===== SIDA 1 =====

1
NOLATO AB THREE-MONTH INTERIM REPORT 2025
JANUARY-MARCH
Strengthened earnings and 
substantial margin increase
INTERIM REPORT 2025
FIRST QUARTER OF 2025 IN BRIEF
  Sales totaled SEK 2,453 million (2,442)
  Operating profit (EBITA) increased to SEK 271 million (238)
  EBITA margin of 11.0% (9.7)
  Profit after tax was SEK 199 million (162)
  Earnings per share, basic and diluted, rose to SEK 0.74 (0.60)
  Cash flow from operating activities amounted to SEK 135 million (136)
  Net financial liabilities in relation to adjusted operating profit (EBITDA) were 0.5x

===== SIDA 2 =====

2
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Comments from the CEO
Gratifyingly, our EBITA margin increased by as much as 1.3 percentage points to 11.0% in 
relation to the comparative quarter. Fundamentally, we have a tried-and-tested business 
model and it is positive that our strategic price adjustments, cost adjustments and focused 
efforts throughout the supply chain are bearing fruit. The Group’s net sales, adjusted for 
currency, decreased by 1% in the first quarter.
In the Medical Solutions business area, sales increased by 2% adjusted for currency in the 
quarter, now accounting for 57% of the Group’s revenues. We will continue our profitable 
growth journey with innovation and sustainability in focus – a strategy that is validated by 
us having won significant customer contracts. These factors contributed to an increase in 
the EBITA margin of a strong 1.9 percentage points to 12.2%.
In the Engineered Solutions business area, sales adjusted for currency decreased by 3%; 
as expected, this was driven by reduced volumes in the Automotive market area. Materials 
increased organic sales by a full 12%. This was thanks to a strong performance for new prod-
ucts and technological areas in Automotive, as well as support from a recovery in Telecom. A favorable product mix and cost 
adjustments, particularly in the Chinese operations, helped strengthen the EBITA margin by 0.6 percentage points to 10.1%.
Cash flow from operating activities was in line with the previous year, despite an increased working capital requirement at the 
end of the quarter. Net financial liabilities in relation to adjusted operating profit (EBITDA) amounted to 0.5x, and thus remained 
low. After the end of the quarter, fears of a global trade war have increased significantly. It is currently difficult to predict how 
events will unfold, even though Nolato is not impacted by any significant direct effects. We have production and deliveries at 
several locations both inside and outside new tariff areas, and can thus support and assist our customers with finding the best 
solutions.
At our Capital Markets Day in March, which can be viewed on our IR pages, the Board of Directors set new financial targets. 
Annual organic growth is to exceed 8%, EBITA margin is to exceed 12% and return on capital employed is to exceed 15%. All over 
a business cycle.
Our flexibility, global production capacity and close customer relationships, together with a strong financial position, enable us 
to invest in both new customer projects and bolt-on acquisitions. The foundation has been laid for increasingly profitable growth 
over time.
Christer Wahlquist, President and
CEO, Nolato AB
See definitions of IFRS measures and alternative performance measures on page 17.
This document is a translation from Swedish. In the event of any difference between this version and the Swedish original, the latter 
shall prevail.
Group highlights
Q1 Q1 Full year
SEK million unless otherwise specified Note 2025 2024 R12M 2024
Net sales 1 2,453 2,442 9,675 9,664
Operating profit (EBITDA) 401 374 1,543 1,516
Operating profit (EBITA) 271 238 991 958
EBITA margin, % 11.0 9.7 10.2 9.9
Operating profit (EBIT) 2 260 227 946 913
Profit after financial income and expense 2 252 209 891 848
Profit after tax 199 162 695 658
Earnings per share, basic and diluted, SEK 3 0.74 0.60 2.58 2.44
Cash flow from operating activities 135 136 1,376 1,377
Net investments affecting cash flow, excl. acquisitions and disposals 271 230 677 636
Financial net debt in relation to adjusted operating profit EBITDA, times 0.5 0.4
Return on capital employed, % 12.7 9.5 12.7 12.3
Return on shareholders’ equity, % 12.7 8.5 12.7 12.2
Equity/assets ratio, % 59 57 59 59
Net financial liabilities, excluding pension & lease liabilities 757 1,026 757 671

===== SIDA 3 =====

3
NOLATO AB THREE-MONTH INTERIM REPORT 2025
First quarter 2025
• Consolidated sales totaled SEK 2,453 million (2,442) which, 
adjusted for currency, was a decrease of 1%
• Growth for Medical Solutions, while sales were lower for  
Engineered Solutions
• Operating profit (EBITA) increased sharply to SEK 271 million 
(238)
• EBITA margin increased to 11.0% (9.7), mainly thanks to a strong 
performance for Medical Solutions
Sales
Consolidated sales totaled SEK 2,453 million (2,442); a 1% decrease, 
adjusted for currency.
Medical Solutions sales amounted to SEK 1,397 million (1,355); 
adjusted for currency, sales increased by 2%. Most market areas 
experienced stable volumes. The Drug Delivery market area con-
tinued to grow on the back of increasing volumes for insulin pumps, 
for example. After a protracted period of inventory adjustments 
for Surgery, volumes stabilized from low levels. However, in vitro 
diagnostics (IVD) exhibited lower volumes in the quarter. During the 
quarter, an operating property was acquired in Poland in connection 
with existing operations, to create opportunities for future expansion 
in Europe.
Engineered Solutions sales totaled SEK 1,058 million (1,087). Adjust-
ed for currency, this was a decrease of 3%. As expected, volumes in 
the Automotive market area decreased. Production volumes in the 
area have generally been adjusted downwards and the quarter also 
contained closed delivery days in some cases. Other markets had 
stable volumes.
Volumes for Materials sharply increased year on year, with a full 12% 
rise in sales, adjusted for currency. Good leverage for new products 
and areas of technology in Automotive and new product areas is 
resulting in increased market share and strong growth. Compared 
with low volumes for network equipment in telecom in the first half 
of 2024, levels increased during the quarter, which also made a 
positive contribution.
Strong margin improvement of 1.3  
percentage points
Sales SEKm
Business areas’ share of
sales
Medical 
Solutions 
57% (55) 
Engineered 
Solutions 
43% (45) 
Sales by geographic
markets
2,340
2,360
2,380
2,400
2,420
2,440
2,460
2024 2024 2024 2024 2025
Q 1Q 2Q 3Q 4Q 1
Sweden 
12% (13) 
Hungary 
13% (13) 
Other 
Europe 
34% (35) 
Asia 
9% (9) 
USA 
28% (25) 
Other North 
America 
2% (3) 
Rest of 
World 
2% (2)

===== SIDA 4 =====

4
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Profit
The Group’s operating profit (EBITA) rose to SEK 271 million (238).
Operating profit (EBITA) increased to SEK 171 million (140) for Medi-
cal Solutions and to SEK 107 million (103) for Engineered Solutions.
The EBITA margin for Medical Solutions rose by as much as 1.9 per-
centage points to 12.2% (10.3). The business area’s focus on profit-
ability has led to a sharp increase in the margin. A margin improve-
ment has been possible in the US operations in particular, through 
cost adjustments and focused work throughout the supply chain.
For Engineered Solutions, the margin rose to 10.1% (9.5). A favorable 
product mix and cost adjustments, particularly in the Chinese busi-
ness, had a positive impact on the margin.
Overall, the Group’s EBITA margin increased by a full 1.3 percentage 
points to 11.0% (9.7).
Operating profit (EBIT) grew to SEK 260 million (227). 
Profit after net financial income/expense was SEK 252 million (209).
Profit after tax was SEK 199 million (162). Earnings per share, basic 
and diluted, rose to SEK 0.74 (0.60). The effective tax rate was 
21.0% (22.5).
Return on capital employed rose to 12.7% for the last 12 months 
(12.3 for the 2024 calendar year). Return on equity rose to 12.7% for 
the last 12 months (12.2 for the 2024 calendar year).
Operating profit (EBITA): Earnings before financial income and expense, taxes and amortization of intangible assets arising from acquisitions.
Operating profit (EBITA) SEKm
EBITA margin
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
Business areas’ share of operating
profit (EBITA)
Medical 
Solutions
62% (58)
Engineered 
Solutions
38% (42)
Earnings per share SEK
Sales, operating profit (EBITA) and EBITA margin by business area
Sales Sales EBITA EBITA EBITA marg. EBITA marg.
SEK million Q1/2025 Q1/2024 Q1/2025 Q1/2024 Q1/2025 Q1/2024
Medical Solutions 1,397 1,355 171 140 12.2% 10.3%
Engineered Solutions 1,058 1,087 107 103 10.1% 9.5%
Intra-Gr. adjustm., Parent Co. -2 — -7 -5
Group total 2,453 2,442 271 238 11.0% 9.7%
210
220
230
240
250
260
270
280
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
2024 2024 2024 2024 2025
Q 1Q 2Q 3Q 4Q 1

===== SIDA 5 =====

5
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Medical Solutions sales amounted to SEK 1,397 million (1,355); 
adjusted for currency, sales increased by 2%. Most market areas 
experienced stable volumes. The Drug Delivery market area con-
tinued to grow on the back of increasing volumes for insulin pumps, 
for example. After a protracted period of inventory adjustments for 
Surgery, volumes stabilized from low levels. However, in vitro diag-
nostics (IVD) exhibited lower volumes in the quarter.
During the quarter, an operating property was acquired in Poland 
in connection with existing operations, to create opportunities for 
future expansion in Europe.
Operating profit (EBITA) for Medical Solutions rose to SEK 171 million 
(140).
The EBITA margin for Medical Solutions was 12.2% (10.3). The busi-
ness area’s focus on profitability has led to a sharp increase in the 
margin, of 1.9 percentage points. A margin improvement has been 
possible in the US operations in particular, through cost adjustments 
and focused work throughout the supply chain.
Sales for the last twelve months increased to SEK 5,476 million, 
compared with SEK 5,434 million for the 2024 calendar year. EBITA 
margin for the last 12 months increased to 11.3% compared with 
10.8% for the 2024 calendar year.
Medical Solutions - Sales SEKm
Medical Solutions - EBITA SEKm &
EBITA margin %
Medical Solutions - Sales
by market areas
Medical Solutions - Sales and profit
Q1 Q1
SEK million 2025 2024
Sales 1,397 1,355
Operating profit (EBITA) 171 140
EBITA margin (%) 12.2% 10.3%
Operating profit (EBIT) 163 132
1,330
1,340
1,350
1,360
1,370
1,380
1,390
1,400
1,410
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
9.0
9.5
10.0
10.5
11.0
11.5
12.0
12.5
0
20
40
60
80
100
120
140
160
180
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
Endoscopy & 
general surgery
22% (21)
Drug delivery
16% (14)
In vitro 
diagnostics
16% (18)
Continence care
13% (12)
Pharmaceutical 
packaging
12% (13)
Cardiology
6% (7)
Other
15% (15)

===== SIDA 6 =====

6
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Engineered Solutions sales totaled SEK 1,058 million (1,087). Adjust-
ed for currency, this was a decrease of 3%. As expected, volumes in 
the Automotive market area decreased. Production volumes in the 
area have generally been adjusted downwards and the quarter also 
contained closed delivery days in some cases. Other markets had 
stable volumes.
Volumes in Materials sharply increased year on year, with a full 12% 
rise in sales, adjusted for currency. Good leverage for new products 
and areas of technology in Automotive and new product areas is 
resulting in increased market share and strong growth. Compared 
with low volumes for network equipment in telecom in the first half 
of 2024, these increased during the quarter, which also made a 
positive contribution.
Operating profit (EBITA) for Engineered Solutions was SEK 107 mil-
lion (103).
The EBITA margin for Engineered Solutions rose to 10.1% (9.5). A 
favorable product mix and cost adjustments, particularly in the Chi-
nese business, had a positive impact on the margin.
Sales for the last twelve months amounted to SEK 4,214 million, 
compared with SEK 4,243 million for the 2024 calendar year. EBITA 
margin for the last 12 months increased to 9.8% compared with 9.6% 
for the 2024 calendar year.
Engineered Solutions - Sales SEKm
Engineered Solutions - EBITA SEKm &
EBITA margin %
Engineered Solutions - Sales
by market areas
Engineered Solutions - Sales and profit
Q1 Q1
SEK million 2025 2024
Sales 1,058 1,087
Operating profit (EBITA) 107 103
EBITA margin (%) 10.1% 9.5%
Operating profit (EBIT) 104 100
900
920
940
960
980
1,000
1,020
1,040
1,060
1,080
1,100
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
8.6
8.8
9.0
9.2
9.4
9.6
9.8
10.0
10.2
85
90
95
100
105
110
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
Automotive
23% (26)
Materials
18% (16)
Hygiene
15% (14)
Consumer 
electronics
7% (6)
Other
37% (38)

===== SIDA 7 =====

7
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Cash flow
Cash flow from operating activities amounted to SEK 135 million 
(136) in the first quarter. The improvement in profit boosted cash 
flow before changes in working capital. Working capital requirements 
were, however, somewhat higher than last year, amounting to SEK 
-182 million (-155), which had a negative impact. Increased activity 
and sales at the end of the quarter compared with the end of 2024 
have mainly resulted in higher trade receivables.
Net investments affecting cash flow rose to SEK 271 million (230). 
Investments for Medical Solutions’ expansion in Hungary, for the 
production of medical devices for administering medication to treat 
overweight and diabetes, are continuing and have, as planned, led 
to high investments in the quarter. During the quarter, an operating 
property in Poland was acquired for SEK 69 million to enable future 
expansion in Europe. During the first quarter of the previous year, an 
operating property in Sweden was acquired within Medical Solutions 
for SEK 141 million. Cash flow after investments, excluding acquisi-
tions and disposals, amounted to SEK -136 million (-92) in the first 
quarter.
Financial position
Interest-bearing assets amounted to SEK 568 million (664), and 
interest-bearing financial liabilities to credit institutions declined to 
SEK 1,325 million (1,690). Net financial liabilities consequently fell 
to SEK 757 million (1,026). There are also interest-bearing pension 
liabilities of SEK 236 million (226) and interest-bearing lease liabil-
ities of SEK 179 million. Shareholders’ equity was SEK 5,561 million 
(5,540). The equity/assets ratio increased to 59% (57). Adjusted for 
the proposed dividend of SEK 404 million, the equity/assets ratio 
amounted to 57%.
Cash flow after investments, excluding 
acquisitions and disposals SEKm
Net financial liabilities SEKm &
equity/assets ratio %
Financial position
Mar Mar Dec
SEK million 2025 2024 2024
Interest-bearing liabilities, credit institutions 1,325 1,690 1,343
Cash and bank 568 664 672
Net financial liabilities 757 1,026 671
Interest-bearing pension liabilities 236 226 241
Net financial liabilities, incl. pension liabilities 993 1,252 912
Lease liabilities 179 231 188
Net financial liabilities, incl. pension & lease liabilities 1,172 1,483 1,100
Working capital 1,401 1,586 1,292
As a percentage of sales (average) (%) 15.4 15.3 13.8
Capital employed 7,301 7,691 7,510
Return on capital employed (average) (%) 12.7 9.5 12.3
Shareholders’ equity 5,561 5,540 5,738
Return on shareholders’ equity (average) (%) 12.7 8.5 12.2
-200
-100
0
100
200
300
400
2024 2024 2024 2024 2025
Q1 Q2 Q3 Q4 Q1
0
10
20
30
40
50
60
70
0
200
400
600
800
1,000
1,200
2024 2024 2024 2024 2025
Q 1Q 2Q 3Q 4Q 1

===== SIDA 8 =====

8
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Personnel
The average number of employees during the period was 5,405 (5,552). The decrease in the number of employees was mainly 
attributable to Engineered Solutions’ operations in China.
Events after the balance sheet date
No significant events have occurred since the end of the period, but geopolitical tensions are, of course, also affecting Nolato’s 
business and its customers. It is not currently possible to foresee the extent of this or how long it is likely to continue, nor is it 
possible to quantify its effects on the Group.
Significant risks and uncertainty factors
The Group’s and Parent Company’s business risks and risk management, as well as the management of financial risks, are de-
scribed on pages 67–69 and in Note 30 on pages 97–99 of the 2024 annual report.
No events of material significance occurred in the period that materially affect or change these descriptions of the Group’s and 
Parent Company’s risks and their management.
Seasonal effects
Nolato does not experience any significant seasonal variations. However, the third quarter can be negatively affected by the 
fact that the holiday period falls in this quarter both for Nolato and its customers.
Ownership and legal structure
Nolato AB (publ), Swedish corporate identity number 556080-4592, is the Parent Company of the Nolato Group.
Nolato’s Class B shares are listed on Nasdaq Stockholm in the Large Cap segment, where they are included in the Industrials 
sector.
There were 14,439 shareholders at 31 March. The largest owners are Nordea Fonder with 10%, the Jorlén family, the Boström 
family, the Hamrin family and the First Swedish National Pension Fund (AP1) with 9% each, as well as Handelsbanken Fonder 
with 5% of the capital.

===== SIDA 9 =====

9
NOLATO AB THREE-MONTH INTERIM REPORT 2025
The Parent Company
For the parent company, which has no operating activities, sales 
amounted to SEK 24 million (24). Profit after financial income and 
expense was SEK 225 million (2) , and increased owing to higher 
earnings from investments in Group companies.
Contingent liabilities totaled SEK 132 million (284).
Accounting and valuation principles
Nolato’s consolidated accounts have been prepared in accordance 
with International Financial Reporting Standards (IFRS), as adopted 
by the EU.
The interim report for the Group has been prepared in accordance 
with IAS 34 Interim Financial Reporting and applicable provisions of 
the Swedish Annual Accounts Act. Publication of this interim report 
is subject to the Swedish Securities Market Act.
The consolidated accounts have been prepared according to the 
same principles as in the most recent annual accounts, as set out in 
the Annual Report 2024.
IASB and the IFRS Interpretations Committee have issued new stan-
dards and statements that apply to financial years starting January 
1, 2025, or later. There are no plans for early adoption of new or 
amended standards for future application. None of the standards or 
interpretations published by IASB are expected to have a material 
impact on the Group or Parent Company’s financial statements.
The interim report for the Parent Company has been prepared in 
accordance with Chapter 9 of the Swedish Annual Accounts Act.
Financial information schedule
• 2025 Annual General Meeting: May 6, 2025
• Six-month interim report 2025: July 18, 2025
• Nine-month interim report 2025: October 28, 2025
• Year-end report 2025: February 5, 2026
Torekov, May 6 2025
Nolato AB (publ)
Christer Wahlquist, President and CEO
 
Contact
Christer Wahlquist,  
President and CEO,  
telephone +46705 804848.
Per-Ola Holmström,  
Executive Vice President and CFO,  
telephone +46705 763340.
Prior to publication this information
constituted inside information that Nolato AB 
is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information 
was submitted for publication, through the 
above contact persons, at 1 p.m. CET on
6 May 2025.
    
This report has not been audited by the 
Company’s auditors.
Webcast conference call on 6 May
In connection with the interim report, Nolato 
will hold a webcast conference call in English 
at 1.30 p.m. CET.  
 
Nolato will be represented by President and 
CEO Christer Wahlquist and CFO Per-Ola 
Holmström, who will present the interim 
report and answer questions.  
 
 Information regarding telephone numbers 
and website is available at:
https://www.finwire.tv/webcast/nolato/q1-
2025
The presentation will be available at:
www.nolato.com/ir
after publication of the interim report.  
 
The webcast will be available at the same 
address after the live broadcast.

===== SIDA 10 =====

10
NOLATO AB THREE-MONTH INTERIM REPORT 2025
At the end of the period, the Group had incentive programmes, see note 4.
Financial instruments are measured at fair value in the statement of financial position, pursuant to measurement hierarchy Level 2.
Consolidated income statement - condensed
Q1 Q1 Full year
SEK million unless otherwise specified Note 2025 2024 R12M 2024
Net sales 1 2,453 2,442 9,675 9,664
Cost of goods sold -2,003 -2,039 -8,015 -8,051
Gross profit 450 403 1,660 1,613
Selling expenses -63 -58 -247 -242
Administrative expenses -127 -118 -496 -487
Other operating income and operating expenses, net — — 29 29
-190 -176 -714 -700
Operating profit 2 260 227 946 913
Financial income and expense 2 -8 -18 -55 -65
Profit after financial income and expense 2 252 209 891 848
Tax -53 -47 -196 -190
Profit after tax 199 162 695 658
All earnings are attrib. to the Parent Co.’s shareholders
Depreciation/amortization regarding non-current assets -141 -147 -597 -603
Earnings per share, basic and diluted, SEK 3 0.74 0.60 2.58 2.44
Number of shares at the end of the period, before dilution 269,377,080 269,377,080 269,377,080 269,377,080
Number of shares at the end of the period, after dilution 269,377,080 269,377,080 269,377,080 269,377,080
Average number of shares, before dilution 269,377,080 269,377,080 269,377,080 269,377,080
Average number of shares, after dilution 269,377,080 269,377,080 269,377,080 269,377,080
Consolidated comprehensive income
Q1 Q1 Full year
SEK million 2025 2024 R12M 2024
Profit after tax 199 162 695 658
Other comprehensive income
Items that cannot be transferred to profit for the period
Revaluations of defined benefit pension plans — — -15 -15
Tax attributable to items that cannot be transferred to profit for the period — — 3 3
— — -12 -12
Items that have been converted or can be converted into profit for the period
Translation diff. for the period on translation of foreign operations -382 213 -269 326
Changes in the fair value of cash flow hedges for the period 8 -7 5 -10
Tax attributable to changes in the fair value of cash flow hedges -2 1 -1 2
-376 207 -265 318
Other comprehensive income, net of tax -376 207 -277 306
Total comp. income for the period attrib. to the Parent Co.’s shareholders -177 369 418 964

===== SIDA 11 =====

11
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Consolidated balance sheet - condensed
Mar Mar Dec
SEK million 2025 2024 2024
Assets
Non-current assets
Non-current intangible assets 2,332 2,492 2,526
Property, plant and equipment 3,109 3,013 3,129
Rights of use 171 221 181
Non-current financial assets 2 2 2
Other non-current receivables 2 1 1
Deferred tax assets 12 14 13
Total non-current assets 5,628 5,743 5,852
Current assets
Inventories 1,088 1,177 1,183
Accounts receivable 1,685 1,723 1,558
Other current assets 444 439 423
Cash and bank 568 664 672
Total current assets 3,785 4,003 3,836
Total assets 9,413 9,746 9,688
Shareholders’ equity and liabilities
Shareholders’ equity 5,561 5,540 5,738
Liabilities and provisions
Long-term liabilities and provisions 1,761 2,051 1,793
Deferred tax liabilities 234 237 241
Current liabilities and provisions 1,857 1,918 1,916
Total liabilities and provisions 3,852 4,206 3,950
Total shareholders’ equity and liabilities 9,413 9,746 9,688
Interest-bearing/non-interest-bearing liabilities and provisions:
Interest-bearing liabilities and provisions 1,740 2,147 1,772
Non-interest-bearing liabilities and provisions 2,112 2,059 2,178
Total liabilities and provisions 3,852 4,206 3,950
Financial instruments are measured at fair value in the statement of financial
position, pursuant to measurement hierarchy Level 2.
Derivative assets are included in other current assets at 16 8 3
Derivative liabilities are included in current liabilities and provisions at 15 7 4
2
1, 3
3
2
1
1

===== SIDA 12 =====

12
NOLATO AB THREE-MONTH INTERIM REPORT 2025
At the end of the period, the Group had incentive programmes, see note 4.
The above table essentially covers products transferred at a specific date.
For the first three months of the year, the Group recognized an unchanged provision of impaired trade receivables.
Changes in consolidated shareholders’ equity - condensed
Mar Mar Dec
SEK million 2025 2024 2024
Shareholders’ equity at the beginning of the period 5,738 5,171 5,171
Total comprehensive income for the period -177 369 964
Dividends — — -404
Share warrants included in incentive programmes — — 7
Shareholders’ equity at the end of period attrib. to Parent Co’s shareholders 5,561 5,540 5,738
Consolidated cash flow statement - condensed
Q1 Q1 Full year
SEK million 2025 2024 R12M 2024
Cash flow from operating activities before changes in working capital 317 291 1,305 1,279
Changes in working capital -182 -155 71 98
Cash flow from operating activities 135 136 1,376 1,377
Cash flow from investment activities -271 -230 -677 -636
Cash flow before financing activities -136 -94 699 741
Cash flow from financing activities 79 45 -764 -798
Cash flow for the period -57 -49 -65 -57
Cash and cash equivalents at the beginning of the period 672 688 688
Exchange rate difference in liquid assets -47 25 41
Cash and cash equivalents at the end of the period 568 664 672
Note 1 - Revenue
January - March - 2025 January - March - 2024 Full year - 2024
SEK million
Group Elim.
Med. 
Sol.
Eng. 
Sol. Group Elim.
Med. 
Sol.
Eng. 
Sol. Group Elim.
Med. 
Sol.
Eng. 
Sol.
Total 2,453 -2 1,397 1,058 2,442 — 1,355 1,087 9,664 -13 5,434 4,243
Europe 1,454 -2 744 712 1,505 — 757 748 5,656 -6 2,905 2,757
Sweden 287 -1 38 250 318 — 60 258 1,122 -3 170 955
Hungary 327 -1 185 143 329 — 193 136 1,343 — 799 544
Other Europe 840 — 521 319 858 — 504 354 3,191 -3 1,936 1,258
North America 734 — 583 151 684 — 529 155 2,790 — 2,193 597
USA 675 — 546 129 617 — 489 128 2,533 — 2,048 485
Oth. North Am. 59 — 37 22 67 — 40 27 257 — 145 112
Asia 222 — 36 186 212 — 34 178 1,032 -7 176 863
Rest of World 43 — 34 9 41 — 35 6 186 — 160 26

===== SIDA 13 =====

13
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Note 2 - Reconciliation of consolidated income before tax
Q1 Q1 Full year
SEK million 2025 2024 R12M 2024
Operating profit (EBIT)
Medical Solutions 163 132 584 553
Engineered Solutions 104 100 401 397
Group adjustments, Parent Company -7 -5 -39 -37
Consolidated operating profit (EBIT) 260 227 946 913
Financial income and expense (not distrib. by business areas) -8 -18 -55 -65
Consolidated profit before tax 252 209 891 848
Note 3 - Earnings per share (IFRS measures/alternative performance measures)
Q1 Q1 Full year
SEK million 2025 2024 R12M 2024
Profit after tax 199 162 695 658
Average number of shares, before dilution 269,377,080 269,377,080 269,377,080 269,377,080
Basic earnings per share (SEK) 0.74 0.60 2.58 2.44
Non-recurring items — — — —
Profit after tax excl. non-recurring items 199 162 695 658
Basic earnings per share excl. non-recurring items (SEK) 0.74 0.60 2.58 2.44
Average number of shares, after dilution 269,377,080 269,377,080 269,377,080 269,377,080
Diluted earnings per share (SEK) 0.74 0.60 2.58 2.44
Diluted earnings per share excl. non-recurring items (SEK) 0.74 0.60 2.58 2.44
Number of shares at the end of the period, before dilution 269,377,080 269,377,080 269,377,080 269,377,080
Number of shares at the end of the period, after dilution 269,377,080 269,377,080 269,377,080 269,377,080
Note 4 - Incentive programmes
Mar Mar Dec
2025 2024 2024
Incentive Programme 2019/2024
Series 2021/2024
Redemption 01/05/2024 - 15/12/2024 with subscription price SEK 140.20
Maximum new class B shares 257,000
Incentive Programme 2022/2028
Series 2022/2026
Redemption 15/12/2025 - 15/06/2026 with subscription price SEK 57.80 57.80 57.80
Maximum new class B shares 1,685,000 1,685,000 1,685,000
Series 2023/2027
Redemption 15/12/2026 - 15/06/2027 with subscription price SEK 59.20 59.20 59.20
Maximum new class B shares 1,750,000 1,750,000 1,750,000
Series 2024/2028
Redemption 15/12/2027 - 15/06/2028 68.00
Maximum new class B shares 1,525,000 2,660,000 1,525,000
Maximum new class B shares in the programmes 4,960,000 6,352,000 4,960,000

===== SIDA 14 =====

14
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Including any non-recurring items.
Quarterly data (summary)
Note Year Q1 Q2 Q3 Q4 Full year
IFRS measures
Operating profit (EBIT) (SEK million) 2 2025 260
2 2024 227 234 224 228 913
2023 183 186 123 165 657
Earnings per share, basic & diluted (SEK) 2 2025 0.74
2 2024 0.60 0.63 0.61 0.61 2.44
2023 0.50 0.58 0.26 0.28 1.61
Alternative performance measures
Net sales (SEK million) 1 2025 2,453
1 2024 2,442 2,439 2,401 2,382 9,664
2023 2,476 2,478 2,340 2,252 9,546
Operating profit (EBITDA) (SEK million) 2025 401
2024 374 383 371 388 1,516
2023 326 333 276 318 1,253
Operating profit (EBITA) (SEK million) 2025 271
2024 238 245 235 240 958
2023 193 198 133 177 701
EBITA margin (%) 2025 11.0
2024 9.7 10.0 9.8 10.1 9.9
2023 7.8 8.0 5.7 7.9 7.3
Profit after financial income and exp. (SEK million) 2025 252
2024 209 215 209 215 848
2023 173 192 102 149 616
Profit after tax (SEK million) 2025 199
2024 162 169 164 163 658
2023 136 155 69 75 435
Net financial liabilities, excluding pension- 2025 757
and lease liabilities (SEK million) 2024 1,026 1,107 913 671 671
2023 763 1,163 1,003 895 895
Including a non-recurring item of SEK -60 million in operating profit in Q3-2023 and a non-recurring item of SEK -50 million in profit 
after tax in Q4-2023.
Five-year overview
2024 2023 2022 2021 2020
IFRS measures
Operating profit (EBIT) (SEK million) 913 657 867 1,333 1,048
Basic earnings per share (SEK) 2.44 1.61 2.59 4.32 3.03
Diluted earnings per share (SEK) 2.44 1.61 2.59 4.32 3.02
Alternative performance measures
Net sales (SEK million) 9,664 9,546 10,774 11,610 9,359
Operating profit (EBITA) (SEK million) 958 701 908 1,369 1,066
EBITA margin (%) 9.9 7.3 8.4 11.8 11.4
Profit after financial income and expense (SEK million) 848 616 875 1,401 1,014
Profit after tax (SEK million) 658 435 697 1,160 806
Cash flow after investments, excl. acq. and disposals (SEK million) 743 446 8 446 905
Return on capital employed (%) 12.3 9.0 12.8 22.8 20.7
Return on shareholders’ equity (%) 12.2 8.1 13.6 28.0 23.9
Net financial liabilities, excl. pension- & lease liabilities (SEK million) 671 895 708 51 298
Equity/assets ratio (%) 59 56 54 47 43
Dividend per share (2024 proposal) (SEK) 1.50 1.50 1.90 1.90 1.60
Average number of employees 5,837 5,732 6,627 8,669 6,721

===== SIDA 15 =====

15
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Quarterly data (summary)
Note Year Q1 Q2 Q3 Q4 Full year
Alternative performance measures
Cash flow from operating activities (SEK million) 2025 135
2024 136 434 327 480 1,377
2023 75 240 280 186 781
Cash flow from operations per share 2025 0.50
before dilution (SEK) 2024 0.50 1.61 1.21 1.78 5.11
2023 0.28 0.89 1.04 0.69 2.90
Net investments affecting cash flow, excluding 2025 -271
acquisitions and disposals (SEK million) 2024 -230 -98 -136 -172 -636
2023 -121 -106 -92 -106 -425
Cash flow after investments, excluding acquisitions 2025 -136
and disposals (SEK million) 2024 -92 336 191 308 743
2023 -46 224 188 80 446
Cash flow after investments, excl. acquisitions and 2025 -0.50
disposals per share before dilution (SEK) 2024 -0.34 1.25 0.71 1.14 2.76
2023 -0.17 0.83 0.70 0.30 1.66
Return on total capital (%) 2025 9.9
2024 7.4 7.7 8.9 9.5 9.5
2023 8.4 7.9 7.0 6.9 6.9
Return on capital employed (%) 2025 12.7
2024 9.5 9.9 11.5 12.3 12.3
2023 11.5 10.7 9.4 9.0 9.0
Return on operating capital (%) 2025 13.9
2024 10.2 10.9 12.5 13.5 13.5
2023 12.5 11.0 9.5 9.7 9.7
Return on shareholders’ equity (%) 2025 12.7
2024 8.5 8.9 10.7 12.2 12.2
2023 12.0 11.2 9.4 8.1 8.1
Shareholders’ equity per share, before 2025 21
dilution (SEK) 2024 21 20 20 21 21
2023 21 20 20 19 19
Closing share price Nolato B (Nasdaq Stockholm) 2025 56.95
2024 47.84 57.50 55.90 54.20 54.20
2023 52.55 50.70 44.82 52.90 52.90
Average number of employees 2025 5,405
2024 5,552 5,956 5,766 5,837 5,837
2023 5,815 5,919 5,727 5,732 5,732

===== SIDA 16 =====

16
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Quarterly data business areas
Note Year Q1 Q2 Q3 Q4 Full year
Alternative performance measures
Net sales (SEK million)
Medical Solutions 1 2025 1,397
1 2024 1,355 1,365 1,355 1,359 5,434
2023 1,324 1,364 1,320 1,300 5,308
Engineered Solutions 1 2025 1,058
1 2024 1,087 1,077 1,046 1,033 4,243
2023 1,153 1,114 1,020 958 4,245
Group adjustments, Parent Company 1 2025 -2
1 2024 — -3 — -10 -13
2023 -1 — — -6 -7
Group total 1 2025 2,453
1 2024 2,442 2,439 2,401 2,382 9,664
2023 2,476 2,478 2,340 2,252 9,546
Operating profit (EBITA) (SEK million)
Medical Solutions 2025 171
2024 140 149 145 152 586
2023 132 138 126 129 525
Engineered Solutions 2025 107
2024 103 108 103 95 409
2023 68 72 74 52 266
Group adjustments, Parent Company 2025 -7
2024 -5 -12 -13 -7 -37
2023 -7 -12 -67 -4 -90
Group total 2025 271
2024 238 245 235 240 958
2023 193 198 133 177 701
EBITA margin (%)
Medical Solutions 2025 12.2
2024 10.3 10.9 10.7 11.2 10.8
2023 10.0 10.1 9.5 9.9 9.9
Engineered Solutions 2025 10.1
2024 9.5 10.0 9.8 9.2 9.6
2023 5.9 6.5 7.3 5.4 6.3
Group total 2025 11.0
2024 9.7 10.0 9.8 10.1 9.9
2023 7.8 8.0 5.7 7.9 7.3
Depreciation/write-downs/amortization (SEK 
million)
Medical Solutions 2025 -91
2024 -90 -93 -91 -93 -367
2023 -84 -87 -93 -92 -356
Engineered Solutions 2025 -50
2024 -57 -56 -56 -67 -236
2023 -59 -60 -60 -61 -240
Group adjustments, Parent Company 2025 —
2024 — — — — —
2023 — — — — —
Group total 2025 -141
2024 -147 -149 -147 -160 -603
2023 -143 -147 -153 -153 -596
Including a non-recurring item of SEK -60 million in operating profit in Q3 2023. The non-recurring item has been  
recognized at Group level and has therefore not affected the earnings of the business areas.

===== SIDA 17 =====

17
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Definitions - IFRS measures
Earnings per share
Earnings for the period that are attributable to the parent 
company’s owners divided by the average number of out-
standing shares.
 
Operating profit (EBIT)
Earnings before financial income and expense and taxes.
Definitions - Alternative performance measures 
Nolato presents certain financial measures in this report that are not defined according to IFRS. Nolato considers that these 
measures provide valuable supplementary information for investors and company management, as they enable an assessment 
of trends and the company’s performance. Since not all companies calculate financial measures in the same way, these are 
not always comparable to measures used by other companies. These financial measures should not therefore be regarded as 
substitutes for measures defined according to IFRS.
Average number of shares
The average basic number of shares comprises the parent 
company’s weighted average number of outstanding shares 
during the period. After dilution, a weighted average of the 
shares that may be issued under the ongoing share warrant 
programme is added, if they are in-the-money, but only inso-
far as the average listed share price for the period exceeds 
the subscription price of the warrants.
Cash flow after investments, excl. acquisitions and 
disposals per share
Cash flow after investing activities excl. acquisitions and 
disposals, divided by the average number of shares.
Cash flow from operating activities per share
Cash flow from operating activities, divided by the average 
number of shares.
Debt/equity ratio
Interest-bearing liabilities and provisions divided by
shareholders’ equity.
EBITA margin
Operating profit (EBITA) as a percentage of net sales.
Equity/assets ratio
Shareholders’ equity as a percentage of total capital in the 
balance sheet.
Financial net debt in relation to adjusted operating 
profit (EBITDA)
Interest-bearing short- and long-term liabilities, excl. net pro-
visions for pensions and leasing, with a deduction for cash 
and cash equivalents, divided by R12M EBITDA adjusted for 
any non-recurring items.
Net financial assets/liabilities
Interest-bearing liabilities from credit institutions less inter-
est-bearing assets.
Operating profit (EBITA)
Earnings before financial income and expense, taxes and 
amortization of intangible assets arising from acquisitions.
Operating profit (EBITDA)
Earnings before financial income and expense, taxes and 
depreciation/amortization.
Profit margin
Profit after financial income and expense as a percentage of 
net sales.
Return on capital employed
Profit after financial income and expense, plus financial ex-
penses as a percentage of average capital employed. Capital 
employed consists of total capital less non-interest-bearing 
liabilities and provisions.
Return on operating capital
Operating profit as a percentage of average operating
capital. Operating capital consists of total capital less
non-interest-bearing liabilities and provisions, less
interest-bearing assets.
Return on shareholders’ equity
Profit after tax as a percentage of average shareholders’ 
equity.
Return on total capital
Profit after financial income and expense, plus financial 
expenses as a percentage of average total capital in the 
balance sheet.
Forward-looking information 
Some of the items reported relate to future events and actual outcomes may differ materially. In addition to those factors 
explicitly commented on, other factors may also materially affect the actual outcome, such as economic conditions, exchange 
rates and interest rate levels, political risks, competition and pricing, product development, commercialisation and technical 
difficulties, supply problems and customer credit losses.

===== SIDA 18 =====

18
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Alternative performance measures
Q1 Q1 Full year
SEK million unless otherwise specified Note 2025 2024 R12M 2024
Operating profit (EBITDA) 401 374 1,543 1,516
Operating profit (EBIT) 2 260 227 946 913
Reversal of amortization of intangible assets arising
in connection with acquisitions 11 11 45 45
Operating profit (EBITA) 271 238 991 958
EBITA margin (%) 11.0 9.7 10.2 9.9
Profit after financial income and expense 2 252 209 891 848
Profit margin (%) 10.3 8.6 9.2 8.8
Profit after tax 199 162 695 658
Alternative performance measures
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEK million unless otherwise specified 2025 2024 2024 2024 2024 2023 2023 2023 2023
Profit after financial income and exp., roll. 12 months 891 848 782 675 652
Financial expense, rolling 12 months 62 69 77 77 74
Adj. profit after financial inc. and exp., roll. 12 months 953 917 859 752 726
Total capital, at the end of period 9,413 9,688 9,476 9,809 9,746 9,300 9,924 10,211 10,147
Average total capital, last 5 quarters 9,626 9,604 9,651 9,798 9,866
Return on total capital (%) 9.9 9.5 8.9 7.7 7.4
Adj. profit after financial inc. and exp., roll. 12 months 953 917 859 752 726
Capital employed, at the end of period 7,301 7,510 7,366 7,595 7,691 7,275 7,581 7,826 7,726
Average capital employed, last 5 quarters 7,493 7,487 7,502 7,594 7,620
Return on capital employed (%) 12.7 12.3 11.5 9.9 9.5
Operating profit (EBIT), rolling 12 months 946 913 850 749 701
Capital employed, at the end of period 7,301 7,510 7,366 7,595 7,691 7,275 7,581 7,826 7,726
Cash and bank, at the end of period 568 672 718 770 664 688 720 815 932
Operating capital, at the end of period 6,733 6,838 6,648 6,825 7,027 6,587 6,861 7,011 6,794
Average operating capital, latest 5 quarters 6,814 6,785 6,790 6,862 6,856
Return on operating capital (%) 13.9 13.5 12.5 10.9 10.2
Profit after tax, rolling 12 months 695 658 570 475 461
Shareholders’ equity, at the end of period 5,561 5,738 5,315 5,280 5,540 5,171 5,382 5,349 5,534
Average shareholders’ equity, latest 5 quarters 5,487 5,409 5,338 5,344 5,395
Return on shareholders’ equity (%) 12.7 12.2 10.7 8.9 8.5

===== SIDA 19 =====

19
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Parent Company income statement - condensed
Q1 Q1 Full year
SEK million 2025 2024 R12M 2024
Net sales 24 24 96 96
Selling expenses -1 -1 -6 -6
Administrative expenses -21 -22 -85 -86
Other operating income 5 3 12 10
Other operating expenses -13 -11 -51 -49
Operating profit/loss -6 -7 -34 -35
Profit/loss from participations in Group companies 202 — 210 8
Financial income 38 20 70 52
Financial expenses -9 -11 -60 -62
Profit/loss after financial income and expense 225 2 186 -37
Appropriations — — 346 346
Tax 3 — -60 -63
Profit/loss after tax 228 2 472 246
Depreciation is included — — — —
Transactions with related parties
Services sold 24 24 96 96
Services bought -9 -9 -36 -36
Interest income 11 12 48 49
Interest expenses -1 — -10 -9
Profit/loss from participations in Group companies — — 8 8

===== SIDA 20 =====

20
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Parent Company balance sheet - condensed
Mar Mar Dec
SEK million 2025 2024 2024
Assets
Intangible fixed assets 2 — 2
Property, plant and equipment — 1 —
Financial assets 4,159 4,253 4,149
Deferred tax assets 9 5 6
Total non-current assets 4,170 4,259 4,157
Current assets
Other receivables 602 645 650
Cash and bank 72 39 23
Total current assets 674 684 673
Total assets 4,844 4,943 4,830
Shareholders' equity and liabilities
Shareholders' equity 2,858 2,790 2,630
Liabilities and provisions
Untaxed reserves 351 296 351
Other provisions 10 9 8
Long-term liabilities 1,363 1,491 1,536
Current liabilities 262 357 305
Total liabilities and provisions 1,986 2,153 2,200
Total shareholders' equity and liabilities 4,844 4,943 4,830
Transactions with related parties
Receivables from related parties on balance sheet day 1,293 1,447 1,338
Payables to related parties on balance sheet day 308 273 481
None of the company’s Board members or senior executives currently have, or have previously had, 
any direct or indirect involvement in any business transaction with the company which is, or was, of 
an unusual character in terms of its conditions. Nor has the Group issued any loans, pledged any 
guarantees or entered into any surety arrangements for any of the company’s Board members or 
senior executives.

===== SIDA 21 =====

21
NOLATO AB THREE-MONTH INTERIM REPORT 2025
Nolato is a Swedish group with operations in Europe, Asia and North America. 
We develop and manufacture products in polymer materials such as plastic, silicone and  
thermoplastic elastomers (TPE) for leading customers within medical technology, pharma- 
ceuticals, consumer electronics, telecom, automotive, hygiene and other selected industrial 
fields. Our offering spans the entire value chain - from solutions-oriented development  
focused on sustainability to product delivery.
Nolato’s shares are listed on Nasdaq Stockholm Exchange in the Industrials sector of the Large 
Cap segment.
www.nolat
o.com
Nolato aims to be the customer’s first  
choice of innovative partner in sustainable 
design and pr
oduction.
Nolato’s business model
Nolato’s business model is based on two decentralized business areas, which with their own  
decision-making and shared ambitions endeavour to fulfil our vision and the financial and sustain-
able goals. In this way, secure workplaces are created for employees and value is generated for the 
owners. With solid experience and broad expertise, close, long-term, and innovative partnerships 
are established and developed with customers. With well-developed and leading technology, broad 
development and design expertise, qualified project management, and highly efficient production, 
added value is created with minimal climate impact for both customers and owners. 
Nolato’s shared core values - Professional, Well organized, Responsible - inform all aspect of our 
business and are central to the sustainable development strategy.
VISION
Nolato AB (publ), Nolatovägen 32, SE-269 78 Torekov, Sweden
Tel. +46 431 442290 Fax +46 431 442291 Corp. id. number 556080-4592  
E-mail: info@nolato.com, www.nolato.com