Net sales and adjusted EBITA were around 5% below market consensus (LSEG) in Q1. The consolidation, timing, and seasonality of MB Elettronica in Q1 may explain the miss versus consensus on net sales. Scanfil’s profitability (EBITA margin) remained healthy in Q1. Organic growth was 6.5% in the quarter, with the Americas delivering the strongest organic revenue growth. The value of new projects won during Q1 increased by 11% year on year. Full-year 2026 guidance is unchanged. The relatively tight revenue guidance range indicates solid visibility on orders and end-market demand, in our view. With a resilient margin profile and a supportive growth story relative to peers, the risk/reward remains attractive, we believe.
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