Aspocomp Interim Report Q3 2026.pdf
Aspocomp’s Interim Report January–September 2026: Clear improvement in profitability, defense industry now the company's largest customer segment
Aspocomp Group Plc, Interim Report, October 28, 2026, at 9:00 a.m. (Finnish time)
Aspocomp’s Interim Report January–September 2026: Clear improvement in profitability, defense industry now the company's largest customer segment
This is a summary of Aspocomp Group Plc’s January–September 2026 Interim Report. The full report is a PDF file attached to this stock exchange release and available on the company website at https://aspocomp.com/investors/.
JULY-SEPTEMBER 2026 HIGHLIGHTS
- Net sales EUR 10.6 (8.8) million, increase of 20%
- Operating result EUR 1.3 (0.3) million, 12.6% (3.6%) of net sales
- Earnings per share EUR 0.13 (0.03)
- Operative cash flow EUR -0.3 (0.5) million
- Orders received EUR 15.3 (5.7) million, increase of 169%
JANUARY-SEPTEMBER 2026 HIGHLIGHTS
- Net sales EUR 31.0 (29.3) million, increase of 6%
- Operating result EUR 2.0 (1.3) million, 6.3% (4.5%) of net sales
- Earnings per share EUR 0.18 (0.11)
- Operative cash flow EUR 1.3 (3.0) million
- Orders received EUR 40.5 (26.0) million, increase of 56%
- Order book at the end of the review period EUR 30.6 (16.6) million, increase of 85%
- Equity ratio 57.7% (61.2%)
THE GROUP’S KEY FIGURES
| 7-9/2026 | 7-9/2025 | Change, % | 1-9/2026 | 1-9/2025 | Change, % | |||
| Net sales, M€ | 10.6 | 8.8 | 20% | 31.0 | 29.3 | 6% | ||
| EBITDA, M€ | 1.7 | 0.6 | 164% | 3.1 | 2.4 | 26% | ||
| Operating result, M€ | 1.3 | 0.3 | 316% | 2.0 | 1.3 | 48% | ||
| % of net sales | 13% | 4% | 9% ppts | 6% | 5% | 2% ppts | ||
| Pre-tax- profit/loss, M€ | 1.3 | 0.2 | 405% | 1.7 | 0.9 | 80% | ||
| % of net sales | 12% | 3% | 9% ppts | 6% | 3% | 2% ppts | ||
| Profit/loss for the period, M€ | 1.0 | 0.2 | 453% | 1.4 | 0.7 | 88% | ||
| % of net sales | 9% | 2% | 7% ppts | 4% | 3% | 2% ppts | ||
| Earnings per share, € | 0.13 | 0.03 | 329% | 0.18 | 0.11 | 68% | ||
| Received orders, M€ | 15.3 | 5.7 | 169% | 40.5 | 26.0 | 56% | ||
| Order book at the end of period, M€ | 30.6 | 16.6 | 85% | 30.6 | 16.6 | 85% | ||
| Investments, M€ | 3.4 | 0.3 | 1,022% | 6.4 | 0.7 | 876% | ||
| % of net sales | 32% | 3% | 28% ppts | 21% | 2% | 19% ppts | ||
| Cash, end of the period, M€ | 1.4 | 1.3 | 10% | 1.4 | 1.3 | 10% | ||
| Equity / share, € | 2.69 | 2.35 | 14% | 2.69 | 2.35 | 14% | ||
| Equity ratio, % | 58% | 61% | -4% ppts | 58% | 61% | -4% ppts | ||
| Gearing, % | 31% | 22% | 8% ppts | 31% | 22% | 8% ppts | ||
| Interest bearing net debt/Ebitda | 2.1 | 1.2 | 73% | 2.1 | 1.2 | 73% | ||
| Personnel, end of the period | 170 | 169 | 1 person | 170 | 169 | 1 person | ||
* The total may deviate from the sum totals due to rounding up and down.
OUTLOOK FOR 2026 UNCHANGED
In 2026, the demand for Aspocomp’s products is expected to remain solid. In particular, demand in the defense industry and the semiconductor market is anticipated to remain good.
Aspocomp reiterates the financial guidance issued on February 25, 2026. Aspocomp estimates that its net sales for 2026 will grow, and that its operating result for 2026 will improve compared to 2025. In 2025, net sales amounted to EUR 38.2 million, and the operating result was EUR 0.9 million.
CEO’S REVIEW
Aspocomp’s July–September demonstrates the company’s good operational performance and production reliability in a favorable market environment. Production ran without major disruptions during the period, which was reflected in the period's figures; net sales increased by 20% to EUR 10.6 (8.8) million and the operating result to EUR 1.3 (0.3) million, amounting to 12.6% of net sales. Profitability was partially supported by the completion of low-margin orders from previous years during the second quarter of the year. In addition, the operating result was affected by non-recurring income of EUR 157 thousand related to a write-down made in 2022.
The defense industry became Aspocomp's largest customer segment for the first time, accounting for 40% of total net sales. This is concrete proof that our strategy to focus growth on the defense, security, and aerospace markets is working as planned.
Market demand remained strong in July–September. It was boosted in particular by the defense industry and growth of AI-driven demand in the semiconductor industry, which was also visible in incoming orders.
Our order book rose to a new record and stood at EUR 30.6 million at the end of September. The order book already extends into the first half of 2028, significantly increasing and strengthening visibility. At the same time, the AI boom has extended delivery times for critical materials – such as special laminates, fiberglass, resins, and copper foil – and driven up raw material prices globally. We have prepared for this situation by maintaining close communication with our customers and by bringing forward orders even further. Thanks to the pricing mechanisms in our contracts, we are able to pass on cost increases to the prices of the vast majority of already existing orders, so the order book does not involve significant cost inflation risk. Extended material delivery times are reflected as increased net working capital.
The expansion investment at the Oulu plant is progressing as planned in terms of both schedule and budget. During the third quarter, we successfully commissioned five new production lines. Two of these addressed the bottlenecks that had caused production losses in previous years, thereby reducing the risk of operational disruptions.
As part of our strategy to focus resources and capacity on the high-value-added defense and semiconductor sectors, we are scaling back automotive production projects and terminating related contracts, which will free up much-needed capacity for strategically key industries.
To strengthen the implementation of Aspocomp's growth strategy, we appointed a new Chief Engineering and Technology Officer and a new Quality Director. These management-team-level appointments bring us critical expertise to meet the quality and technology requirements of a demanding market.
The next six months will be a critical and extremely intensive installation and commissioning phase at the Oulu plant, during which we will focus entirely on ramping up the plant expansion. Additional costs related to the implementation and limited volume will weigh on net sales and profitability in late 2026 and early 2027.
We expect our plant's performance to recover and shift to a new growth trajectory in mid-2027, once the expansion is fully operational. Although we are facing a half-year that will be operationally demanding and temporarily subdued in terms of results, the company’s medium- and long-term outlook is good.
PUBLICATION OF THE FINANCIAL RELEASES FOR 2027
Aspocomp Group Plc 's financial information publication schedule for 2027 is:
Financial Statements 2026: Tuesday, February 23, 2027, at around 9:00 a.m.
Interim Report January-March, 2027: Tuesday, April 27, 2027, at around 9:00 a.m.
Half-year Report January-June, 2027: Tuesday, August 10, 2027, at around 9:00 a.m.
Interim Report January-September, 2027: Tuesday, October 26, 2027, at around 9:00 a.m.
Aspocomp's silent period commences 30 days prior to the publication of its financial information.
Publication of the January-September Interim Report 2026
Aspocomp’s CEO Manu Skyttä will present the January–September interim report in a webcast today, October 28, 2026, starting at 01:00 p.m. Finnish time. The webcast will be held in Finnish and can be accessed at https://events.inderes.com/aspocomp/q3-2026.
The presentation material and a recording of the webcast will be available at Aspocomp’s website https://aspocomp.com/investors/interim-reports/reports/ after publication.
Espoo, October 28, 2026
Aspocomp Group Plc
Board of Directors
Further information
Manu Skyttä, President and CEO, Aspocomp Group Plc
tel. +358 20 775 6860
manu.skytta(at)aspocomp.com
Aspocomp – heart of your technology
A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform in electronic devices. Aspocomp provides PCB technology design, testing and logistics services over the entire lifecycle of a product. The company’s own production and extensive international partner network guarantee cost-effectiveness and reliable deliveries.
Aspocomp’s customers are companies that design and manufacture telecommunication systems and equipment, automotive and industrial electronics, and systems for testing semiconductor components for security technology. The company has customers around the world and most of its net sales are generated by exports.
Aspocomp is headquartered in Espoo and its plant is in Oulu, one of Finland’s major technology hubs.