Componenta

Componenta's Q1 report exceeded our forecasts due to excellent profitability and a better-than-expected order backlog.

The order book was also at a better level than we expected.

We forecast revenue to have grown by 17% supported by a strong order book.

In recent years, acquisitions have shifted the Group's focus from capital-intensive foundry business towards the machining business, which we estimate offers more attractive value creation opportunities.

The order is a continuation of orders Componenta received from the Finnish Defence Forces in 2024 and 2025.

Componenta's financial statement release published on Friday was better than we expected across the board, with all key figures exceeding our forecasts.

Higher-than-expected revenue also boosted EBITDA beyond our estimates.

We expect Q4’25 revenue and adjusted EBIT, excluding large non-recurring items, to have improved, which would seal the significant turnaround in earnings achieved in the past financial year.

The recognition of a deferred tax asset of around 5.7 MEUR suggests greater tax benefits in the coming years than we anticipated.