NOTE’s Interim Report Q3 2026

Financial performance in July - September

• Sales amounted to SEK 1,057 (830) million, an increase of 27%. Organic growth was 2%, currency and acquisition adjusted.

• Operating profit was SEK 91 (74) million. Adjusted operating profit was SEK 98 (77) million, adjusted for revaluations of operating assets and liabilities in foreign currencies and non-recurring items.

• The operating margin amounted to 8.6% (9.0%). The adjusted operating margin was 9.3% (9.3%).

• Profit after net financial items was SEK 72 (67) million.

• Profit after tax amounted to SEK 57 (54) million, corresponding to SEK 1.98 (1.92) per share.

• Adjusted for items affecting comparability, such as investments in the property in Torsby, Sweden in the comparative period, operating cash flow amounted to SEK 11 (121) million. Total cash flow after investments amounted to SEK 11 (105) million, or SEK 0.39 (3.69) per share.

Financial performance in January-September

• Sales amounted to SEK 3,194 (2,813) million, an increase of 14%. Organic growth was -1%, currency and acquisition adjusted.
• Operating profit was SEK 265 (268) million. Adjusted operating profit was SEK 298 (271) million, adjusted for revaluations of operating assets and liabilities in foreign currencies and non-recurring items.

• The operating margin amounted to 8.3% (9.5%). The adjusted operating margin was 9.3% (9.6%).

• Profit after financial items was SEK 206 (243) million.

• Profit after tax amounted to SEK 165 (195) million, corresponding to SEK 5.77 (6.84) per share.
• Adjusted for items affecting comparability, such as acquisition-related payments and investments in the property in Torsby, Sweden, operating cash flow amounted to SEK 23 (379) million. Total cash flow after investments amounted to SEK -799 (317) million, or SEK -27.99 (11.13) per share.

CEO’s comment - Our performance during the quarter, with growth of 27%, of which 2% was organic, confirms the positive momentum we have seen throughout the year. Our order backlog supports continued strengthening.

” Our performance in the quarter, with growth of 27%, of which 2% was organic, confirms the positive trend we’ve seen through the year. Our growth in the period was restricted by the reduced availability of some materials and the production disruptions we experienced in the period linked to plant relocations for two of our operations. That’s why I’m so pleased that we’re reporting organic growth again and I see good potential for continued acceleration. In like-for-like terms, our order backlog for the current year is 12% higher than the corresponding point of the previous year. The outlook for next year has also improved; our order book for the first half-year 2027 is up about 20% on the corresponding point of the previous year, with completed acquisitions also included in the comparative numbers pro forma. Overall, this supports our positive view of onward progress.

Our operation in China and previously started UK plants made slower progress, impacting local profitability and reducing consolidated profit. Against this background, we view the group achieving an underlying operating margin of 9.3% despite this as a sign of strength.

Operating cash flow remained positive in the quarter and the first nine months of the year, albeit at a lower level than we have historically reported. The more strained situation in materials caused a significant inventory build-up to safeguard the supply of materials and delivery capability to customers. This impacted cash flow in the period. We have generated strong operating cash flows for many years and still see great potential to continue this over time. Accordingly, efficient utilisation of working capital focused on inventory and strong cash flow generation remain high priorities group wide.

NOTE is standing stronger after the first nine months of the year. Acquisitions and investments have increased our capacity and enhanced our offering, while organic growth is positive once again. With a stronger order backlog, this supports our view of continued positive progress.”, says Johannes Lind-Widestam, CEO and President.

NOTE’s Interim Report for Q3 is now available in PDF format on the corporate web site, www.note-ems.com, and attached to this message. Today at 10.00 CET, NOTE organises a live-stream presentation for analysts, media and investors, where CEO and President Johannes Lind-Widestam and CFO Frida Frykstrand presents the report. The Interim Report for Q4 will be published on 26^th of January.