Translation: Original published in Finnish on 1/23/2026 at 9:02 am EET.

Scanfil announced on Thursday evening that it had completed the acquisition of MB Elettronica, an Italian electronics contract manufacturer. The transaction's completion in January was expected, and the timing has no impact on our forecasts. However, the acquired company delivered very strong results in 2025, exceeding our estimates, which already partially materialized the additional purchase price. Overall, the risks to our near-term forecasts for Scanfil are at least decreasing due to MB's strong 2025 figures.  Scanfil will hold a press conference regarding the acquisition today at 2:00 PM EET. Watch the press conference here.

The transaction was completed on the updated schedule

Scanfil has completed the acquisition of MB Elettronica, which was announced in July 2025. The transaction's completion in January was in line with our expectations, as the company had previously indicated that the transaction would be postponed until 2026, which, in our assessment, was mainly due to the additional time required for the aftermath of the Cortona factory fire. We have previously commented on the MB acquisition here and here.

The purchase price corresponds to an enterprise value (EV) of a maximum of 123 MEUR (unchanged), of which 91 MEUR (was 73 MEUR) is related to the closing of the transaction and a maximum of 32 MEUR (was 50 MEUR) is tied to an earn-out based on the 2026–2027 results. The transaction was financed with Scanfil's existing credit facilities. MB Elettronica strengthens Scanfil's position particularly in aerospace and defense industry customers, which accounted for 40% of MB's revenue in 2025.

MB delivered strong figures for last year

The most positive aspect of the release was MB Elettronica's preliminary financial figures for 2025. The company's revenue grew by 22% year-on-year to 120 MEUR. Even more impressive was the profitability trend, as MB's comparable operating profit jumped 50% to 10.3 MEUR (adjusted EBIT margin 8.6%, +170 bps y/y).

We consider MB's performance excellent, and it was also clearly stronger than we expected. Growth was also broad-based, as deliveries to the aerospace and defense sector grew by over 30% last year according to our calculations, and other sectors (i.e., industry and health technology) achieved strong growth of over 15%. Growth scaled profitability nicely, considering the business logic of contract manufacturing, and MB's profitability in 2025 clearly exceeded Scanfil's own group-level profitability.

MB's strong performance at least reduces the risks associated with the Group's earnings improvement expectations

We had already included the MB transaction in our previous forecasts for January, so the confirmation of the transaction has no technical impact on our revenue and earnings forecasts. The portion of the additional purchase price that has materialized so far is also included in our forecasts, but it will be realized in cash flow slightly earlier than we expected due to MB's strong earnings improvement. For the same reason, the risks associated with our forecast for Scanfil's growth and earnings growth in the coming years are at least reduced, and there is also slight upward pressure on revenue and earnings forecasts and additional purchase price expectations at the group level, following MB's better-than-expected 2025 figures. We will review our Scanfil estimates at the latest after the company's financial statements release at the end of February.