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NOTE (NOTE) investor relations material

NOTE M&A announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A announcement summary20 Mar, 2026

Deal rationale and strategic fit

  • Acquisition of STI expands presence in the defence segment, enhancing capabilities in advanced electronic solutions for air, land, cyber, and marine domains.

  • Strengthens position as a leading EMS partner in the UK, complementing existing operations and supporting long-term sustainable growth.

  • Provides a platform to accelerate growth and broaden offerings in the UK and international defence industries.

Financial terms and conditions

  • Purchase price is GBP 72.5 million on a cash and debt-free basis, with an adjusted EV/EBITDA multiple of approximately 10x.

  • Acquisition financed through SEK 900 million in credit facilities, SEK 400 million due within 12 months.

Synergies and expected cost savings

  • Acquisition expected to create significant growth opportunities through combined technological capabilities and customer relationships.

Explain the repayment plan for the SEK 400m debt
Detail drivers for the 2026 margin expansion
Reconcile STI's 2026 revenue with NOTE's outlook
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