Componenta

Componenta's summer quarter clearly exceeded our expectations, but the reiterated guidance points to a more modest earnings level for the final quarter than we had forecast.

The focus is on profitability drivers and next year's outlook.

The narrowed guidance fell slightly short of our expectations regarding profitability, leading us to make moderate downward revisions to our forecasts.

We raised our earnings estimates for 2027–2028, and the earnings-based valuation is not challenging for the coming years.

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.