Source: Inderes

 Translation: Original published in Finnish on 5/8/2026 at 9:01 am EEST.

Componenta published stronger-than-expected Q1 print Double-digit revenue growth was slightly below our estimate, but earnings growth significantly exceeded expectations, driven by volumes and productivity improvements. The stronger-than-expected growth in the order book also suggests a strong Q2 2026, and as such, we believe the clear earnings beat in Q1 creates upward pressure on our short-term earnings forecasts. We estimate the report to have exceeded market expectations, and the share price opening to be positive today.

Revenue was approximately at our expected level

Revenue growth of 15% to 33.1 MEUR was slightly below our 33.8 MEUR estimate. According to the company, sales volume growth was driven by new deals and a slight recovery in the markets. According to comments, the situation in the energy and defense equipment industries has remained very strong among customer segments, while demand in the agricultural and forestry machinery industry continued at a low level, as we expected.

Stronger volumes supported profitability more than we expected

Adjusted EBIT rose to 2.0 MEUR, exceeding our 1.5 MEUR estimate. This translated into an adjusted EBIT margin of 5.9%, also clearly exceeding our 4.4% expectation. Operating leverage is also reflected in the adjusted EBITDA increase to 3.4 MEUR (forecast 2.9 MEUR), which the company attributed to higher sales volumes than in the previous year, as well as production efficiency and quality factors. We had anticipated the high electricity price in Q1 to be a slight drag on earnings, but the company's production efficiency was sufficient to overcome these headwinds better than we assumed. Taxes and financial expenses were roughly at the levels we expected. Reflecting the better-than-expected operational profitability, EPS of EUR 0.12 exceeded our forecast of EUR 0.08.

Strong Q1 print makes achieving the guidance likely

Componenta's reported two-month binding order book grew to 23.1 MEUR (+33% y/y), which was higher than our 20 MEUR estimate. The strengthening order book provides a good starting point for the current quarter, but geopolitical uncertainty and high inflation keep uncertainty elevated looking into H2'26.

Componenta reiterated its guidance for the current year, according to which the company expects "the Group's revenue and adjusted EBIT to improve from the previous year." With an excellent Q1 performance and a strong order book, Componenta's H1'26 will be clearly better than the comparison period, meaning we believe there is little need to worry about achieving the guidance.

Full-year 2025 revenue was 115.7 MEUR and adjusted EBIT was 4.3 MEUR. Before the Q1 report, we expected full-year revenue to grow to 131.8 MEUR and adjusted EBIT to 5.7 MEUR, which is in line with the company's guidance for improvement. However, the reported clear earnings beat and the strongly developed order book put upward pressure on our current year estimates, especially regarding H1'26 profitability.