Mikron - Strong profit growth in FY25

Mikron's preliminary results for FY25 confirmed strong financial performance. Revenue was slightly ahead of our forecast and operating profit was c 3% ahead, with the operating margin expanding 1.9pp y-o-y to 10.4%. Order intake declined 14% y-o-y with book-to-bill below 1x for both divisions, as the uncertain European economic environment delayed customer investment decisions. We maintain our forecasts pending full FY25 results on 6 March, when we expect management to provide guidance for FY26.

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