Earnings call transcript: Mycronic reports strong Q2 2025 with 35% sales boost

Mycronic AB announced its financial results for the second quarter of 2025, highlighting a robust performance with a 35% increase in net sales to SEK 2.02 billion. The company’s earnings before interest and taxes (EBIT) increased to SEK 568 million, reflecting a 27% margin. Despite a decline in order intake to SEK 1.3 billion, Mycronic maintains a strong backlog of SEK 4 billion. The company’s stock saw a slight decline, closing at SEK 200.8, down 0.93%. According to InvestingPro analysis, Mycronic maintains an impressive financial health score of 3.28 (rated as "GREAT"), with notably strong cash flows that sufficiently cover interest payments. The company holds more cash than debt on its balance sheet, demonstrating solid financial management.

Key Takeaways

• Net sales surged by 35% to SEK 2.02 billion.
• EBIT margin improved to 27%.
• Order intake decreased, but backlog remains strong at SEK 4 billion.
• Stock price decreased by 0.93% post-announcement.
• Strategic acquisitions and R&D investments continue.

Company Performance

Mycronic demonstrated significant growth in Q2 2025 with a 35% increase in net sales compared to the same period last year. The company’s EBIT rose substantially, indicating improved operational efficiency. Despite a reduction in order intake, the company holds a robust backlog, suggesting sustained future performance. Mycronic’s strategic acquisitions and ongoing R&D investments underscore its commitment to innovation and market expansion.

Financial Highlights

• Revenue: SEK 2.02 billion, up 35% YoY
• EBIT: SEK 568 million, 27% margin
• Order intake: SEK 1.3 billion, decreased from previous quarters
• Backlog: SEK 4 billion
• Net cash position: SEK 1.6 billion

Outlook & Guidance

Mycronic maintains its sales outlook of SEK 7.5 billion for 2024, indicating confidence in its growth trajectory. The company anticipates further expansion in its Pattern Generators division and continued investments in R&D. Strategic acquisitions, such as Surfex Technologies and Kovin, are expected to enhance Mycronic’s technological capabilities and market presence, particularly in the Korean market.

Executive Commentary

CEO Anders Lindqvist emphasized the company’s strong sales growth, stating, "We saw strong sales, an increase of 35% compared to the same quarter last year." CFO Pierre Bruchon highlighted the strategic importance of the Surfex Technologies acquisition, noting, "We think that the time has come where this can actually take off and be a meaningful player in the industry."

Risks and Challenges

• Declining order intake could impact future revenue streams.
• Market uncertainty in the U.S. due to tariffs poses a risk.
• Weakness in the European PCB market, despite slight improvements.
• Dependence on the Chinese market, which remains volatile.

Q&A

During the earnings call, analysts inquired about the lack of new Pattern Generators orders in Q2. Management assured that the pipeline remains normal. The strategic acquisitions of Surfex Technologies and Kovin were discussed, highlighting their potential to bolster Mycronic’s market position and technological offerings.

Full transcript - Mycronic publ AB (MYCR) Q2 2025:

Sven Chetkovich, Director Investor Relations, Mycronic AB: 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 CEO Anders Lindqvist and CFO Pierre Bruchon who will be presenting today. With that I hand over to Anders. Please go ahead and present Mycronic’s Q2 report.

Anders Lindqvist, CEO, Mycronic AB: Thank you. Thank you very much and thank you. Warm welcome everyone from me as well. Today we will of course present the quarter two results. In short, also go a little bit deeper in the different divisions. Pierre will talk about financials and also today Pierre will talk about sustainability. We will end with the question and answer session. As usual, in the material that is on the website, there’s also a market update that we will not present, but it’s there for everyone who wants to read that as well. With that, start with the presentation about the second quarter. We saw strong sales, an increase of 35% compared to the same quarter last year to a little bit more than SEK 2 billion. Also strong increase of EBIT up to SEK 568 million compared to SEK 348 million and the corresponding margin of 27%.

Very strong sales side, a decline on the order intake down to SEK 1.3 billion compared to a little bit more than SEK 2 billion. This is explained by the Pattern Generators where we had no system orders, coming back to that soon. The backlog is still very strong, even though reduced a little bit because of the less order intake and bigger sales. Now the backlog is a little bit more than SEK 4 billion. In the division Global Technologies, we have completed two acquisitions within the quarter. One is Robot (UK) and another one is Surfex Technologies. We’ll talk about this a bit more. Also very excitingly, we had a share split where the existing share was split by two. At the end of the period, or after the end of the period, actually we also signed an agreement to acquire Korean company Kovin.

A lot of activity in the second quarter. If we start with the Pattern Generators, almost half of the business in terms of revenue on this quarter, you could see that the market is still stable for both displays and the semiconductors. We had no orders for new system. The order intake that we recorded is only related to the aftermarket, which is on the other hand very strong. The order intake had a decline of 84% and was SEK 191 million. We delivered eight systems, which is quite a lot, and that resulted in a net sales increasing 50% up to almost SEK 1 billion and a strong gross margin of 69%. EBIT follows the sales up to SEK 537 million. Of course a decline in the order backlog because of the less orders, strong sales to SEK 2.3 billion. We have 19 systems in the backlog.

Still a very strong backlog. As said, we signed the agreement with the Korean company Kovin to acquire that after the end of the period. Still not closed. However, moving over to PCB Assembly Solutions, which is a new name by the way. It was formerly named High Flex and the name changed to this to better reflect what you actually do. It was a little bit confusing for our customers. Markets have been quite weak here, especially the European market has been weak. We saw some sign of improvement from a very low level. The U.S. market is very uncertain, mainly caused by tariffs that create some uncertainty on the willingness to invest. Quite flat order intake compared to last year. The small decline of 2% down to SEK 356 million and a decrease of net sales to SEK 328 million.

Margin 37%, a little bit less than the same quarter last year. EBIT 14%, which is 4% of sales. Backlog at the end of the quarter was SEK 133 million, which is a little bit on the low side. You can see High Volume here. We could see very strong demand, very healthy demand from the market, especially from China, the Chinese domestic market, but also good performance from outside China. We had an order intake up 7% to SEK 383 million, which is a very good number also. Sales also 40% up to SEK 443 million, so even a better number. The recently acquired business Modus contributed SEK 5 million to that sales, so not so much. Gross margin 38%. EBIT SEK 74 million. From Modus we had a loss or negative impact of -SEK 7 million.

Very strong backlog of SEK 915 million, so very good on that side as well. Strong performance in this division. Also very strong performance in Global Technologies. Here we had a lot of activity. We made two acquisitions. One is Robot (UK), a UK-based company that is having a technology for test for signal quality on PCB. This will be part of the PCB testing business. Another company called Surfex Technologies is doing atmospheric plasma solutions for surface treatment, both cleaning and removal of oxide, etc. That will form a separate business line. If we look on the existing business, the PCB testing business was very strong during the quarter and die bonding was a little bit less strong. Very much affected by the uncertainties between the U.S. and China tariff discussions. Very strong order increase of 95%, mainly attributed to the PCB testing business, up to SEK 402 million.

Also strong increase of sales, almost 60% up to SEK 323 million, and a small contribution from the recently acquired companies of SEK 23 million. EBIT up to SEK 11 million compared to -SEK 15 million. We had quite a big negative impact of the recently acquired businesses of minus 23. The underlying business performed about 10% in the quarter. Very strong backlog, more than SEK 700 million. Good performance and a lot of activities, of course, here in this division. We are coming to the outlook, where we have changed that slightly or rephrased that a little bit. That is because we had a very strong quarter in quarter two, we also have made some acquisitions, and as we only have six months to go for the year, we have less uncertainty for the remaining period.

We are coming back to the original outlook of having sales of SEK 7.5 billion by the end of the year. With that, I will hand over to Pierre to talk a little bit more about the financials. Thank you.

Pierre Bruchon, CFO, Mycronic AB: Thank you so much, Anders, and welcome from my side as well. Taking a look at this graphically as well, Dan, quarter by quarter we had a very strong revenue quarter with net sales above SEK 2 billion. For the third quarter in a row, we also had a good aftermarket quarter of SEK 465 million, although this is below what we had in the first and fourth quarter of last year. It is sequentially stronger than the same quarter of prior year. EBIT margin continued on a high level at 27% in the quarter. If we look at how that plays out on a 12-month basis, we can see that we passed for now the SEK 8 billion mark on a rolling 12 months basis and that we are also hitting a 30% EBIT margin. As Anders explained, the outlook for the year is SEK 7.5 billion.

We are not fully matching the quarter three and four of last year. Aftermarket continues to grow; we are approaching the SEK 2 billion mark. However, as a percent of sales, this is slightly declining and is now at 24%. If we look at quarter on quarter versus the same quarter last year, we had a good growth primarily in the Pattern Generators division, and this has a good volume impact for us. Looking at the result development at the same time, you can see that we continue to spend our efforts in the R&D, growing the cost base in R&D with SEK 60 million. Limited effect of the acquired companies here. On the marketing and sales side, we are basically on par.

You might remember from the Q1 that we were referring to especially high costs on certain trade fairs, which fell in quarter one this year rather than quarter two last year. This is one of the explanations for this. On the G&A side, we have a little bit higher costs on the acquired entities, and we continue to grow our global footprint. This is also an explanation. On other, we have negative exchange rate effects mainly playing a role, but ending on a strong SEK 568 million for the quarter. If we look at it, if we slice it in the other dimension, we see that very high improvement in the Pattern Generators, which stands for the majority of the profit generation in Mycronic at the moment.

On the PCB Assembly Solutions, we were close to par with last year despite a tricky market situation and some negative influence on exchange rate that hits particularly hard on this division. High Volume continued improvement, building on the continuous improvement that we also started in the first quarter. Global Technologies, despite negative impact from the newly acquired companies, delivered a strong improvement on last year. On the Group Functions side, this is a reflection of largely the FX impact but also some costs of the recently made acquisitions that has had an impact in the quarter ending as well. On the SEK 568 million or 27% cash flow with a strong result, it’s clearly a strong contribution from the operations. Part of that, however, is already prepaid mainly in the Pattern Generators side.

Looking at it this way, it comes as a plus in the operations and a negative in the working capital. We also have a somewhat higher inventory than we had a year ago and this has an impact so that the cash flow from operations as a whole is SEK 668 million versus above SEK 1 billion a year ago. On the investing activity side, we have been much more active than before and acquired three companies. This accounts for a little bit more than SEK 900 million. On the financing side, we had now in the second quarter also the dividends which were including an extra dividend and added up to SEK 734 million. The total cash position is still solid. We have a net cash position of SEK 1.6 billion and the cash at the end of the period of SEK 1.8 billion.

In addition to that, we still have the two facilities of revolving credit facilities of SEK 2 billion in total. One of them was renewed during the second quarter and we also added a link to sustainability and to our science-based targets which will give us a small extra discount on the interests if we are able to fulfill the targets we have committed to. With that, I hand the word back to Sven.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Pierre. Thank you, Anders. We are moving over to our Q&A session and we will start with DNB Carnegie and Michael Lacienne. Mikael, please go ahead and ask your questions.

All right. Hope you can hear me. Good morning. I have a question on the photomask side. You mentioned that photomask markets were stable for both displays and semiconductors in Q2, but the Pattern Generators segment received no new orders in the quarter. Can you elaborate on the dynamics behind this disconnect and what you see ahead?

Anders Lindqvist, CEO, Mycronic AB: Yes, I think a quarter is on. The Pattern Generators business is a very short time. It has to be seen on a much longer period, even up maybe to 12 months or something like that, to really see a connection or not. We can see in the pipeline it is very similar to as usual. Also, discussion with customers are very similar as usual. I think it’s also possible to look on the photomask manufacturers’ reports, which are reporting a kind of a flat or a stable, stable market from their side as well. We haven’t seen any radical dip or any steep increase on that side. The technology trends are still there as well. From that side, no change really.

Okay, you don’t hear any changes or hesitation due to tariffs and allocation of production facilities over time as the customers are thinking about that and maybe hesitating a bit?

No, not really. I think the customers are more strategic in where they invest and so on. Almost all customers have global operations and can manage this without any larger problems.

Okay, good to hear. Another question here. On the Surfex Technologies acquisition, it was a high price tag on that one, $88 million upfront. Can you elaborate on the strategic rationale and business case for Surfex Technologies? Also, what gives you confidence in value creation given the price tag?

Pierre Bruchon, CFO, Mycronic AB: Yes, Surfex Technologies is a company where we have had minority investments in since a number of years. We have seen that they have a very interesting and relevant technology for the electronics industry where you have an atmospheric plasma that can treat surfaces and remove oxides. It’s been a bit of technology that has been searching its sweet spots for some time. There are many, several possibilities in that space. We think that the time has come where this can actually take off and be a meaningful player in the industry for thermal compression bonding, where the finer pitches may make it, or looks to make it difficult to use the traditional methods of flux and formic acid to clean the surfaces prior to bonding. This is one area where this takes off. There are also many other opportunities in the semiconductor industry.

Plasma solutions is a very commonly used application in the semiconductor industry, often in vacuum, which is much more complicated and expensive, but proven since long time. We think that this is a really, really, really good technology for the future.

Okay, so what are your expectations for this company’s top line growth and margin over a few quarters ahead? Can you remind us of the starting point where they are right now?

The starting point is that we are projecting a turnover of at least SEK 25 million this year. Given the price tag, as you say, we foresee rather rapid growth. Without disclosing the exact business case here, this is implied in the valuation. Yes.

Okay, thanks. I’ll get back in line.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Mikael. With that, we move over to Handelsbanken and Friedrich Littell.

Okay, thank you for taking my questions as well. I can sort of continue on Mikael’s question. On Surfex Technologies you had the minority investment since before. Did you have an option? It was really up to you to decide when you wanted to take a bigger step into this company, or was this something that the owners came to you and asked now if you want to participate in a bigger way. How was this triggered?

Pierre Bruchon, CFO, Mycronic AB: We are of course having a bit of an advantage having a relation to Surfex Technologies. Historically, we have also delivered certain solutions for automation from our High Volume division in certain ways. When this came up as an opportunity in the dialogue, we made a business case out of it and could realize this as a one to one process.

Okay, all right, thank you.

Another question on Global Technologies from my side is, you had on an organic level, you had a very good order intake. Can you specify a little bit where that comes from? What are the pieces of that coming up to the order intake?

I think it’s in particular in our PCB testing business line where we have been very successful with certain solutions on the high end PCB, which is used where the end demand is driven by AI and data centers.

Okay, and a final question from my side, I just wondered on PCB Assembly Solutions, has that unit moved now to the new facilities, or is that still to come in Q3?

Anders Lindqvist, CEO, Mycronic AB: That’s actually in Q4. They move Q4. Yeah, that will happen to Chista, I think November or October, but a little bit later this year according to plan.

According to plan. Will there be any sort of costs associated with that we should take into consideration?

Pierre Bruchon, CFO, Mycronic AB: It will not be meaningful on group level, but there is a few single-digit million SEK already in the year-to-date results for that move. On the group level it will not be meaningful.

Okay, thank you. I get back in line. Thank you.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Frederic. Now we will move over to Seb and Ina. Yupsund.

Hi and thanks for taking my questions as well. Also a question on M&A. You announced that you did some M&A within the Pattern Generators here last week. Could you talk a little bit about the kind of opportunity you see here and the business rationality?

Pierre Bruchon, CFO, Mycronic AB: Kovin is a company which is active in the repair of photomasks and the repair of panels, as well as it’s been a company also developing some new solutions in this inspection and repair space that could potentially also reach a little bit further than that into at least the back end semicon side, which we find very relevant. We think it’s a really good fit with our Pattern Generators division. It will also give us a good footprint in Korea, which is one of the most important markets for Pattern Generators. We think it’s a really good fit. It’s not been a massively successful company the last few years, but we see really good opportunities in linking this with our existing business.

We’re seeing quite good growth in R&D on a quarterly basis as well. Can we expect this to continue for the rest of 2025? Is this kind of R&D growth related to this M&A that you did within the Pattern Generators?

It may be slightly connected. I think we have reached now a level where we, which you will see for the coming quarters, not maybe escalating further but still ramping on this high level. This is one area where we see opportunities, but there are also more areas.

Okay.

I think it’s good for me. I get back in line.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Ina. Now we move over to Nordea and Andersoke Blum.

Thank you, Sam. I guess all the good questions have been taken. On Kovin, it would be interesting to hear. I mean, firstly, could you explain the weakness that you mentioned the past two years, what that is due to, and kind of expectations for that going forward.

Pierre Bruchon, CFO, Mycronic AB: It’s a company which has been supplying to the display panel industry, and the investment in this part of the industry is fluctuating even more than in the photomask side, with a limited number of customers. This has been a bit volatile.

Will it increase the inherent volatility in Pattern Generators?

It will in relation to the total Pattern Generators division as we have projected or we have disclosed that this year will be around $10 million U.S. This will not have a material impact on the size of the Pattern Generators.

Anders Lindqvist, CEO, Mycronic AB: The division, as per said, had a very limited customer base. That is one of the larger synergies with the PD division, that we have access to more or less every company or every customer that is target for these kind of technologies.

Interesting. On High Flex or PCB Assembly Solutions now, you reported quite healthy order growth after seemingly a very weak Q1. You mentioned that was due more to Europe. If we draw out the tangent a bit, do you expect this to persist in the coming quarters or was it a sort of one-off effect in Q2 in terms of some type of recovery in the EMS market?

Pierre Bruchon, CFO, Mycronic AB: This division is probably the one which is most difficult to predict in this present landscape. We had a strong, in particular actually, ending of the quarter. Will this continue? It’s really hard to say.

Okay, I think that’s my questions for now at least. Thank you. I’ll get back in line.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Anders. We move back to DNB Carnegie and Mikael Lacienne again.

Okay, thanks. I have a couple of clarifications. Maybe you mentioned that you had negative EBIT impact of SEK 23 million. I think it was in Global Technologies.

Pierre Bruchon, CFO, Mycronic AB: In Global Technologies, yes.

Can you break down this and explain why you had this cost? Was it acquisition related, transactional cost, or operational?

It’s actually both. We had in two of the three acquisitions low net sales in the quarter, which then gave an operationally negative result. We had on top of that certain acquisition-related costs that will, of course, affect us also going forward, partly for the transactions as such. It is a mix, and we don’t publish a breakdown in full of that. What we have said is that as part of the structure of the Surfex Technologies acquisition, there is a founder and employee stay-on related incentive that will mean that we will actually be slightly below zero for this year in terms of EBIT impact, but we expect it to be supportive to EBIT as from next year onwards.

Okay, that was actually my second question, and maybe in connection to that, what type of margin should we expect for Surfex Technologies? I guess given the price tag, that it must be a very profitable business, and given also that they seem to have a niche position and a unique technology.

It is a healthy, profitable business as such. Yes, it will of course depend a bit on how quickly we are able to generate revenue in this business, but it’s a highly profitable business. Yes.

It must be well above the Global Technologies segment margin level that they have right now.

Yes, that’s correct.

Okay, but not this year. It will come next year. Okay, just to be clear and maybe a follow up on the Pattern Generators segment, you didn’t report any orders this quarter. It’s not that unusual. It happens from time to time. How should I think about the demand trends and order possibilities in the second half? Just to be clear here, I saw also that you have posted new market data in the Q2 report. Anything there that we can focus on?

Anders Lindqvist, CEO, Mycronic AB: Yes, I think we don’t expect, we don’t see. I think as you said, we had many times before also quarter and even more without orders, and I think we are in the similar situation now. There’s nothing we can see, a change in the market that has generated this, and we do believe that we will get orders in the coming quarters, if it’s next quarter or next. Next quarter, of course, that’s as usual a little bit difficult to predict the timing of that. The pipeline is normal, I would say, and also the amount of discussions are normal. Things move back and forth all the time when it comes to negotiations and timing and all of that. No change in that climate, I would say. Difficult to translate that into when will what happen.

Okay, yeah, fair enough. Thanks.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Mika. Back now to Sven Chetkovich and Pierre Bruchon.

Yes, thank you. I just wanted to touch a little bit on High Volume that has sort of come back a little bit in momentum. Can you describe a little bit more the dynamics and developments and maybe on sort of customer segment if you, I mean one, the bigger ones are the handset vendors and how they are acting and what you expect from them. Give a better color on the trends there.

Anders Lindqvist, CEO, Mycronic AB: China has been, as you have seen in the past, very, very, very low, especially on the consumer electronics. That has been very much because of no really new news on the product side on that side. Very much of the sales process from High Volume into the consumer electronics segment is product development from our customers, new innovation, new models and so on. We are in a time where a lot of both Chinese local manufacturers launch new models, but also globally a lot of that. I think that market is so competitive, so the ability to win in the consumer electronics is really by innovation. We are in such trend again and it’s visible in China. China, being the largest market for consumer electronics, we see this swing coming very good and we have a very good position. We have the number one.

We are the largest manufacturer and largest. We have the number one market share position. Of course, we get quite a lot of that when the market changes. We also have seen good development outside of China. I would say that in the past we referred a little bit more to electrical vehicle than usual. I think now we see more contribution from consumer electronics.

Okay, thank you.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Fredrik. Back to SEB and Inajpsund.

Yes, question on aftermarket slightly down sequentially here. Is this related to any specific division? Can you talk a little about the growth drivers for aftermarket going forward?

Pierre Bruchon, CFO, Mycronic AB: If we compare this quarter with Q4 and Q1 of the closest preceding quarters, there was less of upgrades and these kind of things in the Pattern Generators division, and thereby the absolute number is lower. However, the underlying contractual business is continuing to increase, and we are also having some headwind on currencies here as we are consolidating SEK, which is stronger now than before, but continued good development on the contract side. This upgrade that comes a little bit certain quarters and certain quarters less.

How big of a share of the kind of SLX installed base would you still say is kind of missing this service contract?

I mean, all the ones that have run out of the warranty period, they have gone into service contracts. There is no change in business model.

Anders Lindqvist, CEO, Mycronic AB: Everything delivered within the last year should not be in the service contract because of that.

I guess a kind of a follow up on the capacity expansion you’re doing later this year. What can we kind of expect in terms of cost and orders for Pattern Generators and PCB Assembly Solutions? Will there be, should we expect some kind of impact?

Pierre Bruchon, CFO, Mycronic AB: I say also here that on group level it’s not a material cost increase that we will have on group level for this. However, it will enable us to continue to grow in both the PCB Assembly Solutions as well as in the Pattern Generators to a level where we couldn’t have grown much more than before today. This opens up good opportunities for us for the future.

Okay, thank you.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Ina. Now over to Nordea and Andersoke Blum.

Thank you, Sam. I just wanted to follow up also on Pattern Generators and sort of the demand dynamics. Perhaps we’ve gotten a bit spoiled with seeing orders in most recent years. All else equal, the last time you didn’t receive an order was, I think, Q1 2022 in a quarter in any case. Sometimes since that was the case, you’re not seeing some type of pent up demand based on your phrasing, I presume. A second part of that question is, if we look at what some of the display manufacturers are doing currently, LG, for example, announced their largest sort of investment in South Korea in several years for OLED productions and $500 million. When does that come through for you guys, generally speaking, and would be interesting to hear on your expectations for such investments.

Anders Lindqvist, CEO, Mycronic AB: I think that link and timing is very difficult to make, but I think long term, you need to see it as those investments support the long-term trend. Also, the projection that we have, and you can see that in the material, is that there is a growth forecasted in this industry and that growth will be beneficial for us. It’s both in technology and in panel size, of course. In total or maximum size? In total. I think still we have a lot to do on the AMOLED side. Also, we could see that panels are also getting more advanced and not only that they are having different shapes. Every foldable and so on requires AMOLED, of course, but also you see much more devices in the panels like cameras and sensors and stuff like that. There’s still happening a lot in that one.

I think the announcements from LG and their peers are just supporting that trend. We are not able to translate that into equipment sales except for that we believe it’s a good market going forward.

No, makes sense, makes sense. Thank you again.

Sven Chetkovich, Director Investor Relations, Mycronic AB: Thank you, Anders. Now I would like to leave the floor open. If anybody has an additional question, please go ahead and ask it. Okay, seems everybody’s happy. It’s Mikael. Mikael has a question.

Just a quick one here. Did you have any FX-related revaluation effects in the P&L in the quarter due to working capital revaluation? Maybe.

Pierre Bruchon, CFO, Mycronic AB: We have continuously revaluation in particular outstanding receivables that we have. This has an impact on group level and it has an impact on divisional level maybe mostly. You see a little bit lower gross margin in the PCB Assembly Solutions division where we have a cost base, or the PCBA division, I should say now, where we have a cost base in Swedish krona and we have revenues coming in in different currencies.

Okay. Nothing on group level evaluation of inventories and receivables.

Maybe we had a bit on certain intercompany transactions in the company loans, which are reported on the corporate level as well, as mentioned there. That’s low double-digit million SEK in the quarter.

Okay, got it. Thanks.

Sven Chetkovich, Director Investor Relations, Mycronic AB: With that, we have reached the end of today’s presentation of Mycronic AB’s Q2 report. Thank you very much for attending.

Pierre Bruchon, CFO, Mycronic AB: Thank you, thank you.

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