Scanfil: Q3 numbers slightly below consensus - FY guidance unchanged - Nordea

Net sales and adj. EBIT were slightly below market consensus (LSEG) in Q3. Organic growth returned in Q3 y/y after being negative for the past seven quarters. Reported revenue growth was 10% in Q3 y/y. Revenue growth was strongest in the Americas region but net sales declined by 3% y/y in Central Europe in Q3. The acquisitions of MB and ADCO are expected to be closed in Q4. The value of new projects won during the quarter grew by EUR 31m y/y in Q3. Full year 2025 guidance is unchanged but the latest acquisitions are not included to the guidance. We consider the full-year 2025 revenue growth guidance range of 0-18% relatively wide (EUR 140m). Scanfil could even lower its revenue guidance midpoint (without acquisitions) of EUR 850m in Q4 2025 we believe.

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