Defence becomes Aspocomp’s largest customer segment
For the first time, the defence industry has become Aspocomp’s largest customer segment, accounting for 40% of the Finnish PCB manufacturer’s net sales in the third quarter. Orders received rose 169% to EUR 15.3 million.
Net sales grew 20% to EUR 10.6 million, and operating profit rose to EUR 1.3 million from EUR 0.3 million, according to Aspocomp’s interim report. That gives an operating margin of 12.6%. Profitability was helped by the completion of older, low-margin orders in the second quarter and by one-off income of EUR 157,000.
Demand is being driven mainly by the defence industry and by AI-related demand in the semiconductor industry. The order book reached a record EUR 30.6 million at the end of September, up 85% year on year, and already extends into the first half of 2028.
But that demand has a downside.
“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,” writes CEO Manu Skyttä in the report.
According to Aspocomp, price mechanisms in its contracts allow it to pass cost increases on to the vast majority of existing orders.
To free up capacity for defence and semiconductors, Aspocomp is scaling back automotive production and terminating related contracts. At the same time, the company is expanding its plant in Oulu, where five new production lines were commissioned during the quarter. The next six months will be demanding, however. Installation work and limited volumes are expected to weigh on net sales and profitability in late 2026 and early 2027, before the plant moves onto a new growth trajectory in mid-2027, according to the company.
Aspocomp maintains its 2026 guidance of higher net sales and an improved operating result compared with 2025.
