NOTE

Electronics Manufacturing Servicesnote.eu

NOTE AB is a Swedish-listed EMS provider delivering PCBA, box build and testing for defense primes, aerospace firms and security customers, with operations in Sweden and the UK.

Company typePublic
Founded1999
HeadquartersKista, Sweden
Headcount1,001–5,000
GTM typeB2B
OfferingHardware or Manufacturing

What NOTE does

NOTE AB is a Sweden-headquartered, NASDAQ Stockholm-listed electronics manufacturing services (EMS) provider founded in 1999. The company delivers advanced printed circuit board assembly (PCBA), box build, and testing services, with a primary focus on defense, aerospace, security and intelligence customers and supplementary exposure to industrial and communications sectors. Its stated differentiators are multi-domain defense capabilities spanning air, land, cyber and marine applications, multi-jurisdiction production in Sweden and the United Kingdom (via the October 2025 acquisition of Surface Technology International, STI), and membership in the Swedish Security and Defence Industry Association (SOFF).

Revenue is generated through project-based, contract-priced EMS engagements with defense primes, OEMs, aerospace firms, and government-related end customers. Pricing is quote-based and tied to multi-year contracts rather than standardised list pricing; the company targets operating margins of 9.5% to 10.5%, achieving 10% for full-year 2025 and 11.4% in Q4 2025 on SEK 3.8 billion of full-year sales. Go-to-market is direct enterprise field sales, with strategic communications and earnings disclosure as the principal visibility channels; the SEK 900 million credit facility from Skandinaviska Enskilda Banken (SEB) supports a stated ambition of at least one acquisition per year, financed through debt rather than equity issuance.

NOTE firmographics

Firmographics

Name: NOTE
Legal name: NOTE AB
Website: https://note.eu
Company type: Public
Founded year: 1999
Operating status: Operating
Headcount range: 1,001–5,000 employees
Short description: NOTE AB is a Swedish-listed EMS provider delivering PCBA, box build and testing for defense primes, aerospace firms and security customers, with operations in Sweden and the UK.
Ownership category
akta.pro rank

NOTE industry classification

Industry

Product category: Electronics Manufacturing Services
NAICS: Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)
SIC: Printed Circuit Boards (3672), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Instruments For Meas & Testing Of Electricity & Elec Signals (3825)
akta.pro primary industry: PCB Assembly (PCBA/EMS) (HDAHAOAI)
akta.pro secondary industries: Test, Measurement & Calibration Equipment Manufacturing Services (ATE, DAQ, metrology electronics) (IMAGAGAH), Integrated Modular Avionics (IMA) & Avionics Computing Platforms (IMABAFAI)

Keywords

Electronics manufacturing services
Printed circuit board assembly
Box build assembly
Defense electronics manufacturing
Aerospace contract manufacturing

Where NOTE is headquartered

Location

Headquarters

HQ city: Kista
HQ country: Sweden
HQ region: Europe

Offices3 records

Markets served

NOTE business model

Business model

GTM type: B2B
Offering type: Hardware or Manufacturing
Cost components: Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

Electronics Manufacturing Services: EMS manufacturing services including PCBA, box build, and testing for defense, aerospace, security and intelligence sectors. Revenue generated through project-based manufacturing contracts with defense primes and OEMs.

Pricing tiers

Model	Billing	Price
Other	Multi-year contract	Project-based custom pricing

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

NOTE product offering

Product offering

Core offering

NOTE AB is an electronics manufacturing services (EMS) provider that delivers advanced printed circuit board assembly (PCBA), box build, and testing services for defense, aerospace, security, intelligence, industrial, and communications customers. Manufacturing is performed at company-owned facilities in Sweden and the UK, with the October 2025 acquisition of Surface Technology International (STI) adding UK defense-electronics capabilities and a platform for deeper relationships with European defense primes and OEMs.

Product overview

NOTE is an electronics manufacturing services (EMS) company that provides a comprehensive range of manufacturing capabilities including advanced printed circuit board assembly (PCBA), box build, and testing services. The company serves defense, aerospace, security, intelligence, and communications sectors, with recent acquisition of Surface Technology International (STI) enhancing its UK presence and defense electronics capabilities. NOTE operates as a unified EMS platform offering end-to-end manufacturing services rather than distinct modular products.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

Operating margin improvement from 9% to 10% full-year 2025
+3 more outcomes

Companies that use NOTE

Customer profile

Named customers4 records

Segments5 records

Ideal customer profiles4 records

NOTE technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

NOTE partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core and minor.

Swedish Security and Defence Industry Association (SOFF)coreOthers · 6 March 2026NOTE joined SOFF to reinforce its commitment to the security and defence sector. Through this membership, NOTE contributes to industry dialogue on total defence, supply preparedness, and cybersecurity, strengthening its role in resilient and reliable defence-industrial supply chains in Sweden and Europe.
Browne JacobsonminorImplementation/ SI/ Consulting PartnerBrowne Jacobson, a law firm, advised Rcapital on its exit of Surface Technology International (STI) electronics business to NOTE UK, providing legal, financial, and tax support for the complex transaction.

Scale indicators12 records

Recent moves5 records

Expansion highlights4 records

NOTE competitors and assessment

Company assessment

Direct peers

Scanfil Oyj: Finland-headquartered listed EMS provider with European and Asian manufacturing sites, serving industrial, energy and aerospace/defense customers. Strongly comparable on EMS service offering and public-market profile.
Kitron ASA: Norwegian-listed mid-tier EMS provider with a comparable product mix of PCBA, box build and testing across defense, aerospace, industrial and energy customers in Northern Europe. Closely comparable on size, public-company profile and Nordic customer base.
Inission AB: Swedish-listed EMS company with Norrland-based production serving industrial, defense-adjacent and medtech customers. Closely comparable Scandinavian EMS competitor.
Hanza Holding AB: Sweden-based EMS company offering PCBA, box build and subsystem manufacturing across industrial, medtech and defense-adjacent customers. Direct Swedish competitor with very similar business model and footprint.
Cicor Technologies Ltd. Swiss EMS and microelectronics specialist with explicit aerospace and defense exposure, combining PCBA with higher-margin microelectronics assembly. Comparable on EMS-plus-defense business model.
Neways Electronics International N.V. Netherlands-based listed EMS specialist offering PCBA, box build and testing for industrial, semiconductor and defense customers across Europe. Comparable continental European mid-tier EMS profile.

Others

NCAB Group Holding AB: Sweden-listed PCB sourcing specialist that supplies PCBs (but not assembly services) into industrial, defense and aerospace customers across Europe. Closely linked PCB ecosystem peer upstream of NOTE's PCBA activity.

Broad incumbents

AT&S Austria Technologie & Systemtechnik AG: Austrian-listed leader in PCB and substrate manufacturing (including IC substrates) supplying global aerospace, automotive and industrial OEMs. Larger-scale incumbent whose PCB/IC-substrate activity overlaps with NOTE's PCBA sourcing and end-market exposure.
TT Electronics plc: UK-headquartered listed provider of electronic components and EMS solutions with a meaningful aerospace, defense and medical business. Larger and more diversified than NOTE but directly overlapping in UK defense electronics.
Mercury Systems, Inc. US-listed defense electronics specialist delivering mission-critical subsystems to primes and the DoD. Adjacent in defense-electronics end market though vertically higher in stack, useful as a US-listed defense-electronics proxy comparable to NOTE/STI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

NOTE financial estimates

Financial estimate

Revenue estimate

Valuation estimate

NOTE leadership team

Management profile

Number of profiles

Profiles1 record

NOTE subsidiaries and ownership

Company hierarchy

Subsidiaries2 records

NOTE funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

NOTE M&A and investment

M&A and investment

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NOTE

What does NOTE do?

Is NOTE a public or private company?

NOTE is a public company. It is classified as public and is currently operating.

When was NOTE founded?

NOTE was founded in 1999. It employs 1,001 to 5,000 people.

Where is NOTE based?

NOTE is headquartered in Kista, Sweden, in the Europe region.

How does NOTE make money?

One revenue line is on record: electronics Manufacturing Services.

Who are NOTE's main competitors?

Direct peers on record are Scanfil Oyj, Kitron ASA, Inission AB, Hanza Holding AB, Cicor Technologies Ltd. and Neways Electronics International N.V.. NCAB Group Holding AB is listed as an others. Broad incumbents are AT&S Austria Technologie & Systemtechnik AG, TT Electronics plc and Mercury Systems, Inc..

Does NOTE have an API?

No public API is recorded for NOTE.

What industry is NOTE in?

NOTE's product category is Electronics Manufacturing Services. Its primary akta.pro industry code is HDAHAOAI, PCB Assembly (PCBA/EMS), with a secondary code of IMAGAGAH, Test, Measurement & Calibration Equipment Manufacturing Services (ATE, DAQ, metrology electronics). Its NAICS code is 334418 and its SIC code is 3672.