Targets and outcome

Financial targets

These financial targets reflect Nolato’s strategic focus, with three business areas and advanced market positions, providing the financial flexibility to grow, make new acquisitions and provide good potential dividends for shareholders. The Group is managed with the aim of achieving healthy earnings, generating adequate cash flow and maintaining a healthy level of financial risk.


The target for the EBITA margin is to exceed 10% over a business cycle.




Outcome 2023


five-year average

Cash conversion

The target is to achieve cash conversion of more than 75% of EBIT over a business cycle, measured as the ratio of cash flow after investment to EBIT.




Outcome 2023


five-year average

Equity/assets ratio

The target for the equity/assets ratio is to exceed 35% over a business cycle.







Growth target



Nolato aims to exceed the level of growth within each market segment.

(During 2023 the Group's operations were organized in three business areas. Fom the first quarter of 2024 Nolato conducts the Group’s operations via two business areas – Medical Solutions and Engineered Solutions.)


Medical Solutions


integrated solutions


industrial solutions

Medical Solutions

According to estimates, long-term volume growth remains at around 4–5%. Medical Solutions sales totaled SEK 5,308 million (4,859); adjusted for currency and acquisitions, sales grew by 4%. Most product areas saw good growth, especially in the first half of the year. This did not, however, apply to in vitro diagnostics (IVD), whose sales were lower than in the previous year due to inventory adjustments in the value chain and a change in the customer mix in the second half of the year. The surgery area experienced lower volumes in the second half of the year.

Integrated Solutions

Integrated Solutions sales amounted to SEK 1,379 million (3,311); adjusted for currency and acquisitions, sales decreased by some 60%. Most consumer electronics customers were affected by reduced demand from end-customers, but it was a change in the sourcing strategy of a previously significant customer that primarily resulted in lower volumes. EMC sales totaled SEK 674 million (673), SEK 17 million of which was attributable to acquisitions. Increased market share in automotive made a positive contribution to growth, while sluggish activity and inventory adjustments in 5G roll-out had a significant adverse impact on telecom.

Industrial Solutions

Industrial Solutions sales amounted to SEK 2,871 million (2,618); adjusted for currency, sales increased by 4%. Automotive volumes increased, while supply chain disruptions had less of an impact than previously. The charging on of cost increases has gradually contributed less to the increase in sales. Demand for products in the consumer discretionary sector was slightly lower, and this is expected to continue in the next quarter due to the weak economy and restrained consumer spending.

Sustainability goals

Nolato has introduced long-term sustainable development goals covering social responsibility, environmental responsibility and business benefits. These goals are linked to the UN’s Sustainable Development Goals and the 2030 Agenda.

The background and outcomes of the goals are described in the website's section for responsible business.

Go on to the sustainability goals