Componenta

The achieved turnaround in earnings is based, in our view, not only on the company's own successes but also on demand drivers in the energy and defense industries, which are likely to remain unchanged throughout the current decade.

The further strengthened earnings level reinforces our confidence in the sustainability of the earnings improvement, which is crucial for the investment case.

In the report, our attention is drawn to the semi-annual breakdown of revenue by industry, which provides insight into the drivers of rapid growth.

We forecast the defense segment's revenue to double by 2030 compared to the 2025 level.

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.