Net sales and EBIT were slightly below market consensus (LSEG) in Q2. Reported revenue growth was 3% and organic growth -1% in Q2 y/y. Revenue growth was strongest in the Americas region but net sales declined by 11% y/y in Central Europe in Q2. Small weakness is coming from Energy & Cleantech customer segment. The value of new projects won during the quarter grew by 2.7% y/y in Q2. Full year 2025 guidance is unchanged but the latest acquisition is not yet included to the guidance. Acquisition of MB Elettronica could be finalised in Q4 2025 and bring 12% increase to Scanfil's annualised net sales. Scanfil's share price has come up by 19% in three days due to the latest acquisition. Regardless of relatively high valuation multiples, we consider the acquisition in Italy as a positive news due to its exposure to defence sector.
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