Scanfil plc Interim report 24 October 2025 at 8.00 a.m. EEST
Scanfil Group: Return to Organic Growth
July–September
- Turnover totaled EUR 191.3 million (173.3), an increase of 10.4%
- Comparable EBITA margin was at 7.4% (7.4%) and comparable EBITA EUR 14.1 million (12.8), an increase of 10.1%
- Earnings per share were EUR 0.14 (0.13)
January–September
- Turnover totaled EUR 586.1 million (567.7), an increase of 3.2%
- Comparable EBITA margin was at 7.0% (7.1%) and comparable EBITA EUR 40.9 million (40.2), an increase of 1.7%
- Earnings per share were EUR 0.43 (0.45)
- Net debt/EBITDA was 0.14 (0.15)
Outlook for 2025
Scanfil estimates that its turnover for 2025 will be EUR 780–920 million, and comparable EBITA of EUR 55-68 million.
| KEY FIGURES | 7 - 9 2025 | 7 - 9 2024 | Change,% | 1 - 9 2025 | 1 - 9 2024 | Change,% | 1 - 12 2024 |
| Turnover, EUR million | 191.3 | 173.3 | 10.4 | 586.1 | 567.7 | 3.2 | 779.9 |
| Comparable EBITA*, EUR million | 14.1 | 12.8 | 10.1 | 40.9 | 40.2 | 1.7 | 54.9 |
| Comparable EBITA*, % | 7.4 | 7.4 | 7.0 | 7.1 | 7.0 | ||
| Comparable Operating Profit (EBIT)**, EUR million | 13.7 | 12.4 | 10.4 | 39.2 | 39.1 | 0.3 | 53.1 |
| Comparable Operating Profit (EBIT)**, % | 7.2 | 7.2 | 6.7 | 6.9 | 6.8 | ||
| Net Profit, EUR million | 9.2 | 8.7 | 5.5 | 28.0 | 29.4 | -4.7 | 38.6 |
| Earnings per Share, EUR | 0.14 | 0.13 | 7.7 | 0.43 | 0.45 | -4.4 | 0.59 |
| Return on Equity, % | 12.7 | 14.3 | 13.9 | ||||
| Equity Ratio, % | 55.0 | 58.2 | 55.5 | ||||
| Net Gearing, % | 3.5 | 4.0 | 7.3 | ||||
| Net debt / EBITDA | 0.14 | 0.15 | 0.29 | ||||
| Net Cash Flow from Operations, EUR million | 7.4 | 21.8 | -65.8 | 41.4 | 68.7 | -39.8 | 92.1 |
| Employees, at the end of period | 4,075 | 3,695 | 10.3 | 3,997 |
* Excluding items affecting comparability and purchase price allocation amortization
**Excluding items affecting comparability
SRXGlobal was consolidated into Scanfil Group on October 1, 2024. Therefore January–September 2024 comparison period does not include SRXGlobal's figures.
Christophe Sut, CEO:
“Scanfil’s third quarter of 2025 marks a return to organic growth. Currency effect adjusted organic turnover for July–September increased by 7.8% year-on-year, reflecting the underlying strength of our business and good demand across key markets. Reported turnover for July–September was EUR 191.3 million, up 10.4%.
The currency effect adjusted turnover increased in Americas by 40.2% and APAC by 33.0%. In Northern Europe, the growth of 11.7% was driven by an Energy & Cleantech customer. The Central European region decreased year-on-year by 3.1%, but prepared for growth in Q4.
Comparable EBITA for the quarter was strong at EUR 14.1 million, with a margin of 7.4%. Our underlying profitability remained strong, supported by higher volumes and ongoing efficiency measures.
In January–September, turnover totaled EUR 586.1 million, up 3.2%. Comparable EBITA reached EUR 40.9 million. The incremental increase in our performance quarter after quarter demonstrates the long-term interest from our customers in our offering. At the same time our financial position remains strong, with net debt/EBITDA at 0.14 and an equity ratio of 55.0%. It gives us room needed to support our growth agenda, both organically and acquisitively.
In the last quarter, the new contract wins were very strong, and we recorded EUR 72.3 million in new customer projects won, an increase of EUR 30.6 million year-on-year.
The Industrial customer group’s turnover decreased by 2.3% compared to last year. Volumes are expected to stabilize. New customer projects won in the quarter totaled EUR 38.6 million.
Energy & Cleantech turnover increased by 26.1% compared to last year, driven by strong customer project wins. We remain very positive about the long-term contribution of this customer group. New customer projects won in the quarter totaled EUR 18.4 million.
Medtech & Life Science continues to develop positively, increasing its share of Scanfil’s total turnover. We signed an agreement with a major player that will contribute to the long-term development of Medtech & Life Science. In the quarter turnover increased by 16.1%, and robust demand continued. New customer projects won in the quarter totaled EUR 15.3 million. In January-September, we recorded new project wins of EUR 26.5 million, an increase of EUR 6.0 million year-on-year. We also signed a long-term agreement with three other new customers, which offers a major opportunity for the future.
In the long-term strategy execution, the quarter was successful. Scanfil was awarded the EcoVadis Gold rating for sustainability, reflecting our ongoing commitment to responsible business practices, environmental stewardship, and social responsibility. This achievement recognizes the dedication of our teams and our continuous improvement in sustainability.
At the same time, we further strengthened our management team and supply chain with the appointment of Anna-Maria Tuominen-Reini to lead procurement and supply chain. Anna-Maria brings extensive experience and expertise, and her leadership will be instrumental as we continue to optimize our global supply chain, enhance resilience, and deliver greater value to our customers.
Lastly, strategic acquisitions are one of the key pillars of our growth. The integration of SRXGlobal has passed the first milestone. In August, we inaugurated the modernization of the Johor Bahru plant in Malaysia, and now we are actively cross-selling SRX capabilities to our customers. Sales work has been successful, and currently our teams are implementing the first mutual customer project. In the third quarter, we also announced the acquisition of MB Elettronica in Italy. It will accelerate growth in the Aerospace & Defense and significantly strengthen our footprint in Southern Europe. MB has advanced capabilities, a highly appreciated team, outstanding quality, and the required certificates to serve demanding Aerospace & Defense, and Medtech & Life Science customers. The acquisitions of MB and ADCO Circuits, announced in June, are progressing towards regulatory approval and are expected to be closed in Q4 2025.
Looking ahead, we estimate turnover for 2025 to be EUR 780–920 million, and comparable EBITA EUR of 55–68 million. While we remain vigilant regarding global economic and geopolitical risks, our diversified customer and factory base, strong balance sheet, and strategic initiatives position us well for continued growth and resilience.
Thank you to our customers, partners, and employees for your trust and collaboration”.
Turnover
The turnover for July–September was EUR 191.3 (173.3) million, an increase of 10.4% and EUR 18.0 million compared to the previous year’s comparison period. Changes in the foreign currency exchange rates of local currencies in comparison to the Group’s reporting currency euro caused a negative currency translation difference effect of EUR -4.3 million in turnover in the period. Turnover excluding the currency exchange rate effect would have increased by 12.9%. Turnover increased in Americas by 30.6%, APAC by 26.0%, Northern Europe by 11.7% and decreased in Central Europe by 3.1%.
The turnover for January–September was EUR 586.1 (567.7) million, an increase of 3.2% and EUR 18.4 million compared to the previous year’s comparison period. Changes in the currency exchange rates of local currencies in comparison to the Group’s reporting currency euro caused a negative currency translation difference effect of EUR -10.7 million in turnover in the period. Turnover excluding the currency effect would have increased by 5.1%. Turnover increased in Americas by 33.1% and APAC by 29.1% and decreased in Central Europe by 11.4% and Northern Europe by 1.8%.
SRXGlobal was consolidated into Scanfil Group on October 1, 2024. SRXGlobal’s impact on the turnover was EUR 8.4 million in July–September 2025 and in January–September 2025 EUR 24.8 million.
Comparable EBITA and operating profit (EBIT)
The comparable EBITA for July–September was EUR 14.1 (12.8) million, 7.4% (7.4%) of turnover. Comparable EBITA increased compared to the previous year’s comparison period, driven by higher turnover. The comparable EBITA margin remained unchanged year-on-year. Negative currency translation effect on EBITA was EUR -0.3 million. The comparable EBITA margin was in Americas 8.1% (8.5%), APAC 7.9% (8.4%), Central Europe 6.5% (7.1%), and Northern Europe 8.6% (6.5%).
The comparable operating profit (EBIT) for July–September was EUR 13.7 (12.4) million, 7.2% (7.2%) of turnover. Comparable EBIT increased due to higher turnover. The operating profit (EBIT) was EUR 12.6 (12.1) million, 6.6% (7.0%) of turnover. EBIT includes items affecting comparability of EUR 1.1 (0.3) million, mainly related to the acquisition of ADCO Circuits Ltd. and MB Elettronica, which had an impact on the EBIT margin. The EBIT margin in Americas was 7.2% (8.5%) APAC 7.3% (7.7%), Central Europe 5.0% (6.7%) and Northern Europe 8.6% (6.3%).
The comparable EBITA for January–September was EUR 40.9 (40.2) million, 7.0% (7.1%) of turnover. Negative currency translation effect on EBITA was EUR -0.9 million. Comparable EBITA margin was slightly affected by higher depreciation. The comparable EBITA margin in Americas was 7.5% (7.8%), APAC 7.8% (8.5%), Central Europe 7.1% (7.5%), and Northern Europe 6.5% (5.4%).
The comparable operating profit (EBIT) for January–September was EUR 39.2 (39.1) million, 6.7% (6.9%) of turnover. Comparable EBIT was impacted by higher depreciation and amortization. The operating profit (EBIT) was EUR 37.8 (38.8) million, 6.4% (6.8%) of turnover. EBIT includes items affecting comparability of EUR 1.4 (0.3) million, mainly related to the acquisition of ADCO Circuits Ltd. and MB Elettronica. The EBIT margin in Americas was 6.4% (7.8%) APAC 7.3% (8.3%), Central Europe 6.3% (7.1%) and Northern Europe 6.3% (5.3%).
Net profit and earnings
The net profit for July–September was EUR 9.2 (8.7) million, an increase of 5.5%. Earnings per share were EUR 0.14 (0.13). The net profit for January–September was EUR 28.0 (29.4) million, a decrease of 4.7%. Earnings per share were EUR 0.43 (0.45). Return on investment was 14.4% (15.9%).
The effective tax rate in January–September was 22.6% (24.2%). The reduction in the effective tax rate was due to the impact of changes in the relative taxable results of subsidiaries with different tax rates.
Financing and Capital Expenditure
Scanfil has a strong financial position. The consolidated balance sheet total was EUR 551.3 (498.3) million at the end of the review period. Cash and cash equivalents totaled EUR 56.0 (51.8) million. Liabilities amounted to EUR 253.7 (217.8) million, of which non-interest-bearing liabilities totaled EUR 187.3 (154.9) million and interest-bearing liabilities totaled EUR 66.4 (62.9) million. Interest-bearing liabilities consisted of EUR 38.4 (41.9) million in liabilities from financial institutions and EUR 28.0 (21.0) million in leasing liabilities. The Group has a strong liquidity position with EUR 93.8 million unused credit limits, and in addition, undrawn loan facilities EUR 100 million.
The equity ratio at the end of the period was 55.0% (58.2%), and net gearing was 3.5% (4.0%). Equity per share was EUR 4.55 (4.30).
The Group’s financial arrangements include discharge covenants that mandate the equity ratio to exceed the agreed level and the interest-bearing net debt/EBITDA to remain below the agreed threshold. The Group is compliant with the financial covenants, and they are reviewed on a quarterly basis.
The net cash flow from operating activities for January–September was EUR 41.4 (68.7) million. Operating cashflow was at a good level. The previous year’s comparison period was supported by significant change in the working capital. The net cash flow from investing activities was EUR -10.2 (-11.6) million. Free cash flow was EUR 31.2 (57.1) million.
The cash flow from financing activities for January–September was EUR -22.3 (-26.6) million, including a EUR -15.7 (-15.0) million dividend payment, EUR -5.0 (-6.0) million in repayments of long-term loans, changes in the leasing liabilities of EUR -4.6 (-3.0) million and change in overdraft facility EUR 1.8 (-2.5) million.
Gross investments in January–September totaled EUR 10.2 (11.9) million, which was 1.7% (2.1%) of the turnover. The investments include mainly acquisition of production machinery and equipment including EUR 3.0 million electronics manufacturing line in the Malaysia plant. Depreciations and amortization totaled EUR 17.7 (15.2) million.
Scanfil announced on 10 June 2025, that it is acquiring 80% of ADCO Circuits Inc. based in the Greater Detroit area, the USA. The purchase price for 80% of the shares is estimated at EUR 13.6 million. In 2024, ADCO’s turnover was EUR 30.6 million, EBIT EUR 3.5 million, and EBIT margin of 11.4%. The closing of the deal is subject to regulatory approval in the USA, which is expected to be granted in Q4 2025.
Scanfil announced on 13 July 2025, that it has signed an agreement to acquire Italian MB Elettronica (“MB”), an Electronics Manufacturing Service company. It has approx. 500 employees and four strategically situated factories in Italy, with the main factory and headquarters in Cortona, Tuscany. In 2024, MB’s turnover was EUR 98.4 million, with an EBIT of EUR 6.8 million, representing an EBIT margin of 6.9%. On a cash- and debt-free basis, the enterprise value is a minimum of EUR 73 million. In addition, the sellers are entitled to a maximum of EUR 50 million in additional purchase price, based on the financial performance in 2025 and 2026. The transaction will be paid in cash and financed with Scanfil’s existing credit facilities. Closing of the deal is subject to regulatory approval in Italy and other customary closing conditions. The regulatory approval is expected to be received during Q4 2025.
Publication of financial releases
This stock exchange release is a summary of the Scanfil Group’s January-September 2025 interim report release and includes the most relevant information of the report. The complete report is attached to this release as a pdf. file and is also available on the company’s website at .
Investor and media conference
The report will be presented on 24 October 2025, by the CEO Christophe and CFO Kai Valo in an English online event starting at 9:00 a.m. CEST (10:00 a.m. EEST). You can join the meeting .
A recording of the webcast and the presentation material will be available on the company's website later the same day.
Scanfil plc
Additional information:
Christophe Sut, CEO
Tel +46 721 51 75 02
Scanfil Plc is Europe’s largest listed provider of electronics manufacturing services (EMS), whose turnover in 2024 amounted to EUR 780 million. The company serves global sector leaders in the customer segments of Industrial, Energy & Cleantech, and Medtech & Life Science. The company’s services include design services, prototype manufacture, design for manufacturability (DFM) services, test development, supply chain and logistics services, circuit board assembly, manufacture of subsystems and components, and complex systems integration services. Scanfil’s objective is to grow customer value by improving their competitiveness and by being their primary supply chain partner and long-term manufacturing partner internationally. Scanfil’s longest-standing customer account has continued for more than 30 years. The company has global supply capabilities and nine production facilities across three continents.
Not to be published or distributed, directly or indirectly, in any country where its distribution or publication is unlawful. Forward looking statements: certain statements in this stock exchange release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Scanfil plc to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this stock exchange release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Scanfil plc to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this stock exchange release is current only as of the date of this stock exchange release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised, except as provided by the law or obligatory regulations, whether as a result of new information, changing circumstances, future events or otherwise.