Technoprobe: Feedback from Paris roadshow

研报英文原文证据摘录

Technoprobe: Feedback from Paris roadshow

Deutsche Bank

Research

Rating Company Date

Buy Technoprobe 2 July 2026

Company Update

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 34.56

TPRO.MI TPRO IM MIL TPRO

Price Target (EUR) 42.00

Technology

52-week range (EUR) 38.10 - 6.20

IT Hardware

Feedback from Paris roadshow

Valuation & Risks

George Brown

We were fortunate to host Technoprobe's CFO Stefano Beretta, Head of IR Ines Di

Research Associate

Terlizzi and SVP of Test Solutions Davide Appello, on an investor roadshow in +44-20-754-74893

Paris earlier this week. Below, we summarize our key takeaways:

Robert Sanders

Research Analyst

Strengthening AI demand, with further capacity expansion required, as per DBe +44-20-754-58394

Throughout our roadshow, Technoprobe expressed confidence on the AI demand

Melissa Weathers

outlook, with the company now recording an order backlog for the first time ever,

despite efforts to keep lead times short (12-14 weeks). The focus then remains on

+1-212-250-2134

capacity, with Technoprobe having already added ~50% mainly via operational

efficiencies, with another step-up coming with its new facility at the end of 2026.

Price/price relative

In sum, this would double its capacity by the end of Q1-27, with potential for this

timeline to be pulled forward. Doubling capacity, however, appears not to be

enough (as we outlined here), with the company likely planning further additions 25

over 2027-28 to satisfy customer demands. In our view, and in line with our

forecasts (~€2bn sales in FY-28E), we then expect Technoprobe to outline plans (in 0

2024 2025 2026

H2-26) to 3x its capacity (vs 2025) over 2027-28, which would provide max sales

capacity between €2.1-2.4bn by FY-28 (as per DBe).