Aspocomp’s second quarter was in line with plans, with net sales growing by 5% and the order book reaching a record high. Driven by continued strong demand, we continued to advance our strategy, the Oulu investment program, and other long-term measures to improve quality and profitability.
In terms of production, the second quarter proceeded without disruptions. A one-week annual maintenance shutdown of a critical production process took place during the period, but its impact on net sales and operating result was minor. As in previous quarters, profitability was burdened by low-margin orders agreed upon in 2024, deliveries of which concluded in the second quarter. These will no longer be reflected in the results of future quarters.
Orders received during the review period amounted to EUR 12.9 million, which is 46% more than in the same period last year (EUR 8.8 million). The order book at the end of the review period was at a record high of EUR 25.9 million, which is 31% higher than the comparison period. Due to customer-specific capacity allocation, parts of the order book already extend to late 2027, which provides us with excellent and long-term visibility. The share of Aspocomp’s net sales generated by its five largest customers decreased from the comparison period and was 58% (75%). This is a result of a strategic choice and an increased customer base.
The market environment has remained strong in the defense industry but especially among semiconductor industry customers, boosted by the growth of AI chip testing. This has been reflected in the flow of new orders; 38% of the orders received during the review period came from the semiconductor industry and 25% from the defense industry.
Our Oulu expansion investment is proceeding on schedule. The new automated warehouse in the expansion wing is now operational, and factory acceptance tests for the new production lines have begun as equipment deliveries proceed as planned. These investments are crucial for the company’s future growth and competitiveness.
The business environment has become more strained, with longer material delivery times and rising prices. This development is driven by the AI boom and the growth in data center investments, which are particularly reflected in the demand for special laminates, fiberglass, resins, and copper foil. We aim to prepare for the situation with a sufficient supplier network, effective communication with customers and by securing customer orders sufficiently in advance.
In the second half of the year, we will focus particularly on production quality and yield. Production will run at full capacity throughout the summer holiday season with the help of 29 seasonal workers. Installations of new equipment will continue until the end of the year. We have also launched an initiative to reform our quality culture, are making investments related to quality assurance, and are implementing AI in our analytical work. We have invested in resourcing in this area by appointing Ilkka Lohi as our new Quality Director and a member of the company’s Management Team. By elevating quality management to a Management Team-level task and a top priority in the company, we facilitate smooth production throughput and improved profitability.
We expect profitability to improve in the second half of the year. Drivers for this include the completion of deliveries of low-margin orders agreed in 2024, the ramp-up of new products, and overall improvement in quality.
The investment program aimed at increasing the Oulu plant’s capacity is expected to improve the plant’s production quality and usability upon completion. However, the implementation of these investments may temporarily cause production disruptions. Extended material delivery times also challenge delivery reliability and will be reflected in increased net working capital during the rest of the year due to inventory growth.
Espoo, July 29, 2026
Manu Skyttä