025 whereas EBIT was negatively impacted by SEK 39 million.
| Hprobe | RoBAT | Surfx | |
|---|---|---|---|
| SEK million | 2025 | 2025 | 2025 |
| Acquisition price | |||
| Cash paid for the acquisition | 172 | 97 | 768 |
| Fair value of previously held non-controlling interest | - | - | 59 |
| Contingent considerations (estimated fair value) | - | 18 | 96 |
| Total | 172 | 115 | 923 |
| 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 | 10 | 16 |
| Cash and cash equivalents | 27 | 6 | 83 |
| Non-current liabilities | -32 | -9 | -58 |
| Current liabilities | -56 | -13 | -68 |
| Total | 56 | 53 | 327 |
| Goodwill | 116 | 61 | 596 |
| Changes in consolidated cash and cash equivalents as of the acquisition | |||
| Cash paid for the acquisition | 172 | 97 | 768 |
| Cash and cash equivalents in acquired subsidiaries | -27 | -6 | -83 |
| Total | 144 | 90 | 685 |
{19}------------------------------------------------
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.
{20}------------------------------------------------
| Jan-Dec | |||
|---|---|---|---|
| Return on equity | 2025 | 2024 | |
| Net profit/loss (rolling 12 months) | 1,560 | 1,688 | |
| Average shareholders' equity | 6,842 | 5,928 | |
| 22.8% | 28.5% | ||
| Return on capital employed | |||
| Profit/loss before tax (rolling 12 months) | 1,970 | 2,084 | |
| Financial expenses | 17 | 15 | |
| Profit/loss before financial expenses | 1,987 | 2,099 | |
| Average balance sheet total | 10,667 | 9,376 | |
| Average non-interest-bearing liabilities | 3,541 | 3,224 | |
| Average capital employed | 7,126 | 6,152 | |
| 27.9% | 34.1% | ||
| Book-to-bill | |||
| Order intake | 7,757 | 7,611 | |
| Net sales | 7,938 | 7,057 | |
| 1.0 | 1.1 | ||
| EBITDA | |||
| EBIT | 1,940 | 2,021 | |
| Depreciation/Amortization | 330 | 266 | |
| 2,270 | 2,287 | ||
| Underlying EBIT | |||
| EBIT | 1,940 | 2,021 | |
| Acquisition-related costs included in: | |||
| Cost of goods sold | 39 | 2 | |
| Operating expenses | 157 | 72 | |
| 196 | 74 | ||
| 2,136 | 2,095 | ||
| Equity per share* | |||
| Equity at balance day | 7,109 | 6,575 | |
| No. of outstanding shares at end of period, thousand* | 195,270 | 195,180 | |
| 36.41 | 33.68 | ||
| Earnings per share before/after dilution, SEK* | |||
| Net Profit/loss attributable to owners of the Parent Company | 1,560 | 1,683 | |
| Average no. of outstanding shares before dilution, thousand* | 195,201 | 195,180 | |
| 7.99 | 8.62 | ||
| Average no. of outstanding shares after dilution, thousand* | 195,281 | 195,289 | |
| 7.99 | 8.62 | ||
| Net cash, SEK million | |||
| Cash and cash equivalents | 2,323 | 3,014 | |
| Interest-bearing liabilities | -348 | -219 | |
| 1,974 | 2,795 |
*Recalculated to reflect the share split executed on June 3, 2025, whereby one existing share was split into two shares.
{21}------------------------------------------------
| Quarterly data | Q4 25 | Q3 25 | Q2 25 | Q1 25 | Q4 24 | Q3 24 | Q2 24 | Q1 24 |
|---|---|---|---|---|---|---|---|---|
| Order intake | ||||||||
| Pattern Generators | 545 | 789 | 191 | 956 | 1,144 | 274 | 1,199 | 645 |
| PCB Assembly Solutions | 362 | 405 | 356 | 295 | 389 | 385 | 362 | 334 |
| High Volume | 271 | 444 | 383 | 553 | 387 | 389 | 357 | 390 |
| Global Technologies | 773 | 797 | 402 | 254 | 461 | 411 | 207 | 277 |
| Internal order intake between divisions | -13 | -4 | -2 | - | - | - | - | - |
| 1,939 | 2,431 | 1,330 | 2,058 | 2,381 | 1,459 | 2,125 | 1,645 | |
| Order Backlog | ||||||||
| Pattern Generators | 2,582 | 2,614 | 2,309 | 3,092 | 3,334 | 2,891 | 3,424 | 2,876 |
| PCB Assembly Solutions | 147 | 224 | 133 | 105 | 102 | 199 | 167 | 158 |
| High Volume | 683 | 860 | 915 | 975 | 752 | 832 | 778 | 741 |
| Global Technologies | 1,269 | 1,066 | 711 | 445 | 514 | 457 | 330 | 327 |
| 4,681 | 4,763 | 4,068 | 4,617 | 4,702 | 4,379 | 4,700 | 4,102 | |
| Net Sales | ||||||||
| Pattern Generators | 577 | 485 | 974 | 1,197 | 702 | 807 | 650 | 838 |
| PCB Assembly Solutions | 438 | 314 | 328 | 292 | 486 | 353 | 353 | 296 |
| High Volume | 448 | 499 | 443 | 330 | 467 | 336 | 320 | 311 |
| Global Technologies | 570 | 416 | 323 | 323 | 403 | 284 | 203 | 247 |
| Internal net sales between divisions | -13 | -4 | -2 | |||||
| 2,021 | 1,709 | 2,066 | - 2,142 |
- 2,059 |
- 1,780 |
- 1,527 |
- 1,692 |
|
| Gross Profit | ||||||||
| Pattern Generators | 335 | 286 | 675 | 912 | 444 | 589 | 438 | 635 |
| PCB Assembly Solutions | 177 | 113 | 122 | 107 | 219 | 136 | 140 | 107 |
| High Volume | 184 | 192 | 170 | 143 | 163 | 134 | 131 | 128 |
| Global Technologies | ||||||||
| 256 945 |
216 805 |
136 | 148 | 179 | 98 958 |
74 783 |
104 974 |
|
| Gross Margin | 1,103 | 1,310 | 1,004 | |||||
| Pattern Generators | 58.2% | 59.0% | 69.4% | 76.2% | 63.3% | 72.9% | 67.3% | 75.8% |
| PCB Assembly Solutions | 40.5% | 36.0% | 37.2% | 36.8% | 45.0% | 38.6% | 39.7% | 36.1% |
| High Volume | 41.1% | 38.5% | 38.5% | 43.5% | 34.8% | 39.9% | 40.9% | 41.1% |
| Global Technologies | 44.9% | 51.8% | 42.2% | 45.8% | 44.4% | 34.5% | 36.3% | 42.1% |
| 46.8% | 47.1% | 53.4% | 61.1% | 48.8% | 53.8% | 51.3% | 57.6% | |
| R&D expenses | ||||||||
| Pattern Generators | ||||||||
| -117 | -95 | -108 | -100 | -91 | -68 | -65 | -63 | |
| PCB Assembly Solutions | -44 | -37 | -45 | -47 | -43 | -38 | -48 | -46 |
| High Volume | -54 | -46 | -43 | -40 | -44 | -39 | -35 | -33 |
| Global Technologies | -63 | -59 | -47 | -35 | -39 | -33 | -34 | -27 |
| Total R&D expenses | -277 | -237 | -242 | -222 | -216 | -179 | -182 | -170 |
| Selling expenses | -210 | -191 | -172 | -175 | -172 | -148 | -173 | -135 |
| Administrative expenses | -121 | -115 | -114 | -106 | -102 | -80 | -94 | -85 |
| Other income/expenses | 5 | -7 | -6 | -31 | 12 | -4 | 15 | 15 |
| EBIT | 342 | 255 | 568 | 775 | 527 | 547 | 348 | 599 |
| Of which EBIT Pattern Generators | 173 | 161 | 537 | 752 | 311 | 498 | 342 | 543 |
| Of which EBIT PCB Assembly Solutions | 59 | 20 | 14 | -13 | 106 | 31 | 18 | 1 |
| Of which EBIT High Volume | 55 | 79 | 74 | 59 | 76 | 47 | 45 | 55 |
| Of which EBIT Global Technologies | 118 | 42 | 11 | 54 | 86 | 13 | -15 | 30 |
| Of which EBIT Group functions etc | -66 | -48 | -69 | -77 | -56 | -44 | -43 | -31 |
| EBIT margin | 16.9% | 14.9% | 27.5% | 36.2% | 25.6% | 30.7% | 22.8% | 35.4% |
| Equity per share* | 36.41 | 35.55 | 34.73 | 36.18 | 33.68 | 31.11 | 28.91 | 29.89 |
| Earnings per share before dilution* | 1.42 | 1.11 | 2.28 | 3.18 | 2.36 | 2.30 | 1.47 | 2.50 |
| Earnings per share after dilution* | 1.42 | 1.11 | 2.28 | 3.18 | 2.35 | 2.30 | 1.47 | 2.50 |
*Recalculated to reflect the share split executed on June 3, 2025, whereby one existing share was split into two shares.