Interim report
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Interim Report Q3 2026
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NOTE AB (publ) | Interim Report Q3 2026 2 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 adju- sted. • 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. *NOTE Haddenham is included from June 2021, NOTE Herrljunga from July 2022, NOTE Sofia from April 2023, NOTE Basildon from July 2023, Kasdon from October 2025 and STI from 20 March 2026. 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 202620252024202320222021 Net sales, rolling 12 months * SEK m Net sales, rolling 12 months* ** Adjusted operating margin excluding revaluations of operating assets and liabilities denominated in foreign currencies and non-recurring items, see Note 2. 6 7 8 9 10 202620252024202320222021 % Operating margin, rolling 12 months **Operating margin, rolling 12 months**
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NOTE AB (publ) | Interim Report Q3 2026 3 Events during January-September • In February, NOTE secured a SEK 135 million order from a leading Nordic defence corporation. Production commences in 2026 and continues into 2028. • In March, NOTE joined Swedish Security & Defence sector organisa- tion SOFF, thus intensifying its long-term commitment to the Security & Defence sector, as well as further consolidating its role in building robust and reliable defence industry supply chains across Sweden and Europe. • Also in March, NOTE acquired 100% of the shares of STI Enterprises Holdings Ltd. (STI) of the UK—a leader in manufacturing sophisti- cated and critical electronic solutions with long-term experience and in-depth customer relationships with leading global defence corporations. NOTE anticipates STI contributing approximately SEK 550-600 million of sales in 2026. • In May, NOTE opened its new state-of-the-art plant in Torsby, Sweden, which doubles production capacity, enables larger and more advanced assignments, and consolidates NOTE’s positioning in socially critical segments. • In June, Kasdon Electronics opened its upgraded plant in Wol- verhampton, UK, including extended production areas and new, sophisticated inspection technology. This investment is part of NOTE’s growth strategy and strengthens the company’s long-term UK presence and competitiveness. • In early July, NOTE announced that it had secured a new customer active in AI data centre hardware. Production is scheduled to start in the first quarter of 2027 with production volumes progressively increasing with the potential for an annualised rate of approximately SEK 100 million in 2028. • In early September, NOTE took possession of its new plant in Hyvinkää, Finland, offering contemporary and more suitable produc- tion areas that create excellent potential for continued rationalisation and growth. • NOTE announced that the company had won a deal with a European Security & Defence customer in September, with an estimated order value of approximately SEK 160 million. Events after the reporting period NOTE has no events to report after the end of the reporting period. NOTE’s new state-of-the-art plant in Hyvinkää, Finland, which enables continued rationalisation and growth. Johannes Lind-Widestam and Kasdon’s MD Steve Stockley open the upgraded plant in Wolverhampton, UK.
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NOTE AB (publ) | Interim Report Q3 2026 4 The order backlog strengthens the outlook for 2027 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 acce- leration. 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. Meanwhile, the market outlook has become more complex. After an extended period of fairly good supply of materials, the lead-times of certain electronic components have risen again. Major investments in AI are creating growth opportunities for NOTE but also presenting challenges. Early in the quarter, we announced that we had secured a new customer in AI data centre hardware. At the same time, extensive investments in the sector are impac- ting the availability of certain materials, especially PCBs and memory. In the market’s prevailing shortage situation, close partnerships with customers are decisive. We’re seeing how our customers clearly understand the need for longer-term planning and placing orders earlier, improving the potential to ensure deliveries together. In parallel, our sourcing organisation is collaborating closely with suppliers, benefiting from well-established partnerships and effective procurement processes to secure the supply of materials. Simultaneously, though, limitations to materials mean that growth in the short term may be limited, and more capital tied up in inventory. Strategic investments for continued expansion Our long-term ambition is clear and we’re continuing to invest for growth. In recent years, we’ve made substantial investments both in increased capacity and expanded production capability, by investing in machinery and exten- ding our plants. In Sweden and the UK, these investments are closely linked to brisk progress in Security & Defence. We also relocated two of our ope- rations, Lund in Sweden and Hyvinkää in Finland, to new and larger plants in the quarter, reflecting a broader-based demand upturn. These relocations did mean some temporary limits on production in the quarter, restricting sales of the affected operations. Simultaneously, progress isn’t equally robust in all parts of the group. 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. CEO’s comment Focus on cash flow and financial flexibility 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. 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. 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. We re-negotiated our finance in the period to create a longer-term capital structure and give us more financial flexibility. With current market condi- tions, we’re prioritising financial freedom to act above short-term amortisa- tion. Well positioned for continued growth NOTE is standing stronger after the first nine months of the year. Acqui- sitions 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. In the short term, we need to navigate a market for materials that’s restricting our growth rate and tying up more capital than usual. We also face the clear challenge of improving progress in parts of the group, first and foremost, the UK and China. This creates the potential for higher growth and improved profitability once our measures take effect. Our ambition is clear, to keep growing with our customers, improve profitability while simultaneously ensuring strong cash flow and the financial freedom to act we need to exploit the opportunities we see ahead of us. Johannes Lind-Widestam CEO and President, NOTE 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.
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NOTE AB (publ) | Interim Report Q3 2026 5 Comments on Q3 Sales Operating segments Operating margin 0 200 400 600 800 1,000 1,200 Net sales Q3Q2Q1Q4Q3Q2Q1 0 2 4 6 8 10 12 SEK m % Nettoomsättning och rörelsemarginal 0 100 200 300 400 500 600 700 800 900 1,000 Q3Q2Q1Q4Q3Q2Q1 0 2 4 6 8 10 12 14 16 SEK m % Western Europe 0 100 200 300 400 500 600 700 800 900 1,000 Q3Q2Q1Q4Q3Q2Q1 0 2 4 6 8 10 12 14 16 SEK m % Rest of World The operating margin in the chart above is adjusted for revaluations of operating assets and liabilities denominated in foreign currencies and non-recurring items, see Note 2. The operating margin in the chart above is adjusted for non-recurring items. The operating margin in the chart above is adjusted for non-recurring items. The Group July-September Sales in the quarter were SEK 1,057 (830) million, a 27% increase. Adjusted for currency effects of 1% and sales in acquired units, organic growth was 2%. The Group January-September The year started slowly followed by some organic increase. Sales for the first three quarters of the year were SEK 3,194 (2,813) million, up 14%. Adjusted for currency effects of -2% and sales in acquired units, organic growth was -1% . Despite relative uncertainty on the market generally, we are seeing some optimism from customers. In like-for-like terms at the end of the quarter, the order backlog for the current year was 12% higher (currency adjusted) than at the same point of the previous year. The 15 largest customers in sales terms represented 48% (47%) of sales in the period. No single customer (group) made up more than about 7% (6%) of total sales. Western Europe NOTE’s Western Europe operating segment consists of units located in geographical regions with high industrial activity and innovation standards in Sweden, Finland and the UK. Sales from the Western Europe segment, excluding acquisitions, increa- sed by 6% in the quarter with zero growth for the first three quarters of the year. Sales in Sweden, NOTE’s largest market, increased by 8% in the quarter, and by 3% for the first three quarters of the year. Progress in Sweden varies between plants and is closely linked to progress for customers and each customer project. The UK operation, which has faced challenges for some time, achieved growth, with sales excluding acquisitions up by 3% in the quarter. For the first three quarters of the year, sales were down by 11%. NOTE’s recently acquired UK operations progressed as planned in the period. The recently acquired units are highly concentrated on Security & Defence, so their pro- gress also differs from the group’s other UK companies. Sales from the Finnish plant, which is one of the group’s smaller units, re- duced in the third quarter. This was as expected because the whole operation relocated to a new plant. Sales were down for the first three quarters overall. Sales and operating margin Western Europe Rest of World Rest of World The Rest of World operating segment comprises the units in Estonia, China and Bulgaria. They are located close to major end markets and in regions with a strong tradition of production and a high level of expertise. Sales from the Rest of World segment decreased by 6% during the quarter and by 10% during the first three quarters of the year. Sales from the Estonian plant, which are mainly to customers in northern Europe, grew by 10% in the quarter and 4% in the first three quarters of the year; currency adjusted, growth was about two percentage points higher. Sa- les from the plant in China were down by about 25% for the quarter and 30% for the first three quarters of the year, primarily explained by slow progress in Communication. Sales from NOTE’s plant in Bulgaria, a smaller unit, were slightly below the expected level. Intra-group Intra-group consists of business support functions in the parent company and the sourcing operations of NOTE Components. Group eliminations are also included.
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NOTE AB (publ) | Interim Report Q3 2026 6 NOTE divides its sales into five customer segments: Industrial The manufacture of products in segments like automation, con- trol, infrastructure, energy and construction technology. NOTE’s largest customer segment grew by 11% in the quarter and 8% in the first three quarters, excluding acquisitions. Progress varies, and while growth on the Swedish and UK markets was brisk, excluding acquisitions, progress on other domestic markets was more neutral. Security & Defence Manufacture of products intended for the defence industry and other security solutions that may have defence, commercial and personal applications. This segment was previously a sub-segment, mainly of Industrial. The Group’s two latest acquisitions have strong positioning in Security & Defence, contributing to robust sales growth. This segment expanded by 222% in the quarter and 125% in the first three quarters. Adjusted for acqui- sitions, the increase was 19% in the quarter and 9% in the first three quarters of the year. Security & Defence is subject to clear periodicity in shipments for defence projects. Communication Manufacturing comprises, among other things, network products, antennas and IoT devices. During the quarter, sales increased by 3%, excluding acquisitions. During the first three quarters of the year, sales decreased by 8%. This was parti- cularly evident in our Rest of World units. Operations in Sweden, however, showed positive development. Medtech Medical technology products in diagnostics, treatment and X-ray are the foundation of this segment. Sales excluding acquisitions decreased by 5% for the quarter. Sales redu- ced by 24% in the first three quarters. The decrease was explained by one larger customer reducing volumes by over 50% in the first three quarters. Greentech The Greentech segment consists of customers active in the green technology transition. Sales were down by 24% in the quarter and 14% in the first three quarters of the year. Progress was similar on all major markets. Customer segments 0 100 200 300 400 500 Q3Q2Q1Q4Q3Q2Q1 IndustrialSEK m 0 100 200 300 400 500 Q3Q2Q1Q4Q3Q2Q1 Security & DefenceSEK m 0 100 200 300 400 500 Q3Q2Q1Q4Q3Q2Q1 CommunicationSEK m 0 100 200 300 400 500 Q3Q2Q1Q4Q3Q2Q1 MedtechSEK m 0 100 200 300 400 500 Q3Q2Q1Q4Q3Q2Q1 Greentech SEK m
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NOTE AB (publ) | Interim Report Q3 2026 7 Results of operations The Group July-September Gross profit was SEK 153 (111) million, with a gross margin of 14.5% (13.3%). Sales and administration overheads for the period were SEK -55 (-34) million. The number for the year includes SEK -17 million of additional costs from acquired units. As a share of sales, overheads were 5.2% (4.0%). Other operating income/expenses were SEK -7 (-3) million. This item, which normally consists of revaluations of operating assets and liabilities in foreign currencies, included SEK -3 (0) million of non-recurring items in the third quarter of the year, see note 2. Operating profit in the period was SEK 91 (74) million with an operating margin of 8.6% (9.0%). Adjusted operating profit was SEK 98 (77) million and the adjusted operating margin was 9.3% (9.3%). Higher net debt was a contributor to financial expenses increasing to SEK -19 (-6) million net. Revaluations of financial assets and liabilities in foreign currencies, such as factoring liabilities, were SEK 0 (-1) million. In total, net financial items for the period were SEK -19 (-7) million. Profit after financial items was SEK 72 (67) million, equivalent to a profit margin of 6.8% (8.1%). Profit after tax was SEK 57 (54) million, or SEK 1.98 (1.92) per share. The tax expense for the period was equivalent to 21% (19%) of profit before tax. The Group January-September Gross profit was SEK 453 (375) million, with a gross margin of 14.2% (13.3%). Sales and administration overheads for the period were SEK -161 (-104) million. The number for the year includes SEK -37 million of additional costs from acquired units and acquisition expenses of SEK -6 million. As a share of sales, overheads were 5.0% (3.7%). Other operating income/expenses were SEK -27 (-3) million. This item, which normally consists of revaluations of operating assets and liabilities in foreign currencies, included SEK -6 (-18) million of non-recurring items in the first three quarters, see note 2. Operating profit in the period was SEK 265 (268) million with an ope- rating margin of 8.3% (9.5%). Adjusted operating profit was SEK 298 (271) million and the adjusted operating margin was 9.3% (9.6%). The adjustment related to revaluations of operating assets and liabilities in foreign currenci- es, non-recurring items and acquisition costs, see note 2. Higher net debt was a contributor to financial expenses increasing to SEK -55 (-22) million net. Revaluations of financial assets and liabilities in fo- reign currencies, such as factoring liabilities, amounted to SEK -4 (-3) million. In total, net financial items for the period were SEK -59 (-25) million. Profit after financial items was SEK 206 (243) million, equivalent to a profit margin of 6.4% (8.6%). Profit after tax was SEK 165 (195) million, or SEK 5.77 (6.84) per share. The tax expense for the period was equivalent to 20% (20%) of profit before tax. Cash flow One of NOTE’s key missions is to maintain good and cost-efficient supply of materials to customers. A higher global investment level in sectors including AI infrastructure is a contributor to a more challenging market for certain electronic components with longer lead-times and price increases on materials. These longer lead-times have caused delays to some customer projects, resulting in inventory increases. To counter this, NOTE encourages customers to place orders over a longer time horizon to secure their supplies of materials. The capital tied-up in inventory was 45% higher than at the corresponding point of the previous year. Acquisition adjusted, the increase was 26%. NOTE is making continuous efforts to monitor credit risks and limit the number of outstanding customer credit days. Accounts receivable—trade rose by 21% year on year. Acquisition adjusted, accounts receivable—trade were up by 4% on the corresponding point of the previous year. Accounts payable—trade mainly consist of purchases of electronic com- ponents and other production materials. NOTE actively utilises a partner model on its supplier side, which has implications including sourcing being concentrated on fewer, quality-assured suppliers wherever possible. This working method simultaneously contributes to more efficient utilisation of working capital. At the end of the period, accounts payable—trade were 30% higher than at the corresponding point of the previous year. Acquisition adjusted, the increase was 16%. Despite continued positive profit performance, higher working capital tied up did limit cash flow. Total cash flow after investments for the quarter amounted to SEK 11 (105) million, corresponding to SEK 0.39 (3.69) per sha- re. The operating cash flow after investments for the same period amounted to SEK 11 (121) million, which was adjusted for items affecting comparability in the comparative period including the property investment in Torsby, Sweden. Total cash flow after investments for the first three quarters of the year was SEK -799 (317) million, or SEK -27.99 (11.13) per share. Operating cash flow after investments for the same period was SEK 23 (379) million, which was adjusted for items affecting comparability such as the acquisi- tion of STI of SEK 822 million and the property investment in Torsby in the comparative period. Liquidity and net debt NOTE is retaining its focus on measures that further improve the group’s liquidity and cash flow. The group’s reported available cash and cash equivalents, including unused credit facilities, amounted to SEK 386 (735) million at the end of the period. Excluding estimated financial liabilities on the additional right-of-use assets for leased properties under IFRS 16 (Leases), net debt at the end of the period was SEK 1,312 (27) million. The higher net debt compared with the previous year is mainly attributable to the financing of the acquisition com- pleted during the first quarter. During the third quarter, parts of the Group’s loan financing were renegotiated, resulting in loans of SEK 380 million having their maturities extended and being reclassified from current to non-current liabilities. Equity to assets ratio NOTE has a strong financial position. According to NOTE’s financial targets, its equity to assets ratio should be at least 30%. At the end of the quarter, the equity to assets ratio was 38.7% (49.6%). Investments Expenditure on property, plant and equipment in the year, excluding right-of- use assets for leased properties (IFRS 16 Leases), was SEK 70 (104) million, corresponding to 2.2% (3.7%) of sales. This expenditure mainly consisted of projects to increase capacity, efficiency and quality. Last year, expenditure included SEK 62 million of investments in expansion of the Torsby, Sweden plant. Planned depreciation on property, plant and equipment, excluding right-of-use assets for leased properties (IFRS 16 Leases), was SEK 68 (58) million. Parent Company The parent company, NOTE AB (publ), is primarily focused on management, co-ordination and development of the group. Revenue in the first three qu- arters of the year was SEK 85 (72) million, mainly intra-Group services. Profit before tax for the period was SEK 200 (47) million.
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NOTE AB (publ) | Interim Report Q3 2026 8 Notes on the consolidated financial statements Note 1. Accounting policies and measurement principles NOTE applies International Financial Reporting Standards (IFRS) as adopted by the EU. Significant accounting and measurement principles are stated in the Annual Report for 2025 on pages 91–93. The group’s interim financial re- port has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. The parent company applies RFR 2. Work on implementing IFRS 18 is ongoing ahead of adoption on 1 January 2027. The group judges that its main impacts will concern presentation and disclosure in the financial statements. All amounts are in SEK million unless otherwise stated. Note 2. Items affecting comparability Items affecting comparability are excluded from operating profit, adjusted operating profit, which the group considers to be the most relevant measures for monitoring performance. The table below specifies the items affecting comparability that have impacted the result for the period. Items affecting comparability for the quarter amounted to SEK -7 million and mainly consist of an adjustment of contingent consideration, restructuring costs and cur- rency translation Items affecting comparability (SEK million) 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 2026 R12 2025 Full year Administrative expenses – Acquisition-related costs - - -6 - -9 -3 Other operating income/ex- penses – Adjustment of contingent consideration 8 - 25 - 25 - – Provision for customer credit loss - - -14 - -14 - – Restructuring costs -11 - -17 -18 -17 -18 – Other incl. foreign exchange effects -4 -3 -21 15 -19 17 Total -7 -3 -33 -3 -34 -4 Note 3. Acquisitions On 20 March, NOTE acquired all the shares of STI Group, a UK EMS provider with strong positioning in the defence sector. STI’s estimated full-year 2026 sales are GBP 60 million with profitability comparable to NOTE’s. At Other information Financial definitions Gross profit margin Gross profit as a percentage of net sales. Equity per share Equity divided by the number of outstanding shares at end of the period. Average number of employees Average number of employees calculated on the basis of hours worked. Cash flow per share Cash flow after investments divided by the number of outstanding shares at end of the period. Net sales per employee Net sales divided by the average number of full-time employees. Net debt Interest-bearing liabilities and provisions less cash and cash equivalents. Operating capital Total assets less cash and cash equivalents, non-interest bearing liabilities and provisions. Order backlog A combination of fixed orders and customer forecasts. Return on equity Net profit as a percentage of the average equity for the most recent twelve-month period. Return on operating capital Operating profit as a percentage of the average operating capital for the most recent twelve-month period. Operating margin Operating profit as a percentage of net sales. Equity to assets ratio Equity as a percentage of total assets. Profit margin Profit after financial items as a percentage of net sales. acquisition, the employee headcount was approximately 300. This acquisi- tion consolidates NOTE’s presence on the UK market and complements the group’s current operations. The purchase consideration was GBP 72.5 mil- lion on a cash/debt-free basis, equivalent to an adjusted EV/EBITDA multiple of approximately 10x. Existing customer relationships with a total value of SEK 92 million were identified in the preliminary acquisition analysis. The goodwill of SEK 748 million arising on acquisition mainly relates to the company’s skills and pro- cesses in PCBA manufacture and box build, particularly in defence, as well as expected coordination gains with NOTE’s other operations. Information on purchase consideration, acquired net assets and goodwill are stated in the following table: Acquired assets and liabilities taken over in the acquisition 2026 Total purchase consideration 859 Intangible assets - customer relationships 92 Property, plant and equipment 19 Right-of-use assets 35 Inventories 82 Accounts receivable - trade and other current receivables 121 Cash and cash equivalents 36 Financial liabilities -86 Long-term lease liabilities for right-of-use assets for properties -28 Short-term lease liabilities for right-of-use assets for properties -7 Tax liability -3 Accounts payable-trade and other current operating liabilities -150 Acquired identifiable net assets 111 Goodwill 748 Total acquired net assets 859 Cash flow relating to acquisitions in the period Purchase consideration paid 859 Cash in acquired entity -36 Net outflow, cash and cash equivalents 822 External transaction expenses for the acquisition were around SEK 6 million and were mainly costs for local legal and other advisory services. These expenses are recognised on the administrative expenses line in the Consolidated Income
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NOTE AB (publ) | Interim Report Q3 2026 9 Statement and are included in operating activities in the Cash Flow Statement. Transactions with related parties There were no transactions with related parties in the period. Annual General Meeting The AGM in April re-elected the Board members Anna Belfrage, Charlotte Stjerngren, Johan Hagberg and Egil Dahl. Jan Engelberg and Sir Michael Wigston were also elected new Board members. Anna Belfrage was re-elec- ted Chairman. Significant operational risks NOTE is one of northern Europe’s leading EMS partners. It has especially strong market positioning in the high mix market segment, i.e. for products that require high technology competence and flexibility. NOTE produces PCBAs, subassemblies and box build products. The customer offering covers the complete product lifecycle, from design to after-sales. For a more detailed review of the group’s operational and financial risks, refer to NOTE’s Annual Report for 2025, specifically to the Report of the Di- rectors on pages 37-40, as well as note 24, Financial risks and finance policy, on pages 109-111. NOTE’s operations set relatively high standards for working capital finan- cing. Accordingly, NOTE puts a sharp focus on managing liquidity risk. Discrepancies between reports Swedish and English-language versions of this Report have been produced. In the event of any discrepancy between the two, the Swedish version shall apply. Stockholm, Sweden, 22 October 2026 The Board of Directors and President of NOTE AB (publ) Auditor’s Review Report NOTE AB (publ) org nr 556408-8770 Introduction We have reviewed the condensed interim financial information (interim report) of NOTE AB as of 30 September 2026 and for the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of the review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in ac- cordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not provide the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report has not, in all material respects, been prepared, for the Group, in accordance with IAS 34 and the Swedish Annual Accounts Act, and, for the Parent Company, in accordance with the Swedish Annual Accounts Act. Stockholm, 22 October 2026 Öhrlings PricewaterhouseCoopers AB Andreas Skogh Authorised Public Accountant
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NOTE AB (publ) | Interim Report Q3 2026 10 Quarterly summary SEK million 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Net sales 1,057 1,175 962 1,001 830 980 1,003 1,025 Gross margin 14.5% 14.6% 13.4% 15.4% 13.3% 13.4% 13.3% 14.5% Operating margin 8.6% 7.7 % 8.7% 11.3% 9.0% 10.3% 9.2% 9.5% Profit margin 6.8% 5.8% 6.8% 10.9% 8.1% 9.6% 8.2% 8.9% Cash flow after investing activities 11 -34 -776 -285 105 58 156 124 Cash flow per share, SEK 0.39 -1 .19 -27.18 -9.98 3.69 2.04 5.48 4.35 Equity per share, SEK 68.3 64.1 60.7 57.7 55.1 53.6 57. 8 57. 5 Equity to asset ratio 38.7% 37. 0 % 35.1% 48.0% 49.6% 48.9% 49.9% 51.1% Average number of employees 1,805 1,818 1,543 1,505 1,476 1,467 1,453 1,433 Net sales per employee, SEK in thousands 585 646 623 665 562 668 690 715 Six-year summary SEK million Rolling 12 mth. 2025 2024 2023 2022 2021 Net sales 4,195 3,814 3,901 4,243 3,687 2,643 Gross margin 14.5% 13.9% 13.3% 12.1% 12.8% 13.4% Operating margin 9.0% 10.0% 9.0% 10.1% 9.3% 9.5% Profit margin 7. 5% 9.2% 8.0% 9.2% 8.4% 9.0% Earnings per share, before dilution, SEK 8.81 9.89 8.61 11.04 8.79 6.82 Cash flow after investing activities -1 , 0 8 4 32 465 98 -31 -142 Cash flow per share, SEK -37.97 1.12 16.33 3.38 -1 . 07 -4.97 Equity per share, SEK 68.3 57.7 57. 5 48.2 37.9 28.0 Return on operating capital 14.2% 18.9% 21.5% 24.3% 25.3% 27. 6% Return on equity 14.3% 17.1% 18.1% 25.7% 26.8% 28.4% Equity to asset ratio 38.7% 48.0% 51.1% 43.3% 39.7% 37. 0 % Average number of employees 1,668 1,475 1,465 1,504 1,366 1,218 Net sales per employee, SEK in thousands 2, 515 2,586 2,663 2,821 2,699 2,170 Consolidated summary
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NOTE AB (publ) | Interim Report Q3 2026 11 Consolidated financial reports Income statement SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Net sales 1,057 830 3,194 2,813 4,195 3,814 Cost of goods and services sold -904 -719 -2,741 -2,438 -3,588 -3,285 Gross profit 153 111 453 375 607 529 Selling expenses -28 -18 -83 -54 -10 4 -75 Administrative expenses -27 -16 -78 -50 -10 0 -72 Other operating income/expenses -7 -3 -27 -3 -25 -1 Operating profit 91 74 265 268 378 381 Net financial income/expenses -19 -7 -59 -25 -63 -29 Profit after financial items 72 67 206 243 315 352 Income tax -15 -13 -41 -48 -64 -71 Profit after tax 57 54 165 195 251 281 Other Comprehensive Income SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Profit after tax 57 54 165 195 251 281 Other comprehensive income Items that can be subsequently reversed in the income statement: Exchange rate differences 61 -12 136 -66 117 -85 Cash flow hedges - - - - - - Tax on hedges and exchange rate difference - - - - - - Total other comprehensive income after tax 61 -12 136 -66 117 -85 Comprehensive income after tax 118 42 301 129 368 196 Earnings per share SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Number of shares at end of period (000) 28,549 28,484 28,549 28,484 28,549 28,549 Weighted average number of shares (000)* 28,549 28,484 28,549 28,484 28,545 28,496 Weighted average number of shares (000)** 28,549 28, 511 28,549 28,484 28,545 28,549 Earnings per share, SEK* 1.98 1.92 5.77 6.84 8.81 9.89 Earnings per share, SEK** 1.98 1.92 5.77 6.84 8.81 9.89 *Before,dilution **Af ter,dilution
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NOTE AB (publ) | Interim Report Q3 2026 12 Balance sheet SEK million 2026 30 Sep 2025 30 Sep 2025 31 Dec Assets Goodwill 1,428 257 595 Intangible assets-customer relationships 147 22 71 Other intangible assets 49 43 51 Right of use assets-leased properties 343 117 126 Property, plant and equipment 526 475 500 Deferred tax assets 28 15 16 Other financial assets 1 1 1 Total non-current assets 2,522 930 1,360 Inventories 1,248 862 868 Accounts receivable-trade 953 786 846 Other current receivables 167 111 67 Cash and bank balances 144 473 293 Total current assets 2 , 512 2,232 2,074 TOTAL ASSETS 5,034 3,162 3,434 Equity and liabilities Equity 1,949 1,568 1,648 Liabilities Long-term interest-bearing liabilities 983 128 125 Long-term liabilities, right of use asset-leased properties 300 99 104 Deferred tax liabilities 128 82 112 Other long-term provisions 13 - - Total non-current liabilities 1,424 309 341 Current interest-bearing liabilities 473 372 570 Short-term liabilities, right of use asset-leased properties 43 22 24 Advance payment from customers 84 93 81 Accounts payable-trade 747 574 540 Other current liabilities 313 223 229 Other short-term provisions 1 1 1 Total current liabilities 1,661 1,285 1,445 TOTAL EQUITY AND LIABILITIES 5,034 3,162 3,434 Changes in equity SEK in million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth 2025 Full year Opening equity 1,831 1,526 1,648 1,638 1,568 1,638 Comprehensive income after tax 118 42 301 129 368 196 Dividend - - - -199 - -199 New issue of shares - - - - 13 13 Closing equity 1,949 1,568 1,949 1,568 1,949 1,648 Financial statements of the group, continued
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NOTE AB (publ) | Interim Report Q3 2026 13 Cash flow statement SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Operating activities Profit after financial items 72 68 206 243 315 352 Reversed depreciation and amortisation 45 29 129 90 162 123 Tax paid -25 -20 -85 -69 -91 -75 Change in working capital -62 54 -176 172 -233 115 Cash flow from operating activities 16 133 69 425 151 507 Cash flow from investing activities -5 -28 -868 -10 8 -1 , 235 -475 Cash flow from financing activities -24 2 627 -235 734 -128 Change in cash and cash equivalents -13 107 -172 82 -350 -96 Cash and cash equivalents At beginning of period 147 372 293 411 473 411 Cash flow after investing activities 11 105 -799 317 -1 , 0 8 4 32 Cash flow from financing activities -24 2 627 -235 734 -128 Exchange rate difference in cash and cash equivalents 10 -6 23 -20 21 -22 Cash and cash equivalents at end of period 144 473 144 473 144 293 Un-utilised credits 242 262 242 262 242 127 Available cash and cash equivalents 386 735 386 735 386 420 Operating Segments SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year WESTERN EUROPE External net sales 825 584 2,530 2,074 3,281 2,825 Internal net sales 2 5 11 7 28 24 Operating profit 87 56 273 207 362 296 Operating margin 10.5% 9.5% 10.8% 9.9% 10.9% 10.4% Inventories 1,002 668 1,002 668 1,002 688 External accounts receivable—trade 770 601 770 601 770 672 Average number of employees 1,290 933 1,197 951 1,140 955 REST OF WORLD External net sales 232 246 664 739 914 989 Internal net sales 7 6 22 29 29 36 Operating profit 14 22 50 63 71 84 Operating margin 5.9% 8.7% 7. 2% 8.3% 7. 5% 8.2% Inventories 246 194 246 194 246 180 External accounts receivable—trade 181 184 181 184 181 173 Average number of employees 486 524 498 496 503 502 INTRA-GROUP Internal net sales -9 -11 -33 -36 -57 -60 Operating profit -10 -4 -58 -2 -55 1 External accounts receivable—trade 2 1 2 1 2 1 Average number of employees 29 19 27 18 25 18 Financial statements of the group, continued
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NOTE AB (publ) | Interim Report Q3 2026 14 Sales per customer segment SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year WESTERN EUROPE Industrial 302 245 937 814 1,264 1,141 Security & Defence 303 94 803 356 947 500 Communication 51 44 173 148 216 191 Medtech 75 82 272 359 374 461 Greentech 95 119 346 397 482 533 Total external sales 826 584 2,531 2,074 3,283 2,826 REST OF WORLD Industrial 123 128 355 363 484 492 Security & Defence - - - - - - Communication 77 77 209 250 285 326 Medtech 11 9 31 42 48 59 Greentech 20 32 68 84 95 111 Total external sales 231 246 663 739 912 988 TOTAL Industrial 425 373 1,292 1,177 1,748 1,633 Security & Defence 303 94 803 356 947 500 Communication 128 121 382 398 501 517 Medtech 86 91 303 401 422 520 Greentech 115 151 414 481 577 644 Total external sales 1,057 830 3,194 2,813 4,195 3,814 Financial statements of the group, continued
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NOTE AB (publ) | Interim Report Q3 2026 15 Parent company financial reports Income statement SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Net sales 26 20 85 72 105 92 Cost of services sold -11 -12 -41 -40 -60 -59 Gross profit 15 8 44 32 45 33 Selling expenses -5 -3 -14 -8 -21 -15 Administrative expenses -4 -5 -13 -12 -17 -16 Other operating income/expenses 46 -10 99 -39 86 -52 Operating profit 52 -10 116 -27 93 -50 Net financial income/expenses 39 4 84 74 98 88 Profit after financial items 91 -6 200 47 191 38 Appropriations - - - - 64 64 Profit before tax 91 -6 200 47 255 102 Income tax -19 - -41 -4 -48 -11 Profit after tax 72 -6 159 43 207 91 Other comprehensive Income SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Profit after tax 72 -6 159 43 207 91 Other comprehensive income - - - - - Items that can be subsequently reversed in the income statement: - - - - - - Total other comprehensive income - - - - - - Comprehensive income after tax 72 -6 159 43 207 91
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NOTE AB (publ) | Interim Report Q3 2026 16 Balance sheet SEK million 2026 30 Sep 2025 30 Sep 2025 31 Dec Assets Intangible assets - - - Property, plant and equipment - - - Long-term receivables from group companies 1,854 329 780 Financial non-current assets 278 278 278 Total non-current assets 2,132 607 1,058 Receivables from group companies 278 126 120 Other current receivables 6 19 15 Cash and bank balances 1 180 1 Total current assets 285 325 136 TOTAL ASSETS 2,417 932 1,194 Equity and liabilities Equity 521 301 362 Untaxed reserves 122 111 122 Liabilities Long-term interest-bearing liabilities to financial institutions 880 - - Total non-current liabilities 880 - - Short-term interest-bearing liabilities to financial institutions 43 16 121 Liabilities to group companies 821 477 569 Other current liabilities and provisions 30 27 20 Total current liabilities 894 520 710 TOTAL EQUITY AND LIABILITIES 2,417 932 1,194 Changes in equity SEK million 2026 Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 Rolling 12 mth. 2025 Full year Opening equity 449 307 362 457 301 457 Comprehensive income after tax 72 -6 159 43 207 91 Dividend - - - -199 - -199 New issue of shares - - - - 13 13 Closing equity 521 301 521 301 521 362 Financial statements of the parent company, continued
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NOTE AB (publ) | Interim Report Q3 2026 17 This is NOTE NOTE manufactures printed circuit board assemblies (PCBA), sub-assemblies and complete products (box build). NOTE is a competitive electronics manu- facturer and a stable business partner to customers with high requirements. Its products are used, for example, in complex systems for electronic control, monitoring and security. The business model is based on long-term customer relationships and partnerships, offering advanced manufacturing, customised logistics solutions and advisory services at the best possible total cost. The customer offering covers the entire product lifecycle, from design to aftermarket services. Customers mainly comprise large companies operating in the global market, as well as companies whose primary sales are in Northern Europe. NOTE has operations in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales over the past 12 months amounted to SEK 4,195 million and the Group has approximately 1,800 employees. NOTE is listed on Nasdaq Stockholm. NOTE AB (publ) Corporate identity number 556408-8770 Financial calendar Year-end report 2026 26 January 2027 Interim Report Q1 20 April 2027 Interim Report Q2 14 July 2027 Interim Report Q3 22 October 2027 Ordering financial information Financial and other relevant information can be obtained from NOTE upon request. Please use the electronic sub - scription service available on the website: https://www.note-ems.com/investor-relations/elektro - nisk-prenumeration/ Investor Relations contact Frida Frykstrand Chief Financial Officer Phone: +46 (0)70-462 09 39 E-mail: frida.frykstrand@note-ems.com Website: www.note-ems.com/ E-mail: info@note-ems.com Phone: +46 (0)8-568 990 00 Financial information TORSBY HERRLJUNGA LUND STI WOLVERHAMPTON HADDENHAM BASILDON WINDSOR TANGXIA SOFIA NORRTÄLJE HYVINKÄÄ PÄRNU TORSBY HERRLJUNGA LUND WOLVERHAMPTON HADDENHAM BASILDON WINDSOR TANGXIA SOFIA NORRTÄLJE HYVINKÄÄ PÄRNU High-tech factories in a global market In Western Europe, NOTE has factories in regions with high levels of industrial activity and innovation. The factories in Estonia, Bulgaria and China are located close to major end markets and in regions with a strong manufacturing tradition.