Source: Inderes

Translation: Original published in Finnish on 7/16/2026 at 9:15 am EEST.

Scanfil released its Q2 report this morning. H1 figures rose significantly, driven by acquisitions, and were operationally well in line with our estimates and, to our understanding, also with those of other analysts. As expected, Scanfil reiterated its guidance range for the current year. Our preliminary assessment is that the report does not create significant pressure to revise our near-term estimates for Scanfil.

Growth slightly ahead of expectations thanks to M&A and FX

Scanfil’s revenue grew by 22% in Q2 to 259 MEUR, which exceeded our estimate slightly. The ADCO and MB acquisitions accounted for ~22 percentage points of the growth. In addition, contrary to our expectations, currencies provided a boost of around 2 percentage points to the top line. Organic growth, on the other hand, was just under 5%, which was roughly in line with our estimate. Naturally, the fastest growth by region came from North America and Central Europe, boosted by acquisitions. Northern Europe also grew organically at a good pace of just under 6%, while APAC's organic growth remained soft at just under 2%. After the full support of acquisitions and organic growth, the new Aerospace & Defense customer segment's revenue share was just over 10% in Q2, largely in line with our estimate.

Operational profitability improved as well as expected

Scanfil's adjusted EBITA rose with inorganic and organic revenue growth by 31% to 18.6 MEUR. Our forecast was very well in line with the actual earnings. In Q2, growth also supported profitability, as the ramp-up pressures of new projects likely decreased, and the higher margin of the integrated MB and ADCO acquisitions compared to "old Scanfil" supported relative profitability. There were no significant surprises in the regional earnings or relative profitability compared to our forecasts or the rather balanced baseline levels of the units.

On the lower lines, PPA depreciation (which we treat as an adjustment item) was in line with our forecasts, but financing expenses increased faster than we estimated. In turn, there were no surprises in taxes. Thus, Scanfil's reported EPS in Q2 rose slightly with the operating profit but remained somewhat below our estimates, mainly due to higher-than-expected financing costs.

In terms of cash flow, the report was weaker than expected. Cash flow from operating activities more than halved from the comparison period, amounting to 9 MEUR in Q2, as operations continued to tie up working capital. The reasons for the working capital commitment are, in our estimation, normal seasonality, organic growth, and preparation for a tightening component and raw material market. Scanfil’s net debt to EBITDA ratio remained marginally above the upper limit of the company’s target level at 1.6x at the end of Q2. However, we estimate that Scanfil will quickly return within its target range, and overall, the company's balance sheet is completely unproblematic.

Guidance remained unchanged as expected

Scanfil reiterated its guidance for the current year, in which it expects its revenue in 2026 to be 940–1,060 MEUR and its adjusted EBITA to be 64–78 MEUR. Our forecasts and, to our understanding, those of other analysts were roughly in the middle of the range before the report. In addition, the company expects H2 to be better than H1 in terms of both growth and profitability, but this comment was fully in line with our expectations. Overall, the company's demand situation still appears strong despite macroeconomic uncertainties, which is also reflected in the continued strong sales of new projects in Q2 (Q2 new projects sold on an annualized basis 72 MEUR, +73%). Internally, we believe Scanfil is in good and reliable fundamental condition, provided that the availability of raw materials and components does not deteriorate and disrupt operations. Our preliminary assessment is that there is at least no significant pressure to revise our Scanfil forecasts for the coming years after the Q2 report.