Net sales and adj. EBITA were slightly below market consensus (LSEG) in Q4. However, profitability (EBITA%) was record high in Q4. Organic growth was 8% in Q4. Revenue growth was strongest in the Americas region. The value of new projects won during 2025 grew by 17% y/y. Largest customer is 13% of net sales. Scanfil has completed two transformational acquisitions end of 2025. Full year 2026 guidance is unchanged. The relatively tight revenue guidance range indicates solid visibility on orders and end market demand we believe. Dividend proposal is EUR 0.25 (consensus EUR 0.24). With a resilient margin profile and supportive growth story versus peers, the risk/reward remains attractive, we believe.
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