Chief Analyst Viljakainen has been working hard on Sunday evening to provide us with a Scanfil preview report, as the company will release its Q4 report on Friday, February 20. 
We are revising our target price for Scanfil to EUR 11.00 (prev. EUR 10.50), but we are lowering our recommendation to Reduce (prev. Add). Scanfil’s guidance for 2026 was in line with expectations, which, together with MB’s strong 2025 figures, in our view slightly reduced the risk level associated with the stock. However, we did not make any changes beyond marginal positive fine-tuning to our Scanfil forecasts at this stage. The approximately 15% share price increase since our December update has once again slightly raised the stock’s valuation (2026e: P/E 14x), and consequently, we believe the expected return has neutralized over a one-year horizon. In the longer term, we believe Scanfil still offers an attractive profitable growth investment story.