Technoprobe: Acing the test… again

研报英文原文证据摘录

Technoprobe: Acing the test… again

Deutsche Bank

Research

Rating Company Date

Buy Technoprobe 15 May 2026

Forecast Change

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (EUR) 18.99

TPRO.MI TPRO IM MIL TPRO

Price Target (EUR) 35.00

Technology

52-week range (EUR) 20.00 - 6.20

IT Hardware

Acing the test… again

Valuation & Risks

George Brown

Strong Q2 guide, with CMD targets brought forward (again) & revised upwards Research Associate

Following a strong Q1 (sales +32% yoy CC), Technoprobe provided an even stronger +44-20-754-74893

outlook for Q2, with sales guided at €266m (+34% beat) & EBITDA margins of 45%

Robert Sanders

(+930bps vs cons), implying €120m of EBITDA (+70% beat). With AI demand Research Analyst

strengthening, and capacity coming online faster than planned, Technoprobe has +44-20-754-58394

not only brought forward their CMD targets (again) by a full year, but has revised

Melissa Weathers

them upwards significantly. Now the company targets 2026E sales of between

Research Analyst

€950-1,050m (+32% beat) with EBITDA margins between 44-46% (+860bps beat),

+1-212-250-2134

putting implied 2026 EBITDA at an impressive €450m (+63% beat). This compares

to the original CMD targets (introduced in Apr-25, read here) for 2028E sales

Key changes

between €850-900m & EBITDA margins of 38-40% (which were brought forward to

TP 19.50 to 35.00 ↑ 79.5%

2027 in Nov-25, read here). The new 2026 guide then implies sales growth of +60%

Source: Deutsche Bank

yoy, which compares to prior messaging of just 'mid-teens' growth back only in

Mar-26 (read here). Here, management suggests the step-up is more of a function Price/price relative

of accelerated capacity additions, rather than an unexpected influx of new orders 30

since Mar-26, a massive change in messaging.