Mycronic Stock

Hello, and welcome to the presentation of Mycronic's Q3 report. My name is Sven Chetkovich. I'm the Director, Investor Relations, at Mycronic. And with me today, I have Mycronic's CEO, Anders Lindqvist; and CFO, Pierre Brorsson, who will be presenting today.

With that, I hand over to Anders. Please go ahead and present Mycronic's Q3 report.

Thank you, Sven, and welcome, everyone, to this session. So today, we will, of course, talk about the quarter 3 in short and then go a little bit deeper within the different divisions that we have. Pierre will explain everything about financials, and we will talk shortly about sustainability. And as usual, we will end this session with a question-and-answer section. And in the material that is to be found on the website, there's also an appendix where we have collected all the market reports and update.

So start to talk about the quarter in general. So we had a very solid quarter, and it's on all counts, which, meaning that all the divisions contributed very nicely to the result. So we saw an order intake that increased by 10%, and this is to be compared to a very strong quarter in 2025. So almost SEK 2.7 billion in order intake. The greatest contribution came from High Volume division and Global Technologies division.

Sales also increased very nicely, 38%, almost up to SEK 2.4 billion, close to, and the primary reason for that is the growth that we have within Global Technologies. But we can also say that all divisions actually had double-digit growth in the quarter. So very nice. Also very solid gross margin, 52%. And with all that together, the EBIT increased to SEK 610 million, which equals to a margin of 26%.

Backlog is a record high on a little bit more than SEK 5.5 billion, which is the highest ever. And also, we launched new financial targets during the Capital Markets Day that we had on August 31, which also the picture that is not anymore here, was strong.

Pattern Generators, starting with that. And this was happening also during the Capital Markets Day that we launched 2 new products. One is called SLX Kite, which is a next-generation semiconductor mask writer with extended and enhanced capability; and also for the semiconductor segment, a photomask inspection machine, IQX. These are very important launches because both of them are actually expanding our available market. So it's not only an upgrade of already existing equipment. It's really offering new capabilities that will enable us to grow further in the semicon market.

On the business side, we saw a decrease of order intake down to SEK 616 million. We had 3 tools on order during the quarter: one, Prexision 80 Evo, which is the display machine; and two, SLX mask writers for the semicon industry were received. Increase of sales up to SEK 580 million, 20%. And in that number, we have a small contribution from our recently acquired company, Cowin, that is equals to SEK 23 million.

Gross margin stable at 59% and EBIT also quite stable on SEK 188 million. And in that one, we had also a negative effect from the acquisition of Cowin with SEK 13 million. So that corresponds to a margin of 32%. So in the backlog, we have 11 systems in the order backlog, which equals to SEK 1.741 billion.

Another news in the Pattern Generators division, and this is just after the quarter, but we have appointed Mikael Wahlsten as the new Senior Vice President of Pattern Generators, and that is effective from November 1, so quite soon. And he is replacing Charlott Samuelsson, who has decided to retire. Charlott had 30 years with the company, so a very long time. And Mikael has a little bit less, but still 23 years with the company. So also a very senior leader that is taking over, and he's recently had the position as Head of Product Strategy and Development within the Pattern Generators division. So we look very much forward to welcome Mikael to the management team.

Going further with the next division, so PCB Assembly Solutions, we still see that the demand is continued to be quite soft in our segment, which is the high mix and low volume segment. We also see some price pressure, especially from Japanese competitors. And it's quite visible in the order intake that ended on SEK 367 million, which is a decline of 9%. A little bit up on the sales compared to the same quarter last year, 14% up, to SEK 358 million and quite strong gross margin of 41%. So we were able to increase the EBIT to, I would say, a decent SEK 42 million and a margin of 12%, which is not that bad actually in this environment. Also, the backlog increased a little bit to SEK 266 million, which is quite a good backlog actually. So see a little bit improvement on the result, although the market is still quite soft in the PCB Assembly Solutions segment.

High Volume, we see a continued momentum here, and we see a difference between the markets inside China and outside China. So outside China, we saw a very good demand, while the domestic market in China weakened a little bit. And this is a typical cycle in the China market where we see the majority of orders coming in the first half of the year that is supporting our customers to launch the product at this time of the year in the autumn, more or less.

So altogether, we saw a very nice order intake increase with 42% to a little bit above SEK 600 million, also a very nice increase of sales to SEK 569 million and quite solid and normal gross margin of 41%, EBIT at SEK 74 million. And here for comparison, we have the cost of the ESOP program impacting SEK 25 million here. So adjusted for that, we have quite a good increase on EBIT as well. Margin, 13% and a very strong backlog of SEK 1.2 billion. So strong performance in the High Volume.

And then on Global Technologies, here, we saw all the stars being aligned for the quarter. So we had an exceptionally strong quarter, both driven by volume, but also by product mix. We'll talk about product mix when we come to the profitability. But we see that the general market conditions are still very strong. We could see that it's driven by investments in AI infrastructure, but also investments in developing advanced packaging and also defense. Defense segment invest quite a lot of money. So very good for us.

We increased our orders with 33% to a bit more than SEK 1 billion, very nice. We had doubling -- more than a doubling of the sales, 105% up to SEK 852 million, a super strong gross margin of 60%. And we had a very favorable product mix in the quarter and volume. EBIT also very much up to SEK 359 million. A little bit of that is a revaluation of the consideration in Surfx that impacts SEK 15 million or 2% on the EBIT margin, that was 42%. We also had quite low cost in the quarter because of partly the summer period is in this quarter. Backlog, very strong backlog, SEK 2.3 billion, more than double than the old one. So super strong performance here, although a little bit exceptional for the quarter.

So all that has enabled us to, again, I would say, revise our outlook for the full year. There's only 1 quarter to go now, but we believe that we will end on a sales number of SEK 9.75 billion for the full year. So that is a new outlook from the Board of Directors.

So with that, I will hand over to Pierre, to talk a little bit more in detail about the financials.

Thank you so much, Anders, and good morning from my side as well. If we look at the numbers quarter-by-quarter, you can see that we are just below the very strong Q1 and Q2 in terms of sales at SEK 2.4 billion, up versus a low quarter last year with 38%. The aftermarket revenue was a record SEK 606 million, and we saw a good improvement across all divisions in the aftermarket, which is one of the initiatives we are driving. And in particular, in Global Technologies, the increase was substantial. The EBIT margin ended at 26% in the quarter, which we consider good, given the mix between the various divisions we had in this quarter.

If we look at it on a rolling 12-month basis, we are now up at SEK 9.3 billion with an EBIT margin of 28%. And with the aftermarket continuing to grow and has now passed the SEK 2 billion mark distinctly, constituting 24% of our net sales.

If we look at the improvement that we had over last year, which was more than a doubling of the profitability, we had a good volume effect, but we also had a gross margin impact, and this was largely stemming from the Global Technologies division, where we had not only record volumes, but also record gross margin in the quarter, stemming from exceptionally good product mix, high aftermarket share, software updates, et cetera. So really, really good. We don't want to extrapolate this level going forward, but really, really good in the quarter.

We are growing the organization in all areas and especially on the R&D side, where we are investing a lot in product development across the group, not least in the Pattern Generators division. And this took us in the end then to SEK 610 million EBIT or 26%.

If we compare with the same quarter last year, this is, of course, not the only metric, but you can see that we are improving in all divisions. And if you would exclude the SEK 25 million ESOP cost in the High Volume division, you would see that this division would be on similar improvement as Pattern Generators and PCB Assembly Solutions. But the main difference to same quarter last year is obviously coming from the Global Technologies, where we had very low result last year and great results this year.

If we look at the cash flow, we have strong cash flow from operations. I'm also happy to see that we are developing really good on our receivable collection. So although we are growing strongly, the change in working capital is mainly stemming from a higher inventory, which is logical in a period where we have this growth.

If we look at the investing activities, we have acquired in the beginning of the year, ETZ and Cowin, which is then SEK 184 million. And apart from that, the majority of the investments are actually stemming from investments in facilities we are building in Taiwan and in China, et cetera.

Financing activities is largely the dividends that was paid out in the second quarter. And we have now a very solid cash position above at SEK 2.9 billion and cash at the end of the period even above SEK 3 billion. So really solid financial position as well.

With that quick walk-through, I hand the word back to Anders again.

Okay. Thank you, Pierre. So a short -- some few words on sustainability. We are improving our emission, carbon emission footprint quite nicely, and the majority of that improvement comes from that we're using much more renewable energy in all our facilities that we have. And we are today now or in the first half of 2026 at 96% of all the electricity that we use are coming from renewable sources. And that is a transition that we work quite hard with.

Another part of sustainability is Code of Conduct, and one part of that is among our suppliers. Here, we see a decline that we have a fewer -- lower percentage of suppliers that have signed the Code of Conduct on 87% and high-risk suppliers down to 58% coming from 60% and also from 95%. And the reason for that is that we have acquired companies that has typically quite a low percentage of that. So that's dilution. So of course, the effort is here to bring the acquired entities also up to our normal standards and of course, even exceeding that over time. So that is an ongoing work. And yes, we will continue to share the progress on that side.

So that was the end of the formal presentation. So now we are on the Q&A.

Yes. Thank you, Anders, and thank you, Pierre. And so now we are moving over to our Q&A session.

And we will be starting with Handelsbanken and Fredrik Lithell. Please go ahead and ask your questions, Fredrik.

I think I'll start with one and then jump back into the queue. So Anders, maybe you could elaborate and put some color on the impressions from your customer dialogues from the new machines you have just launched, the Kite and the IQX. How have the reception been? And what are the talks about during Q3? Could you address that a little bit? Would be interesting to hear.

Yes. So especially on the IQX, customer interest is really, really high. And we are developing that product in cooperation with some key customers really to make sure that we are ending up with the right specification and the right configuration, and we will quite soon ship the first tools to customers, if not yet already happened this week around this time. So yes, and we continue to see good demand. Actually, the most dialogue is to accelerate deliveries at this very moment. But of course, we are in parallel also developing the product.

And on that, I mean, you say good reception. That's nice to hear. But you have competition here. So there are already sort of equipment available in the market. So what is it that sort of makes you stand out to the tune that customers are very happy that you are coming with this machine?

Yes. So I think this is -- it's filling a hole or a gap in the kind of product portfolio from the competition. We are a little bit similar to SLX. We are more in the mature node segment with this inspection machine. And most of our competitors have focused all the development work on the small nodes actually. So there is a gap in the market. Also, our tool is much more efficient. So the cost of ownership, the productivity, everything is actually much better than competition. So we believe it's a better choice. And of course, as always, there is a switching cost. If a customer is used to one product, it's required a little bit of effort or change, of course, but it seems like it's worth to do that.

Okay. And the SLX Kite, any color on that, those dialogues?

Not yet, really. Do you...

We see a great interest for it. And obviously, here, it's a market with basically two large players, and we think that this will further enhance our edge in this competitive landscape. And this is also -- I mean, the productivity increase and in particular, is what the customers will go for, we believe. So positive reception, but the jury is still out there.

Thank you, Fredrik. Now we move over to DNB Carnegie and Mikael Laseen. Please go ahead and ask your questions.

Congratulations to a strong quarter, first of all. Yes, you mentioned that Global Technologies had an exceptional quarter, and it should not be extrapolated. Can you clarify this, what this refers to? Is it the gross margin primarily? Or is it also the sales momentum and order intake?

No, it's more on the result side. So exceptional gross margin that is record high, and it's a combination of very good utilization, low cost and high deliveries despite being in the holiday period. It's a product mix, what we have shipped to various customers. High portion of aftermarket, high portion of software, et cetera, et cetera. So it's really exceptionally high and at the same time, relatively moderate cost development, so.

Okay. So do you see this in the order backlog that this will normalize quickly now in Q4? Or is it gradual over time that this could come through that the mix is a bit different?

I think you will already see somewhat different numbers in the fourth quarter. This is a bit of an exceptional quarter.

Okay. And can you talk to us about the lead times in the Global Technologies segment for PCB Test and die bonding, and which of these 2 are -- have the strongest momentum right now going into 2027?

I think we have good momentum in both these. We have also a good backlog, obviously. And in particular, in the PCB Test side, we have a bit longer lead times than we would maybe wish for. So we have a very good position. If you compare quarter-on-quarter, where was the strongest order intake, I would say on the die bonding side rather than on the PCB Test compared to what we have seen earlier in the year where PCB Test has really been the strongest driver.

Okay. Is the capacity situation holding back orders in any way? Or is that not something that the customers are thinking about -- I mean, the lead times for you to deliver?

Our view is that we haven't made any substantial losses based on lead times.

Thank you, Mikael. And now we move to London, and Oliver Wong at Bank of America.

I want to focus on what you mentioned on ASML and TSMC, the new 12-inch photomask, very exciting. From my understanding, you guys focus more on the mature nodes and TSMC focuses more on the advanced nodes. So yes, just curious if you can share more color on how much of an impact do you think this initiative could potentially have on your business?

I think -- yes, so 12-inch is -- the normal photomask size is 6-inch for the semiconductor. So this is double the size, and that is, as you say, intended for the smaller nodes. But on the smaller nodes, 75% of the photomasks used are actually laser-based written or laser writers could be used on 75% on the photomask. It's only on the 25% of photomask on high -- on the small nodes that are another technology, electric beam -- electronic beam is actually needed. So for us, it's quite neutral in which kind of node size that the growth is happening. And it's correct that the 12-inch is intended for the super small nodes really. And it has been discussed during years actually now. But now finally, TSMC and ASML is coming together and also with some other players in the industry and settle that. And our position here is really, really good because we developed the SLX to be capable of managing 12-inch photomask already from the very beginning. So for us, it's quite a small adaptation to do that. So we believe that we have a very good position to capture at least the laser-based masks for the 12-inch sizes.

Got it. So this is smaller nodes anywhere up to even like 2 nanometers or...

Correct, yes.

Okay. I thought that you guys were capped at maybe like 60 nanometers.

Yes. And that is the resolution on the patterning there. So it's not linked to the node of the semicon.

Okay. Thank you, Oliver. And now we move over to Anders Akerblom at Nordea.

So I wanted to ask as well a bit on sort of this ASML and TSMC initiative. It was out in September, if I'm not mistaken. Obviously, quite long-run optionality. But what you said now about sort of the SLX being able to handle 12-inch was quite interesting, I thought. So in the future, firstly, do you expect some sort of pilot sort of orders to when they're testing this and seeing if it actually works to transition to 12-inch? And secondly, should we expect sort of a meaningful ASP uplift on future SLX orders if that's on the 12-inch format? Or will it be somewhat similar relative to 6-inch?

I think it's quite difficult to say when we will see orders on this...

Of course.

I mean, everything has to go in sync. And it's not only ASML and TSMC that need to be aligned around the 12-inch. But when that happens, we will be in a super good position to capture that market. And given that, I would be surprised -- the ASP should be higher, of course. I don't know really where it could be or should be, so. But it will be a unique product for that.

But the installed base will have -- thank you, Anders. The installed base, all else equal, will -- I mean, how should one think about replacement of that?

Yes. It depends on the -- how big brick...

If it's successful. If it's successful.

Yes, if it's successful. The whole installed base is based on 6-inch. 100% of that.

Sounds quite interesting long term, I must say. Even if it's difficult to say now, I get that. And on Global Tech, obviously, I mean, incredible growth. But when you talk about expanding capacity that that's the focus right now, you previously sort of alluded to meaningful 25% capacity growth in PCB Test towards year-end. Does that still hold? Should we expect that to be more meaningful? Or is that reasonable?

I would say this holds as planned. The entire plan holds -- and I think you can see in the sales result or the sales increase also that we are able to produce more now so that -- but the extension is not yet finished. It's -- and a little over.

And how -- okay. Sorry to interrupt you. And how are you able to produce -- I mean, obviously, you're more efficient. Why is that?

It's also a mix in between divisions. So it's not only the PCB Test that is contributing, but it's also the whole supply chain effectiveness and how fast we can get the machines through our factory and also in the configuration. So it's like, I would say, normal productivity work. And on top of that, we're expanding the factory as well.

Thank you, Anders. And now over to Ina Djupsund at SEB.

I have a few, but I will start with one at a time. So on the kind of display orders, it's been a little bit more quiet on the order side here. Do you see that there's any macro factors kind of impacting order intake? Or is it purely kind of a timing thing?

No, I think there's no macro factor. I mean, the interest for high-end display is still there and the transition is still going on. And I think you see even more applications, new applications coming up also with more foldable phones and more advanced displays with automatic privacy filters and stuff like that, which is driving the need of advanced masks. So from the market side, no really difference. It's more of a time effect and maybe more normalization effect as well. So from our side, we don't see any change in the pattern. But it has this kind of long cycles.

And how big share of the installed base for display mask do you think will have a kind of more urgent replacement need in the near-term or medium-term? Could you give some flavor on that?

I don't have that number, but it's typically 2, 3 machines per year, I think, somewhere around this.

If you calculate backwards, it's about that pace, and we don't see a dramatic change.

Okay. Then on Global Tech, I saw ASML is starting to talk that customers are willing to place orders for '29, '30 already. What kind of visibility do you have on the Global Tech kind of order side? I think you previously said you're pretty much fully booked at the beginning of '28. Has the visibility kind of changed here?

Not materially changed. We don't really take orders so much beyond that in Global Technologies.

Okay. Then if we look at the other parts of Global Technologies, do you expect -- so not the PCB Test or die bonding, but the other parts, do you think any of these will kind of more meaningfully pick up in order intake in the, let's say, next 12 months?

I think we have some very good positions. If you take our Plasma Solutions is looking very promising. Exactly when the industry is taking the next step is a little bit hard to predict, but we think we have a really good position there. We also see a greater interest in the 3D nanoprinting part, but it's still to materialize.

Thank you, Ina. And then we will move back to Fredrik Lithell again at Handelsbanken.

Yes. Maybe if we stay with Global Tech, and you have this capacity expansion at PCB Test in real time, could you elaborate on the timing on that and how the actual lift will be in terms of being able to sort of shorten the lead times for you in '27?

We will be ready beginning of the year. And I think with some trimming towards the end of the first quarter, we'll have about a 25% capacity increase. So -- and then it will depend a little bit on how strong the order intake is and how quickly we can reduce the backlog, of course.

Okay. Can I take another question as well on your R&D that also came up in Q3? How is that going to progress forward? Do you expect sort of the growth in R&D to mute a little bit in coming quarters and on a 12-month basis because you have sort of passed the quite large developments now? Or should we expect the same kind of growth?

The growth rate is likely to decline, but the level is not going to decline.

Thank you, Fredrik. And now we move to Mikael Laseen at DNB Carnegie, see if you have any more questions.

Yes, I have. I was curious here about the PCB Assembly Solutions segment. You had a good gross margin this quarter despite comments on weak demand and pricing pressure. Can you explain the strong margin, the gross margin? And also comment maybe a bit on the restructuring program, the cost, how we should think about that, the restructuring charges and the effects of those?

Yes. If we take the margin question first, we had a little bit stronger sales in the U.S., where we had good margins in the quarter. So this is explaining a little bit -- I mean, it's not a huge jump that we do, but it's a little bit better. If you take the restructuring program, I think we have communicated that we will have at the end around SEK 100 million cost taken out. And there is a little bit sale to do on that -- activities to do. We will communicate them once they are clarified. But the majority is taken -- the largest portion is taken.

Okay. But I think in Q2 that you said you have charges of SEK 100 million until 2027, the end of 2027. So it's, I guess, a long-term project?

It's a long-term project, yes.

Okay. Will it be evenly distributed or back-end loaded in '27? Or how should we distribute the charges?

The vast majority will be -- we have taken more than half already. And the vast majority of the remaining part, I would say, is going to be taken likely in Q4.

Okay. Can I also ask about the High Volume and your comment about weaker domestic demand in China, the background for this slowdown on orders and sales? And is this more seasonal that you normally have in the second half? Or is it something that could be more lasting?

We have typically stronger order intake in the first half and stronger revenues in the second half of the year. It's a little bit the way the Chinese consumer electronics work where they have this kind of pattern. So this is one thing. Then, of course, exactly how the Chinese economy is developing is another factor of this. And that's a little bit more tricky to have a call on how will it be long term, short term, strong or not so strong. So -- but if we compare the third quarter with the quarters earlier in the year, we had a much better development outside China, whereas we had a strong development in China in the order intake in the first half of the year.

Thank you, Mikael. And now over to Bank of America and Oliver Wong for additional questions.

No further questions on my end. Thank you.

Okay. Thank you. So then we move to Anders Akerblom at Nordea. Do you have any more questions?

Yes, always. So I wanted to ask a bit on -- I mean, obviously, you seem quite sanguine and it's developing in a good way, sort of high level. But if we focus a bit on any potential sort of risks that you see, I mean, are you seeing sort of any sourcing issues to any extent currently?

We have not seen that many. I mean, we see that a lot of customers and a lot of peers and companies around have maybe not issues with sourcing, but at least a lot of price increases on stuff and related to that. But we -- so far, we have managed very well the situation on our side, both from cost increases, but also from availability viewpoint. So no big effect on that. But of course, we will likely see cost increases, and freights and stuff like that, we are, of course, exposed to as well. And the intention is, as always, to forward that to the customers as much as possible, of course. But I would say that in the quarter or even before, no real effect.

And in terms of sort of customer demand, I mean, given what you said just now, I mean, do you think there could be any effect of prebuys in the numbers in your order intake?

It's very difficult to say. We do have quite a lot of down payment that is not reversible at order cancellation. So this is a security that we have, and we haven't seen any cancellation or change of delivery dates, at least not later. Everyone wants everything earlier actually. So that is -- or everyone wants it earlier. So nothing like that. And I think the equipment that we sell is not really kind of -- some people don't buy that for speculation. It's quite expensive, so.

Okay. Fair enough. And final question just from my end. And sorry to push on this every single quarter. But I mean, when we look at sort of deliveries for next year, just from your guys' viewpoint, I mean, do you think that the market is sufficiently taking consideration of the fact that order intake in your previous products, at least in PG has been a bit slower recently? Or do you think that the contribution from the new products will be material enough to maybe offset a bit of the recently somewhat slower order intake in PG?

Yes, in PG, I guess, related. And I think it's -- yes, it's lower than before, but not still -- still not really low and especially on the display side. I think we see quite stable demand on the semicon side. I think that will continue or maybe even increase, but at least continue into next year. I think display is -- has these cycles. And if you look over -- if you look on the order intake over time, it's kind of not dramatically down. So I don't see a big difference in that. If anything, maybe up, but not -- it's quite normal, I would say.

Thank you, Anders. And finally, over to Ina Djupsund at SEB. Any more questions from you, Ina?

Yes. I have one question. So could you give some flavor on the kind of raised outlook you give here? Where is the kind of incremental sales coming from? Is it Global Tech where you feel we will be able to deliver more or what's driving this?

It's actually broad-based. I would say that except for Pattern Generators, where we have a little bit longer view on what the sales will be from quarter-to-quarter, I would say that we are seeing a little bit better sales for all other divisions compared to what we were doing earlier in the year.

Okay. Thank you very much. So with that, we have reached the end of today's presentation of Mycronic's Q3 report. Thank you very much for attending.

Thank you.

Hello, and welcome to Mycronic's Capital Markets Day, both you who have come here to our head office in Täby outside Stockholm and you who are watching this event over the live stream. My name is Sven Chetkovich. I'm the Director, Investor Relations at Mycronic. We have a full agenda today, and we'll be sharing some exciting news, including the launch of new financial targets and 2 new products in the Pattern Generators division. And behind me on the screen, we see the people who will be presenting this afternoon. And this is the agenda.

So we will start with the strategy, new financial targets and sustainability, after which we will move into the presentation of the 4 divisions, kicking off with Pattern Generators and then followed by PCB Assembly Solutions. After that, we will take a short break and continue with the High Volume division and wrap up with the Global Technologies division. And after that, CEO, Anders Lindqvist, will give some final words on Mycronic today and tomorrow. After that, we will have a Q&A session. So I ask you to please save your questions for that in order for the presentations to run smoothly. And then at 3:30, there will be a tour of our production, which is one floor below. And I will give more instructions around this after the cameras are turned off.

And with that, I hand over to our CEO, Anders Lindqvist, to kick off Mycronic's Capital Markets Day.

Thank you very much, Sven, and a warm welcome from me as well, both people here. And hopefully, there is someone watching somewhere else as well. So today, the CEO today is continuing the growth journey. And before we start with the presentation, we would like to show you a short film that captures the role of Mycronic in enabling tomorrow's electronics.

[Presentation]

So good start, right? So now I will invite Lena Bavegard, who will connect our strategic direction with the culture, our capabilities and also the sustainability mindset that we have that is required to deliver on the strategy.

So please, Lena.

I'm also very happy to see all of you here and listening online. So I would like to start with our vision to be the most trusted partner to the creators of tomorrow's electronics. And in this sentence, I would like to focus on three words, starting with partner. Our equipment really sits at the heart of that our customers' production. And it has been there for decades or even longer. So our relationship starts long before the order and it continues long after the installation. And that's really why our revenue is recurring rather than transactional.

Moving on to the creators. Our customers are the ones that are pushing borders or boundaries, advancing what is possible in display, semiconductor, aerospace, defense, medical and so on. They come to us when they have a problem where they don't have a standard solution. And that makes differentiation and margin live there.

And finally, I would like to highlight tomorrow because we enable designs that are not yet available. So our niches, our technology investments and our M&A agenda fully serve that. So this vision is not just something you put on the wall, it's really answers this questions and clarifies the routes that we will share with you today.

Then I would like to put up our strategic framework on one page, starting off with who we are. And that is a market-leading solutions provider within electronics production in selected niches with a high degree of recurring revenue. And this niche leadership, it's deliberate. We'd rather be #1 in a well-selected segment than a leader in a big one.

And then moving on to our principles. There are four guiding principles. And here, I would like to highlight two out of them, starting off with a long-term sustainability mindset. And this is a business practice. It shows up in our products where energy efficiency in the installed base drives our Scope 3 emissions. Our operations and facilities drive Scope 1 and 2 emissions. And later on, we will share those figures. It also include doing business responsibly in this global supply chain.

Secondly, I would like to highlight dynamic people-centric culture. Our advantage is deep, specialized engineering knowledge that resides with our people and attracting and retaining that expertise and also including newly acquired companies without destroying what made them good really is a baseline to be able to deliver on our plan. That's why we put up culture here.

And then the other 2 principles, proactive customer-centric approach and purposeful innovation really starts with the customer problem and innovate where it adds value. This all sums up to our ambition, sustainable, profitable growth. So we have a continued high focus on growth, but it needs to be profitable, responsible and resilient. So this is the strategic framework in one slide.

So let's saw and make it more concrete. So on this page, you will see all the countries where we have subsidiaries in Europe, Asia and Americas. And this is where electronics manufacture actually happens. So we sit close to our customers' fabs and factories. So -- and we have a decentralized business model. So it's crucial that decisions, service capability and availability is close to the customers.

And most recently, Thailand was added to the list. And then if we add on our agents and distributors, Mycronic is represented in more than 50 countries. And this is -- this expand our contact to the customers beyond where we are physically present ourself. So as you can see, a global footprint built around close customer cooperation.

So with that said, I hand over back to you, Anders.

Thank you very much, Lena. So I will start to talk a little bit about the market environment where we see -- I think everyone sees this very strong structural trends that is supporting the long-term demand for electronics production. And we can see that this is a forecast from an independent institute that the electronic systems market is expected to grow to USD 3.6 trillion in 2030. That means from today's level, an annual growth rate of about 5%.

Now of course, if you talk about AI and stuff like that, you will see numbers which is much bigger than that, but this is the total market. And what you can see here, which I think is interesting is that this growth is quite broad-based. It's across different segments. It's in computer, communication, automotive, industrial, medical, defense, aerospace. And so you see a very broad-based -- base and growth in this industry.

And then we also see some structural forces that is driving this electronics demand. AI, everyone talk about that. It requires advanced chips. It requires servers, it requires data centers. We see electrification as a very strong trend, strong structural force that increases the electronics content. If you take an electrical vehicle, an electrical vehicle have about 5x more electronics than a conventional vehicle. So you can see that the electrification drives the need of electronics. Automation drives investment in sophisticated production systems. And then we have geopolitics, which is reshaping both capacity but also supply chains.

And together, all those trends create a lot of attractive market opportunities for Mycronic. If you take electronics manufacturing, we see CapEx, capital expenditure across the value chains of about $200 billion every year. The bubbles shows the size of those investments in different segments. And our -- our aim is not to cover everything. Our model is really to identify the attractive niches where we can see growth, where we can see profitability and also differentiation. And then we target to be a leader, to have leadership in those segments. And that we do through close collaboration with leading customers, and we act with speed in our decentralized organization and the structure we have. So this is very much our strategy.

If you would see the total electronics value chain, you have on the left side, what is called the front end, which is materials and the basic stuff and then all the way to the back end, which is on the other side. And we participate in this value chain on different places.

So our solutions, it spans from already electronic materials and component fabrication. It goes through semiconductor assembly and test, PCB assembly, module assembly and final assembly. And the common denominator here is that we have differentiated equipment that solves critical customer problems in attractive niches. Then we believe we are in a good place in this.

And the way we operate, the way we do this, the way we make it happen is through our four divisions that we have today. Every division have a very distinct market and also very distinct technology serving that market. Starting with Pattern Generators, we serve the display and semiconductor applications. We have PCB assembly solutions. We focus here on high-flex production across several demanding industries.

In high volume, we serve high-volume electronics production with dispensing as a core. And Global Technologies addresses attractive niches across telecom, data center, aerospace, medical, semiconductor in general. And with every division, we have a clear focus, clear strategy and a clear ambition.

So Pattern Generators is #1 within its selected patterning segments. PCB Assembly Solutions is a leading high flex solution provider. High Volume is also a leading High Volume Assembly Solutions provider with dispensing and its core serving a different market. And Global Technologies, here, we have a platform that builds technology and market leadership in attractive electronic niches. And this divisional structure creates focus, accountability and speed, which is very important here.

So Pierre will now review our financial and sustainability development. He will assess some progress against the 2022 ambitions that was the old one and present the framework for our long-term ambition.

So this is Pierre.

Thank you, Anders, and great to see you here online and in the room. So if we look where we stand today and what we have been doing a bit in the past, we can see that we have had a very strong sales development over a long period of time. There is actually only 1 year in the past 10 years where we have not been growing, and that was the year 2020. Many people remember the year of COVID, but continuously growing 15% year-on-year gives a quadrupling in 10 years.

So you can see that 2026 number here is equivalent to the outlook number that we have given for the year. Just to be clear on that. Profitability has a similar development, even if it's a little bit more volatile, and this is because some of our business have different profitability level. And to a degree, we have been, in particular, historically, depending on the display mask business in the Pattern Generators segment. Today, we have a more broad-based profitability and the earnings. So we are less volatile to that today. But similar development as sales over time.

On the sustainability, we have done great work on our own emissions, where we have gone for renewable energy at all our facilities, where this is possible and where this is not possible, we have compensated by buying CO2 equivalents to compensate for our own pollution. When it comes to our -- the products use emissions, we have developed well, but we have not yet reached the targeted level. A large portion of the improvement stems from the change from gas lasers to solid-state lasers in our Pattern Generators equipment. But we do see a broad-based improvement incrementally across the different divisions as we release new products.

We met here several of us in 2022. It's almost on the day, four years ago. And we said we are going to do a number of things. It was like it is today, a little bit uncertain environment. It tends to be -- every time we meet, we say the world is more uncertain than when we met yesterday, but also at the time, it was uncertain. We said that we're going to grow to SEK 10 billion and SEK 2 billion in profit. We have reached the profitability level, although we have not fully reached the sales level yet, but we are closing in on that one. We have seen good growth outside, not only in Pattern Generators, but also in the other divisions, and you will see a bit later on here, but particularly in Global Technologies.

We have been doing a number of great acquisitions even if we haven't yet succeeded with the bigger ones. And you can see that the acquisition as a part of the growth is actually lower than what we aim for. We aim to have 1/3 of the growth in acquired growth. All divisions above 10%. We were for some time on that level. But in last year, we went below in PCB Assembly Solutions, and we are now having a profitability improvement program and aim to be back during next year.

But we think we are in a position where it's the right thing to do to set out a new target for the coming period. And we have chosen to continue growing this company or having the ambition to continue growing this company up to double the level, which will be then at SEK 20 billion. SEK 20 billion, we expect to be reaching in the year 2032 to 2035. This is a similar growth pattern as we have had if we make it in the earlier part of the period and a little bit slower in the end of the period.

We select to have a range of years because we know that the electronics industry is somewhat cyclical, and it's very hard to predict exactly when we're going to hit it. We are running at the moment on an EBIT margin of around 25%. If you look over a bit longer period, we are a little bit higher if you take, for instance, the first half of this year. And we think this is the right level to continue to develop the company at. So we would remain on the 25% EBIT margin level.

So we try to do it this way instead. On the climate footprint, we have not yet reached the target when it comes to our products in use. So -- and we have target, which is also approved by the science-based target initiative. So we have selected that this target will remain going forward, and this target was set to be reached by 2030.

How are we going to do this? The divisions will explain themselves in a few minutes how they will address the different challenges because they are fundamentally different than the opportunities as well. But high level from my point of view and a bit focused on the financial side. Then Pattern Generators, we will expand and diversify our leadership on the mask writer side as well as enter into new segments. These new segments will not come at the same relative profitability level, but at a lower rate. And we will see, depending on how quickly we can move into these areas, how the profitability will develop over time.

For PCB Assembly Solutions, we will focus on the profitable core and make sure we get back over 10% latest next year. For High Volume, we will expand in two dimensions, both geographically and product-wise. So we expect a high growth, and we expect profitability to be around 20%, and this excludes some of you have read up on that, the ESOP costs that we are currently having within the High Volume division.

Global Technologies, we have had a very good development over time. We have strong growth at the moment, and we will continue to capitalize on the investment in the AI infrastructure and make sure we maintain the strong positions we have developed there as well as develop the other technologies we have in the portfolio of Global Technologies. And continuing to add new technologies. Here, we expect a solid growth and margin development around 30%.

M&A agenda. We will continue to have an active M&A agenda. We have said we will prioritize further like some of the acquisitions we have done to be close to the Semicon side, most probably more of the back-end Semicon than the front-end Semicon, but still the Semicon area.

On the sustainability side, I think it's important that we continue our journey with our own products to make sure they are generating a lower carbon footprint for our customers and that we work together with the electronics industry in reducing the total scope of the industry.

A few words on the M&A side. We have been adding a couple of technologies, bolt-on and new technologies over the past few years, and we will continue with that. All divisions have their mission to grow and find ways to grow, closing gaps, both organically and through acquisitions. And this is then showing the acquisitions. And the divisions, they are looking at things which are close to home with a strong connection with the current business.

For Global Technologies, we are also looking at things which -- new technologies, niches, which can grow in a nice way and add profit to Mycronic over time, where we can take a leadership position. On top of that, we continuously monitor what is happening in the industry and look for potential transformational transactions and that we do on a corporate level.

And with that quick overview, I will hand the word over to the divisions. But before we let Pattern Generators speak, we will show you another film which shows where we are operating in the value chain.

[Presentation]

So I'm Charlott, and I will, together with Michael, present the Pattern Generator division, PG. Let's start with a short introduction for you that may be not so familiar with PG.

So we -- when we produce or when mask -- when semiconductors and displays are produced, there is -- they use by using a process called lithography. And lithography require really capital intensive or very expensive tools. It is a very, very efficient way of producing in high volumes. So it's a way of producing that have been established for decades and refined over many, many years. When looking at a component or a display, you could see it's built up of a number of layers of different materials, and each of these layers have a pattern. And this pattern is defined by a photomask. The photomask -- the pattern on the photomask is replicated or duplicated using a very sophisticated exposure machine.

In the Semiconductor industry, we call them steppers and in the Display industry, they are called aligners. Important to know is that the photomask can be reused numerous times. It can be used all over again without really being worn out. The Pattern Generators' core product is the mask writer, writing the photomask. This very critical master for producing components and displays.

So when producing a photomask, there is a number of steps. And now Mycronic PG division is providing products for many of these steps. Not only the mask writer, we also have metrology tools for measuring placement of the pattern on the photomask.

Today, we will also launch a product that is inspecting the pattern to find defects of the pattern. And because we acquired Cowin, a Korean company earlier this year, we can also provide tools for repair the photomask. Our customers are mask shops. They could be captive, which means that they are owned by panel makers or wafer fabs. It could also be merchant, which means that the fabs are the customer's customer.

It is quite remarkable that there is so few mask writers that produce the photomask for these enormous industries. If we look at the display industry, it's about 70 mask writers. Producing photomasks for an industry that is USD 130 billion, and these 70 are almost all for Mycronic.

If we look at the semiconductor industry, it's about 500 mask writers. Half of them are used by laser-based writers that we have. And soon, about half of the capacity for laser-based writes are made by Mycronic tools. The other half is done by e-beam, and that is a technology that we don't have today.

So the trends for photomask writing is for the semiconductor, just as Anders talked about before. It is the same as for the group in total as a whole. So it's like electrification, of course, AI -- if we look at the Display side, we have product development, a lot of new product coming. One good example is the new privacy filter of Samsung's recent released phones. We also have the foldable phones. We also could see that the technology that you have on your mobile phone in your pocket is also moving into larger panels like laptops and TVs and the increasingly importance of having different displays in your product that is a very important differentiator, and I think you feel it when you enter into a new car.

So however, it's also important to know that the photomask market is not driven by the number of sold components or the number of sold panels. It's driven by the innovation and the investment for the future. So it's new product designs, it's more advanced technologies. It could also be more production capacity. So we are actually producing for the future.

On this slide, you could see one example showing the importance of the photomask. You could see the area growth of photomask for displays, which is an important metric for us. And that is actually growing faster than the revenue of the end market. So new -- never-ending development requires more and more advanced photomasks.

In addition, we could also see this phenomena that the mask market is more stable. It doesn't experience the same large fluctuations that sometimes can happen in the end market. So you see it's more even. And that is here illustrated by the display industry, but actually the same applies also for the semiconductor industry. One reason for this is that companies in a slowdown, they tend to shift focus from producing to new development and to new product introductions, which require more photomask area.

For the equipment market, it's not only the mask area to be produced that is important. It's also influenced really significantly by the different strategies and the different timing of decisions by each individual mask shop.

Another very important part of our business is the aftermarket. In the mask shop, there is very expensive tools, and they require a high level of service. Typically, they are run by all-inclusive service contracts. This is a very important recurring revenue stream for us. It creates a very stable foundation long term for our business. About 1/3 of our revenue comes from this aftermarket.

So looking back a bit, we are really in a very dynamic and interesting industries or markets. We have been growing about more than 10% yearly for the last 10 years. We could see that if we look back 10 years, our business was primarily dominated by the display industry. We provided the latest mask writers for next generation of displays, but we were also putting a lot of effort into secure that we had a modernized installed base with a high availability and, of course, optimizing and improving our way of working.

About 5 years ago, we decided to reenter into the semiconductor market with a product we call SLX. And thanks to this product, we have really made an entry into a new market. With this launch that we did in 2019, we have had great growth, thanks to this. And we think we have a very good and strong position. This is an attractive market, but it's also very competitive and very demanding.

If we look forward, we have now to 2026 made our first acquisition, and we see opportunities to acquire additional companies going forward. But we have also done tremendous investments in our organic growth, our own product and our own technologies. And thanks to this, we see that we have an opportunity to enter also into new adjacent areas. These are areas that are larger, attractive, but also more competitive. So we see a good growth, but we also assume that we likely will not have the same high profit levels as we have had, at least not the same level.

And with this and talking more about the future growth, I will hand over to Michael.

Thank you, Charlott, and hello, everyone. So I'm going a little bit deeper into the different growth initiatives that we have within PG. And we have divided them into three major themes. So the first one for display photomask, we will continue very much on the strategy that we have had for a very long time and which had been very successful as well.

And here, we will really continue to develop our right to make sure that we have the technology and the product in place when -- well in time before the industries need them. And also, we would like to make sure that we have an attractive offering also for the more mature application and also for the installed base.

Moving further to the Semicon photomask, we will continue to build upon the success that we had with SLX, which has been a great product and really well received by the customers. And we will also continue to develop that. I will talk more about that later. And also, we will continue to broaden our offering into this segment. So we're developing an inspection machine. I will talk more about that later. And also with the acquisition of Cowin, we get the repair application and products into this and also for the display.

So this is a very interesting area, and we'll continue to build and expand this business in the coming year. And we are also starting to building a business outside photomask in order to get a larger TAM for the PG division. And here, we see a great opportunity to leverage technology that we already have in the division in new markets.

So what we're primarily looking for is wafer-level packaging and advanced packaging. And here, we see Cowin could be a bridge into that -- those new markets and that business. So I will talk a little bit more about that later, but we see that also as a great opportunity to create more business for the PG division and create a good position.

So then starting with display. So this is a mature market. We foresee that this will continue to grow at a steady pace and driven by continued development of new displays. But maybe equally interesting for us is the shift that you see in the market that we're shifting from more low-end capacity to more high-end capacity because that displays becomes more advanced. So that also means that the suppliers need to change their production capacity to reflect that. So we think that will drive needs both for our most high-end writers, but also more structured demand maybe to more advanced replacement deals as well.

So given that market trends, I think we are really satisfied with the timing of the P8000 product that we launched '24. This one we shipped out early this year, and now it's qualified by the customers and they're producing mask, and we get good feedback from it. I have seen data from it, and it's performing really well. So we think that when these get out in the market and get qualified, it takes some time. But in the long run, that will drive demand for this product.

So sharing a little bit more info about that in a few minutes.

[Presentation]

So now moving over to the semiconductor market and then starting with the wafer market. And Here, we can see that the mature market will continue to grow at a quite steady pace. Also, we see that it's even stronger growth on the high end. And also on the high end, you see this typically node migration. So when a new node technology is ready, then product tends to move to that. So you move a GPU to the next high-end node. And for the high end, it's really AI that is the main driver. But it's quite interesting and also important to understand that also AI drives development on the mature nodes because around the GPUs, you also need a lot of other devices like power devices, communication devices and those chips you are doing on the mature nodes. So the AI is kind of driving a growth also on the mature end.

And our strategy into this market is really to offer products that are offering more complete solution on the mature segment, but at the same time, are broadly exposed to the high end. That's kind of, the ideal situation that we see. And if we go into the SLX side, I think this is -- this product is an excellent example of that because here, you can see that for the more mature nodes, you can write everything on the SLX mask writer.

For the more advanced node, we can still write a few binary layers, but also you can see that we write a lot of second layers, which is the most advanced mask where you write one e-beam layer and one laser layer. So if you calculate the number of exposure, it's not so important for us if the design is a 130-nanometer node or 28-nanometer node. And even on the most advanced node, there's more opportunities for laser because the most advanced masks today required two laser layers and one e-beam layer.

So it's a good trend for us. And it's important to understand that the SLX product is also very exposed to what's happening in the high end, and that's also reflected in the sales numbers. In total, we have sold 75 SLX systems and roughly 1/3 of those goes into the high-end market and write second layer writes, including second layer writes on the most advanced EUV masks.

So I think in this market environment, which is really vibrant and so much happening in this area. So we think that the timing to take the next level on the SLX is really good. So today, we launched next generation of the SLX. And here, this is a machine we have worked with a few years. So it's adding a lot of production capacity for the customers, much more productive. And it's also, at the same time, more capable, so you can write more layers on it.

So from a spec perspective, it's the most advanced laser writer on the market. And also the good productivity and also that it's so flexible, it makes it also a very good replacement machine. So we think this will continue to drive the replacement market also going forward. So I have a movie around for this one as well. So we are really exciting around this, and I think this will continue to drive a good demand for the SLX machines also going forward. So I have a movie around for this one as well.

[Presentation]

So continue on the path of talking about new products. So we have not only developed the SLX platform in the last year, but we also developed this inspection machine. We call it IQX. And the target market is very similar to the SLX. So it's a very good fit from a strategic perspective.

And for this product, we have really combined a lot of new technology and new innovation with also a very high productivity. So that's rendered in a really good cost of ownership for this machine compared to the old legacy machines that they have in currently supporting this market. So it's a strategy that is very similar to what we did with SLX. So we have adopted a similar way of thinking. And I think this is also a very interesting strategic opportunity for Mycronic because this is breaking new ground. So it's a new market, new product lines. So this could really drive the growth for the PG division going forward.

And from a size perspective, it's a sizable opportunity as well. We judge this could be even larger than the SLX business long term. And also, we think that we are in a good position to grab this opportunity. We have experience of doing these kind of machines before. We have great technology. We also have the customer connections and also we have a great organization that can do these kind of things.

So going a little bit more into the depth into the inspection and inspection market. So starting with what is inspection. So inspection is really the process when you look on the mask and make sure that all patents intended to be on the mask really is there, and also that you have -- it has the right shape. And also you check that there are no particles or other contaminants on the mask that could impact the yield later on. And this is a process step that you are doing several times in the mask shop. But also interestingly, you do this at the fab.

So the fabs usually do an incoming inspection to see that the mask is really okay. And then some fabs, depending on how advanced they are, they're also regularly checking the photomask so you don't have any aging, you don't get particles on it. You have to control your yield. So this is not only a growth opportunity for PG, but it's also opened up a new customer segment, which is also a great value long term, I think, when we're looking for new opportunities.

And IQX will initially cover critical nodes down to 90-nanometer node, but it will also be able to inspect more critical mask from a particle and contaminate perspective. So we estimate that around 50% of the semiconductor mask has the potential to at least once past IQX machines. So the market is huge. And currently, this market is supported by around 400 machine legacy machines, which mainly was installed 20, 30 years ago. So there is a big replacement opportunity. But at the same time, we have the growth in this market as well.

So we think this will be a growing market going forward. We currently estimate it to be around USD 125 million and our ambition is to take 40% of that market. There are strong competitors there, but we think that we are in a good position. So again, it's a great opportunity, I think, for us. And long term, we can grow this into a good business if we continue to develop the platform and are successful. So a little bit more information on the inspection.

[Presentation]

So then continue with the last growth theme that we have. So we are building a business outside the photomask as well. And here, we see Cowin will be a very important part of this as well because Cowin will not only come with repair technologies for photomask, but they also develop inspection technology and repair technology for wafers. So from a strategic perspective, we think they are a great fit and also there is a good culture fit, Mycronic and Cowin and also it's a good technical fit.

And also it's very good place to strengthen our footprint because it's Korea, it's really a tech hub. They are world leading in semiconductor, the world leading in display. So given what we -- what kind of products and market we would like to develop, it's a very good fit to be in Korea. And we think that the PG division and Mycronic, we can really accelerate our success into this market. So we have -- I think, the experience, we have the scale, and we also have a lot of technology that can support them.

And initially, we will look on the wafer package inspection equipment market. And this is a huge market and also very strong growth. So the growth is driven both by the volume growth on AI, but it's a lot of technology development in packaging as well, which -- so there will be a lot of opportunity in this market. And initially, we will address a niche portion of this market with this machine. But over time, we plan to invest and plan to expand the accessible market for these products. And we already today have leading customers evaluating the system. So we're looking forward to together with the customers, expand and develop this together with them, to make sure that they're creating customer value and then also become a new growth platform for PG going forward long term.

So with that, I hand over to Charlotte to wrap this up.

Thank you. So to summarize, we will continue to invest, of course, in the display industry. It is an industry that we have served from the time that the CRT TV stood on your floor to the flat panel on your wall and now in your pocket on your phone. So we are, of course, determined to stay and continue to support this industry with leading technology.

In the semiconductor, we are really encouraged with the SLX success that we have had and the position that we have created. We see a lot of opportunities ahead. We think that we can create additional value for our customers and potential new customers with our broader portfolio. And with the skilled people we have, with the long experience, the new competencies that we have, we think we also have a good opportunity to enter into other markets and where we primarily, as Michael said, are looking into the wafer level packaging and into the semiconductor back end. So this is area that we think will form the future growth of the PG division.

And with that, I would like to hand over to Clemens.

Thank you, Charlott. Always fascinating to listen to Pattern Generators and their products. Let's switch gear now a bit and look into PCB Assembly Solutions. Every innovation, if it's in industrial equipment, in medical, in your own pocket devices, in energy, somehow goes down to a physical electrical product. And in each of these electrical products, you see a physical printed circuit board. And this is where PCB Assembly Solutions comes into place because we make sure that printed circuit boards can be assembled in a proper way, high reliable, high precision, high quality.

What is the printed circuit board? It starts with the board, with the bare board. On that solder pads on the bare boards, we bring on solder paste deposits with different technologies. And then we pick and place components, which can be various components in various sizes. It can be amplifiers, it can be connectors, it can be resistors, all of these components. Some of them are almost impossible to see with a naked eye. All of these components have to be placed in perfect quality on the bare printed circuit board to make sure that the final electronic really works.

And this is where we come into place. We have a broad range of we call them process steps or technologies or machines, which together make sure that the components on the boards can be connected because finally, the assembled PCBs will go into any kind of electronics which you use on a daily basis or which helps you to run your world on a daily basis.

And I would like to break down now this full line of solutions into different process steps and machines. Still the most unique one, which is still unbeaten is our jet printer. A machine which can on high speed, high accurate place small solder dots on the solder pads. And here, we enable our customers to almost use any kind of design they have chosen for their printed circuit boards because it's high reliable, it's high quality, it's repeatable and it's high speed for every single special application.

But when speed really matters and the jet printer cannot even be fast enough to deposit the solder paste on the board, we use standard stencil printing technologies. The stencil printer can be even faster in cycle time, support kind of any speed also in high-volume applications. And when needed, we can even combine stencil printer solder paste deposition together with the Jet printer. To really make sure the customers can deposit whatever is needed on solder paste on the printed circuit board.

And the next step, we need to make sure that we really come to our commitment, zero defect. We can't afford any mistake or any whatever wrong solder paste deposit, too small, too much missing solder paste deposits on a board. And this is when our inspection system comes into place to make sure and guarantee and can trace that we really have the perfect solder paste deposit on the board. And after checking the solder paste deposit, we come to the core and unique technology in any kind of pick-and-place line and solution, the pick-and-place machine. Which picks any kind of component from any kind of carrier. It comes with delivered if it's a reel or a stick or lose components. And then it places them accurate on the board to make sure that the electronics finally again can work.

And here, we are extremely well positioned in our niche in the high flex low-volume market. Here, we are the market leader. And here, for example, in defense, in industrial equipment, in military equipment, there's almost no project where at least customers recognizes, I need to speak to Mycronic if this solution fits to my application.

When you have placed the components, then you need to do another final step of inspection, with an optical inspection machine, the AOI. And here, we've introduced, for example, an AI solution, our technology because we can combine the data from the pick-and-place machine to program an AOI in a very efficient proper way because programming time is what really matters for customers when they use AOIs in our market. So this is an AI solution, which we've introduced here which helps and finally in the line to inspect the board for the customer.

And one of the maybe less discussed and somehow underestimated product or process step in such a line is material handling because what matters raw speed of a pick-and-place machine when you don't have material on time at the line. And the towers, which we call them the material handling solution connects on the software side to the pick-and-place machine to make sure that the machine doesn't run empty in components that you always have at the right time, the right component to place on the board to finally make sure that electronic works.

But each of the single machines, which, of course, customers can buy in a single step, makes really sense when you combine them with a full-line offering. And the full-line offering of a pick-and-place solution, which we call you the MYPro Line is not only a connected machines by machines. It is a connection of machines on the hardware and software side. So we have software which goes along the machines which connect them in a proper way to make sure that the full line seamlessly works to fulfill customers' requirement for high precision, high-quality, high reliable, repeatable pick-and-place solutions.

We have a worldwide footprint. We work since more than 50 years in more than 50 countries with more than 7,500 machines daily running to produce electronics at 2,700 customers globally. With a very strong focus, this is our core market in the EMEA and Europe -- in EMEA and U.S., but also continuously growing in other applications also in Asia and China. So the global presence, but a strong focus also on U.S. and EMEA.

Our market is mainly the high mix, low volume, but there's also other areas which are growing, for example, AI server market. A lot of AI server boards have very special requirements which can't really be fulfilled by a Stencil printer. Then customers come to us and ask for Jet printer to make complex AI boards happen because this is what we all need. This is what we daily use. So also strong growth markets are where we can be represented with our technologies.

Our customers are, on one hand, electronic manufacturers who build their own products. But we have also EMS companies as customers who produce products for other companies on their demand. But before I talk too much about customers, I would like to invite you to one of our customer. The company...

[Presentation]

Welcome back from Finland now to Sweden. Sometimes we let better customers speak. This is a good reference customer. You find many of them globally. And that's a good example where we listen to customers' demand and fulfill their requirements with our machines and have them to make their products. So we enable our customers to produce electronics.

A strong presence in the market with strong products and strong customer base, of course, also has to lead to strong profitability. And this is where we haven't yet reached recently our ambition. So we come from a very healthy profitability above 10%. We have seen some challenges in the market. The industrial market is somehow in a prolonged-term weakness. We have also recognized that there are some opportunities inside to optimize our profitability. And we also have seen that we need to react on what we see as of today, especially in Europe, which is one of our core markets.

And that's why we have started and implemented a profitability improvement program because our ambition is to come back quickly again to this 10%. And we have set ourselves a goal that we have to be back at above 10%, stable, reliable at the end of next year. And this profitability program, which we initiated means that we need to improve product gross margins. We need to strengthen the product and business mix. We need to optimize the organization also for the future to be scalable because we still want to grow. And we also see that there's many opportunities to optimize workflow. And this product -- this project will now be implemented till it's already ongoing. We will continue to be implemented until end of next year and will cost us about SEK 100 million as product contribution to come back to our ambition to be above 10%.

To summarize, we are -- we want to remain to be the high- flex solution provider for PCB Assembly. A very important cornerstone is aftermarket business. We are heading towards 40% contribution in revenue from aftermarket, which is a commitment from us to customers, but also our customers to us. Because service aftermarket is a very important part of our business. We want to grow within home turf. We are the strongest global provider of high-flex solutions for PCB assembly on a global base. And we also want to extend the business into new markets, for example, AI server market with the Jet printer. And this altogether will help us to come back to our ambition to also contribute to Mycronic with above 10% profitability.

Thank you for your attention. And then I would like to hand over back to Sven because we are soon approaching the break.

Thank you, Clemens. Yes. And so now it's time for a break, 10-minute break. We start back at 2:20. So please take some sweets. And there are also for bio breaks. We have bathroom here, one toilet here, two on this side and three just on the back to the left. So six all in all, if you need that. And see you back here in 10 minutes.

[Break]

Welcome back. And now we will continue with our High Volume division, and it will be Ivan Li, Head of the High Volume division, who will present it. He just flew in from China last night to attend today.

Ivan, go ahead and present the High Volume division.

So thank you, Sven. Hello, everyone. I'm Ivan come from China, as Sven mentioned. So actually, I'm the General Manager of Axxon as a master brand of High Volume division. We joined Mycronic family 10 years ago. Actually during the past 10 years, whatever our business performance or our employers [indiscernible] get a very great development.

So -- and also, I would like to highlight as a High Volume division, which is located in China, there are several different points compared with other divisions. So we are always focusing in the electronic dispensing industry. But actually, our [indiscernible] is always not standard. It's always diversity. It's always needed to customer design. That is the first difference compared with other division.

And the second difference is our product, our project is always include a huge potential volume opportunity. That is also why our division called High Volume. And then there is still a third difference, which is in Chinese market, our knowledge protection is very poor. So which means once you launch a new product, a new technology, it is very easy to copy by other competitors. So this is -- this point driving us, we should -- we must be upgrade our equipment capability in very short time.

So I think as a company which located in China, this is also our advantage compared with the Western companies. We can provide a faster design, faster manufacture. So yes, that is why we can stand here with a very good experience. Yes.

So yes, actually, Axxon start up from 2008. And at the beginning, we just focus in the consumer electronic industry and with core dispensing application. And then as you know, the EV industry is growing very fast, and we involved in this industry. And then we go into the semiconductor industry. So that is our -- this is some background till now we still focus in the core dispensing application, but we foresee in the target industry, which consumer electronics automotive and semiconductor. And just to, we are always focused. We are -- I believe -- and also we develop more and more professional solution, more professional products. So that can support us to continue success.

So we can see here since we joined Mycronic family here today, 10 years, we keep more than 25% CAGR, which means 10 years joining about 10x growth, more than 10x growth, in our target industry share. And for electronic dispensing market share, when we joined Mycronic, our rank is #6. But actually, 5 years ago, Axxon has become absolutely the #1 market share supply in electronic dispensing industry.

But we also noticed for the others, it already keep a super high percentage, keep 44%. Why? So we also do some analysis just due to for the dispensing process in all manufacturing, it's become more and more important and more and more popular.

So more and more automation company player involved in this application in this industry. So we can find that besides the professional dispensing supply, the others, it always keep a high level percentage. But it also means there is a big space in this industry for this application, it can also can support our continued growth in the future. So from the right graph, you also can find during the next 5 years in electronic dispensing market, it also keep a very fast growth, which can keep more than 6% CAGR during the next 5 years.

So today, Axxon -- when Axxon joined Mycronic, our headcount is just more than 100. But now we developed, I think, a medium or larger company. Our headcount is beyond 1,000. Now it's almost 1,500. And our revenue is already beyond RMB 1 billion. So which means how to driving us can keep continued growth, can keep continuous success. We cannot rely on one separately in the industry. We also cannot rely on one separately product. So especially in China. So we also concede how to well support Mycronic ambitious target in the future, how to well contribute.

So from my side, based on our current position, based on our current situation. So we have totally -- we will develop from the three different dimensions. The first dimension is we will continue to consolidate -- continue to develop the new products, which still with core dispensing, but expand to other industry, not only in electronics to consolidate our lead position in dispensing application.

So actually, previously, we always focus in the industrial dispensing process, which we call just like the glue dispensing, just like the solder paste dispensing. But actually, besides the electronic industry, today we have a lot of dispensing requirements. We call it liquid control, just like oil in automotive, just like the ink in circulative industry and also just like the medicine in medical industry.

So they show a similar core technology, but totally different to market. So through our -- through the new product development with our existing core technology, for us, it's very easy. It's very low risk to launch our new products in new type industry. It can help us to increase the market size and also can consolidate to the leader position in this industry.

So for the fourth dimension is for our -- based on our existing products, we will continue to develop, continue to keep innovation to launch more and more new products, but for the new target industry, just aerospace, the medical and AI infrastructure. So -- but for the Valve technology, for the platform, it has already exist is similar. Yes. Maybe just we need to follow the different standards, different rule. So it is very easy. So that is our -- the fourth dimension we will proceed in the near future.

And the second is we will continue to do the product portfolio expansion -- so it can help us. One side, the first it can improve the customer business with our existing account. And second, it can also can help us to contribute more revenue to take us to the next level. And also at the product portfolio expansion period, we also can find some new targets, which is maybe is beyond [indiscernible ] dispensing, but it also have the high volume opportunity in our target industry.

So -- but at the same time, when we do the product portfolio expansion, it's not random, not just customer ask us to what we will develop. No, no, no. It also should have some rationale, which is it can help us to practice our new technology and also it can include some high-volume opportunity. And it also can help us to improve the customers' stickiness.

So we -- based on our current road map, when we do the product -- new product development, the project is also -- we will do it from the four different direction. The first is we develop the new products, but it's based on our existing new unique core technology. I take an example, just like our 5-axis. Seven years ago, we launched our -- the first dispensing machine, which is 5-axis dispensing. And now we have already a big success, but we keep upgrading, keep improving.

But also in the following period, we based on the customer requirement, based on our core technology, we're developing the upper 5-axis dispensing with -- for the super high precise dispensing application. And also, we developed the 5-axis glue clean is a non dispensing application solution. But the technology is overlap. And we also developed success for the 5-axis tilt attachment. So that can help us [indiscernible] the new investment, new innovation, but we can expand our product portfolio and also in our existing customer base. So that is the first rationale we will continue to do.

And the second is there is a cooperation with our existing key account in Global. We find the customer requirement is also changed. They are not only use the puring dispensing equipment. They also would like to get the total solution line. So just like when we do some analysis for the assembly process, we find it's normally before dispensing it needs inspection. And after dispensing it needs 3D inspection and then attachment and then curing.

So which means for customer requirements, they had already do some change. They would like to take a total solution. They do like to qualify the each separately machine. So we need to responsible -- depends upon the responsibility for the solution line. So that is also a very good opportunity because during the total solution line, we will find the dispensing equipment is a core machine in the total solution line. So which means for us, it's very easy to get the opportunity to provide -- responsible for the full solution line.

So that is the second rationale, which is when we do the product portfolio, just based on our existing customer, existing application, we expand our products from the previously separately dispensing to the currently total solution line.

And the third one is we do the product portfolio expansion to based on the new hot opportunity, which means, firstly, it still have a high volume opportunity during our business promotion. And the second is it has some high technical threshold and which Axxon has already accumulated some good experience for that. And the third is -- it represents the current economic situation. But also in future, it also have a high growth opportunity point in that. So now as you know, for the AI technology developed so fast, we also get some launch some new products just like the optical module. But the product -- the technology is similar with consumer electronics. So we just expand our target industry from previously consumer electronics to the optical module. So -- and then we can also get a very good feedback from the customer side.

And also for the next-generation solar panel, we also find some good opportunity, which is also, quite expensive but it's a totally different process with our traditionally consumer electronic industry. And for the 3D circuit print and digital inkjet technology, it have a high technical threshold and also can contribute a good profitability. So this is the third rationale which we decided to do the new product development.

And the fourth is, as I mentioned, when we joined Axxon, we are 10 years ago. We are just the #6 in electronic dispensing industry. But now during the past 10 years, cooperation, the support from Mycronic, now we have already become the #1. And in the future, I believe the development is secured little bit. I think the speed is not slower than now. So we also would like to -- based on our accumulated experience, especially in China, we can develop a new Axxon but in Semicon packaging industry.

So that is -- this growth is driving by the domestic EV, AI and advanced packaging and also the Chinese semiconductor self sufficient push. So this is also a good opportunity and which we look at in China so many years, what have the customer requirements or the technical accumulation, I think it is also -- for us, it's also ready, it's enough to do that. So this is the fourth rationale, which we do the product portfolio.

Now we already have launched the dispensing plasma solution in semiconductor industry. So we -- now we do some investigation in semiconductor packaging level. We hope we expect it can also help us to develop our next new Axxon in this industry. So -- and yes, besides the product portfolio, expand and the new product development.

So the third dimension is for the market -- the target market area expansion. So actually, when we joined Mycronic, so our overseas business is zero. So till today, overseas market, we had already delivered our machine to 46 countries already. And in 10 countries, we have our own employer and the whole overseas market contributes more than 30% of our core revenue. And most important is the profit is much high than local market. So that give us a very important spot to win it very formally to develop the overseas market. So today, in our target area in Asian, in European, in North American, we had already finished whatever the team set up, the facility and everything is well.

Now we already set up a very good contact window in each area with each key account. And most importantly, at the end of last year, we finished our overseas factory setup in [indiscernible] Thailand -- this will be very beneficial for us, very helpful to implement our unique political position strategy, which we call it in China for China, in global for global. So combined with our current position, combined with our future ambitious target. So we target in the next -- during the next 5 years for high-volume division organic growth target, we can keep more than 18% CAGR. And at the same time, the overseas market can contribute 15% of our revenue, which can help us to keep with a very good profitability.

And in each different area in China or in overseas based on the local different opportunity, the different economic situation, we also implement, we also -- the different strategy or with a different focus, just like in North America, the aerospace, the automotive industry have a very good opportunity in future. So we will -- we compute whatever our talent, whatever the equipment in this area, area with this focus highlight.

So for this, we call it, we will improve the market share in overseas market with our unique political position. And in China, we had in our previously existing industry, just like consumer electronics automotive, we had already get a very obvious advantage. Our market share is super high. So we also would like to searching for the second growth curve with our current new product portfolio expansion strategy. Yes, we can provide more and more the new products with our existing customers.

Yes. So finally, we would like to -- for better to support our strategy, our target happens -- so we also -- actually from last year, we get a land in China get a new land from the government. And at the mid of this year, our land is already to the ground breaking. So for this new facility built up ready, I think it will very super helpful, beneficial for us whatever to improve our working efficiency in internal and also can expand our production capacity. And also more important, it will be much beneficial to attract the high talent, the new talent or retention the key talent. Now it is super important. And based on this facility, the volume, the size I believe up till ready, it can support the USD 500 million, the output value for this value.

So I think from our product strategy, from market strategy from our facility improving, it will driving us to go to the next level, not only to the next level and can contribute more for group for electronic ambition target in the future. So this is a summary for our High Volume division.

So we will -- as I mentioned, we will continue to consolidate the lead position and expand to overseas and also expand to other industry. It's we call the liquid control solution. And also, we will capitalize on the electrification trend in automotive, maybe in the future some new industry just like the optical module. So -- but it's always based on our existing technology, yes, our existing experience.

And for the overseas market target, we target 15% of the revenue with good profitability. And we will invest in semiconductor industry to developing next new Axxon. So at the same time, from our internal management side, we will do some long-term motivation and continue to implement the M&A strategy to driving us to the next wave of profitable growth. So we target in the future with chip can become the #1 high-volume assembly solution provider for electronics production with core in dispensing. So I believe it will happen and it must be happened. Thank you.

Hello, everyone. Good to see so many people here. My name is Magnus Marthinsson, and I have been the Head of Global Technologies division for about 3.5 years by now, and it has really been a very exciting 3.5 years, I must say.

Global Technologies acts as Mycronic's incubator, identifying attractive niches and acquiring future market leaders within these niches and accelerating this company's growth into successful stand-alone divisions. Since our markets are quite diverse, our customers are widely spread over several segments, and this will be shown in more detail in the next couple of minutes.

Our organization is concentrated on Europe, but we are well -- we have a lot of people also in Asia and in Americas. And our total headcount as of today is 600 people. The business development of Global Technologies has been quite remarkable over the last few years. In 2023, the division comprised of 2 business lines, and we were the smallest division among Mycronic's divisions. And the profitability at that time was relatively poor. To address this, we initiated an efficiency program at MRSI in 2023. This has given positive results, and we are in a much better position today.

As a matter of fact, we have done a second efficiency program in MRSI right now, but this is not to improve the profitability, but to improve the capacity. Over these 3.5 years, we've made a total of 5 acquisitions and expanded to a total of 5 business lines today. We have also expanded into new buildings, both for atg in Germany and for MRSI in China. Specifically, I'd like to point out that despite that we moved into the new facilities in atg in Germany in 2025, we are already now preparing for a move into a larger production facility next to the old facility in Germany.

And I will also highlight that most of our growth that you can see here has been organic in the last three years. But I expect that our recent acquisitions will contribute much more to the growth in the last -- in the coming few years.

Our operating model of Global Technologies is that we utilize the speed and the agility of the small companies, but combining that with the strength from the larger company in Mycronic. And this is done by having decentralized business lines with full accountability and close customer focus. Then the GT office supports the business lines and drives future growth through strategy, M&A.

The business lines are also supported through corporate office and other divisions as well as other business lines within Global Technologies. The focus is on leadership, profitable growth and long-term value creation. And as Pierre pointed out, in addition to our current business lines, GT also has the task to grow Mycronic outside of current businesses through M&As. And this is indicated as the Global Technologies hunting ground to the left.

Both Vanguard Automation, Hprobe and Surfx all fall under the second bullet that you can see, emerging technologies with the potential to build a $30 million business line.

So let's move into the different business lines, and we'll start with the biggest one, PCB Test. And this is based on the acquisition of atg in Germany from 2021. PCB Test provides electrical test solutions for high-end PCBs and substrates. Its flying probe test systems act as highly sophisticated multimeters, verifying electrical connections on unpopulated PCBs or bare boards, as you can call them as well. A key success factor for PCB test has been atg's proprietary back drill test function. To understand the importance of this function, it helps to understand how PCBs are produced.

In PCB manufacturing processes, electrical connections are done between layers by plating through holes or Vias connecting the different layers. And this works fine on lower frequencies, but the excess plating and metal can degrade the signal quality for high frequencies, specifically used in AI applications. To address this, the PC manufacturers back drills the Vias to remove all the unnecessary metal. Now atg's back drill test function verifies that this process has been completed correctly. And they're using a specialized probe to measure the capacitance inside the hole.

Now Robot, the acquisition that we made last year in the U.K. has a different way of measuring signal quality for high frequency, complementing atg's back drill functionality. And this acquisition has been very successful so far. All these tests are important to detect defects on the PCBs before expensive devices are attached to the PCB. And the market drivers for PCB test is the build-out of AI infrastructure and all the increasing data rates.

The next business line that I would like to talk about is the Die Bonding business line, and that's based on the acquisition of MRSI in Boston made in 2018. Die Bonding provides high-precision assembly and bonding solutions for advanced photonics and semiconductor devices. A Die, first of all, is a small semiconductor chip that contains a complete electronic or photonic function. It's manufactured on a wafer, as you can see on this picture. And then all the dies, the tiny squares you can see here are cut out and assembled into a package. A Die bonder picks, place and bonds these chips into substrates or packages in a similar way as Clemens pick-and-place machine does, but this is on a much smaller detail.

And the challenge here, of course, is that these dies, as I mentioned, are extremely small and fragile. So this must be handled with extreme precision and reliability. And this is critical for both the device performance as well as the manufacturing yield. The main market drivers here are the rapid build-out of AI data centers as well as growing investments in defense and aerospace electronics, where we also have a lot of customers.

Next up is the Applied Plasma business line based on the acquisition of Surfx in Los Angeles that we made about a year ago by now. Applied Plasma provides surface cleaning and activation solutions used in advanced semiconductor packaging. The technology uses plasma-generated hydrogen radicals to remove metal oxides from bonding surface. A nice feature here is that the process leaves water as the only byproduct, making it a very clean and effective way to prepare surfaces before bonding. And here, you can see it's actually copper that is cleaned. You can see the normal copper color to the right, but the left cleaned copper is actually very shiny, and that's how clean copper looks like.

The main market drivers here are the rapid build-out of AI data centers as well as growing investments in -- sorry, this is actually Die Bonding. I'm talking about Applied Plasma. This cleaning processes is becoming very important now with the increasing dimensions continue to shrink. Cleaner surfaces lead to a higher yield, better reliability and improved performance on the final device. The main growth drivers for Applied Plasma are also AI infrastructure, advanced semiconductor packaging and high-bandwidth memories.

Next up is the Photonic Interconnects based on the acquisition of Vanguard Automation that we did in 2024. Photonic Interconnects provide solutions for connecting optical chips and fiber optical cables using 3D laser nano-printing technology.

This technology can be used in several ways. And here, you can see two different examples of a lens printed directly onto a laser to the left and also a short optical link printed between the fiber and an optical chip. The key advantage is that the optical structure can be printed directly onto the components, eliminating the need to mount and align separate optical elements. This simplifies manufacturing, improves accuracy and can reduce the total cost.

This business offers two complementary products, a dispensing and cleaning platform, the Reprise, and the printing platform, the Sonata. One single Reprise can support 3 to 4 printers. And this creates what we call a fleet. And this configuration is used in commercial applications. The main market driver here is also the growing demand for optical interconnects in AI data centers. This technology is still emerging, but we do believe that the adoption will be accelerated as higher bandwidth requirements drive the need for more advanced optical connections.

Magnetic test based on an acquisition we made last year, Hprobe in France. Magnetic test provides test solutions or test systems for MRAM and other magnetic devices. The key differentiator here is that they have the ability to generate highly precise 3D magnetic fields at high speed, enabling very fast, efficient and reliable testing. This is particularly important for MRAM devices, which store data magnetically. To ensure reliable operation, manufacturers must verify that these devices are not affected by external magnetic fields. This business benefits from 2 key market trends.

First, the growing adoption of MRAM as a next generation of nonvolatile memories. The second is the increasing electrification of automotive and industrial segments. And as a summary, you may have noted that 4 of Global Technologies' 5 business lines are primarily driven by AI. And in 2 of them, we have already seen significant revenue growth, and we will intend to capitalize on this trend even further. The remaining 3 business lines are still emerging, but I see great potential for growth in the coming years.

Connecting to what I said in the beginning, Global Technologies is more than a collection of businesses. It's a growth engine that identifies differentiated technology leaders in attractive niches, accelerates the growth through Mycronic's global platform and builds industry-leading divisions, securing that we can continue bringing tomorrow's electronics to life.

Okay. Thank you, Magnus. Very good. And very soon, you will be able to go on this production tour that you all look very much forward to, I think, or a tour in the production. It's not a production tour. You will see the production. And you will see also the new products that we have talked about today. But before that, I will say a few things. And the first thing I want to say that I think Mycronic has never been in a better position than we are right now. We really, really have a super good platform, a super good position to do really good things from. And why I think -- why I believe that this is the case is that 6 different fundamentals here.

I think one is that we benefit from a very strong electronics industry market right now. And it seems to be broad-based growth, sustainable growth in this market. So it's a very good starting point. As a company, we have leading position in differentiated niches. I think you have seen it throughout the different presentations that we are very, very selective in a very specific niche where we believe there is growth, there is profitability and where we can make a difference, then really is where we do have the best performance. The organization we have is made for that. We have these divisions that are the divisional design with decentralized operating model really supports both speed and scalability.

And we have, in the total company, quite a large collective knowledge and also very capable global workforce. Also, we are a little bit proud. We have -- we believe that we have a very good track record for both -- from both organic investments and also acquired investments. And feel that we do very good there. And we continuously continue to adapt operations. And this is both to navigate in the geopolitics, both to be resilient, to be agile, to have options if things happen, but also take benefit from this, what's happening and also be able to serve customers both in the East and in the West. So that's where we are.

Then we have -- where are we going? And now you know that we're going to the SEK 20 million, and you have seen a little bit from the different divisions that this is absolutely possible. And I think in general, for the whole company, we say that this is built on 6 different elements here as well. And first, it is that continue to invest in profitable businesses. We have a strong cash flow. We have a strong balance sheet. So we have the power and the ability to do that. Second thing, enter selected new areas like we have done, continue to do that. We will have some priority on wafer fabrication and semiconductor assembly, packaging and test. We believe that in there, there are those niches we talk about, which are profitable and growing and where we can make a difference, but it's not exclusive on that.

I mean we could do other things as well. Third thing is to continue to partner with our customers. You can see that Mikael talked about the IQX. This is truly a result of customer collaboration where we are working together with a product that fits the industry absolutely perfect. And number four, continue to develop the organization, really continue to develop efficient, diverse, and capable organization to manage the growth. And five, design the operations that we have for resilience, optionality in a divided world. I think it's more important than ever. And we don't want to be in the corner because of some, kind of, organizational design we have taken. We want to create as many options as possible so we can maneuver whichever way the world is going.

Last thing, reduce climate impact. You've seen a little bit on how we do that. And for us, it means more efficient products. It means lower our own footprint and also continue to do industry collaboration. And this is how we intend to continue on this growth trajectory that we are already on. So an easy way to the [ SEK 20 million ], it sounds like, but it's a few years to do that. All right. So that is actually the end of the PowerPoint. Now it will be a little bit more fun because now we'll -- you can talk as well, right?

Well, thank you, Anders. Now we are moving into the Q&A session. So all the presenters will come up on stage. And if you have a question, please raise your hand, and Elisa will come with a microphone and then you can ask your question to any of the presenters standing here. So we start with Fredrik Lithell from Handelsbanken.

Can I ask Mikael to describe a little bit more the 2 new machines you presented? What, in terms of technology is the lift in the SLX -- and in the IQX, how much of that is totally new technology in the bottom and how much is, sort of, reusing all the competence in the company?

Thank you for the interesting questions. Starting with the SLX, the main engine for increasing the throughput is that we're adding laser beams. So the old technology was 15 beam. Now we go moving to 29 beams solution. So that is the main driver of the throughput. But on the capability side, there is a lot of development on the software side. So we have a lot of additional software in order to enhance how we write the patterns, and quite advanced software that we developed over several years. So that is, kind of, the main new things on the SLX.

For IQX, it's quite interesting because we have been able to reuse the SLX platform, like control and a lot of the overall software around it. And also, it's very similar to mask writer from some perspective because you do the same pattern preparation, you do -- because you check the pattern towards the database. So there's a lot of pieces that we already have. If you're looking on the new things, it's very advanced optics so that we have developed new one, but that we have very good partners for, and we have used the same partners that we developed SLX together with. And also, there is a lot of development on advanced computational GPU and things like that.

And that is really going back to your question, strategic assets that we develop because that we see that you can use in other industries as well, for example, the wafer inspection, how you quickly can analyze and handle a lot of data. And also, it's a great field to adopt AI solution or AI-supported solutions. So we also have increased our team on the AI side as well in the product. So yes, short.

I think we have a question here. Henric Hintze from ABG Sundal Collier.

Yes, indeed. So I was wondering if you could maybe walk us through how you reasoned when you arrived at the new sales target, because you're obviously in quite an interesting situation now with a lot of ambitions in Pattern Generators with new products, which I guess it's quite tricky to estimate how quickly those will be able to grow. And at the same time, you're seeing very rapid growth in Global Technologies. So when you arrived at the new sales target, how did you reason around these 2 growth pathways?

Yes. So how we reason around the targets. I think, first of all, it's, kind of, similar to the previous target. So we have had the growth rate on average, I think Pierre had it on his slide, the last 10 years of growing top line 15% on average every year for 10 years, and we only had 1 year with a dip, which was the COVID year, 2020. In that 15%, 10% is organic growth and 5% -- 4%, 5% is acquired growth. And we have a plan for the organic growth. I think you have seen those examples of those new product launches and so on. So we feel quite okay that we will be able to keep this direction.

I think also a 10% growth is -- organic growth is very manageable from an organizational perspective. You can build the organization in the same speed as you grow the business or preferably even grow the organization ahead of the of the growth of the business. So I think this is also quite a good number. Then when it comes to the additional 5% then needed to -- and we will need acquisitions to get to the 20% as well, that is clear. So I think we have an organic plan which take us very close to that, but we will need to add acquisitions on top of that.

And if that is 5% or 7% or 3%, that we don't really know. We will not really steer this 5% as a target. So we will not buy a company just because it has a certain size. So it's more -- we will continue to invest in a business we believe in and which can contribute to our business. And then maybe hopefully, it will be -- it contribute to the 5%. So it's a mix between planned growth, which we feel confident in and then also somewhat planned acquisitions, which is a little bit more difficult to say exactly when and how.

Now we have a question at the back.

So [indiscernible] from SEB. With the new IQX inspection tool, you're clearly entering a pretty big niche compared to what you've previously targeted. And you're also going head-to-head with giants like KLA and Lasertec. What is the uniqueness that Mycronic will be bringing to this table? Why should the clients choose your product?

Yes. I think we have approached this opportunity a little bit differently since we have the mask writer knowledge as well. So I think a little bit how we're thinking about the tools. And also, we have been used from the the mask writer to have a very efficient tools. They always needs to be printed. So we have brought that into this and also designed a completely new platform where we set a target. Of course, we know the competitors. We know what they could produce on the market. So we think that we have put together an appealing offering.

And also, it fits very well where we're selling SLX systems, and now we have a repair system also targeting the same, kind of, mature technology. So we think that also there could be synergies between the product lines, which could give advantages long term as well. So we think we are in a good position, but they will be there. And they are -- as you said, they are large companies. But also they are focused very much on the high end as well. But you could see this -- the inspection market is a huge market. So...

We move over to Anders Akerblom first from Nordea.

I wanted to ask a bit, Anders, on your point about, sort of, collective knowledge. So you have a lot of machines installed customers, right, across all of your businesses. Could you just remind us a bit about how ownership of that data looks? And what is your ability to leverage, I guess, insights of how your products are used, best practice usage, and so forth to leverage that to new customers, if you get my question.

Yes, it's a little bit more complicated answer maybe than the question, but it's -- and it's a little bit different between the different product lines. I mean, if you take Pattern Generators on display side, we have very few customers, maybe 30, 35. So of course, we are almost like personal friends with each and every one, but also those machines collect a lot of data, and we have a lot of insight in -- both in the customers' operation, but especially on how the machine performs and that we can use to develop further. But when it comes to other things, I think the collective knowledge is more in the application knowledge in combination with the machines' capability that we are co-working very, very strongly with the customers on their next challenge, on the next application.

And then also this is -- if we do it for one, we can replicate this knowledge into others. I mean, like Ivan here work a lot with Chinese mobile phone manufacturers and extremely demanding and want everything in 2 days and half the price all the time. So -- of course, that, kind of, skill and capability we can replicate both into other mobile phones manufacturers, but also into other industries on that. So I think we generate this knowledge in different ways. But I think the key thing is really to be close to the customer always and also participate in the customers' strategic development and understand really what are their objectives for the future, what they would like to achieve and how can we contribute to that achievement.

I think it's Ina Djupsund, SEB.

Yes. So I wanted to ask about your production capacity within Pattern Generators. So you're ambitious about growth, and you have 2 new products coming out. I know this is the facility where you produce the products within PG. Theoretically, how many products can you deliver per year? And will you need to increase the capacity going forward?

I think that we have a very knowledgeable production manager, and he says that we will never be limited by production capacity. But we have actually here, we have rebuilt our facility here to be able to manage here. And that is also why we have started up another facility in Kista for Pierre. So we have rebuilt -- you will see it when you walk around today. We also have an extra cleanroom in Kista that we can offload the facility here. And we are also further out in the future, looking into a new -- completely new facility on the other street -- on the other side of the street of the highway.

And theoretically, how many products would it be per year you could deliver? I know it depends on product.

It depends. I mean we will be able to produce the systems that we get order on. I'm very confident.

Yes. So I was wondering if you could walk us through the unit economics of the upgraded SLX machine. It's quite a lot more productive, clearly. So how does that affect the price point and the need in the installed base volume-wise?

Another great question. So I think on the slides that you could see a little bit -- there was a footnote around the pricing there. So what you said, if you choose to have the same productivity and the same capability as the old SLX, the price point will be similar. So we think that -- and then if you scale up the productivity, the price point will be there. So roughly, you will pay the same price for the capacity as you did before. So it's not that it will be much cheaper to buy a very fast machine. But the customer will have other benefits. You can have more production on the cleanroom area.

And then the cleanroom is very expensive area. You don't -- you want to pack in machines. So that's a great value that the customer happens on the customer side. So there is other benefits going that. And also this additional throughput, it's completely software tunable so the customer can choose what, kind of, throughput they have. So if they would like to replace two old machines, they can choose that throughput and then they can scale up later on when they get more business. So it's a very flexible tool and good for the customers.

Thank you. Now I think it's Mikael Laseen, Elisa over here, from DNB Carnegie.

A few questions from my side. First of all, just curious about how we should think about the split to reach SEK 20 billion in terms of organic growth and M&A, if you can elaborate a bit more on that.

Yes. Okay. Yes, we have been applying, kind of, a formula when we have had growth of around 15%, we say 10%. So 2/3 should basically be organic and 1/3 acquisition. I think that's how we view it in the future as well. You can see that there is a range. And depending on the year, you can get somewhat different compounded annual growth rates. But I think this principle of having 2/3 organic and 1/3 acquired is a fair view.

All right. And can you talk to us about the M&A funnel? What you are looking at right now? I mean if this is a very long-term plan, of course, but if you have something.

Yes. We will not discuss specific targets. But what we have said here is that we will look more earlier in the electronics value chain than what we have done maybe in the past. So that will be our main focus. And then in addition to that, all the divisions have their plans where we see gaps that we can close by either developing things organically or acquiring.

Okay. Got it. Can I follow up with some more questions here on this target, SEK 20 billion. How much of this ambition is dependent on AI data center infrastructure demand continuing at a high level?

I think this is, kind of, a difficult answer right now because I think also we have indirect AI demand because it goes down in almost everything we do, you can say, could be driven by AI. I think even Charlott mentioned that other applications for PG is even AI-driven. And I think we also don't really know how long this demand will be there, I think. So I think in the current number, maybe we are a little bit -- I said it before, I think we're maybe 6 months ahead of our target because of AI -- of the AI demand. So if that boost that we have seen now was not there, I think we would have reached this target that we currently have reached maybe 6 months later.

Okay. And one final. When do you expect the new photomask inspection product line to generate its first customer revenue?

We expect it to have that next year, '27.

Okay. Thank you. Now we have a question at the back.

I think during the presentation, at one part, the PG division was mentioning that the installed base for SLX -- no, for the semiconductor photomask writer is about 500 and 50% is addressable by laser technology. And I think there's one line saying that soon about 50% of that will be basically Mycronic tools. If I look at the numbers, I think you guys shipped about 65 SLX life-to-date. And if the target is 125, if I look at the current shipment rate, about 15 to 16 per year, that translates to roughly 4 to 5 years at least before 50% of that 50% of the 500 becomes Mycronic. So that doesn't seem to be soon to me. So does that imply the SLX shipment will actually accelerate in the near term?

Not really. Actually, the fact -- what I said is that the capacity to write laser-based photomask will soon be half made by -- which means that our tools are faster. We have a more productive tool. So that is the clarification...

And to follow up on that, I think if I look at the current cleanroom build-out and the capacity build, I think originally, you guys were planning for replacement demand kicking in, driving growth for SLX. Does that composition of new tools versus replacement tools change over the next few years, given what is happening in new wafer add capacities, especially thinking about the ambition from some of the U.S. companies.

Yes. Maybe I can answer that question. I think when we launched SLX, as you said, we planned for -- I think at that time, we said 4 to 6 machines, and it was primary replacement market. But then we were surprised but that also it's strong demand for new capacity came. So if you're looking back on the tools that we have sold, we have sold much more tools for new capacity than replacement because of naturally customers would like to keep the tools in there.

So there's a larger replacement opportunity there. But now, when all AI is happening, we see that this new tool demand probably will continue because they were investing a lot in the leading edge. And as you could see, you need quite a few SLX tools also there for leading-edge memory. So what's happening in, as you say, U.S., Korea, Taiwan, will also drive demand for new capacity.

We have another question from Anders Akerblom, Nordea.

I just wanted to follow up a bit on, I guess, back to basics. I mean the strategic emphasis today is in these new product launches and that exposure. But going back to display in PG, mean with all the investments we're seeing in wafer fabrication, not least among your mask shop customers, is there any risk that, that cannibalizes on demand for, sort of, your display products as you see it?

Yes. Maybe -- the question was, is it the investment in the semiconductor fabs that will impact the investment in display?

Yes, because, I mean, to some extent, it's the same customers, right? They're producing masks for both end markets. And they don't have unlimited cash, right? So that's, kind of, how I'm thinking if you get my point.

Yes. No, it's nothing that we directly see. And, for example, I think as Charlott said, there is opportunities on display side as well with this privacy modes is very interesting and also OLED for larger. And if you're looking on the large display manufacturing like Samsung, they're earning a lot of money now. So they are not CapEx restricted, I think, from an investment perspective. So it's -- I think they will -- if they see opportunities, they can invest in it. So we don't see that yet.

Now we have a question from Daniel Djurberg, Handelsbanken.

And yes, thank you first for great presentations. I would like to ask also on the PG side. You mentioned lower margins ahead. But to me, it's purely mix, I guess, and not less gross margin on the existing machine park...

Yes, correct. I mean we are going into a market where we have KLA and Lasertec and so on, and it's attractive market. So it's -- we don't intend to lower the margin on the existing products.

Perfect. And may I have a follow-up on the SLX [ side ]. I like the name Born to run. I'm not born to run. Nevertheless, this 65-nanometer as a new, say, capacity, is that the end game for laser, you think? Or -- and how will -- is this a revolution or an evolution for...

Mikael is busy today. So...

Yes, I think it will become increasingly challenged going down the node there because at some point, you will enter a brick wall with light. But that being said, I think the ASML steppers, they are light based. You have the DUV and EUV is also, kind of, light. So -- but I think if we wanted to go beyond or below 65, we probably need to look into lower wavelengths again. So -- but there is technology to do that. So I think we -- it's something we look on a technology level like technology development.

Thank you. I think we have another question here from Ina -- sorry, Erik [indiscernible] before that.

Sorry to interrupt. Two questions, really. First of all, I'd like to hear some more about the reasoning behind not tying the target to a specific year or rather 3-year period, somewhere in between. I can sympathize with the flexibility it grants you, but just from an overall perspective, why that was? And the second one is, if there are any material changes you foresee in the business going forward in terms of cash flow generation characteristics and such that we should be aware of?

I'll take the first one and you take the second, so we split this one. Now, the reason is as simple as you alluded to, I think this is -- we have seen that if you look on the years before we had the COVID year unexpectedly, it took away maybe 1 year, 2 years of accumulated growth there. So -- and we know that the business is cyclical. Now we are a little bit boosted, I would say, because of the AI demand. Maybe this is the opposite in a few years and so on. So it's just for us not to be -- we don't really know when we hit the peak or valley in this, kind of, cycle.

So it's just to give us -- but we know that the valley will not be for 3 years, at least we believe that, that shouldn't really happen. So because we will have the underlying growth rate there. But then a little bit -- is it more or less market demand at that time. So it's, kind of, a little bit an easy way to be sure to hit it in that span.

With regards to cash flow profile of the business, I think there is nothing that significantly or dramatically changes. We will continue to invest where we see it being appropriate, but there is nothing that is really fundamentally different going forward from the past.

Thank you. Now Ina Djupsund, SEB.

Yes. So you talked a little bit about the margin mix between the divisions, but I still wanted to ask about growth. So do you still think that Pattern Generators will be the majority of earnings in the longer term? So will it be significantly, kind of, more balanced between the divisions?

We will make sure that all divisions are contributing substantially. That's what we said already last time and what we see now as well and what we focus on. Pattern Generators are expected to continue to run on the highest operating margin going forward as well. So in that sense, yes, it will be important, but it will have a lesser total impact the way we have done the planning for it, yes.

And then do you think the EBIT margin will fluctuate much around 25%? And can we, kind of, still think of 20% at some, kind of, bottom line?

Who knows in the cyclicality of the business. But I mean, we will aim to be at the level where we are now, which is the 25%, and we will not be happy with less.

Thank you. Any more questions? Yes, we have Anders Akerblom, Nordea again.

One final one. In Global Tech, PCB Test today, if I'm not mistaken, accounts for the majority of the sales in the business. Going forward, I mean, is that a split you're comfortable with? And if you just look a few years out, how do you, sort of, envision that split actually looking like?

Currently, the split is roughly half, as you were indicating, a little bit more than half actually on PCB Test, but that's roughly where we are right now. I think we will stay there for some time. But long term, I envision that the emerging markets will be a larger portion of Global Technologies' revenue.

Okay. We have Oliver Wong, Bank of America with a question.

Just wondering for the 25% EBIT margin target, how much upside do you potentially see from that? And if there was to be upside, where do you think it would most likely come from?

I mean, we have been running earlier on in this year above 30%, and we have -- we are doing that from time to time. We see now very high profitability in Global Tech as well as we have in Pattern Generators because of the mix of shipments that we have had in the first half of the year in Pattern Generators. So if we would be much above the 25%, it's likely that we have shipped some bigger PG machines in that period. So I guess that's the main upside.

But we do see higher numbers than the 25% as well within the Global Technologies for now and are expecting to see that going forward as well. But equally, as we improve the profitability in High Volume and in PCB Assembly Solutions, that will also contribute.

Another question.

Can I just focus on the Global Technology margins. I think in the target, it was set to be over 30% EBIT margin for Global Technology. I think previously, you have disclosed that Surfx is having -- is on gross margin accretive to the segment. Can you just confirm that? And for the other emerging tech like Photonic Interconnect and the magnetic testing, could you also confirm the gross margin profile roughly give us indication whether it is accretive or dilutive to segment margins on the gross margin level?

This is, of course, a bit of a moving target. But yes, at the time of the acquisition, Surfx was definitely above the average for Global Technologies. We are somewhat below on the -- today with the volumes we have on Photonic Interconnects and more or less on par with the magnetic testing.

Okay. If that is the case, and since the expectation is for the next maybe 18 to 24 months, we should expect strong growth from this emerging tech -- it sounds like Surfx should be the first one to basically ramp. Shouldn't that drive margin higher from the exit rate we have in H1 for GT?

I believe that Surfx is a little bit earlier in the growth cycle than some of the other technologies, yes. But will it have a material impact on the division -- interdivisional mix? I'm not so sure it will have a major impact on that.

Okay. And just on the PCB Test, the growth potential of PCB Test, could you just help us understand the underlying end market volume demand for the next 3 to 4 years, given we've got the trend of more complicated PCBs being produced. And, of course, you got -- and volume growth on top of that as well. Just help us to understand that would be great.

And I will pass this to Magnus. He's even closer to the business on this one.

I think some of the growth is actually because of the build-out and specifically the build-out in Southeast Asia. So they're building new factories for PCBs, and that will not continue forever. So I think the growth will continue for some time, but it is -- it will not continue forever, for sure.

Thank you. And with that, I think we've reached the end of the Q&A session. We've overdrawn a bit, but there's been a lot of interest from the audience, which is great. So thank you very much, and thank you very much for attending over the live stream. Thank you.

Hello, and welcome to the presentation of Mycronic's Q2 report. My name is Sven Chetkovich. I'm the Director, Investor Relations at Mycronic. And with me, I have Mycronic's CEO, Anders Lindqvist; and CFO, Pierre Brorsson, who will be presenting today.

And with that, I hand over to Anders. Please go ahead and present Mycronic's Q2 report.

Thank you, Sven, and good morning, everyone. So today, we have the standard agenda. So talk about the Q2 in general in short, go deeper in the different divisions. Pierre will talk about the financials and some words on sustainability, and then we end the session with a question-and-answer session. And as usual, in the material that is on the website, you also have the market update, which we will not present, but it's there for information.

So just to summarize the second quarter, it was an excellent quarter, really, many records in different ways. So we had a record order intake, up 119%, but also the level is very high at SEK 2.9 billion. So we have never been higher. And what is very nice to see is that we have contributions from all the different divisions, very much from Global Technologies, you will see, but also very strong development in High Volume and Pattern Generators. And Pattern Generators is compared to a quite weak quarter 2 last year, but still a decent level.

Also very nice to see is that sales is also picking up, so not only orders alone that second best level up to SEK 2.4 billion, very much from Global Technologies in that increase. Very strong gross margin at 57% and also very strong EBIT at close to SEK 700 million, corresponding to 29%. So because of strong order intake, of course, we could see that the backlog have increased to SEK 5.25 billion, which is quite a good level for us to have.

So going a little bit more in detail on the different divisions, starting with Pattern Generators. So percentage-wise, it looks like we had a super order intake with 253%. But last year, quarter 2 was very weak, where we had no system orders at all actually. So the level we reached now is 625 million, which is a decent level, but compared to a weak quarter, a lot of percent, of course. We had 4 different SLXs on orders in the quarter, 3 normal machines, and then we had this one customized SLX that we announced already last quarter, which is a one-off project with a very high sales price, almost $30 million on that one.

Sales a little bit down to SEK 900 million, and this is positively impacted by the Cowin acquisition by SEK 26 million. Strong gross margin at 72%, EBIT close to SEK 500 million, where we had a negative impact from Cowin acquisition of minus SEK 14 million and overall, an EBIT margin of 53%, which is quite nice. Order backlog of SEK 1.7 billion, and we have 13 systems now in the backlog as of end of the quarter. So quite solid basic.

PCB Assembly Solutions. So here, we have both ever taken in the quarter and both of them coming from the defense industry. So very strong orders. And this has resulted in a record order intake of SEK 444 million. At the same time, you can see that we continue to make a loss. We had a sales of SEK 303 million and a gross margin of 37%, but still we had a negative EBIT of SEK 44 million. And in that SEK 44 million, there is a restructuring cost of SEK 39 million. But even taking that out, we're still negative on the EBIT. And this is also why we now have started a restructuring program where we want to bring the EBIT margin back above 10%, and this should happen latest by next year at current volumes. So make PCB Assembly Solutions great again really.

High Volume, very strong demand here as well, which you can see, very much coming from the Chinese consumer electronics industry that has started to invest a lot in launching new products, but also markets outside of China. And we can also see in this division that we're having a positive impact from opportunities when it comes to building up AI infrastructure, where we have sold the dispensing solutions to server assemblies and final assembly of optical modules. Strong order intake, almost SEK 700 million, up 82%. Sales, a little bit less up SEK 513 million and very strong gross margin at 44% and EBIT SEK 68 million, which is equal to 13%. And here, we have a financial impact of ESOP of minus SEK 24 million as well included in that number. So strong backlog at close to SEK 1.2 billion. So very good performance from High Volume.

The best performance of all the divisions we have in Global Technologies, we can see that, especially in the PCB Test and Die Bonding, but very good contributions from the other businesses as well in this division. So order intake up above SEK 1 billion for the first time, SEK 1,111 million, so SEK 1.11 billion, which is 176% up. Sales also very good to see that this is following up to SEK 700 million that we don't only build backlog, but also building up to delivery capacity. We have a small positive impact from acquisitions of Surfx and the German company, ETZ of SEK 31 million, but nevertheless, very strong sales increase in gross margin, super strong at 56% and EBIT up to SEK 250 million, which is a very strong pickup from the same quarter last year.

Small impact of the different acquisitions. We have still some noise from acquisitions in here. So negative from Surfx and ETZ, but also positive impact of an earn-out that was reversed in Surfx that was SEK 14 million. So all that together means a very strong EBIT margin at 36% and an increase of backlog to SEK 2.1 billion. So I think we can start to see that Global Technologies start to have quite a meaningful contribution to the group numbers. And all that, the strong momentum we have right now in the business, we have a very little bit of currency also in our favor right now has made us to revise the outlook for the full year, and we revised that up SEK 0.5 billion to SEK 9.25 billion to reach that by the end of the year.

So with that, I will hand over to Pierre Brorsson for a while.

Thank you so much, Anders, and I will take you through a bit the graphical look on the numbers. We increased year-on-year with 17% on an already quite good quarter last year, up to the second best level at SEK 2.4 billion in the quarter. And we also had another record when it comes to aftermarket revenue, which was SEK 544 million, just above what we had in Q1 2025. Our EBIT margin on a high level, close to 30% at 29%, which is not a record, but still very, very strong. If we look where we stand on a rolling 12-month basis, we have now reached SEK 8.65 billion with an EBIT margin at a solid 26% after 2 strong quarters starting this year.

The aftermarket revenue crossed the line of SEK 2 billion for the first time, and that corresponds now to 24% of our net sales, and this is something that we put strong emphasis on. If we look at the quarter-on-quarter and where did the result improvement come from, it was all in the gross margin. It was both improved gross margin, which we have had in Global Technologies as well as in High Volume. And then we had a volume effect on top of that. On the cost side, we continue to invest both in building the organizational footprint globally in various parts of the divisions, and we continue to invest in technology. And this is -- the technology investments in R&D is this quarter more broad-based than before. So in 3 of the divisions, we have continued to increase the spend distinctly. So Pattern Generators, High Volume and Global Technologies.

On the PCB Assembly, we have a more moderate level of spend in the R&D side at the moment. Marketing and sales and G&A, we continue to build and expand the footprint. There is a little bit of acquisition effect in these numbers as well, but we continue to expand and take advantage of the strong positions that we have, ending the quarter at SEK 698 million or 29%. If we compare in the other direction and look division by division, you can see that all the improvement actually came from Global Technologies.

In the quarter, Pattern Generators had a strong comparison in the same quarter last year. In PCB Assembly Solutions, as Anders mentioned, we have SEK 39 million of exceptional costs for restructuring. High Volume, good quarter and also loaded with the ESOP costs this year. So actually underlying an improvement. Strong development in Global Technologies, and that took us then back to the SEK 698 million that we have reported.

Cash flow. We have a strong result, which, of course, is very supportive to the cash flow as well. The growth that we have is causing a bit negative impact on the working capital, even if the effect was even bigger during last year, where we also started the year strong, but a little bit of cash impact there. On the investment side, we have the relatively moderate acquisitions, ETZ and Cowin that we have invested in this year. We have also invested a little bit more in our organization than we would normally or historically have done.

Among other things, we are investing in Täby and Kista for the PG and PA divisions. On the financing activities side, we had the dividend is the majority of that, and that takes us to cash at the end of the period of SEK 2.7 billion or a net cash position of SEK 2.3 billion. And with that quick walk-through of the numbers, I hand the word back to Anders again.

Thank you, Pierre. We move over to sustainability and different topics each time. So this one we zoom in on the transportation, which is today 7% of our greenhouse gas emissions for Mycronic. And we're doing efforts to reduce the emissions by changing transportation mode. Many of our equipment are transported by air freight, and we try to the largest extent possible to move that into sea freight. So from Pattern Generators, we have started to ship spare parts to Asia by sea. We have also improved the flows from PCB Assembly Solutions between China and Sweden and shifting from air to sea transport.

And also Global Technologies on the Photonics interconnect business line, we also are starting doing sea freight for equipment going to the U.S. Of course, sea freight instead of air freight requires a little bit more on the packaging to protect the equipment, but also in terms of planning and so on because it takes longer time, but we are in a good position to do that. And those initiatives, which is very much in close collaboration, both with the customers, but also with our suppliers, we're all on the same line, are contributing to reduce our emissions across the total value chain. So quite important steps here. So that was the end of the normal presentation.

Now we can move into question and answers, Sven.

Thank you, Anders, and thank you, Pierre. And yes, now we are moving over to the Q&A session, and we start with Ina Djupsund at SEB. Ina, please go ahead and ask your questions.

I wanted to start by asking on your raised outlook again here for 2026. And if you could give some flavor on the kind of main drivers behind this and where the kind of positive delta for 2026 is coming from? And then second, you previously indicated that you're kind of fully booked within PCB Test for 2026. Are you able to increase delivery capacity here? And what can you say about kind of the current utilization and potential expansion plans?

So if I take the first one with the increased outlook, we have seen very good demand in High Volume. you could say that it's basically 1/3, 1/3, 1/3. We have increased demand in High Volume. We have also further increased demand in the Global Technologies. And then it's, in particular, the AI infrastructure-related products, the Die Bonding, to some degree, PCB Test. And the third one is, of course, the currencies have a certain impact as well. So basically, these 3 buckets, a little bit similar in size compared to prior quarter.

Yes. And then it was the question about the delivery capacity in PCB Test, I think, in particular. And it is -- I think we announced already before that we are doing an expansion of the production facility, which is not yet there, but it will be end of this year, I think it is planned for. But already, we are doing improvement in the total supply chain. So it's not only factory floor space that is kind of impacting the delivery capacity, it's also the whole supply chain with sub-suppliers and so on. And you can see that also the revenue numbers are picking up in that business.

So we are able to deliver more, also improve the current situation a little bit, but the order intake is even stronger. So it means that the long lead time remains long. It's more than 1.5 years right now. It depends on the equipment, of course, also. But we are super cautious. We have quite large down payment parts in the contract. And so really to safeguard that we don't -- will suffer from any cancellations or speculations in this backlog. But it looks quite good, but we are better and better on delivery. So it's also good for the revenues, which is visible, I think.

And then EBIT was super strong in Global Tech here in Q2. How sustainable would you say this level of profitability is for the whole division?

I think it's a good question. I think this 36% that we delivered in the quarter is a little bit on the high side. But if you want to have a direction, I think that -- for now, I think we will be able to be around the 30% mark. I think that's a level where we are at with this strong demand and good volumes that we have.

Thank you, Ina. And now over to London and Oliver Wong at Bank of America. Please go ahead and ask your questions, Oliver.

Hope you can hear me. I was wondering for -- maybe for Pattern Generators, sort of -- I think the revenues in the quarter exceeded expectations quite a bit. So I was wondering if there's anything to flag there? Any one-offs in terms of revenue? And also just an update -- a general update on kind of the trends in terms of underlying demand for display mask writers, for China semi mask writers, for non-China semi mask writers would be super helpful.

No. So there was nothing extraordinary in the quarter. I think we delivered according to plan. I think it was 5 systems, Sven that delivered, and that was planned. And also, I think, according to what we have in the previous reports also on what should be delivered when and so on. So that was just following that. On the market situation, so starting with the display, we have had a little bit or still have a little bit lower than normal, I would say, order intake on the display side, which I think is kind of normal. We have those cycles normally coming up and down. And also the replacement programs goes a little bit in cycles as the generations shift a little bit at the same time.

So I think we're a little bit lower than normal, and we should expect that to pick up, but difficult to say when really. But this is -- there is nothing in the market that has changed actually. We can see that the display manufacturers and the demand is still quite high. And we can also see that there is a lot of technology development on the display side. I can -- an example is this, if you look on mobile phone, they start now to have integrated privacy filters into the display. That drives the mask demand quite significantly actually. So that is -- innovations like that are in -- is to our favor really.

On the semi side, it's holding up surprisingly good. We thought that -- I think we said it before that China bought a lot in the past and maybe a little bit less now. But you can actually see that I think demand in China is still strong and could be even bigger. So I think China is still moving quite ahead on the semi side and as do the rest of the world as well, of course, with everyone still stronger and stronger believe in owning the supply chain and also with the demand that is on the market right now investing quite a lot. So semi is also quite strong, I would say. So no surprises maybe, but that's as it is.

So semi mask writer demand, China is quite strong and non-China, how is that trending?

Similar, I would say.

Sounds good. Okay. And if I may ask another question. Yes, on the Global Tech growing very strongly, driven by PCB Test and Die Bonding, it seems like it's sort of silicon photonics die bonding or something like that or maybe just optical in general. Yes, I was wondering if you could just talk a bit more about how you see the growth trending going forward? And yes, I mean, how do you see kind of your EBIT margins for the group growing into the future?

Yes. So on the demand side, so very much is driven by photonics and communication-related equipment, and it's really about optical, very much on the packaging of optical components into transceivers and stuff like that. So every typical customers are, of course, like InnoLight, Lumentum and those kind of people who are building transceivers for different manufacturers. And if you look on their numbers, they are very strong as well, I think. So that's really following that on that side.

I don't -- yes, so super strong demand. And this is impacting both -- it's impacting Die Bonding directly with those customers, but also the whole AI infrastructure is impacting PCB Test as well because then later, a lot of components are coming on very complicated boards that we test with our equipment or not we test, but our customers test that. What was the second question -- that was?

On the EBIT margin...

Yes. Yes, exactly. So we had 36% in the quarter on Global Technologies. That's a little bit on the high side because we still need to build up capability and capacity in the division. So right now, the revenue and profit moving a little bit faster than the planned cost. So when the planned cost comes to kind of a normal level, I believe at the current demand and the current mix, we will be around 30% in this division on a normalized level. So as everything looks right now. So that should be kind of the normal rate at the current momentum.

I was wondering -- so you say 30% normalized EBIT margins. But presumably, let's say, the trends continue, revenues will continue to grow. So in terms of normalized, what kind of time frame do you expect? Or do you expect more like, let's say, if trends continue, 30%, that will continue to increase going forward?

No, I think normalized. I mean, if you take that the current order intake translates into revenue, let's say, a year from now, and then we are able to invest as we need to in that division. So I think that point in time is -- should be within a year. So that's the thinking.

The potential upside to that into the future?

Yes. If volume goes beyond that, then that should have leverage. Of course, the gross margin is quite strong in this division.

Thank you, Oliver. And now over to Nordea, Anders Akerblom.

I wanted to ask firstly on -- I mean, Anders, you said a bit about the display market being stable, expecting potentially some orders to come through there as well, I guess, with the Prexision 8000. But just kind of balancing that with what we're seeing in terms of component price inflation and that impacting some of the display manufacturers potentially investment willingness and such, how do you balance that against, I guess, a good pipeline of eventual customers taking the Prexision 800,0, timing-wise?

Yes. If anything, that would possibly delay a little bit maybe decisions because, of course, the payback calculations will look differently with the higher component costs and so on. But at the same time, the development has to happen in a way. So we haven't seen so much of that. If anything, it's difficult to say because you know that the pipeline is, I would say, quite normal.

But as usual, the time between initial discussion and closing is extremely variable in our case. And we don't really know always if this is depending on what is the reason for that and so on. But I think I would say -- my thinking is that it has a minor impact on decisions on that in the bigger perspective. And we should really soon sell a P8000. I think logically, it should happen, but customers are not always as logical as we are, I think. So that's...

I appreciate that answer. And I mean, you elaborated a bit on that before in terms of Global Tech, and I know what you're trying to do in terms of sort of protecting, I guess, your demand and your existing customers with expanding capacity and working with sub-suppliers and whatnot. But how do you see the competitive landscape evolving here? As you say, lead times are quite long, 1.5 years in PCB Test. I mean, is there something that keeps you up at night, so to speak?

Yes. I think it's something that we really want to improve. And in one way, it could be very convenient to have a backlog because then we know the future. But on the other hand, it's also quite a big risk on that one. And I think we definitely don't want to expand it more or to prolong the lead time more than what we have now. So -- but I think we can see that it kind of stabilizes and normalizes because we are getting better and better on deliveries as well. And so I think this is less and less an issue. But absolutely, this is super important.

And I think right now, we don't have any -- because the customers also have quite some lead time in the -- at their end because it's not only our equipment that needs to go into the factories and almost everyone has the same challenge right now. You can see the lead times from -- even though it's not competitors, but complementary equipment is also extremely long and in many cases, longer. So we are not -- as long as we are not the worst over the bottleneck, we don't get the heat really. But if it would be longer, then it might happen. So we should definitely keep it where it is and preferably shorten it.

Makes a lot of sense. And I mean, I know it's still fairly early, but I would, as always, appreciate your speculation here. I mean, on the current just backlog in PG, all else equal, how do you see revenues trending into 2027 in PG compared to 2026? Do you expect it to be at a materially lower level? Or do you see kind of some orders coming through that would support that? Anything you could say there would be great.

Yes. I think we only know what we know right now in a way. So that is the current backlog and the delivery schedule. And as you see, there are quite some gaps in the quarters we can still fill. So I think the next half year will really, really tell on how well we are filling that. But it's a little bit on the thin side for sure, I agree to that. But we work very hard to fill it, but then, it's...

That I know you do.

Yes. But it's a product that is difficult to sell in a way that if the customer doesn't need it, it doesn't matter how good you are in selling it. So that's...

Thank you, Anders. And now we move over to Henric Hintze at ABG Sundal Collier. Please go ahead and ask your questions, Henric.

First of all, I'd like to just follow up on one of the Global Tech questions there. You said you don't want to let the PCB Test lead times increase further and preferably shorten them. Could you give us any detail on how you intend to achieve that?

Yes. So we are expanding the factory, and that effect will come towards the end of the year. But it's also the whole supply chain that is, in many cases, quite constrained, and we can see that from many different businesses right now that it's a little bit shocked. So I think the majority of improvement will come from there right now. I think we can also improve our, how do you say, lead time in the factory even further a little bit. So we will be able to deliver more and more every day, you can say, small, small, small improvements all the time. The big difference will come from early next year, I would say, when we have more space or more capacity.

And could you remind us how much your capacity should increase from current levels when that comes online?

25% more.

Okay. And on the margins in this segment, could you just give us some more detail on what has driven the sort of Q-on-Q change in the margin? Is it operating leverage? Is it price? Is it mix?

It's a mix of different things. Of course, the level of fixed cost in relation to the turnover is going down as we are increasing the volume and as we are getting the throughput up. That's one important lever. We have also quite a good level of software content with the backfill functionality that we have spoken about a few times in these products and where we have launched a second version, which is also supporting the total price paid even if it's not a price increase on the product as such.

So -- and then, of course, given the situation, there is not so much of a price pressure. It's more a delivery pressure that we feel from the customers. So this in combination supports the improved gross margin in the PCB Test specifically. On the Die Bonding side, we have since already some years, worked hard on improving the cost base and focusing on highly profitable products, supporting the improvement of gross margin in that business line.

Okay. And I mean, orders in the first half year have obviously been very strong. Is 25% extra capacity really enough with the demand situation as you see it now? It doesn't sound like that much given the growth numbers we're seeing.

We believe that on top of what we have, that will at least for what we can see, support the deliveries that we need to do.

And are you getting any indications from the customers here on sort of the longer-term demand picture?

We are already taking orders with a pretty long lead time and with down payments. So we know that if the world continued to exist, then '27 will for sure be good and beginning of '28 as well. So -- but beyond that, it's -- I think we can speculate, of course.

Okay. I would love to hear you speculate more, but I'll get back line for now.

Thank you, Henric. And now we will move over to Mikael Laseen at DNB Carnegie.

Yes, I have more of a detailed question first on the PG segment. You had quite good sales, I think. And I think you have delayed one SLX system delivery to Q3. And the margin was still really good. So I'm just curious about the service and upgrade revenue development in Q2, if you can elaborate on that. Was that maybe higher than normal, higher than usual?

It's a slight positive, but it's within what we say is normal. So it's not totally different.

I would say, the mix of machines delivered were quite strong. There was lot of Prexision machines delivered in the quarter, which is having a higher price than SLXs, so it's -- that contributes, of course.

Okay. And when it comes to the R&D spending, it was a bit lower than in Q1 for the PG segment. Can you talk to us about if you are slowing down the R&D activity here from high levels or what we should expect going forward?

No, I think you can take Q1 and 2 and combine them, and it's a little bit when investments in certain external services fall more. But it's correct that it's SEK 15 million lower in Q2 than it was in Q1. That's correct. But I think if you take the average of those, I think it's a fair representation of where we spend at the moment.

Okay. And going over to the Global Technologies segment. I'm a bit curious here if you can elaborate on the different businesses you have there and maybe more in detail, the profitability development and also how Surfx is performing, it was a relatively large acquisition last year?

Yes. And it's maybe also -- maybe it's worth mentioning that acquisition effect as we report it is 1 year and as we took on Surfx from the beginning of June last year, there is only a 2-month acquisition effect reported in the report. And actually, June was a very strong month. So this is -- you see a loss reported here for ETZ and Surfx, but this only relates to April and May for Surfx and June was very strong.

So I think development in Surfx is at the moment strong. Order intake is picking up. So we will be distinctly above last year when we end this year. And margins are stronger than average in Global Technologies. So this is also supportive to the gross -- or will be supportive to the gross margin and the EBIT margin going forward.

Okay. And just a follow-up on Surfx. I noticed that you have a litigation process ongoing or you have just started that. Can you talk to us about what that is about?

It's a U.S. litigation process, a small competitor of ours that we are investigating whether there is an infringement or not. On patent, yes.

Okay. So I guess that you're doing this, I mean, for a reason that you noticed that the competition is maybe improving or I don't know, can you maybe say something more about the backdrop of this?

No, I think we are always trying to uphold our IP, and we have certain processes ongoing at various times. We have other processes going on in Global Technologies in other markets. So I think there's nothing -- no drama about that one.

Okay. And just a final one on Global Tech, if I may. So the segment is obviously performing really well. But what about further M&A opportunities, if you can talk to us about that? And how you allocate capital in that segment, if you focus more on the organic side, the CapEx expansions and the organic side or if you have more M&A opportunities out there?

I think we have a number of things that we are doing organically now in particular with the recent acquisitions. I think they still have to come up to speed, a few of them. But there is no limitation in on the M&A side. I mean, we have a strong cash position. We have a willingness to invest if we have the right technology at the right price. Of course, tech valuations, as you know, they are quite challenging for now. So this may be a little bit of an obstacle. But we continue to explore and we continue to drive forward. And we think that also in the future, a meaningful part of the growth should come from new businesses.

Thank you, Mikael. And now over to Fredrik Lithell at Handelsbanken.

Well, I thought we could start off with PCB Assembly that we haven't really dug too much into and see what you will achieve with the total SEK 100 million restructuring charge you're taking, how you intend to spend that and what it will deliver for you in terms of lower OpEx base? What is that more specifically would be interesting to hear?

It's a little bit -- it's a mix of quite a lot of different things in there. I think the -- quite a lot of -- so we are reducing the workforce. This is one part of cost, of course, but we're also changing the way we manufacture and do business and so on. So we're looking into opportunities to in-source possibly some products instead of manufacturing ourselves. And still want to offer the same kind of product portfolio that we do, but maybe made in a different way. This is still on investigation.

But it's -- the real target is to lower the cost, the OpEx cost and to a level where we can make a solid minimum 10% EBIT even in a valley or in a downturn and so on. So if you take the current sales volume or even a little bit less, we should still be able to make 10% on that one, then I think we have a contribution to the group financial-wise. So that is the whole aim for the exercise. But I think we have 8 or 10 different kind of work streams on how that should really happen. So there are small pieces of everything, but...

Have you seen -- I mean, it has been a weak market for a long time, let's call it that. Have you seen changes in pricing dynamics as a consequence of that, so that has been tougher on pricing?

Not so much as you could maybe expect. And we could -- but what we see is this market is not really growing, this high mix market really. It's kind of -- it's there, and it's not that small and it's existing and it's a quite interesting market. The problem is there's very little growth in the market, I think, but that's why I think we can still be a meaningful player and make money in it, but more maybe on a stable base than on a growing base.

We could see that many competitors are announcing that they are withdrawing from the PCB Assembly market. We could -- we have seen announcements from ASMPT that they are, what they call, having a strategic overview on the PCB Assembly. We saw last year that Kulicke & Soffa just closed their PCB Assembly business without not even try to sell it and so on and we know that competitors are struggling.

At the same time, the High Volume segment in PCB Assembly goes quite well. So you can see that the companies like Fuji and Panasonic and those High Volume players are doing quite well and enjoying that, which means also they spend a little bit less time maybe on the high mix side. So that's -- it's not so much price pressure, but it's more that the market is a little bit too small. Not growing.

And another question, I noticed, Pierre, you alluded to ATG and a new product version that had been launched. I was -- I had a question here on when we visited Productronica, we got the A9 showcased for us. So can you describe a little bit how the innovation and how the development on the flying probe machines are looking for you? What sort of scope and time plan for more advanced machines do you have?

I think this is not maybe the best case to make a future product launch, but we continue, of course, to develop and enhance the machines that we have in the market. The A9 is relatively new. We have the backdrill functionality, which we have in now a second version, which is better and then also priced at a different level. We have made certain acquisitions where we will also see what we can combine out of those. So there is a relevant product development taking place also in PCB Test.

Okay. And just a final one for me. The P8000 went to Photronics. Is that the first time a merchant is picking up sort of the new high-end machines for the coming 10 years? Or did the OEMs -- did the merchants always be in the lead?

I think this is actually no difference to when the P8000 was also merchant going first.

Thank you, Fredrik. And now we will do a second quicker round, I assume, but we go back to Ina Djupsund at SEB to see if you have any further questions, Ina.

Yes. I can do a follow-up on the question about R&D spend. So how do you expect this to develop in 2027? And what kind of portion of the current R&D spend is related to new product launches within PG? And can we assume that R&D spend will peak in 2026?

That will depend on how good ideas we have in the future. But I think that we have now the big investments that we do on inspection as we have been talking about before. And I expect that we continue to run on this level at least for the coming year because just that you get into the market doesn't mean that the product is 100% ready and that you can stop developing on it.

Thank you, Ina. And now over to Oliver. Any further questions from you, Bank of America?

No further questions at this point.

Then Anders Akerblom, Nordea. Do you have any follow-up questions?

Yes, sure. One final, if I may. I mean, speaking about good ideas, you seem to have a few in High Volume at least, judging on R&D spend being up almost 50% year-over-year. Anything you want to say there?

I think -- no, it's nothing in particular. But I think on High Volume, in particular, we have been very, very good in adapting to market needs really to constantly develop new features and for new applications. And I think that has been quite a large portion of the growth that we have seen in this division, and we continue to do so. And we still have the majority of applications in consumer electronics, but we see opportunities on the AI side, on the semiconductor side, especially we can do more on the automotive side and so on. So I think we will see more and more.

And also, we see more and more products actually that requires new solutions. We have now this AI glasses, is very hot in China, and that requires totally new features from the dispensing equipment when it comes on how to rotate the object and how to fill and to what precision and also on quality assurance and so on.

I think it's -- majority of innovation is really this kind of application-oriented innovation where we're solving new problems because of new challenges for customers. And by that, we are able to grow the business. And that's also quite a good way to stay ahead of competition actually because they are -- we have a lot of competitors on the dispensing side, but they are -- I would say, most of them are quite behind because of our speed of innovations.

Okay. Very good answer. Appreciate that.

Thank you, Anders. And now over to Henric Hintze, ABG Sundal Collier. Do you have any further questions?

Yes. Just to follow up quickly on that. You wrote in the report and you mentioned now again that you're capitalizing on some new AI opportunities in the High Volume segment. Could you give us any idea of what the potential is here? I assume we're not going to see High Volume start growing the way Global Tech is, but is it a significant potential?

I think it's a potential. I think the difference is that High Volume is very broad. So we have numbers of different applications and AI is a bit of that. So most likely the AI-related applications will grow, but they are maybe less than 20% of the total. So that will not -- while it is in Global Technologies, maybe more closer to everything. So that's a difference. Of course, it's difficult to say what the potential is. But I think you can see the rate of order intake and so on. I think that is very much driven by new applications and also an improved market situation.

So I don't really know how much is exactly AI related and so on, but it is helping for sure. And it's even have some -- I think it also has some spillover effect that even if it's not maybe pure AI, it's still kind of -- still electronics assembly and will need to happen more and more.

Thank you, Henric. And now over to Mikael Laséen, DNB Carnegie, do you have any more questions?

Yes. Actually, I have a follow-up again on this high-volume demand driver from AI applications. And you mentioned AI glasses. What other applications are you talking about is relevant here?

Yes. So that is on the consumer electronics. And you can debate if it's AI glasses or glasses with a little bit of AI functionality inside and so on, but it's still labeled like that, I think. And more precise is what we referred to in the report, I think, which is this kind of heat dissipating dispensing equipment, which is going directly into the -- I think it's on the -- I don't remember exactly what it was, communication equipment, I think, yes.

So they also have a bit on the optical module assembly.

Yes. So this is more precise. But as previous question also, it will not create the same boom as we have in Global Technologies, but it will be a meaningful contributor for sure.

And you estimated it to a bit less than 20%, type of...

That was a super, super high level estimation, I would say, but it's not more for sure.

Okay. And just a follow-up on the memory market. Are rising memory prices and tightening supply affecting any of your businesses? And can you comment on that, if that's the case?

Not a lot on our cost side, a little bit, of course, but it's maybe more on the customer side where they kind of maybe where the product calculations from customers maybe look different and so on. But we haven't seen -- we don't believe that we have seen so much impact of that in any of those 2 ends.

Thank you, Mikael. And finally, over to Fredrik Lithell at Handelsbanken for your extra questions.

Yes, I have one. If we could maybe elaborate a little bit on Cowin that just have entered into your group and the first impressions, how you met the company, the plans you're sort of tailoring, what the ambitions are and so on would be interesting to get some more details on it.

Yes, maybe not give too much. But we do see good potential with the base business of Cowin, and we do see possibilities to combine certain areas. We have, however, to -- we are, however, a little bit restricted in the combination because this is a national core technology in Korea, and we have to deal with it with certain precautions. So it will take us a little bit longer to combine it with our technology. But we do see some good prospects on the base business, meaning repair for panels and repair for photomasks.

Thank you, Fredrik. And with that, we have reached the end of the presentation of Mycronic's Q2 report. But before we finish, I would just like to mention the fact that Mycronic will hold a Capital Markets Day on the 31st of August in Täby at our headquarters, and we invite media, analysts, you guys who have participated today and institutional investors. And you can sign up on the web page or through the quarterly report, and there will be some exciting things happening there. So welcome to that.

And with that, thank you very much for attending today's presentation.

Hello, and welcome to the presentation of Mycronic's Q1 report. My name is Sven Chetkovich. I'm the Director, Investor Relations at Mycronic. And with me today, I have Mycronic's CEO, Anders Lindqvist; and CFO, Pierre Brorsson, who will be presenting today. And with that, I hand over to Anders. Please go ahead and present Mycronic's Q1 report.

Thank you, Sven, and hello, everyone. Welcome. So today, of course, we'll talk about the quarter 1 result and then go a little bit deeper in the different divisions and how the development is. Pierre Brorsson will explain more about the financials. We will have a few words on sustainability, and we will end with the question-and-answer session today. And as you -- as always, you will find in the material on the website also the market update in that part, which we will not present.

So talking about the first quarter 2026. So first of all you need to -- we need to keep in mind that also the quarter 1 of last year was a very strong quarter. So we compare this quarter to an already very good quarter. But despite that, we have a strong increase on almost every row. So order intake up 23% to a little bit more than SEK 2.5 billion so very strong and a very strong contribution from Global Technologies. We will see that when we go into the divisions.

Also net sales following that almost as much 17% up, almost up to an equal number of SEK 2.5 billion, where we had increases from all divisions. and also a record high EBIT of quite close to a billion, SEK 938 million. So of course, a very strong margin of 37%, strong backlog of SEK 4.7 billion. And we also, during the quarter, have completed 2 acquisitions, ETZ and Cowin DST, and I will talk more about those when we talk about the divisions.

So looking on the different divisions, starting with Pattern Generators. So here, we closed the acquisition of Cowin DST, which is a company in South Korea. The acquisition was announced quite some time ago, but we had a quite long process to receive regulatory approval from the Korean authorities, as this is a strategic investment and also strategic business in South Korea. Cowin will contribute to the Pattern Generators' product portfolio, both with the products that are adding to the portfolio, but also with knowledge and new capabilities that we didn't have before. So super exciting to be able to develop that business now.

On the business side, very strong sales because of -- we delivered the most expensive machine that we have ever built, P8000. Prexision 8000 Evo was delivered in the quarter so the sales increased 8%, up to SEK 1.3 billion, more or less. Order intake close to SEK 600 million, which is not really a bad number, but we had a very strong quarter for last year of close to SEK 1 billion so that was down 38%. On the order intake side, we got 1 Prexision 8 Evo, 1 SLX and 1 MMX. So very strong gross margin, 77%, extremely strong EBIT, SEK 831 million and backlog of SEK 1.9 billion. And in this backlog, we have 14 systems.

Also notable is that after the quarter, we received a very special order for a customized SLX mask writer that is quite customized, which you can see on the price tag. The normal price of an SLX is between $4 million and $10 million, and this one was sold in a range between $27 million and $30 million. And it's not a product that we will be able to sell more of really. So this is a one-off event, but still a very good order.

PCB Assembly Solutions. So here, we struggle. We have done that for a while. So the continued -- we have a continued weak market almost everywhere. We have a strong headwind in the European market in the first quarter. Also in the U.S. market was quite weak in the quarter. And we can see that there's a lot of hesitation around customers to hold orders until then they have received firm orders commitment from their customers. So this is creating quite a lot of delay in the -- on the investment side. So order intake, SEK 287 million, which is 3% down and sales, SEK 318 million, which is a little bit up, but still not very strong. Gross margin, stable at 37% and EBIT at 8 million so very minor EBIT and an order backlog of SEK 116 million, which is also quite a low backlog. So you can see that we struggle in this division.

On the high-volume side, we see very strong market demand, both in the Chinese domestic market and also from outside of China. And especially to be noted is the aerospace industry in North America, which is very strong at the moment. We also have reached a milestone with the new factory that we have built in Thailand, where we have the first machines, both assembled and delivered. So we are able to make made in Thailand, not Made in China, which is a positive thing in this geopolitical situation that we are in right now.

And very strong order intake, SEK 737 million, which is 33% up on already strong comparative number. Sales up 24% to SEK 400 million, stable gross margin at 42% and EBIT at close to SEK 40 million. On the EBIT, we have an impact of this employee share ownership program of minus SEK 24 million as well, included in the number. Order backlog, a little bit more than SEK 1 billion. So very strong development in the high-volume division.

And then we come to Global Technologies, where we had a super strong demand. I can talk first about the acquisition that we have made, which is a company called ETZ. This will not add much to the sales because this is a supplier that we have had for many years. So this is a strategic acquisition where we reinforce and safeguard our supply chain. You can see that we have a super strong order intake, 260% up for the division and up to SEK 915 million. And the 2 business lines that are contributing most to that is the PCB Test and the ETZ company, is a supplier to PCB Test. So we have a very large backlog, very good momentum on the orders and good situation on that one.

The other strong business line is Die Bonding. On this one, we also have a good increase. Both these demands are very much driven by AI-driven demand that we have applications that goes into AI products or products for AI and drives the investment in this area. You can see that if we had a sales of SEK 492 million, the contribution from the recently made acquisitions, it's SEK 77 million so a little bit effect from that side as well. Gross margin, strong, 49% and EBIT start to move now with the increased sales up to SEK 199 -- no, SEK 119 million, sorry. And we have a little bit noise from acquisitions, both positive and negative. So we had some acquisition effect on the recently acquired businesses of minus SEK 5 million.

And we had the revaluation of consideration related to the purchase price of Vanguard Automation, which was positive SEK 22 million, a little bit plus and minus in that one. And a super strong backlog of SEK 1.7 billion so a very good situation here and EBIT margin of 24% as well. I think, it's -- we are very happy with that. So the strong order intake and our view on the market has made us to revise our outlook for 2026. So the previous outlook was SEK 8.25 billion in sales at the end of the year and now we see that we will have a sales of -- in the neighborhood or in the area of SEK 8.75 billion. So quite a good change on that one as well.

So with that, I will hand over to Pierre Brorsson to talk a little bit more about the financials.

Good morning from my side as well, and happy to stand here and have a good quarter with us and presenting that. First of all, looking at this graph, you see the strong sales level that we have had. We have been above SEK 2 billion a couple of times, but not in the neighborhood of SEK 2.5 billion, which also happens to be 1/4 of our long-term financial target. And this quarter, we hit that in revenues, and we also hit it on the orders received side.

Aftermarket revenue contributing with SEK 525 million, which is a good level and in volume, actually higher than the number we had a year ago. But given that we also have a bit of headwind with the exchange rates, we were just below the level of last year. A record EBIT margin at 37%, reflecting that the sales also had a positive mix between the various businesses that we have with a strong sales, in particular, in Pattern Generators, as Anders explained.

If we look how this looks on a rolling 12-month basis, we hit SEK 8.3 billion in the quarter, which was just above the mark we had for -- in our previous outlook for the year. But we have now revised that one to SEK 8.75 billion, as Anders just mentioned. The EBIT margin is on a good level at 25%, and we are closing in on the SEK 2 billion in our aftermarket, which is a key focus area for us to continue to grow this one. And we are growing it in volume, but numbers take a little bit of time with the headwind we see on the FX side at the moment.

If we cut our total profit and loss statement by cost category, you can see that we moved the EBIT from SEK 775 million to SEK 938 million, and this was largely driven by a higher volume in the quarter than what we had last year, keeping more or less the same gross margin overall, which is a high level for us. On the R&D side, we continue to spend, in particular, on Pattern Generators. So about half of this increase is attributable to Pattern Generators. And for the rest, it's mainly related to the newly acquired companies in combination with some ESOP costs and some increased spend in the High Volume division.

On the marketing and sales and G&A side, it's also largely related to that we have added businesses to our baseline. On other, we had a very negative impact of revaluation of FX last year. So this year is slightly positive, and this supports then the delta as well as about SEK 25 million that we had to reverse for the earn-out liability in the Vanguard case. Ending on SEK 938 million, 37%, extremely good level. If we cut it the other way around, you can see that we had, despite a very strong Q1 last year in Pattern Generators, we had an increase, SEK 80 million almost. We also managed to improve the situation for PCB Assembly Solutions. This is a small profit generated in the quarter. So we are continuously working to get that up to a higher level, but we also know that we start the year relatively slow, typically in PCB Assembly Solutions.

High Volume, you see a minus SEK 20 million here. And I would say that this is not really displaying the performance of the division. We have, in these numbers, SEK 24 million of costs for the ESOP program. And we also had a fantastic order intake in the first quarter. So with a little bit delay on the revenue side, yes, but a really good performance there. On the Global Technologies side, a very solid profit improvement. And this is stemming from the business lines, which we have been owning for some time. So the business lines PCB Test and business line Die Bonding. This has been fueled by the demand in AI infrastructure investments and is really doing well at the moment. On the Group Functions side, this is a revaluation of cash and internal loans to a degree and the cost base is more or less similar as before. Ending the quarter on SEK 938 million, so 37%.

Cash flow-wise, of course, we -- the result contributed very well in the quarter. And similar to last year, we had a negative impact on the working capital. And here, we can sometimes contribute from large orders in Pattern Generators with advances, which we did not have to a very high degree. And at the same time, with strong invoicing, we also had a buildup of the trade receivables. On the investing side, the highlights for the quarter was the acquisitions of ETZ and Cowin DST, which accounted for 2/3 of that. Still, we remain in a strong cash situation. And on top of this, as many of you who follow us well know, we also have SEK 2 billion revolving credit facilities at hand, should we need to.

And with that quick overview, I hand the word back to Anders to speak a bit about sustainability.

Thank you, Pierre. So yes, sustainability. So we have applied and been approved by the science-based target initiative organization and have committed to reach certain targets related to that. And we're happy to see that we already have reached the target that we have on Scope 1 and 2, when it comes to greenhouse gas emissions, while we, on the other hand, are not yet reaching the Scope 3 target, which is related to emissions from the use of sold product.

You may remember that we launched a few years back a new laser model for our Pattern Generators equipment, where we can change from very energy-consuming gas lasers into solid-state lasers in the mask writer. And we're happy to see that we have -- and this will be the largest contributor to reaching the Scope 3 target for us. And we are happy to see that even though we have not yet reached the target, we have a trend, which is positive on that side, where we have seen the penetration increasing of solid-state lasers in the installed base, starting from 38% beginning January -- beginning in 2025 and January 2026, we were up to 47%. So still more to do, but the direction is very positive on this side. So Sven?

Thank you, Anders, and thank you, Pierre, for the presenting. And now we move over to our Q&A session. And first, we will head over to London and Oliver Wong at Bank of America. Please go ahead and ask your questions, Oliver.

My question is regarding Global Technologies. It was quite strong, very strong performance. And I noticed that in terms of the EBIT for Global Technologies, it was at 24% in Q1. And that was a -- that's a significant jump even over last quarter in Q4, where your gross profits in Q4 for Global Tech was actually higher than in this quarter, but you managed to achieve significantly better EBIT margin.

So I was wondering if you could give some color on that, give some context on that. Is this kind of -- are the EBIT margins for Global Tech expected to stay at this level and continue to increase as presumably you'll continue to grow your revenues there? And yes, what accounted for the big jump?

First of all, we had a couple of percent support in a way by reversing the earn-out provision for the Vanguard case. So this was about SEK 25 million. So this is a couple of percent. With that said, I think we are not specifically guiding a certain EBIT number, but we do see a very strong demand in our traditional business lines here. And I think we remain confident on the outlook for Global Technologies going forward.

Okay. Perhaps if I can ask another one. Just maybe an update on the trends that you're seeing for the Pattern Generators -- sorry, my camera just turned off. Yes, just maybe an update on the trends that you're seeing for the Pattern Generators. I'd be curious in terms of, let's say, demand from Chinese mask shops, demand from Western mask shops. I think I heard a little bit about perhaps -- because they may be inherently losing share to the Chinese, perhaps they are more hesitant on their investment plans there and whether it be new capacity or whether it be replacing old machines? And then also maybe an update on OLED. Any update on kind of when you see kind of an inflection in demand there in terms of the underlying OLED proliferation, what that means for your mask writers?

Yes, I can start to talk about that so starting with China and semicon. So there was a certain peak in '23 and '24. We are down from that level, but it's still quite solid. But I think we will not really see levels back to the '23 and '24 peak in China. So it's kind of more normalized now. Still China semicon manufacturers import the majority of mask and China still want to be more independent on this side. So I think the investments in China will continue, but maybe not as crazy high, as it was in '23 and '24, but still a solid demand on that side.

Globally, I think we see a similar. We have more -- much more places where people want to manufacture semicon equipment or semicon products and so on. So I think we see demand from all over. We still really -- we have not yet seen a big increase in this replacement cycle of the installed base. And the longer it take more urgently it will be likely because this is to start to get really old. So we really believe that we will see a market that is also being contributed by the replacement that should and will happen on that side. But overall, quite strong.

I think -- just recently, both Photronics and [indiscernible] released their quarter 1 reports, very, very strong ones, both of them, I think, where they also point to that they will continue to do CapEx investments and also more to the more advanced nodes. I think that is also a way to beating or to stay ahead of China, although both of them have operations in China. So it depends on where the factory is.

If you take on the flat panel display or market, I think that is quite stable. We really see this OLED penetration happens still. OLED is not really -- it's not still the largest portion of displays, but it starts to happen on a higher scale now in the IT-related equipment, tablets, laptops, desktop screens, displays and stuff like that. So we hope that we can see some increases in that. And the recently sold and shipped P8000 is, of course, a part of that transition. It will be able to produce masks for the most advanced OLED displays. So this is happening. Yes, I don't know if that was the answer of -- you had a number of questions built into that one.

Yes, yes, you answered all of them.

Okay. Thank you, Oliver. And now we go to ABG Sundal Collier and Henric Hintze.

Yes. So sort of continuing on PG there. You talked a bit about Prexision 8000 and OLED penetration. I was just wondering now that you've delivered the first Prexision 8000, what do you sort of see as triggers for other customers to invest in this? Like what kind of requirements does the model satisfy that previous models do not?

Yes. So it can write masks with higher precision, higher resolution or higher speed. You can choose a little bit what -- but normally, when we sell the first of a new equipment, that manufacturer of mask can sell their mask at a much, much higher market price. So the one who bought this one will enjoy this for some time. But this is also, of course, a trigger for others to do the same. We saw that pattern when we introduced the previous high-end mask writer P800 that the first one took some time to sell and then it followed after that. So we believe and hope that this will happen now as well. And logically, there should be more customers for the P8000.

Yes. Okay. Very good. And still on PG, given the strong deliveries and the good mix here in the quarter, are you sort of satisfied with the margin in the segment? Or were there any maybe elevated costs related to the fact that it was the first time you delivered the Prexision 8000 or maybe the R&D investments you're making?

I think -- no, the margin is where it should be. The margin on PG is very much related to the mix of products. The price and the costs are quite fixed on those. So depending on what we ship, the margin will vary and then the portion of the aftermarket, which is also quite stable. So the components will contribute -- there was no variation in the different components of contribution to the margin.

On the OpEx cost side, we are running at a very high investment or cost on R&D. And this is related to the new product, what we call IQS, which is metrology or inspection tool that will be released later this year. And this high spend will remain this year and into next year as well on this high level, and this is mainly related to that.

Okay. Great. And maybe if I could just ask one more question. If we turn back to Global Technologies, we talked about the margin already, but I think even more impressive were the orders in the quarter here. So I'm just wondering how are you going to be able to deliver on these orders? And how long are the lead times now? And do you think this is a sustainable order intake level with the capacity expansion plans you have in place?

Yes. So that's a very good question, which we also are struggling with, of course and how long will the AI demand really be there, I think maybe. But the -- no, we are -- we have longer than normal lead times, especially on the PCB Test equipment. Lead time is a year, 12 months, maybe a little bit more even -- which is longer than usual. We are expanding our facility. We built a new factory already -- what was it last year? 1 year ago?

Opened a year ago.

A year ago, yes. And we are already digging for the expansion of that one. So already the new factory that we built last year had a much larger capacity than the previous one, and now we're expanding that already to meet this demand. But we also work with efficiency and improvements and sub-suppliers and so on to increase the delivery capacity. So, so far, not a constraint on that one. But it's true that the lead times are getting long and the backlog are also large because of that. So we try to balance that. We can see that this demand goes into next year as well. But beyond '27, it's very difficult to say which -- how it will go on this.

Thank you, Henric. And now we move over to DNB Carnegie and Mikael Laséen.

Yes, I will start from the beginning maybe with the guidance that you raised for this year. If you could break it down maybe and explain the drivers why you have upgraded it. So is it timing effects or how much is underlying demand strength?

There is a little bit of timing effects on the PG side, but largely, it's demand, in particular, in High Volume and Global Technologies. I think that's where we have really seen strong demand, and we foresee this to remain at a somewhat higher level than what we saw going into the year.

Yes. I also have a question on Global Technologies. And coming back to the margins there. Just a question on -- if this current business mix, if the current margins of 20% adjusted for this temporary, I mean, effect in Q1, if this is representative of the current mix and how we should think about Hprobe, RoBAT, Surfx and ETZ, which are loss-making still?

Yes. I think we do see a strong situation for now. So I think the 20% underlying that we see is definitely a level where I think we can be. On the acquired entities, the idea is, of course, not to continue to make losses even if there are certain acquisition-related costs to bear for some time. So this we expect -- I think we have also stated that we expect that to -- typically, within a year or so, they should start to contribute to -- positively to Mycronic. So...

Can you maybe follow up on one there with Surfx, you acquired it in mid-'25, and it looked like it was really profitable, but then you had a temporary cost for -- in connection to the integration, I guess and not some things like that accounting issues. But -- so are you reinvesting in the business right now? And that's why it is -- is it sort of on the same profit level as you had before? Or are you taking action to, I mean, expand the capabilities?

The gross margin and so on is perfectly okay. The volume in the first quarter is not where we think it will be going forward. And we have, call it, supersized the organization because we do believe that this will grow quite fast. There is a little bit of timing difficulty when the investments fall in this industry, especially as it's new technology to be adopted and new process to be adopted by our customers' customer, in particular. So timing-wise, it can slip a little bit another quarter or 2 before we start to see the ramp, but we believe in this a lot. We are investing in the organization a lot, and this may result in a short-term negative result.

Okay. So how much of the sales -- just to understand the answer, how much of the sales in that part is to external packaging players that you deliver to them? And how much is sales of own systems directly to end customers?

The majority is where we are a part of another solution.

Thank you, Mikael. And now we move over to Handelsbanken and Fredrik Lithell. Please go ahead and ask your questions, Fredrik.

Can we maybe talk a little bit about the SLX machine, the order you received in Q1 and what drives that price tag? You alluded to it in your presentation, but is it also on the technology side that you take new steps? Is that something that you will be able to use for your line of SLXs going forward in any way? Or can you talk a little bit more about that one?

Yes. So first of all, we are not allowed to talk a lot about that order from the customer actually. So -- but in general terms, this is also a very unique machine. It's based on the SLX platform. And the higher price tag is very much related to development work that is needed to be made on that platform to meet the specification. So this will not become a product that we will market to others, really. So this was really a unique event.

The development work we do could be reused in part. So I think it will contribute to the plans we already have to extend and expand the capabilities of the SLX range. It will not add anything that we didn't plan to do anyway. So it's -- but it will certainly make it happen maybe faster or cheaper or something. But anyway, it's -- so that is the contribution of that. But even so, we still believe it's a nice order and happy that we got it.

Another question, the raised guidance for '26. Is Cowin -- is that contributing into that changes? Or was that already part of your assumptions?

We -- it has a very marginal impact on that. So this is not the reason. We believe already when we issued the guidance that we would, at some point, get the acceptance.

Okay. And Anders, you talked in the Q4 report about that you're sort of stepping up your R&D spending a little bit this year in front of new machines you will sort of launch in the second half of this year. Are you on the right track there? Or are you peak in your R&D spend? Or where are you in that sense?

No, we are on the right track. It could possibly increase maybe a little bit more, but we are in that -- in the range, I would say, where we should be, maybe a little bit -- maybe we need to increase a little bit more on that one, but it's not too far away right now. And the project is going according to plan. We have -- the demand from customers is extremely strong. So there is no -- the market is not a problem. It's our own speed, which is kind of the critical line here. So what we said in quarter 4 still is valid on launching it and so on. And the intention is that when we have the Capital Markets Day later this year, we will talk more -- much more about this machine, of course.

And Pierre, is it -- I haven't been able to look at the very small details, but are you capitalizing more of your R&D just in front of sort of the launch? Is that how it works or...

No, we are following the same principles. And as you analysts know, we are very cautious in putting things in our balance sheet so we are not cheating that way either.

Thank you very much, Fredrik. And now over to Ina Djupsund at SEB.

So I have a question on High Volume. Does kind of this year follow the same pattern as we saw in last year with Q1 being seasonally very strong? And yes, could you give just some more flavor on high volume, what you expect going forward?

It's, of course, a little bit hard to predict the future. The past is much easier. And no -- but I think we do see strong demand for now. It's been strong in China for us. We also see more and more international demand. In the quarter, we also entered certain new customer segments where we deliver solutions for dispensing in the optic module assembly, et cetera. So this is developing very nicely for us for now.

Of course, I think the biggest threat is more on the geopolitical side than anything else. I think we have a very well-functioning organization, a strong product portfolio and we are now building international organization here.

And then a question on the acquired Cowin business in PG that you closed here in Q1. Can you talk a little bit about kind of order values you have here and what does the kind of order dynamics look like? And yes, will it be announced orders that you doing with the rest of the PG orders or what?

This has not been the plan to change the way -- we are today disclosing the PG orders because they have such a huge -- not only volume impact, but also profit impact. Should we have similar orders on the Cowin side, we may consider that. But for now, we have not considered that. Cowin has a bigger spread of -- there can be some orders in the same magnitude as a PG -- lower-end PG machine, but typically than in the lower end. So it's not display mask writer order size.

Okay. Okay. And a little bit, I guess, a boring question, but what kind of FX impact did you have on order intake in this quarter? Is it the same magnitude as sales or...

It's a similar magnitude as the sales is slightly lower, and that's because we had an upward revaluation at the end of March because you revalue the backlog at the period end rate, but it's double digit.

Thank you. I will actually now run through all participants again just to give another chance to ask an additional question, which might have popped up. So Oliver, Bank of America, do you have any additional questions that you would like to ask?

I'm all good for now. Thank you.

Thank you. So Henric, ABG Sundal Collier, anything else you would like to add?

Yes. I'd just like to add on high volume. It seems to me even if you adjust for the effect of the option program, the margin was down a bit here in the quarter despite quite solid sales. Anything special driving that? Or is it just natural variance there?

I think the gross margin is where it should be. We do invest in building up the organization -- organizational footprint also outside the traditional Shenzhen facility that we have, both operation-wise in Thailand and then building organization in -- both in Korea, U.S. and so on. But this is marginal deviations. And then, of course, on the R&D side, there is a slightly higher spend, but it's not fundamentally different.

Okay. Thank you. Mikael Laséen, DNB Carnegie, any additional questions from you?

No, thank you.

All right. Then over to Fredrik Lithell, Handelsbanken, do you have anything else you would like to ask?

Yes, I have a few questions, actually, if I may then. On -- start with PCB Assembly, you talked about that, Anders, you feel it's a bit on the soft side and all that stuff. When we visited Productronica in November, it was really a very high level of buzz and activity, customers walking all over the place in the PCB booth and all that stuff. Do you feel you have a very solid pipeline, but that the customers are sitting still, they don't really want to put the pen to the paper. Is that the problem?

That is exactly what it is. I think I don't really have historical data, but the pipeline is almost bigger than ever, I would say, but the closing rate is very, very low. And it's -- the hesitation is really there. I think we have a lot of quotations, a lot of discussions. We have new products, a lot of interest for them and so on. But orders are slower, and it seems like customers need very, very firm commitments on their own business before they want to move ahead.

So it's a little bit of difference before -- and we can see that other players in this struggle equally or even worse than we do. We can see that ASMPT announced a strategic review on their SMT business. We have seen that Kulicke & Soffa didn't even try to sell their business. They just closed it and took a big hit on that one at end of last year. So it is a very difficult market at the moment.

All right. That's interesting. High Volume, the order intake -- strong order intake, you've opened up your facility in Thailand. Are there any customers that haven't really been able to purchase products from High Volume as long as they were only Chinese based. Is that a trigger for the order intake? Or is that not part of it at all?

Not yet, but it -- we see this as a positive thing. We have had customers that didn't want to buy or couldn't buy depending on which sector they are in and which country they are from. And so they didn't want to buy from China. It's both related to tariffs, but also to political regulations and desires. So made in Thailand will open up for more -- for new customers that we couldn't sell to before. But so far, there's very little effect on that.

Okay. Final question, ATG, and it's a probe machine. It's really flying. They're pretty much alone on the flying probe as it is. But as demand is increasing this quickly, do you see or hear any competitors making moves to participate in this specific part of the space?

We do see, local China companies starting up trying to get into this market. We think that for the high end, in particular, server boards -- advanced server boards market, we think that we still have a very good position, both technology-wise, patent-wise and et cetera. So we've been able to maintain and enjoy that market position for now.

Thank you, Fredrik. And now finally, over to Ina Djupsund, SEB, do you have any additional questions you would like to ask?

I could ask one question on Global Technologies. So super strong in the quarter, but obviously, it's been going strong for some time now. Can you -- what kind of signals or kind of indicators should we be looking at to better understand the drivers of Global Tech? Is kind of semi CapEx spend a good proxy? Or is there something more specific we could look at?

I think for now -- I mean, for us, it's been really good. We have now 4 quarters in a row where this is the division with the strongest order intake. So really, really strong. And this has so far mainly been powered by the Die Bonding and PCB Test business lines, and they are both AI infrastructure driven. So this is the best leading indicator for now. And then we have the other smaller still business lines. They have other driving forces as well.

Thank you, Ina. And with that, we have reached the end of today's presentation of Mycronic's Q1 report. Thank you very much for attending.

Thank you so much.

Thank you.

Hello, and welcome to the presentation of Mycronic's Q4 report. My name is Sven Chetkovich. I'm the Director, Investor Relations at Mycronic. And with me today, I have Mycronic's CEO, Anders Lindqvist; and CFO, Pierre Brorsson, who will be presenting today.

And with that, I hand over to Anders. Please go ahead and present Mycronic's Q4 report.

Thank you very much, Sven. And this is what we'll talk about today. No change from before. So about the quarter, of course, go deeper within the different divisions. Pierre will talk more about the financials, a few words on sustainability, and then we have a question-and-answer session at the end of the presentation. And as usual, there is a market update in the material that will be posted on our website, which we will not present, but it could be interesting reading.

So starting with a short summary of the last quarter of last year. So we had a decline of order intake with 19% to a level just below SEK 2 billion, which is a good level. It's on our annual average, but compared to a very strong quarter in 2024, it was nevertheless a decline of 19%, very much explained by the less -- lower order intake in Pattern Generators. Also worth to note is that currency makes a lot of impact on all the numbers here, and Pierre will talk a little bit more about that in the financial part. Also, sales were more or less flat compared to last year, around SEK 2 billion. And we had a decline in 3 divisions, so Pattern Generators, PCB Assembly Solutions, and also in the High Volume division. And then we had a quite good growth in the Global Technologies division that almost fully compensated for that difference, so being flat in total compared to the year before.

EBIT also declined SEK 342 million, which is a margin of 17%. Backlog more or less flat at SEK 4.7 billion, which is a good and healthy backlog, I would say. And also the Board of Directors will propose to make a dividend of SEK 3.25 per share, which is a little bit of an increase from before, and no extra dividend as we did in last year.

We made a small acquisition after the end of the period, a company called ETZ. That's a supplier of critical components for our PCB test business line. So it will not have a large impact on the numbers, but it will really reinforce our quality of the supply chain. So quite an important acquisition for us.

So going into the different divisions, starting with Pattern Generators. We could see that the markets were stable, I mean, and even positive. The semiconductor photomask market has shown positive development. I think you can read it by also in the reports from peers that it's mainly driven from applications related to AI. On the display photomask side market, we see that stable as usual, a little bit irregular, but stable nevertheless. And we saw a decrease then of order intake down to SEK 545 million, and this has to be compared to a super strong quarter in 2024.

We had 5 machines on order, or we got orders for 5 machines, 1 display mask writer, Prexision 8 Evo, FPS 6100 Evo, and also 3 SLX mask writers for the semicon industry. Sales down to SEK 577 million. We delivered 6 equipment, and this is 18% down. One display mask writer, Prexision 8 Evo, 1 FPS 6100, and 4 SLX. So quite similar to the order intake, actually, but it's not the same equipment. Gross margin, 58%, which is good, stable around that level, and EBIT SEK 173 million. Backlog is a bit down to SEK 2.6 billion. So as we said, the total company backlog was flat, and you can understand that the backlog has increased in the other divisions. So we have 18 systems in the backlog as per end of the year. And after the period this year, we also received orders for Prexision 8 Evo and MMX.

You can also see that in the headline, we talk about continued R&D investments, and we do increase R&D investments. We develop new products to offer more equipment to our current customer base, and that kind of equipment is in the inspection technology area. So we will launch at the end of this year, a range of inspection machines for the semiconductor photomask market, which are ramping up right now, both in R&D investments, but also we are preparing space for the production for that. So quite a big -- quite a large project for us.

On PCB Assembly Solutions, we have talked before about the difficult market, and this continues to be difficult, especially the European market. We have seen positive trend in Asia. and also U.S., but Asia is not so large for us for the PCB assembly solutions. So -- and the U.S. market has been stable, but European market has continued to be very, very weak. Every second year, there's a large show in Munich called Productronica, where we and our peers in the business normally introduce new products, and we had 2 large introductions there, GenAI, which is an AI-enabled inspection machine, and MYPro A41, which is a continuation of our pick and place series.

Order intake down SEK 362 million, which is 7%, also sales down 10% to SEK 438 million, gross margin at 40%, okay, and EBIT down to SEK 60 million. Backlog, SEK 147 million, which is quite okay, but still a difficult market in this division. On the high-volume side, also participated on the Productronica Show, the large part of our strategy in the high volume is to expand sales outside of China. So very important to be present at those shows outside of China. We have also decided to put the listing. Some years ago, we announced that we are contemplating investigating the possibility to list Axon on the China Stock Exchange, and this is put on hold right now. That listing would have contained also an investment program for employees. So as that is not happening, we have launched what is called an ESOP program, which is employee share ownership participation program. So that is just launched.

We also opened a new facility for production in Thailand to be able to supply machines not made in China, which is to be more flexible in this restricted world that we live in today from place of origin of manufacturing. Order intake was down 30% to SEK 271 million. Sales was very strong at SEK 448 million, still a little bit less than the year before. Gross margin, 41%, a good margin, and EBIT SEK 55 million. And in this SEK 55 million, there is a bit of plus and minuses. We have a cost of this share ownership program of minus SEK 23 million, and then we had a positive impact of provisions for personnel that was made, that contributed to SEK 30 million. Backlog, SEK 683 million, which is quite good or normal, I would say. So all good there.

Global Technologies. Here, we see a very strong development as many companies now in these days report that it's driven by AI-related applications, and we have the same. This is in particular notable for our PCB test and also the die bonding business line. And also, we have some acquisitions, of course, supporting all that. So order intake up almost 70% to SEK 773 million and sales up 41% to SEK 570 million. And you can see the sales contribution from acquired businesses, which is Hprobe, RoBAT, and Surfx, SEK 131 million, but still a very strong development there. Very solid gross margin at 45%, EBIT, SEK 118 million, and some negative impact from the recently acquired businesses of minus SEK 6 million, and a very strong backlog of almost SEK 1.3 billion. So very good development in this division and an EBIT margin of 21% in the quarter.

And as I said before, we also had acquired this very small company, ETZ, which will not really be -- have a lot of impact on the numbers, but really will solidify our supply chain for the PCB test business line. So all that, we believe that we will continue to grow the business. And this year, we see that an outlook now, which still almost 12 months to go of -- or at least 11 to reach SEK 8.25 billion in sales.

All right. Now I hand over to Pierre to talk more about finances.

Yes. Good morning from my side as well, and we will do a little bit deeper review of the numbers. Starting with this graph displaying the quarterly numbers, and we reached just above SEK 2 billion in sales. And this is compared to last year, a small decline of 2%, but it's really a volume increase. It's both organic and inorganic growth, and 11% negative currency impact. And this currency impact is even bigger on the order side because there you also revalue the orders on hand. So very significant impact of the currencies in the quarter and also throughout the year.

The aftermarket revenue, we exceeded SEK 500 million. So we are approaching SEK 2 billion on an annual basis. This is a good number. However, for the first time since 2021, we were not sequentially growing on the -- towards the same quarter last year. So we were slightly below the good quarter of 2024, mainly related to that we, at that time, had some upgrades in the Pattern Generators division, which we could not fully compensate for this year. EBIT margin, 17%, a solid number, a bit high on the OpEx side, but really, according to the plans that we have made and how we want to develop the company going forward.

If we look at it on an annual basis, we ended the year just below the SEK 8 billion with an EBIT margin on 24%, good level. Aftermarket revenue, as I mentioned, we are approaching the SEK 2 billion, which is then constituting 25% of the net sales, and continuously growing this part. So we will see fluctuations on the equipment side, but the aftermarket revenue is important to continuously gradually build and grow, which we are doing at this point in time. We go a little bit deeper into the costing details and the different parts of the income statement, comparing quarter-on-quarter. And this may look as a less positive staircase, but it's really largely according to plan. We had a little bit lower sales in the Pattern Generators division as a share of the total in the quarter. And thereby, we have a small negative gross margin effect.

On the R&D side, Anders alluded to that we are continuing to spend at high pace and in very relevant projects, particularly in the Pattern Generators, but we also have an organic increase of the R&D spend in the high-volume division. In that division, in the High Volume division, we are also expanding the footprint in particularly outside China, and this drives a bit the marketing and sales cost. Here, we also have -- when we compare the numbers versus the prior year, we also have the newly acquired entities adding to all the cost categories here and also the acquisition-related costs and in particular, the retention mechanism for the Surfx acquisition that is running over 6 months, which will end now in the fourth quarter, which is affecting the numbers a bit. About SEK 10 million net impact of the China ESOP versus the provision release as well.

If we look at the 2025 full-year bridge, we can see that we have been growing throughout the year despite the currency headwind that we have had. And in several of the divisions, we have also improved the gross margin, in particular, in the Global Technologies division, which we are very happy about. We have decided to do investments on the R&D side and on the marketing and sales side in order to set the company for the future and to create the organic growth that we want to have sustainably going forward. We have also a bit higher acquisition-related costs and transaction costs this year compared to the prior year. And in this other column that you see there, we have the net -- mainly the net effect of the FX realized and unrealized exchange differences.

Ending the year at a solid SEK 1,940 million, which is 24% in relation to sales. Division by division, if we cut it that way, we have said that we had a little bit lower sales and also lower margin and higher R&D in Pattern Generators, and this is really the main explanation for the relatively lower EBIT in the fourth quarter. We had last year record quarter in PCB Assembly Solutions and in High Volume. We could not fully match that this year, but particularly for PCB Assembly Solutions, we had the best quarter of the year in the fourth quarter. It's normally that way, but I think it's also fair to say that it's not a bad level, it's a good level.

In High Volume, we had a little bit slower ending of a solid year, and it looks quite good going into 2026 as well there. Global Technologies, really good despite not getting contribution yet from the acquired entities, delivering 20% or about 20% EBIT margin in the quarter, taking us to a total of 17% or SEK 342 million in the quarter.

Looking at the full year, we were slightly lower than last year in Pattern Generators, mainly related to the R&D investments. The number for PCB Assembly Solutions is, of course, a bit bigger in relation to the baseline. So we did not reach what we wanted to reach in a tough market where we had our largest markets, Europe, having a negative economy, and U.S. having a bit of a difficult investment climate with tariffs, as well as the headwind from currencies. High Volume and Global Technologies on track and for Global Technologies, even exceeding the plans we've made. And here, you see on the group functions that we have, and this is largely transaction-related costs that has increased over this period of time.

Ending the year on, as we said, 24% or SEK 1940. Cash flow-wise, it's all natural in relation to the activities we have conducted and the situation on the P&L, plus the acquisitions and the dividends that has been paid out. Maybe noteworthy is that we have about SEK 200 million less good change in working capital, and this is largely that we have a lower order stock in the Pattern Generators, where we have a significant portion of advanced payments from customers. We have almost spent SEK 1 billion in the acquisitions we have done during the year. Still at a position where we can be active in the M&A market and with SEK 2.3 billion net -- sorry, with SEK 2.3 billion cash and additionally facilities in place of SEK 2 billion.

And with that, I hand the word back to Anders.

Thank you, Pierre. And let's continue. So as usual, a few words on sustainability. And first, I want to talk about diversity, where we make some nice progress. We -- and especially on the share of women in the workforce as both in the workforce as also in the different managerial roles. And we could see that very notable, the Pattern Generators division had a good rise in the female representation from 19% to 22%. And also that in our annual employee engagement survey, we could see that diversity and inclusion is having now the highest rate topic of them all. So positive development on that.

On other parts of sustainability, we had training for sales representatives in this and also purchasing managers that participated in different seminars to strengthening the due diligence that we do in our supply chain.

So with that, Sven, over to question and answers.

Thank you, Anders, and thank you, Pierre. And today, we will start with Handelsbanken and Fredrik Lithell.

I'm going to keep it to 2 questions now. Maybe we could get a little bit elaboration on the outlook, the SEK 8.25 billion Pariff, what U.S. dollars are based on? And if this includes or do not include Cowin in Korea. And at the same time, maybe an update on the Cowin acquisition. The second question is you talk about the investments that you expand organization, increasing your TAM. You now also elaborate on that you will launch machines towards the end of this year. It would be very interesting to hear you talk more about that to the extent you can, of course, Anders. Always interested to hear about machines.

Okay. If I start then with the bit the outlook. The outlook is based on all we know now, which means the current exchange rates as they stand today. We also believe that we will have a small contribution from Cowin, which we believe will be closed towards the end of the first quarter. This will not have a dramatic impact on the sales for this year, but we do believe a limited contribution from Cowin.

And yes, regarding the new products, so this is super exciting. And as you understand, this is something we have been working on for a while. So you have seen that we have increased R&D spend over the time. We have also increased manufacturing availability by moving out the division in our main production facility to make space for this new equipment. So this is inspection equipment for photomask for semiconductor, and it can inspect the quality of a full mask, not only the pattern, but also the defects from particles and contamination and so on. We will come into an environment with competitions from very capable partners here. It will be mainly companies like Laser Tech and KLA.

The size of the market we see is quite -- everything is quite equal to SLX actually. So the size of the market is the same, we believe, the available market for us, like SEK 1 billion. We believe also that the price of the machine will be in a similar range, something between from $4 million up to $10 per equipment. We have, of course, an ambition to take a part of that share, but we do have very capable competitors here, as we have in the laser-based mas writers as well. So this is super exciting. Launch will be to the end of this year. And we believe that the first revenues will be visible first 2027, really, where you can start to count on that. But we will have this year a further increase of R&D spend a little bit more than what we currently do, and most likely peak out during this year. So it's a lot of cost and no revenue so far, but we believe very much in this.

I mean I'm intrigued by that you sort of explained it so explicitly already, now 11 months before you will launch it, giving your competitors some time to think about it. Do you bring any new type of technology angle into this? Is it something you could talk about?

All of the players here have a little bit of differentiation between how they do and how they compare patents, either you compare it to other masks, or you compare it to the drawings and so on. So we believe that we will have a unique position. We will also have the benefit of also being able to sell the mask writers. And the combination of this is given an additional value actually, which the others don't have where we can use data from both equipments to kind of optimize the whole solution there. So no, of course, we believe that we have something better, but exactly how and what I think we will need to come back a little bit later in the year, really on the features and benefits and all the nice stuff.

Thank you, Fredrik. And now we move over to SEB and Ina Djupsund.

I have a question on pricing and kind of assuming FX is where it is now, how important of a growth driver will price be? And is it any particular division where price hikes play a bigger role?

Price is, of course, very important in all divisions. And I think everywhere where we can offer quite a large degree of differentiation, we are able to keep the prices quite high. But we don't really see any change in price pressure or so. We see, of course, a little bit an effect in the PCB Assembly Solutions divisions where we have the tariffs adding cost for customers, which we not always can transfer fully to the customer for different reasons. And so there can be a small decline. But otherwise, we keep pricing on everywhere and even increase where we can. And we have seen that the demand for some products in Global Technologies are extremely high, and that's, of course, an opportunity to be a little bit more stiff on the pricing.

And how is capacity utilization, if we look at next year, I think there's a little bit fewer deliveries for PG in H2. How do you kind of approach that?

Yes. And we can still fill a bit of that, I think. So -- and we have been maybe producing more than we could in the past time. So I think that it's good for the production facility. But we're also expanding production for the PG division also to be able to -- not only actually for this inspection machine, but also for the other product lines to make that more efficient. So I think we have sufficient capacity there.

We face a little bit on the PCB test in the Global Technologies, where we have an extremely high demand. And last year, we built a new factory inaugurated that in January last year, and we are already making the first extension of that to meet this increased demand. So to be able to supply. We deliver double as much as equipment as we did 2 years ago. So high pressure on production there. And also then in high volume, we expand by adding additional production site, as mentioned in Thailand now. So yes.

And within PG, do you think you can still take orders that can be delivered in 2026 as well?

It depends on configuration and model, but theoretically or practically as well.

On the semicon side, we could definitely get something towards the back end of the year, yes.

Thank you, Ina. And now we move over to ABG [ Sundal Collier and Henrik ].

So about the employee stock option program in Axon, I was just wondering if you could give us a bit more detail on the reasoning behind that and if it's a one-off thing here or if you will keep offering programs like this over time after this one is done.

I can start and then you can add. Yes. So this is the first. And the IPO that we were investigating should have had an investment program built into it. So now the IPO is on hold. We still want to offer an investment program. And the reason for that is that China is extremely competitive when it comes to talent, both to retain and to attract, but also to engage and to drive performance. So we believe that this is a very good way to fulfill that to really keep the engagement, the performance of people, attract the best talent, and retain our good people. So that is the motivation behind that, this program is the first one, and it's larger. We will, like a normal company, launch this every 2, every 3 years, something like that in a sequence with a duration of a similar time between 3 and 5 years.

And -- but the first one now is larger than the coming because of that we didn't have a program during this investigation period of the IPO. But it will have a bit of cost last year, this year, and next year as well. Pierre can explain a little bit more on that side, but it will -- but first of all, it should have a large benefit also, of course, of driving value and driving engagement and performance in the business. And it is a co-ownership program. So the -- and it's quite broad. We have invited 120 people. So it's a broad program, and we have 100% almost participation. So there's a big willingness to do this. And most China companies either have this kind of program or ownership through real shares on the stock market. So we believe that it's very good to stay competitive in the talent market.

Okay. Secondly, on Global Technologies, the margin here in the quarter was quite a bit stronger than at least I had expected. So I was just wondering if you could give us any more details regarding how we should think about that and the margin going into 2026.

I think we have 2 larger portions that we've been owning for some time within Global Technologies. Both are benefiting from AI-driven demand in the background, and this trickles down to us who do equipment for various parts of this chain. With this demand, we have seen good increases in sales, and we have also been able to improve the margins in this existing business. And then we have added acquired businesses, which are profitably sound as a stand-alone entities. We have been suffering a little bit this year because we have had extraordinary acquisition-related costs. But we see good growth prospects and solid profitability in line with the group targets of the 20% that we see for Global Technologies specifically. I think it's perfectly realistic to believe.

Thank you, Henrik. And now over to Nordea and Anders Akerblom.

So firstly, I was wondering a bit on display. We saw recently in Samsung's Q4 report that they were discussing the recent memory price surge is impacting display shipments. What's your view on this?

Our view is -- I mean, we -- the link between photomask and price and so on display is quite far, I would say. So we don't -- we haven't seen any change in the willingness to invest in photomask. We still have the growth drivers on the display side, being the area driven by new applications, mainly. We have also the layer and the complexity of the displays driven by new applications as well as new technology such as OLED and so on.

So I think those -- the price changes and the supply and demand of memory and other components is more short -- has a more short-term impact on the end customer business, I would say. So from our side, we don't see any change, and we haven't seen any change in demand either.

I guess I was hinting a bit towards in your customer discussions, do you think that, that might drive a mix accretion towards a higher proportion of OLED compared to LCD so that OEMs can maybe absorb that cost inflation to a greater extent?

I think it's typical in the display industry that when demand is lower, they need to invest in technology to create demand and create and launch new features and so on. And I think that is still valid. But we also see quite a lot of new -- this mix of technologies where you have OLED, you have microLED, you have other types, you have the transparent displays curve, foldable phones, all that requiring more advanced production methods of displays and in most cases, more layers that are -- that need photomasks to be produced.

And just a final question. I sense your wording in terms of the semi market outlook in PG is incrementally more positive compared to Q3. I mean we've seen some developments during the quarter with TSMC and others raising targets, but kind of what underpins this more specifically?

I think you can see in different reports also that the semicon industry is forecast to start growing on a quite high level and very much driven to various types of AI. But also what we have seen in the past was China kind of standing out being driving a lot of demand, and now we see a lot of demand created in other places, more kind of a more balanced approach. We can see that all those projects in the U.S. are moving forward. We also see the European projects moving forward, but also in Singapore, other places, India is gearing up and want to have their own capability domestic for semiconductor and so on. So I think, yes, all that together, I think, shows that the semicon market will be good. And at some point in time, that should be good for us as well.

Thank you, Anders. And now we go from Stockholm to London and Oliver Wong at Bank of America.

First question is on the semi mask writers. Just curious about what you guys are seeing in terms of demand from China, in terms of demand from the non-Chinese companies that may or may not be replacing -- either replacing their old machines or not doing anything or kind of upgrading with their existing machines from the incumbent supplier. Yes, just kind of curious what you're seeing there relative to maybe this time last year.

Yes. So China is a difference. So we saw at this time last year, we had a very strong and also had before that quite big demand from China from domestic mask manufacturers, which is less. We still have demand from China. So I think it has more maybe normalized. It was maybe more than normal in the past time. But we do see, at the same time, a pickup from the other people where everyone wants to position themselves very good. China -- and China still should be -- have a huge potential for mask writers because the domestic mask production in China compared to what is used, it's still quite low. So there's -- if China would go for 100% in China for China production on mask that would require a lot more machines than what you already have. And that's maybe a theoretical thinking.

But anyway, you can see that the potential is still there. Otherwise, we see potential everyone wants to make more capable masks and so on also in more places. So we have we could see all the new factories building up, and the mass production facilities is most likely to happen in the neighborhood of those. So that compensates for the peak in China that we had, hopefully.

So it sounds like it's kind of more new fabs where they're kind of buying new equipment and they're going with you, versus kind of existing fabs where they're replacing old machines.

Yes, I think that will be a mix because I think existing fabs will also be upgraded, both capacity and capability. So that's going on, and we've seen that. So that's absolutely.

And then in terms of margins for next year, I was wondering if you could just talk through kind of the big moving parts, just to give us a sense of how to expect margins to trend next year?

We typically don't really guide on margins. We have -- what we have issued is that we expect everything we own to be double-digit EBIT margin. This is a base expectation on all divisions we have and all the business lines that we have. And then as a group, we should be consistently above 20%, which we have been now for some time. And then on the Pattern Generators, I think is -- you can make the estimates by looking at the backlog and the aftermarket. And then here, we will continue to invest in R&D slightly above the level we have done this year. So I think that gives you a little bit of guidance on where we will end.

Thank you, Oliver. And now we go back to Fredrik Lithell at Handelsbanken to see if you have any further questions.

Thank you very much. Pierre, in your prepared remarks, you talked about the aftermarket revenue and elaborated a little bit on that. You said you had a few more upgrades in 2024, for example, than you did have towards the end of this year. Can you put some more color on this? Can you sort of give us a range of what value we talk about and how much it came down? Is it software? Or is it -- what's in that would be interesting.

It's software upgrades and it can be laser upgrades as well in that. And as you see, we were a notch below the same quarter last year. So I still had to explain why we, for the first time in 5 years, could not continue to grow really. It's not a game-changing amount that differs on this.

Okay. That's perfect. Another question is the -- I mean, you have quite distinct FX headwinds right now and your position on the Prexision side being the only vendor, do you update your price plans every year? Or do you intend to update your prices and compensate for FX?

Basically, the pricing for the Prexision, it's a dollar market. It's a dollar baseline. Of course, when we deliver a new machine, new features that comes in at a different level. It's very hard to say, okay, now the dollar went down 20%, we need to increase the price in dollars with 20% that would distort the competitive landscape among our customers, given our strong position.

Thank you, Fredrik. And now we go to SEB and Ina Djupsund to see if you have any further questions.

I have one kind of high-level question. So which division do you expect to contribute most to growth in 2026? And where do you see kind of tough comparison going into next year?

I think in general, I think we are -- you have seen the development in Global Technologies, and I think you can see also the backlog and the order intake in relation to the sales. So it's quite natural to believe that this will continue to contribute. And as Pierre said, the margins are also good in this division now. So that will be a good contribution. I think we'll still have a headwind on the market for PCB assembly systems for a while that even though the show in Munich last year had generated a lot of leads, but there's also a lot of hope in the market. So I think this will still be a struggle a little bit for us. Do you want to comment more on that?

I think we see -- we do expect also High Volume to perform very well going into -- we see very high interest from various markets in the products, and we start to get some maturity also outside China in what we do. So I think those 2 divisions are probably the main growth engines for this year.

And on the Pattern Generators, you can see they have the backlog described, and that's going normally according to plan. We have had changes in deliveries, but they have all been driven by customer demand, a little bit, but no significant difference, and nothing that is moving out of the year. And as Pierre said, this will be a year of investing really in the final part of this new product program that we are launching. And there, you see we will start the year strong. You see the deliveries in the first half of the year. So it will be a strong start. And should there be some semicon equipment coming in towards the back end, that will also be supportive to pattern generators.

Thank you, Ina. And now we move over to ABG Sundal Collier. And Henrik, do you have any further questions, Henrik? I think all my questions have been answered. Thank you. Great. So then we move over to Anders Akerblom at Nordea to see if you have any further questions.

I always do. Just a final one on Global Technologies. I mean we've adjusted for acquisition-related costs, you've performed in the 2 most recent quarters at 30% margin level. And I know you don't like to guide on margins. I don't mean to put you on the spot, but you're saying that all divisions you want to have above 20% margin. I don't think one should interpret that as you expecting margins to trend down in GT from the current level into next year, particularly with the accretive contribution from Surfx. Is that a correct assessment?

Yes. I think you can look at the past quarters and take out the acquisition-related costs, and look into the future.

There was nothing in the last 2 quarters that contributed more positively than expected. So it kind of was normal, I would say.

Thank you, Anders. And now back to London again, and Oliver Wong, Bank of America. Do you have any further questions?

Yes. Maybe just a question on the new inspection tools. You shared a TAM projection. That's helpful. Maybe like roughly, if you could give a sense of what kind of market share do you think would be a good sort of achievable target for next year and kind of the years to come?

I think it's maybe a little bit early to talk. We will come with a much more detailed information closer to the launch. So I think we have that planned to the second half of this year. But we believe that this market looks very much similar to the SLX market for us, size, price, and so on market share. We do have very capable competitors here. So -- and we do have some benefits. So it's -- we don't really have a point of view that we can share right now on how much. But of course, we spend a lot of money in doing this, so we expect a good return, of course.

Thank you, Oliver. Well, with that, we have reached the end of today's presentation of Mycronic's Q4 report. Thank you very much for watching.