Sven Chetkovich: Hello, and welcome to the presentation of Mycronic's Q3 report. My name is Sven Chetkovich. I am the Director, Investor Relations at Mycronic, and with me today I have Mycronic's CEO, Anders Lindqvist, and the CFO, Pierre Brorsson, who will be presenting today. With that, I hand over to Anders. Please go ahead and present Mycronic's Q3 report.
Anders Lindqvist: Thank you, Sven, and welcome, everyone, to this session. Today we will, of course, talk about the Q3 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. As usual, we will end this session with the question and answer section. In the material that is to be found on the website, there is also an appendix where we have collected all the market reports in update. Start to talk about the quarter in general.
Anders Lindqvist: We had a very solid quarter and it is on all counts, which meaning that all the divisions contributed very nicely to the result. We saw an order intake that increased by 10%, and this is to be compared to a very strong quarter in 2025. Almost SEK 2.7 billion in order intake.
Anders Lindqvist: 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. The primary reason for that is the growth that we have within Global Technologies. You can also say that all divisions actually had double-digit growth in the quarter, so very nice.
Anders Lindqvist: Also very solid gross margin, 52%. 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. Also we launched new financial targets during the Capital Markets Day that we had on 31 August, which also the picture that is not anymore here was from.
Anders Lindqvist: Pattern Generators, starting with that, and this was happening also during the Capital Markets Day that we launched two 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 of photomask inspection machine, IQX. These are very important launches because both of them are actually expanding our available market.
Anders Lindqvist: It is not only an upgrade of already existing equipment, it is 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 three 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%.
Anders Lindqvist: In that number, we have a small contribution from our recently acquired company, Cowin DST, that is equal to SEK 23 million. Gross margin stable at 59% and EBIT also quite stable on SEK 188 million. In that one, we had also a negative effect from the acquisition of Cowin DST with SEK 13 million. So that corresponds to a margin of 32%.
Anders Lindqvist: 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 1 November, so quite soon. He is replacing Charlott Samuelsson, who has decided to retire.
Anders Lindqvist: 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 very senior leader that is taking over, and he has 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.
Anders Lindqvist: Going further with the next division, PCB Assembly Solutions, we still see that the demand continues 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 is quite visible in the order intake that ended on SEK 367 million, which is a decline of 9%.
Anders Lindqvist: A little bit up on the sales compared to the same quarter last year, 40% up to SEK 358 million, and very 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.
Anders Lindqvist: So we 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 the 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.
Anders Lindqvist: This is a typical cycle in the China market, where we see the majority of orders coming in the H1 of the year. That is supporting our customers to launch the product at this time of the year, in the autumn, more or less. Altogether, we saw a very nice order intake increase with 42% to a little bit above SEK 600 million. Also, very nice increase of sales to SEK 569 million, and quite solid and normal gross margin on 41%, EBIT on SEK 74 million.
Anders Lindqvist: Here for comparison, we have the cost of the ESOP program impacting SEK 25 million here. So adjusted for that, quite a good increase on EBIT as well. Margin 13% and very strong backlog of SEK 1.2 billion. So strong performance in the High Volume. Then on Global Technologies, here we saw all the stars being aligned for the quarter.
Anders Lindqvist: We had an exceptionally strong quarter, both driven by volume but also by product mix. We 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 is driven by investments in AI infrastructure, but also investments in developing advanced packaging and also defense. The defense segment invests quite a lot of money. Very good for us.
Anders Lindqvist: We increased our orders with 33%, a bit more than SEK 1 billion. Very nice. We had more than a doubling of the sales, 105% up to SEK 852 million. A super strong gross margin of 60%. We had a very favorable product mix in the quarter and volume. EBIT also very much up to SEK 359 million.
Anders Lindqvist: A little bit of that is a revaluation of a 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 partly the summer period is in this quarter. Backlog, very strong backlog, SEK 2.3 billion, more than doubled than the old one.
Anders Lindqvist: Super strong performance here, although a little bit exceptional for the quarter. All that has enabled us to, again, I would say, revise our outlook for the full year. There is only one quarter to go now, but we believe that we will end on a sales number of SEK 9.75 billion for the full year. That is a new outlook from the board of directors. With that, I will hand over to Pierre to talk a little bit more in detail about the financials.
Pierre Brorsson: 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.
Pierre Brorsson: 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%.
Pierre Brorsson: 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,
Pierre Brorsson: 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. Really good.
Pierre Brorsson: We do not want to extrapolate this level going forward, but 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.
Pierre Brorsson: 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. 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.
Pierre Brorsson: 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 am also happy to see that we are developing really good on our receivable collection.
Pierre Brorsson: Although we are growing strongly, the change in working capital is mainly stemming from a higher inventory, which is logical in the period where we have this growth. If you look at the investing activities, we have acquired in the beginning of the year, ETZ and Cowin, which is then SEK 184 million. 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.
Pierre Brorsson: Financing activities is largely the dividends that was paid out in Q2. We have now a very solid cash position 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 walkthrough, I hand over back to Anders again.
Anders Lindqvist: Okay. Thank you, Pierre. A few words on sustainability. We are improving our carbon emission footprint quite nicely, and the majority of that improvement comes from that we are using much more renewable energy, in all our facilities that we have. We are today now, or in H1 2026, at 96% of all the electricity that we use are coming from renewable sources. That is a transition that we work quite hard with.
Anders Lindqvist: 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 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%. The reason for that is that we have acquired companies that has typically quite a low percentage of that.
Anders Lindqvist: That is dilutions, 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. That is an ongoing work, and we will continue to share the progress on that side. That was the end of the formal presentation. Now we are on the Q&A.
Sven Chetkovich: Yes. Thank you, Anders, and thank you, Pierre. Now we are moving over to our Q&A session. We will be starting with Handelsbanken and Fredrik Lithell. Please go ahead and ask your questions, Fredrik.
Fredrik Lithell: Thank you very much. Thank you for taking my questions. I think I will start with one and then jump back into the queue. Anders and Pierre, 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 has the reception been, and what are the talks about during Q3? Could you address that a little bit? It would be interesting to hear. Thank you.
Anders Lindqvist: Well, especially on the IQX, customer interest is really high. 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. We will quite soon ship the first tools to customers, if not yet to already happen. It is around this time. 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.
Fredrik Lithell: On that, you say good reception. That is nice to hear, but you have competition here, so there are already equipment available in the market. So what is it that makes you stand out to the tune that customers are very happy that you are coming with this machine?
Anders Lindqvist: Yes. I think it is filling a hole or a gap in the kind of product portfolio from the competitions. We are a little bit similar to SLX. We are more in the mature node segment with this inspection machine. 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.
Anders Lindqvist: So the cost of ownership, the productivity, everything is actually much better than competition. So we believe it is a better choice. Of course, as always, there is a switching cost. If a customer is used to one product, it requires a little bit of effort to change, of course, but it seems like it is worth to do that.
Fredrik Lithell: Okay. The SLX type, any color on that, those dialogues?
Pierre Brorsson: Yes, we do. We see a great interest for it, and obviously here it is a market with basically two large players. We think that this will further enhance our edge in this competitive landscape. The productivity increase in particular is what the customers will go for, we believe. So positive reception, but jury is still out there.
Fredrik Lithell: All right. Thank you very much.
Sven Chetkovich: Thank you, Fredrik. Now we move over to DNB Carnegie and Mikael Laséen. Please go ahead and ask your questions, Mikael.
Mikael Laséen: Okay. Thanks a lot. Congratulations to a strong quarter, first of all. You mentioned that Global Technologies had an exceptional quarter, and it should not be extrapolated. Can you clarify what this refers to? Is it the gross margin primarily, or is it also the sales momentum and the order intake?
Pierre Brorsson: Well, it is more on the result side, so exceptional gross margin. It is record high, and it is a combination of very good utilization, low costs in high deliveries despite being in the holiday period. It is the product mix, what we have shipped to various customers, high portion of after-market, high portion of software, et cetera. So it is really exceptionally high and at the same time, relatively moderate cost development.
Mikael Laséen: Okay. 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?
Pierre Brorsson: I think you will already see somewhat different numbers in Q4. This is a bit of an exceptional quarter.
Mikael Laséen: Okay. Can you talk to us about the lead times in the Global Technologies segment for PCB test and die bonding, and which of these two have the strongest momentum right now going into 2027?
Pierre Brorsson: 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.
Mikael Laséen: 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.
Pierre Brorsson: Our view is that we haven't made any substantial losses based on lead times.
Mikael Laséen: Okay. Thank you.
Sven Chetkovich: Thank you, Mikael. Now we move to London and Oliver Wong at Bank of America. Please go ahead and ask your questions, Oliver.
Oliver Wong: Hey, guys. Thanks for taking my question. 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. TSMC focuses more on the advanced nodes. Just curious if you share more color on how much of an impact you think this initiative could potentially have on your business?
Anders Lindqvist: I think, 12 inches, 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 is only on the 25% of photomask on the small nodes that are another technology, electron beam, or electron beam is actually needed.
Anders Lindqvist: So for us, it is quite neutral in which kind of node size that the growth is happening. It is correct that the 12 inch is intended for the super small nodes, really. 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 set up.
Anders Lindqvist: Our position here is really good because we developed the SLX to be capable of managing 12-inch photomasks already from the very beginning. So for us, it is 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.
Oliver Wong: Got it. So this is smaller nodes anywhere up to even 2 nanometers or?
Anders Lindqvist: Correct. Yes.
Oliver Wong: Okay. I thought that you guys were capped at maybe 60 nanometers.
Anders Lindqvist: Yeah, that is the resolution on the patterning. It is not linked to the node of the semicon.
Oliver Wong: Okay. Got it. Very helpful. Thanks.
Sven Chetkovich: Okay. Thank you, Oliver. Now we move over to Anders Åkerblom at Nordea. Please go ahead and ask your questions, Anders.
Anders Åkerblom: Yeah. Thank you. Hi, everyone. I wanted to ask a bit on this ASML and TSMC initiative. It was out in September, if I am not mistaken. Obviously, quite long-run optionality, but what you said now about the SLX being able to handle 12-inch was quite interesting, I thought.
Anders Åkerblom: In the future, firstly, do you expect some sort of pilot orders when they are testing this and seeing if it actually works to transition to 12-inch? Secondly, should we expect a meaningful ASP uplift on future SLX orders if that is on the 12-inch format, or will it be somewhat similar relative to 6-inch?
Anders Lindqvist: I think it is quite difficult to say when we will see orders on the 12-inch.
Anders Åkerblom: Of course.
Anders Lindqvist: Everything has to go in sync. It is 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. Given that, I would be surprised. The ASP should be higher, of course. I do not know really where it could be or should be. It will be a unique product for that.
Anders Åkerblom: Thank you, Anders. The installed base, all else equal, how should one think about replacement of that?
Anders Lindqvist: Yeah, it depends on how big breakthrough.
Anders Åkerblom: If it is successful.
Anders Lindqvist: Yeah.
Anders Åkerblom: If it is successful.
Anders Lindqvist: The whole installed base is based on 6-inch.
Anders Åkerblom: Yeah.
Anders Lindqvist: 100% of them.
Anders Åkerblom: Sounds quite an interesting long term, I must say. Even if it is difficult to say now, I get that. On Global Technologies, obviously, incredible growth, but when you talk about expanding capacity, that is the focus right now. You have previously 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 still?
Anders Lindqvist: I would say this holds as planned. The time plan holds there. I think you can see in the sales result, or the sales increase also that we are able to produce more now. The extension is not yet finished. It is under the capacity.
Anders Åkerblom: Okay. Sorry to interrupt you. How are you able to produce more? Obviously, you are more efficient. Why is that?
Anders Lindqvist: It is also a mix in between divisions. It is not only the PCB test that is contributing, but there is also the whole supply chain effectiveness and how fast we can get the machines through our factory and also in the configuration. It is, I would say, normal productivity work. On top of that, we are expanding the factory as well.
Anders Åkerblom: Okay. Thank you very much. I will get back in line and not shoot too many questions. Thank you.
Sven Chetkovich: Thank you, Anders. Now over to Inna Jupsund at SEB. Please go ahead and ask your questions, Inna.
Ina Djupsund: Yes, thank you, and thank you for taking my questions as well. I have a few, but I will start with one at a time. On these display orders, it has been a little bit more quiet on the order side here. Do you see that there is any macro factors impacting order intake, or is it purely a timing thing?
Anders Lindqvist: No, I think there is no macro factor. The interest for high-end display is still there, and the transition is still going on. I think you will 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.
Anders Lindqvist: From the market side, no really difference. It is more of a timing effect and maybe more normalization effect as well. From our side, we do not see any change in the pattern. But it has this kind of long cycles.
Ina Djupsund: How big share of the installed base for display mask writers do you think will have a more urgent replacement need in the near term or medium term? Could you give some flavor on that?
Anders Lindqvist: I do not have that number really, but typically 2, 3 machines per year, I think is some this. If you calculate backwards, it is about that type, and we do not see a dramatic change if at all.
Ina Djupsund: Okay. Then on Global Technologies, I saw ASML is starting to talk that customers are willing to place orders for 2029, 2030 already. What kind of visibility do you have on the Global Technologies kind of order side? I think you previously said you are pretty much fully booked to the beginning of 2028. Has the visibility kind of changed here?
Anders Lindqvist: Not materially changed. We do not really take orders so much beyond that in Global Technologies.
Ina Djupsund: Okay. Then if you 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 us say, next 12 months?
Anders Lindqvist: I think we have some very good positions. If you take our Plasma Solutions, it is looking very promising. Exactly when the industry is taking the next step, it is a little bit hard to predict. But we think we have really good position there. We also see a greater interest in the 3D Nanoprinting part, but it is still to materialize.
Ina Djupsund: Okay. Thank you for me. I get back in line here.
Sven Chetkovich: Thank you, Inna. Then we will move back to Fredrik Lithell again at Handelsbanken. If you have any follow-up questions, please go ahead.
Fredrik Lithell: Yes. Thank you. Maybe if we stay with Global Technologies, you have this capacity expansion at PCB test in Varberg. Could you elaborate on the timing on that and how the actual lift will be in terms of being able to shorten the lead times for you in 2027?
Pierre Brorsson: For sure. We will be ready beginning of the year, and I think with some trimming towards the end of the first quarter, we will have about a 25% capacity increase. Then it will depend a little bit on how strong the order intake is and how quickly we can reduce the backlog, of course.
Fredrik Lithell: 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 the growth in R&D to mute a little bit in coming quarters on a 12 months basis because you have passed the quite large developments now, or should we expect the same kind of growth?
Pierre Brorsson: The growth rate is likely to decline, but the level is not going to decline.
Fredrik Lithell: All right. Clear. Thank you.
Sven Chetkovich: Thank you, Fredrik. Now we move to Mikael Laséen at DNB Carnegie. See if you have any more questions.
Mikael Laséen: Yes. I have. I was curious here about the PCB Assembly Solutions segment. You had a good gross margin this quarter, despite the comments on weak demand and pricing pressure. Can you explain the strong gross margin, and also comment maybe a bit on the restructuring program, the costs, how we should think about that, the restructuring charges and the effects of those?
Pierre Brorsson: Yes. If we take the margin question first, we had a little bit stronger sales in the US where we had good margins in the quarter. This is explaining a little bit. It is not a huge jump that we do, but it is 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 costs taken out, and there is a little bit still to do of that, activities to do. We will communicate them once they are clarified. But the largest portion is taken.
Mikael Laséen: Okay. But I think in Q2 that you said you have charges of SEK 100 million until the end of 2027. So it is, I guess a long-term project.
Pierre Brorsson: It is a long-term project, yeah.
Mikael Laséen: Will it be evenly distributed or back-end loaded in 2027, or how should we distribute the charges?
Pierre Brorsson: We have taken more than half already. The vast majority of the remaining part, I would say, is going to be taken likely in Q4.
Mikael Laséen: 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? Is this more seasonal that you normally have in the H2, or is it something that could be more lasting?
Pierre Brorsson: We have typically stronger order intake in the H1 and stronger revenues in the H2 of the year. It is a little bit the way the Chinese consumer electronic work, where they have this kind of pattern. This is one thing. Then, of course, exactly how the Chinese economy is developing is another factor of this, and that is a little bit more tricky to have a call on how will it be long-term, short-term, strong or not so strong.
Pierre Brorsson: If we compare the Q3 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 H1 of the year.
Mikael Laséen: Okay. Thanks.
Sven Chetkovich: Thank you, Mikael. Now over to Bank of America and Oliver Wong for additional questions.
Oliver Wong: No further questions on my end. Thank you.
Sven Chetkovich: Okay. Thank you. Then we move to Anders Folkeby at Nordea. Do you have any more questions?
Anders Åkerblom: Yeah, always. I wanted to ask a bit on, obviously you seem quite sanguine and it is developing in a good way, sort of high level. If we focus a bit on any potential sort of risks that you see, are you seeing sort of any sourcing issues to any extent currently?
Anders Lindqvist: Well, we have not seen that many. 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. So far, we have managed very well the situation on our side, both from a cost increases but also from availability viewpoint. So no big effect on that.
Anders Lindqvist: Of course, we will likely see cost increases and freights and stuff like that we are, of course, exposed to as well. The intention is as always to forward that to the customers as much as possible, of course. I would say that in the quarter or even before, no really effect.
Anders Åkerblom: In terms of sort of customer demand, given what you said just now, do you think there could be any effect of pre-buys in the numbers in your order intake?
Anders Lindqvist: It is very difficult to say. We do ask quite a lot of down payment that is not reversible at order cancellation. This is security that we have, and we have not seen any cancellation or change of delivery dates, at least not later. Everyone wants everything earlier, actually. Everyone wants it earlier. So, nothing like that. I think the equipment that we sell, people do not buy that for speculation. It is quite expensive.
Anders Åkerblom: Okay, fair enough. Thank you. Final question just from my end, sorry to push on this every single quarter, but when we look at sort of deliveries for next year, just from your guys' viewpoint, 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?
Anders Åkerblom: In PG.
Anders Lindqvist: Yeah, in PG, I guess, really. I think it is slower than before, but still not really low, 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 has these cycles. If you look on the order intake over time, it is kind of not dramatically down. So, I do not see a big difference in that. If anything, maybe up, but it is quite normal, I would say.
Anders Åkerblom: Okay. Thank you very much for taking my questions as always.
Sven Chetkovich: Thank you, Anders. Finally, over to Ina Gypsund at SEB. Any more questions from you, Ina?
Ina Djupsund: Yes, I have one question. 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 Technologies where you say that you will be able to deliver more, or what is driving this?
Anders Lindqvist: It is 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.
Ina Djupsund: Okay. Thanks. That was all from me.
Sven Chetkovich: Okay. Thank you very much. With that, we have reached the end of today's presentation of Mycronic's Q3 report. Thank you very much for attending.
Anders Lindqvist: Thank you.
