Source: Inderes

Translation: Original published in Finnish on 7/13/2026 at 7:30 am EEST.

Scanfil will publish its Q2 report on Thursday, July 16, at 8:00 am EEST. We expect the company's revenue to have grown strongly in Q2, driven primarily by acquisitions and solid organic growth. We also expect the operating result to have improved significantly from the comparison period due to increased volumes, although the ramp-up of new projects may still slightly constrain margin expansion. We expect Scanfil to reiterate its guidance for the current year. In our view, Scanfil's share valuation is currently very neutral, and expectations are realistically reflected in the share price. Our recent extensive report on Scanfil is available here.

Revenue has remained on a strong growth trajectory, driven by acquisitions

We forecast Scanfil's Q2 revenue to have grown by just over 25% year-on-year to 254 MEUR. As in Q1, the clear main driver of growth is inorganic, as the MB and ADCO acquisitions account for almost 75% of the growth in our forecast. However, we also expect organic growth to have continued at a decent pace of around 6%. We expect all regions to have grown organically in Q2, while acquisitions will drive reported figures in the Americas and Central Europe significantly higher. Organic growth has been supported by the ramp-up of new customer projects and strong traction, especially in the Aerospace & Defense segment. Underlying demand in Medtech & Life Science and Energy & Cleantech has remained favorable, while in Industrial, the macroeconomic situation may have been a slight drag, at least on volume growth.

Operating profit has clearly increased with volumes

We expect Scanfil's adjusted EBITA to have grown by 29% in Q2 to 18.4 MEUR. Earnings growth has been primarily driven by strong revenue growth, but we expect the adjusted EBITA margin to have improved slightly to 7.2%. We estimate that profitability was supported by a higher capacity utilization rate, and the profitability of the acquired companies was also slightly better than Scanfil's average. On the other hand, the margin leap has likely been limited by the continued ramp-up of new projects. On the bottom line, earnings have been weighed down by increased PPA depreciation due to acquisitions, financial expenses, and the tax rate. Thus, we forecast Scanfil's reported EPS to have increased to EUR 0.19, slightly slower than the operating profit. We also estimate that cash flow started to recover after the typical working capital commitment in Q1, but volume growth likely kept cash flow weaker than earnings in Q2 as well.

Guidance reiteration forecast, eyes on the demand environment

We expect Scanfil to reiterate its guidance for the current year in connection with the Q2 report, according to which 2026 revenue will be 940–1060 MEUR and adjusted EBITA 64–78 MEUR Our full-year estimates (revenue 993 MEUR and adjusted EBITA 73 MEUR) are fairly close to the mid-points of the guidance ranges. In the report, we will especially monitor the company's comments on customer demand prospects. Inflation and economic growth risks caused by the war in Iran have not yet affected Scanfil's demand. The strong momentum in the defense sector, previous project wins, and the continued positive flow of new projects in Q2 are likely to provide a buffer for the company. We believe Scanfil's valuation is already somewhat elevated in the short term (2026e:  P/E 17x, EV/EBITA 13x), so at the very least, a continued rise in the share price would require increasingly positive comments on organic growth prospects.