Moving on to this, Tomra announced an interesting stock exchange release today. 1,200 reverse vending machines for the United Kingdom, starting in the first half of 2027. It is reasonable to believe that they will utilize Scanfil.
Antti has written a new company report on Scanfil following the Q2 results.
Scanfil’s Q2 figures, released on Thursday, were operationally in line with our expectations, and we have made virtually no changes to our forecasts for the coming years. The company’s outlook is positive in both the short and long term, and the stock’s valuation has also declined slightly in recent weeks (2026e: adj. EV/EBITA 12x). Consequently, the stock’s one-year return expectation has once again risen to a cautiously attractive level in our books.
The Finnish industrial sector is currently showing signs of awakening. In this regard, a partnership opportunity with Valmet has emerged.
Scanfil and Valmet Strengthen Their Cooperation in the Electronics Industry
Scanfil, a provider of electronics manufacturing services, and industrial technology company Valmet have decided to significantly expand their long-term cooperation. With the new agreement, the partnership will expand to cover several production units as well as new products and product families. Scanfil also has a factory in Pärnu.
Scanfil itself also published a news release about this strengthening of the partnership at the end of last year (December 16, 2025).
The most interesting and relevant part is likely the latter:
Most of the new projects will begin in the fourth quarter of 2025. All projects are expected to be in production by the second half of 2026.
PS.
While on vacation, I read the book Kyllä se oli semmonen savotta. Scanfilin historia (It certainly was a tough job. The history of Scanfil). It was an interesting read, especially the company’s early years, which I wasn’t familiar with. I perhaps hadn’t noticed before how much Scanfil’s business is characterized by a certain type of frugality (likened to a miser/thrifty person) and operational adaptability (likened to how it adapted during Covid). I believe that cost-consciousness is still in the company’s DNA, and that suits us shareholders just fine I recommend it for summer reading!
Here are Antti’s comments on the profit warning (posari) by Incap’s and Scanfil’s peer Kitron
Norwegian contract manufacturer Kitron raised its guidance for the current year yesterday, which the company justified by strong demand and an improved outlook for supply chains. According to the new guidance, the company’s revenue this year will be EUR 1,050–1,150 million (previously EUR 900–1,050 million) and operating profit (EBIT) will be EUR 97–112 million (previously EUR 84–108 million).
Would it come as a surprise regarding Scanfil from the defense sector?
AI answers my question,
Does Scanfil manufacture for the defense sector?
Answer: Yes. Scanfil does significant business in the defense sector, and its importance to the company has grown rapidly.
Scanfil now has a separate Aerospace & Defense customer segment. This includes, among others, military systems, UAV systems, communication and radio frequency solutions, as well as command and control systems. **
The company states that it has over 30 years of experience in the defense industry and production in seven NATO countries, including Finland.
I recommend it for summer reading!