Note AB (LTS:0GSS)

Q2 2026 Note AB (publ) Earnings Call Transcript

Jul 15, 2026 / 08:00AM GMT

Release Date Price: kr146.9 (+0.30%)

Transcript

Key Points

Positve

Note AB (FRA:NQA) reported its highest sales ever in Q2 2026, reaching SEK1.175 billion, marking a 20% increase.
The company achieved an underlying operating profit of SEK112 million, with an operating margin of 9.6%, aligning with expectations.
Strong growth was observed in the Security and Defense segment, with organic growth just over 20%.
Recent acquisitions, Kasdon and STI, are performing in line with expectations, contributing positively to sales.
The company is investing in expanding production capacity, with significant growth potential in its factories.

Negative

Operational cash flow was lower than expected, coming in at negative SEK34 million due to inventory tie-ups.
The component market is constrained, leading to extended lead times and affecting top-line performance.
Medtech segment continues to show weak performance, with no significant improvement expected in the near term.
Sales in China declined by 32%, contributing to a negative sales impact of 12% in the Rest of World region.
The company faces challenges with component shortages, particularly in PCBs and complex semiconductors, impacting supply chain stability.

Operator

This morning, NOTE has published a report for the second quarter in the financial year of 2026. And standing beside me to give us a presentation and also participate in a Q&A, I have the company's CEO, Johannes Lind-Widestam; as well as CFO, Frida Frykstrand. Welcome.

Johannes Lind;Widestam;publ;President

Note AB;Chief Executive Officer

()- -

Thank you.

Operator

You will give a short presentation. And afterwards, I will return to ask some questions along with our viewers and analysts. Go ahead.

Johannes Lind;Widestam;publ;President

Note AB;Chief Executive Officer

()- -

Thank you. Okay. Normally, I try to summarize the quarter, how it went. And we can say that the market still continue to show strength. We see order intake is strong.

We see some very positive customer wins that we have presented. We also see that the component market is getting a little

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