Scanfil: Net sales guidance is EUR 940 - 1060m for 2026 - Nordea

Scanfil's guidance for 2026 indicates net sales growth of 16-31% we calculate. The midpoint of revenue growth guidance could then be 23% compared to market consensus (LSEG) of 21%. The two latest acquisitions will offer the majority of revenue growth. The acquisition of MB Elettronica could alone increase Scanfil's annualised net sales by 13% in 2026. But organic growth has also returned and the near-term outlook seems promising. The financial position is strong, regardless of several acquisitions. We calculate that aerospace & defence could now represent over 10% of the group's total net sales on a pro forma basis. Scanfil also estimates that its clean EBITA will be EUR 64-78m in 2026 (consensus EUR 72m). Overall, Scanfils guidance for this year published on 29 January 2026 is in line with market expectations. Midpoint of the company's guidance indicates EV/EBIT of 11.2x in 2026 (peer group average 11.8x) we calculate.

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