Mycronic AB (publ)

Hello and welcome to the presentation of Micronix Q1 report. My name is Sven Četković, I'm the Director of Investor Relations at Micronix and with me today I have Micronix CEO Anders Lindqvist and CFO Pierre Bruchon who will be presenting today. And with that I hand over to Anders, please go ahead and present Micronix Q1 report.

Thank you, Sven. And hello, everyone. Welcome. So today, of course, we'll talk about the quarter one result and then go a little bit deeper in the different divisions of the development is. Pierre Brochon will explain more about the financials. We will have a few words on sustainability and we will end with the question and answer session today. And as always, you will find in the material on the website also the market update in that part, which we will not present today. So talking about the first quarter, 2026. So first of all, we need to keep in mind that also the quarter one of last year was a very strong quarter. So we compare this quarter to an already very good quarter. But despite that, we have a strong increase on almost every row. So order intake up 23% to a little bit more than two and a half billion. Very strong and a very strong contribution from global technologies who see that when we go into the division. Also net sales following debt, almost as much, 17% up, almost up to an equal number of 2.5 billion. We've had increases from all divisions. And also a record high EBIT of quite close to a billion, 938 million. So, of course, a very strong margin of 37%. strong backlog of 4.7 billion and also during the quarter have completed two acquisitions it is dead and Cove and DST and I will talk more about those when we talk about the divisions so looking on the on the different divisions starting with pattern generators so here we closed the acquisition of Cove and DST which is a company in South Korea The acquisition was announced quite some time ago, but... We had a quite long process to receive regulatory approval from the Korean authorities. This is a strategic investment and also strategic business in South Korea. Cohen will contribute to the Tatian Nature's product portfolio, both with products that are adding to the portfolio, but also with knowledge and new capabilities that we didn't have before. So super exciting to be able to develop that business now. On the business side, very strong sales because we delivered the most expensive machine that we have ever built, a P8000, precision 8000 Evo. Was delivered in the quarter, so the sales increased 8% up to 1.3 million, more or less. Order intake close to 600 million, which is not really a bad number, but we had a very strong quarter. for last year of close to a billion. So that was down 38%. On the order index side, we got one PlayStation 8 Evo, one SLX and one MMX. So very strong gross margin, 77, extremely strong EBIT, 831 and backlog of 1.9. And in this backlog, we have 14 systems. Also notable is that after the quarter, we received a very special order for a customized SLX mask right there. That is quite customized, which you can see on the price tag. The normal price of an SLX is between $4 and $10 million. And this one was sold in a range between $27 and $30 million. And it's not a product that we will be able to sell more of. So this is a one-off event, but still a very good order. PCB assembly solutions. Stay here with struggle. We have done that for a while. So the continued. We have a continued weak market almost everywhere. We have a strong headwind in the European market in the first quarter. Also in the U.S. market was quite weak in the quarter. And we can see that there's a lot of hesitation around customers to hold orders until then they have received a firm orders commission from their customers. So this is creating quite a lot of delay on the investment side. So order intake 287 million, which is 3% down and sales 318 million, which is a little bit up, but still not very strong. Gross margin stable at 37 and EBIT at 8. So very minor EBIT and then the order backlog of 116, which is also quite a low backlog. So you can see that we struggle in this division. On the high volume side, we see a very strong market demand both in the Chinese domestic market and also from outside of China. And especially to be noted is the aerospace industry in North America which is very strong at the moment. We also have reached a milestone with the new factory that we have built in Thailand where we have the first machines both assembled and delivered. So we are able to make made in Thailand, not made in China, which is a positive thing in this geopolitical situation that we are in right now. And very strong order intake, 737 E, which is 33% up on already strong comparative number. Sales up 24% to 400, stable gross margin at 42, and EBIT at close to 40. On the EBIT, we have an impact of this employee share ownership program of minus 24 as well, included in the number. And order backlog, a little bit more than a billion. So very strong development in the high volume division. And then we come to global technologies where we had a super strong demand. I can talk first about the acquisition that we have made, which is a company called EZZ. This will not add much to the sales because this is a supplier that we have had for many years. And so this is a strategic acquisition where we reinforce and safeguard our supply chain. You can see that we have a super strong order intake, 260% up for the division, and up to 915 million. And the two business lines that are contributing most to that is the PCB test, and the ETC company is the supplier to PCB test. very large backlog, very good momentum on the orders and good situation on that one. The other strong business line is dibonding. On this one, we also have a good increase. Both these demands are very much driven by AI driven demand that we have applications that goes into AI product through product through AI and drives the investment in this area. You can see that if you had a sales of 492 million, The contribution from the recently made acquisitions is 77 million, so a little bit effect from that side as well. Gross margin, strong, 49%, and EBIT start to move now with the increased sales up to 199, no, 119 million. And we have a little bit noise from acquisitions, both positive and negative, so we had Some acquisition effect on the recently acquired businesses of minus five. And we had the re-evaluation of consideration related to the purchase price of Vanguard Automation, which was positive 22 million. So a little bit plus or minus in that one. And a super strong backlog of 1.7 billion. So very good situation here. And EBIT margin of 24% as well. I think it's very, very happy with that. So the strong order intake and our view on the market has made us to revise our outlook for 2026. So the previous outlook was 8.25 billion in sales at the end of the year. And now we see that we will have sales in the neighborhood or in the area of 8.75 billion. So quite a good change on that one as well. So... With that, I will hand over to Per Brosan to talk a little bit more about the financials.

Good morning from my side as well. I'm happy to stand here and have a good quarter with us and presenting that. First of all, looking at this graph, you see the strong sales level that we have had. We have been above 2 billion a couple of times, but not in the neighborhood of 2.5 billion, which also happens to be a quarter of our long-term financial target. And this quarter, we hit that in revenues, and we also hit it on the orders received side. Off-the-market revenue contributing with 525 million, which is a good level, and in volume actually higher than the number we had a year ago. But given that we also have a bit of headwind with the exchange rates, we were just below the level of last year. A record EBIT margin at 37%, reflecting that this sales also had a positive mix between the various businesses that we have, with a strong sales in particular in patent generators, as Anders explained. If we look how this looks on a rolling 12-month basis, we hit 8.3 billion in the quarter, which was just above the mark we had in our previous outlook for the year. But we have now revised that one to 8.75 as Anders just mentioned. The EDIT margin is on a good level at 25%. And we are closing in on the 2 billion in our aftermarket, which is a key focus area for us to continue to grow this one. And we are growing it in volume, but numbers take a little bit of time with the headwind we see on the FX side at the moment. If we cut our total profit and loss statement by cost category, you can see that we moved the EBIT from 7.75 to 9.38. And this was largely driven by a higher volume in the quarter than what we had last year, keeping more or less the same gross margin overall, which is a high level for us. On the R&D side, we continue to spend in particular on pattern generators. So about half of this increase is attributable to pattern generators. And for the rest, it's mainly related to the newly acquired companies in combination with some ESOP costs and some increased spend in the high volume division. On the marketing and sales and G&A side, it's also largely related to that we have added businesses to our baseline. On other, we had a very negative impact of revaluation of FX last year. So this year is slightly positive, and this supports then the delta, as well as the about 25 million that we had to reverse for the earn-out liability in the Vanguard case. Ending on a 938, 37%, extremely good level. If we cut it the other way around, you can see that we had, despite the very strong Q1 last year in patent generators, we had an increase, 80 million almost. We also managed to improve the situation for PCB assembly solutions. This is a small profit generated in the quarter, so we are continuously working to get that up to a higher level, but we also know that we start the year relatively slow, typically in PCB assembly solutions. High volume, you see a minus 20 here. And I would say that this is not really displaying the performance of the division. We have in these numbers 24 million of costs for the ESOP program. And we also had fantastic ordering take in the first quarter. So with a little bit delay on the revenue side, yes. But really good performance there. On the global technology side, very solid profit improvement. And this is stemming from the business lines which we have been owning for some time. So the business lines PCB test and the business line die bonding. This has been fueled by the demand in AI infrastructure investments, and it's really doing well at the moment. The group function side, this is revaluation of cash and internal loans to a degree, and the cost base is more or less similar as before. Ending the quarter on 938, so 37%. Cash flow wise, of course, the result contributed very well in the quarter. And similar to last year, we had negative impact on the working capital. And here we can sometimes contribute from large orders in pattern generators with advances, which we did not have to a very high degree. And at the same time, with strong invoicing, we also had a buildup of the trade receivables. On the investing side, the highlights for the quarter was the acquisitions of ETZ and Coen DSC, which accounted for two-thirds of that. Still, we remain in a strong cash situation. And on top of this, as many of you who follow us well know, we also have 2 billion revolving credit facilities at hand, should we need to. And with that quick overview, I hand the word back to Anders to speak a bit about sustainability.

Thank you, Jan. So, yes, sustainability. So we have applied and been approved by the science-based target initiative organization and have committed to reach certain targets. related to that and we're happy to see that we already have reached the target that we have on scope 1 and 2 when it comes to greenhouse gas emissions while we are on the other hand are not yet reaching the scope 3 target which is related to emissions from the use of sold product and you may remember that we launched a few years back a new laser model for our pack generators equipment where we can change from very energy consuming gas lasers into solid state lasers in the mask right there. And we're happy to see that we have, and this will be the largest contributor to reaching the Scope 3 target for us. And we are happy to see that even though we have not yet reached the target, we have a trend which is positive on that side where we have seen the penetration an increasing of solid-state lasers in the installed base, starting from 38% beginning in January, beginning in 2025. And January 2026, we were up to 47%. So, still more to do, but the direction is very positive on this side.

So, Sven. Thank you, Anders, and Thank you, Pierre, for presenting. And now we move over to our Q&A session. And first we will head over to London and Oliver Wong at Bank of America. Please go ahead and ask your questions, Oliver.

Hey, guys. Thanks for letting me ask the first question. My question is regarding global technologies. It was quite strong, very strong performance And I noticed that in terms of the EBIT for global technologies, it was at 24% in Q1. And that's a significant jump, even over last quarter in Q4, where your gross profits in Q4 for global tech was actually higher than in this quarter, but you managed to achieve significantly better EBIT margin. So I was wondering if you could, you know, give some color on that, give some context on that. Is this kind of, you know, are the EBIT margins for global tech expected to stay at this level and continue to increase as presumably, you know, you'll continue to grow your revenues there? And, yeah, what accounts for the big chunk?

First of all, we had a couple of percent support in a way by reversing the earn-out provision for the Vanguard case. So this was about 25 million. So this is a couple of percent. With that said, I think... We are not specifically guiding a certain EBIT number, but we do see a very strong demand in our traditional business lines here, and I think we remain confident on the outlook for global technologies going forward.

Okay, thank you. Perhaps if I can ask another one, just maybe an update on the trend that you're seeing for the pattern generators. Sorry, my camera just turned off. Yeah, just maybe an update on the trends that you're seeing from the pattern generators. I'd be curious in terms of, let's say, demand from Chinese mask shops, demand from Western mask shops. I think I heard a little bit about perhaps because they may be inherently losing share to the Chinese, you know, perhaps the they are more hesitant on their investment plans there and whether it would be new capacity or whether it would be replacing old machines. And then also maybe an update on OLED, any update on kind of when you see kind of an influx of demand there in terms of the underlying OLED proliferation, what that means for your mass riders. Thanks.

Yeah, I can talk about that. So talking with China, And Semicon, so there was a certain peak in 23 and 24. We are down from that level, but it's still quite solid. But I think we will not really see levels back to the 23 and 24 peak in China. So it's kind of more normalized now. Still China... Semicon manufacturers import the majority of masks and China still want to be more independent on this side. So I think the investments in China will continue, but maybe not as crazy high as it was in 23 and 24, but still a solid demand. on that side. Globally, I think we will see a similar, we have more, much more places where people want to manufacture Semicon equipment or Semicon product and so on. So I think we see demand from all over. we still really we have not yet seen a big increase in this replacement cycle of the installed base and the longer it takes the more it's more urgent it will be likely because this is starting to get really old so we really believe that we will see a market that is also being contributed by the the replacement that that shouldn't will happen in on that side but overall quite strong i think Just recently, both Photronics and TechSend released their quarter one reports, very strong ones, both of them, I think. where they also point to that they will continue to do capex investments. And also more advanced nodes. I think that is also a way to stay ahead of China. Although both of them have operations in China, so it depends on where the factory is. If you take on the flat panel display for... market, I think that is quite stable. We really see this OLED penetration happen. So still OLED is not really the largest portion of displays, but it starts to happen on a higher now in the IT related equipment, tablets, laptops, desktop screens, displays and stuff like that. So we hope that we can see some increases in that. And the recently sold and shipped P8000 is of course a part of that transition. It will be able to produce masks for the most advanced OLED displays. So this is happening. Yeah, I don't know if that was the answer. You had a number of questions built into that one.

Yeah, you can answer all of them. Yeah, thanks. Very helpful.

Okay. Thank you, Oliver. And now we go to ABG Sundar Kholia and Henrik Hintze. Henrik, please go ahead and ask your questions.

Hi. Hi. Yes, so sort of continuing on PEG there, you talked a bit about Proxision 8000 and OLED penetration. I was just wondering now that you've delivered the first Proxision 8000, what do you sort of see as triggers for other customers to invest in this? Like what kind of requirements does the model satisfy that previous models do not?

Yeah, so... It can write masks with higher precision, higher resolution, or higher speed. You can choose a little bit. But normally, when we sell the first of a new equipment, that manufacturer's mask can sell their mask at a much, much higher market price. So the one who bought this one will enjoy this for some time. But this is also, of course, a trigger for others to do the same. It's all that pattern when we the previous high-end masquerade P800 that the first one took some time to sell and then it followed after that. So we believe and hope that this will happen now as well. And logically, there should be more customers for the P8000.

Yes, okay. Okay. Very good. And still on PG, given the strong deliveries and the good mix here in the quarter, are you sort of satisfied with the margin in the segment or were there any maybe elevated costs related to the fact that it was the first time you delivered a Precision 8000 or maybe the R&D investments you're making?

I think the margin is The margin on PD is very much related to the mix of products. The price and the cost are quite fixed on those. So depending on what we ship, the margin will vary. And then the portion of the aftermarket, which is also quite stable. So the components will contribute. There was no deviation in the different components of contribution. To the margin, on the OPEX cost side, we are running at a very high investment or cost on R&D. And this is related to the new product, what we call IQS, which is a metrology or inspection tool that will be released later this year. And this high spend will remain this year and into next year as well on this high level. And this is mainly related to that.

Okay, great. And maybe if I could just ask one more question. If we turn back to global technologies, we talked about the margin already, but I think even more impressive were the orders in the quarter here. So I'm just wondering how are you going to be able to deliver on these orders? How long are the lead times now? Do you think this is a sustainable order intake level with the capacity expansion plans you have in place?

Yeah, so that's a very good question, which we also are struggling with, of course. And how long will the AI demand really be there? I think maybe... But we have longer than normal lead times, especially on the PCD test equipment. Lead time is a year, 12 months, maybe a little bit more, even, which is longer than usual. We are expanding our facility. We built a new factory already. What was that? One year ago.

Opened a year ago.

A year ago, yes. And we are already... digging for the expansion of that one. So already the new factory that we built last year had a much larger capacity than the previous one. And now we're expanding that already to meet this demand. But we also work with efficiency and improvements and sub-suppliers and so on to increase the delivery capacity. So, so far not a constraint on that one. But it's true that the lead times are getting long and the backlog are also large. because of debt. So we try to balance that. We can see that this demand goes into next year as well, but beyond 27, it's very difficult to say how it will go on this.

Okay, very good. Thank you.

Thank you, Henrik. And now we move over to DNB Carnegie and Mikael Larsén.

Yeah, thank you. Good morning. Yeah, let's start from the beginning, maybe with the guidance that you raised for this year. If you could break it down, maybe, and explain to drivers why you have upgraded. So, is it timing effects, or how much is underlying demand strength?

There is a little bit of timing effects on the PD side, but... Largely, it's demand in particular in high volume and global technologies. I think that's why we have really seen strong demand and we foresee this to remain at a somewhat higher level than what we saw going into the year.

I also have a question on global technologies. And coming back to the margins there, just a question on if this current business mix, if the current margins of 20% adjusted for this temporary, I mean, effects in Q1, if this is representative of the current mix, and how we should think about H-probe, robots, Surfex, and ETC, which are

Yes, I think we do see a strong situation for now, so I think the 20% underlying that we see is definitely a level where I think we can lead. On the acquired entities, the idea is, of course, not to continue to make losses, even if there are certain acquisition-related costs to bear for some time. So this we expect. I think we have also stated that we expect that typically within a year or so, they should start to contribute positively to Micronic.

So can you maybe follow up on one there, but with Surfex, you acquired it mid-25, and it looked like it was really profitable, but then you had a temporary cost in connection to the integration, I guess, and also things like that, accounting issues. So are you reinvesting in the business right now, and that's why it's on the same profit level as you had before, or? Are you taking action to, I mean, expand the capabilities?

The gross margin and so on is perfectly okay. The volume in the first quarter is not where we think it will be going forward. And we have, call it supersized the organization, because we do believe that this will grow quite fast. There is a little bit of timing difficulty when the investments fall in this industry, especially as it's a new technology to be adopted, a new process to be adopted by our customer's customer in particular. So timing-wise, it can flip a little bit another quarter or two before we start to see the ramp. But we believe in this a lot. We are investing in the organization a lot. and this may result in a short-term negative result.

Okay, so how much of the sales in that part is two external packaging failures that you delivered to them and how much is sales of all systems directed to end customers?

And the majority is where we are a part of another solution.

Okay.

Thank you.

Thank you, Mikael. And now we move over to Handelsbanken and Fredrik Littell. Please go ahead and ask your question, Fredrik.

Thank you, good morning, and thanks for taking my questions as well. Can we maybe talk a little bit about the SLX machine, the order you received in Q1, and what drives that price tag? You alluded to it in your presentation, but is it also on the technology side that you take new steps? Is that something that you will be able to use for your line of SLXs going forward in any way, or can you talk a little bit more about that one? Thank you.

Yeah, so first of all, we are not allowed to talk a lot about that order from the customer, actually. But in general terms, this is also a very unique machine. It's based on the SLX platform. And the higher price tag is very much related to development work that is needed to be made on that platform to meet the specification. So this will not become a product that we will market to others, really. So this is really a unique event. The development work we do could be reused in part. So I think it will contribute to the plans we already have to extend and expand the capabilities of the XLF exchange. It will not add anything that we didn't plan to do anyway, so it's but it will certainly make it happen maybe faster or cheaper or something but anyway so that is the contribution of that but even so we still believe it's a nice order and happy that we got it

Another question, the race guidance for 26, is that contributing into that changes or was that already part of your assumptions?

It has a very marginal impact on that. So this is not the reason. We believed already when we issued the guidance that we would at some point get the acceptance.

Okay. And as you talked in the Q4 report about that you're sort of stepping up your R&D spending a little bit this year in front of new machines you will sort of launch in the second half of this year. Are you on the right track there, or are you peaking in your R&D spend, or where are you in that sense?

And now we are on the right track. It could possibly increase maybe a little bit more, but we are in the range, I would say, where we should be. Maybe we need to increase a little bit more on that one. But it's not too far away right now, and the project is going according to plan. We have the demand for customers is extremely strong. So there is no... The market is not a problem. It's our own speed, which is kind of the critical line here. So what we said in quarter four still is valid on the one ticket. So the intention is that when we have the capital market state a day later this year, we will talk much more about this machine, of course. Mm-hmm.

And, Pierre, I haven't been able to look at the very small details, but are you capitalizing more of your R&D just in front of sort of the launch? Is that how it works?

No, we are following the same principles. And as you analysts know, we are very cautious in putting things in our balance sheet. Thank you. We are not cheating that way either. All right, that's very good to hear.

Thank you. Thank you for taking my questions.

Thank you very much, Fredrik. And now over to Ina Jypsund at SEB. Please go ahead and ask your questions, Ina.

Yes, so hi, and thanks for taking my questions as well. So I have a question on high volume. Does kind of this year follow the same pattern as we saw in last year with Q1 where we're being seasonally very strong and Yeah, could it give you some more flavor on high volume, what you expect going forward?

It's, of course, a little bit hard to predict the future. The past is much easier. No, but I think we do see strong demand for now. It's been strong in China for us. We also see more and more international demand. In the quarter, we also... Enter certain news customer segments where we deliver solutions for dispensing in the optical module assembly, etc. So this is developing very nicely for us for now. Of course, I think the biggest threat is more on the geopolitical side than anything else. I think we have a very well-functioning organization, a strong product portfolio, and we are now building an international organization here.

And then a question on the acquired COVID. There's not any PG that you closed here in Q1. Can you talk a little bit about what kind of order values you have here and what does the kind of order dynamics look like? And, yeah, will it be announced orders that you're doing with the rest of the PG orders or what? Hmm.

This has not been the plan to change the way we are today disclosing the PGO orders because they have such a huge, not only volume impact, but also profit impact. Should we have similar orders on the COVID side? We may consider that, but for now we have not considered that. COVID has a bigger spread of, there can be, orders in the same magnitude as the PG lower end PG machine but typically done in the lower end so it's not display mass quite the order size okay okay and I'm gonna get some boring question but what kind of effect impact did you have on order intake in this corner is it the same magnitude as sales or It's a similar magnitude as the sales. It's slightly lower, and that's because we had an upward revaluation at the end of March because you revalue the backlog at the period end rate. But it's double-digit.

Okay. Thank you. That was awesome. Thanks.

Thank you. I will actually now run through all participants again just to give another chance to ask an additional question which might have popped up. So Oliver, Bank of America, do you have any additional question that you would like to ask?

I'm all good for now. Thank you.

Thank you. So Henrik, ABG Sandal Collier, anything else you would like to add?

Yeah, I'd just like to add on high volume. It seems to me even if you adjust for the effect of the auction program, the margin was down a bit here in the quarter despite quite solid sales. Anything special driving that or is it just natural variance there? think the gross margin is where it should be we do invest in building up the organization organizational footprint also outside the traditional Shenzhen facility that we have both operation-wise in Thailand and building organization in both in Korea US and so on but this is marginal marginal deviations and then Of course, on the R&D side, there is a slightly higher spend, but it's not fundamentally different.

Okay, thank you. Okay, thank you. Mikael Lassén, D&B Carnegie. Any additional questions from you? No, thank you. All right. Then over to Fredrik Littell, Handelsbanken. Do you have anything? Else you would like to add?

Yeah, I have a few questions actually, if I may then. On start with PCB assembly, you talked about that, Anders. You feel it's a bit on the soft side and all that stuff. When we visited Productronic in November, it was really a very high level of buzz and activity there. customers walking all over the place in the PCB booth and all that stuff. Do you feel you have a very solid pipeline, but the customers are sitting still, they don't really want to put the pen to the paper? Is that a problem?

That's exactly what it is. I think they don't really have historical data, but the pipeline is almost bigger than ever, I would say. But the closing rate is very, very low. hesitation is really there i think we have a lot of quotations a lot of discussions we have new products a lot of interest for them and so on but orders are slower and it seems like customers need very very firm commitments on their own business before they want to move ahead so a little bit of difference before and we can see that other players in this struggle equally or even worse than we do. We can see that ASMPT announced a strategic review on their SMT business. We have seen that Coolikens Sofa didn't even try to sell their business. They just closed it and took a big hit on that one end of last year. So it is a very difficult market at the moment.

Alright, that's interesting. High volume, the order intake, strong order intake, you open up your facility in Thailand. Are there any customers that haven't really been able to purchase products from high volume as long as they were only Chinese based? Is that a trigger for the order intake or is that Not part of this at all?

Not yet, but we see this as a positive thing. We have had customers that didn't want to buy or couldn't buy depending on which sector they are in and which country they are from. And so they didn't want to buy from China. It's both related to tariffs but also to political regulations and desires. So Made in Thailand will open up for more, for new customers that we couldn't sell to before. But so far there's very little effect on that.

Okay. Final question. ATG and its probe machine, it's really flying. They're pretty much alone on the flying probe as it is. But as demand is increasing this quickly, do you see or hear any competitors making moves to participate in this specific part of the space?

We do see local China companies starting up trying to get into this market. We think that for the high-end, in particular, server boards, advanced server boards market, we think that we still have a very good position, both technology-wise, patent-wise, et cetera. So we've been able to maintain and enjoy that market position for now.

Perfect. Thank you very much.

Thank you, Fredrik. And now, finally, over to Inajiv Sund, SCB. Do you have any additional questions you would like to ask?

I could ask one question on global technology. So, super strong in the port. Obviously, it's been going strong for some time now. What kind of signals or kind of indicators should we be looking at to better understand the drivers of global tech? Is kind of SemiCupX been a good proxy or is there something more specific with it with us?

I think for now, I mean, for us, it's been really good. We have now four quarters in a row where this is the division with the strongest order intake. So really, really strong. And this has so far mainly been powered by the dibonding and PCB test business lines. And they are both AI infrastructure driven. So this is the best leading indicator for now. And then we have the other smaller still business lines. they have other driving forces as well.

Thank you.

Thank you, Ina. And with that, we have reached the end of today's presentation of my Chronics Q1 report. Thank you very much for attending.

Thank you so much.