Customer concentration and volume volatility
A few large customers and project-based shipments can materially move sales.
- Scope
- Largest 15 customers represented 49% of sales; no single customer above ~8%
- Materiality
- high
NOTE
NOTE is a Swedish electronics manufacturing services company that produces printed circuit board assemblies, subassemblies and box-build products for industrial customers. The group operates a decentralized network of factories in Sweden, Finland, the UK, Estonia, Bulgaria and China, and serves customers across Europe and other international markets.
−50,8 %
−68,4 %
−20,7 %
1.03
1.03
| % | |
|---|---|
| PCBA and electronics assembly | 45% Manufacture of printed circuit board assemblies and related electronic builds. |
| Subassemblies | 20% Assembly of intermediate electronic modules used in larger systems. |
| Box build and complete products | 20% Final assembly of complete electronic products and enclosures. |
| Engineering and lifecycle services | 10% Design support, prototyping, test equipment and after-sales support. |
| Logistics and supply-chain services | 5% Customer-specific logistics, sourcing and material flow management. |
NOTE sells mainly to large industrial and technology customers that outsource electronics production and want a...
- Industrialprimary
Automation, control, infrastructure, energy and construction technology customers buying outsourced electronics production.
- Security & Defenceprimary
Defence and security customers buying high-reliability electronics and related assemblies.
- Communicationsecondary
Network, antenna and IoT customers buying electronics tied to telecom and connectivity equipment.
- Medtechsecondary
Medical technology customers buying electronics for diagnostics, treatment and X-ray systems.
- Greentechsecondary
Customers in the green technology transition, including EV-related electronics buyers.
NOTE’s manufacturing footprint is concentrated in Western Europe and the Rest of World, with factories in Sweden,...
- •Factories in Sweden, Finland and the UK serve Western Europe customers
- •Estonia, Bulgaria and China support near-market production for global clients
- •Production is positioned close to end markets and industrial clusters
- •Authoritative Q1 2026 revenue-by-geography: North America 100%
- •Geographic footprint helps manage delivery times, costs and currency exposure
NOTE’s strategy centers on long-term customer relationships, high-mix electronics manufacturing and close-to-customer...
01
Integrate and scale the defence platformshort-term
The STI acquisition broadens NOTE’s defence capabilities and customer base.
02
Grow in high-mix industrial and technology nichesmedium-term
These segments value flexibility, technical competence and delivery precision.
03
Maintain close-to-customer manufacturinglong-term
Local production supports lead times, supply-chain resilience and customer retention.
NOTE is exposed to demand swings in customer end markets, especially in communication, medtech and EV-linked greentech...
End-market demand weakness in communication and EV-related greentech
Delayed 5G investments and customer production cuts reduce order flow.
- Scope
- Communication and Greentech segments
- Materiality
- high
Working-capital and liquidity risk
EMS operations require inventory, receivables and supplier financing.
- Scope
- Inventory-heavy manufacturing and customer payment cycles
- Materiality
- high
Acquisition integration risk
New sites and customers must be integrated into NOTE’s operating model.
- Scope
- STI acquisition and defence expansion
- Materiality
- high
Geopolitical and supply-chain disruption
Multi-country manufacturing and global sourcing expose the group to disruption.
- Scope
- China, UK, Bulgaria, Estonia and cross-border supply chains
- Materiality
- medium
IFRS revenue recognition
Affects quarterly sales timing and comparability across segments
Goodwill impairment
Could materially affect equity and reported earnings if assumptions weaken
Customer relationship intangibles
Impacts reported margins after acquisitions
IFRS 16
Lease accounting under IFRS 16
Affects leverage, depreciation, interest expense and cash flow presentation
Working-capital seasonality
Can cause large swings in operating cash flow
: 11/08/2026