Scanfil's guidance for this year caused no surprises for us or the consensus
Translation: Original published in Finnish on 01/30/2026 at 07:37 am EET
Scanfil announced its guidance for 2026 on Thursday. The midpoints of the wide guidance ranges were well in line with our current estimates. We do not initially believe that the guidance causes significant pressure to revise our or the consensus estimates for Scanfil's current year. However, the guidance, which met expectations, slightly reduces the risks associated with our estimated organic and inorganic growth and earnings growth for this year.
Our estimates are fairly close to the midpoints of the guidance ranges
Scanfil estimates that in 2026, its revenue is 940-1,060 MEUR and comparable EBITA 64-78 MEUR According to the company, the guidance is defined on the back of the acquisitions of Italian MB Elettronica and US-based ADCO Circuits.
The figures are well in line with our expectations, as our current estimate for 2026 revenue is 986 MEUR and 72 MEUR for the EBITA. The midpoint of the guidance range for revenue is slightly higher than our estimate, while for EBITA, the midpoint aligns well with our current estimate. The adjusted EBITA margin of around 7% indicated by the ranges corresponds to Scanfil's typical baseline of around 7% and stable development. Both ranges are quite wide, which, in our view, reflects the uncertainty regarding the outlook at this point in the year for both revenue and profitability (incl. external economic and geopolitical risks).
The revision pressure on our estimates is, in principle, quite low
We do not initially believe the guidance causes significant revision pressure on our or the consensus estimates for Scanfil's current or coming years. However, the guidance, which met expectations, slightly reduces the risks associated with our estimated organic and inorganic growth and earnings growth for this year, even though the wide ranges leave room for very different development paths, especially regarding organic growth and earnings growth. We will update our estimates and stance on the company if necessary before the financial statements report. Scanfil will publish its Q4 report on February 20.
Scanfil is an international electronics contract manufacturer, specializing in industrial and B2B customers. Services include manufacturing of end products and components such as PCBs. Manufacturing services are the core of the company, supported by design, supply chain and modernization services. The company operates globally in Europe, America and Asia. Customers are primarily found in the process automation, energy efficiency, green efficiency and medical segments.
Read more on company pageKey Estimate Figures12.12.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 779.9 | 809.1 | 985.8 |
| growth-% | -13.5 % | 3.7 % | 21.8 % |
| EBIT (adj.) | 54.8 | 57.2 | 72.4 |
| EBIT-% (adj.) | 7.0 % | 7.1 % | 7.3 % |
| EPS (adj.) | 0.62 | 0.65 | 0.80 |
| Dividend | 0.24 | 0.26 | 0.28 |
| Dividend % | 2.9 % | 2.2 % | 2.3 % |
| P/E (adj.) | 13.3 | 18.5 | 15.1 |
| EV/EBITDA | 7.6 | 10.3 | 8.9 |
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