Q2 looks set to be seasonally stronger than Q1 2026. Moreover, the acquisition of MB Elettronica will be fully visible in the Q2 numbers. Scanfil is likely to repeat its full-year 2026 guidance, and risks related to a downturn or declining investment activity have not increased during Q2. Our fair value range remains at EUR 11.2-13.7, based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. On our estimates, Scanfil's valuation is ~6% below the peer group median for 2026E-27E, but the company's revenue growth and earnings growth momentum is better than the peer group's on average, making risk/reward attractive, in our view. The company's valuation multiples could also be supported by increased exposure to the defence sector.