Note AB
(CHIX:NOTEs)
kr
161.45
(0%)
Market Cap: 4.48 Bil
Enterprise Value: 6.08 Bil
PE Ratio: 15.60
PB Ratio: 2.42
GF Score: 97/100 
Q1 2026 Note AB (publ) Earnings Call Transcript
Apr 23, 2026 / 08:00AM GMT
Release Date Price:
kr196.95
Key Points
Positve
- Note AB (FRA:NQA) reported a strong order backlog, up 11% for the year, indicating future growth potential.
- The acquisition of STI is seen as transformational, enhancing Note AB's position in the Security & Defence sector.
- The company achieved an operating margin of 9.1%, slightly above their guidance range.
- Note AB's delivery performance remains strong, with over 96% on-time delivery, showcasing operational efficiency.
- The company is investing in sales and marketing to support future growth, indicating a proactive approach to market expansion.
Negative
- The first quarter of 2026 started weak, with January sales below expectations due to supply chain issues.
- Organic growth was negative at 6%, reflecting challenges in market conditions.
- Western Europe and the UK experienced negative growth, with the UK seeing a 21% decline excluding acquisitions.
- The Medtech segment faced a significant 70% drop from its largest customer, impacting overall performance.
- Working capital needs are expected to increase with growth, potentially affecting cash flow.
Operator
We welcome viewers to this live broadcast when NOTE has published their report for the first quarter of 2026. Standing beside me is the company's management, CEO, Johannes Lind-Widestam; and CFO, Frida Frykstrand. Welcome.
Frida Frykstrand;publ;Chief Financial Officer
Note AB
()-
Thank you.
Johannes Lind;Widestam;publ;President
Note AB;Chief Executive Officer
()- -
Thank you.
Operator
You have a presentation that you will show us, so I'll simply hand over the word and return later to ask some questions.
Johannes Lind;Widestam;publ;President
Note AB;Chief Executive Officer
()- -
Thank you very much, Mike. Welcome, everyone, online. We have changed the format for this presentation, and we're now working with Investor Studios. And this is -- normally, I give you some flavor of how I think the
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