Net sales and adjusted EBITA were below consensus in Q1. However, consensus expectations could have been too high after two acquisitions, and excluding underlying seasonality in Q1. Scanfil seems confident regarding the full year and kept its outlook intact, with the midpoint of full-year guidance indicating revenue growth of 25% and an EBITA margin of 7.1% for 2026. Our fair value range remains at EUR 10.4-12.7, based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. We argue that Scanfil offers a strong combination of organic growth and a compounder story, with a resilient margin profile. Regardless of the seasonally weak Q1, we believe 2026 could be a very good year for Scanfil. We estimate that some 12% of net sales are defence-related after the MB Elettronica acquisition.