Post-results note
Strong quarter and improved visibility - Q3 review
Johan Wettergren
Jakob Söderblom
Marcus Develius
2026-10-23
17:35 CEST
Scanfil’s Q3 report showed several encouraging signs for growth ahead, including: 1) organic growth accelerating to 8.5%; 2) strong APAC demand, with good momentum in Energy & Cleantech and Medtech; and 3) better customer visibility following a strong finish to the quarter. Importantly, current organic growth reflects previous project wins, while EUR172m of new customer projects secured YTD supports growth ahead. We raise our 2026–28 sales and adj. EBITA estimates and fair value range to EUR11.4–16.3 (9.9–14.7).
Organic growth accelerated to 8.5% in Q3. Sales reached EUR252m, 3% above our estimate, while adj. EBITA of EUR17.8m was 2% above, corresponding to a 7.1% margin, in line with our forecast. Organic growth included c1.5%-points from pricing. The operating result included a net positive EUR0.3m in items affecting comparability, including EUR0.5m of integration costs from recent acquisitions. New customer projects of EUR48m were below our estimate, mainly due to Industrial and Aerospace & Defense, partly offset by strong Energy & Cleantech intake.
Better visibility supports the growth outlook. Activity improved materially from September, following the normal vacation effects in July–August, while management highlighted better customer visibility. New customer projects of EUR172m YTD support continued organic growth. APAC remains a key growth driver, with margins set to normalise over the coming quarters as NPI effects normalise. Our higher 2026–28 sales and adj. EBITA estimates reflect the stronger organic momentum in Q3, CMD growth ambition and solid YTD project wins. Higher financial costs and taxes weigh on net profit.
Fair value range raised to EUR11.4–16.3. We raise our 2027e EV/EBITA range to 10–14x from 9–13x, reflecting the higher long-term growth ambition presented at the CMD, accelerating organic growth, and improving visibility. Investments in Suzhou and Myslowice, together with utilisation upside potential in APAC, support the improved medium-term growth profile.