Scanfil Oyj · OMXHEX:SCANFL
Scanfil Oyj — Investor Day (September 2025)
67 slides from Scanfil Oyj's investor day presentation, Sep 17, 2025
Slide 1: Welcome to Sieradz
Welcome to Sieradz 8:50 IR & Comms Director Pasi Hiedanpää: Opening words and safety 8:55-9:45 CEO Christophe Sut: Review 9:45-10:10 Head of M&A Simon Lönnvik: M&A strategy and targets 10:10-10.20 Break 10:20-10:35 VP of Central Europe Markku Kosunen: Introduction to the business segment Central Eur
Slide 2: Safety instructions (1/2)
Safety instructions (1/2) Gathering point YOU ARE HERE CONFIDENTIAL 17-Sep-25 2
Slide 3: Safety instructions (2/2)
Safety instructions (2/2) CONFIDENTIAL 17-Sep-25 3
Slide 4: Review by the CEO and CFO
Review by the CEO and CFO CONFIDENTIAL 17-Sep-25 4
Slide 5: Market Outlook: Customer Industry
Market Outlook: Customer Industry Industrial Energy & Cleantech Medtech & Life Science Aerospace & Defense Megatrends: Megatrends: Megatrends: Megatrends: • Digital transformation • Electrification and grid resilience • AI in diagnostics and clinical • NATO requirement of 5% of the • Low-carbon ener
Slide 6: Market Outlook: Geographical Segments
Market Outlook: Geographical Segments APAC Americas Central Europe Northern Europe Developing region with high market Dynamic region driven by artificial Recovering region with drive from Rebounding region with improving growth in several sectors. intelligence (AI), electric vehicles electric vehicl
Slide 7: Scanfil Positioning – What market do we cover?
Scanfil Positioning – What market do we cover ? Low to mid High Mix Industrial PCBAs Box build System volume clients integration Manufacturing Medtech & Life Science Clients leaders in their connect services and Energy & Cleantech field or with high areas in focus potential to grow CONFIDENTIAL 17-S
Slide 8: Vision, Mission and Values
Ic] Your global, most preferred supply chain and Vision ese ireats Pal manufacturing partner M Scanfil helps customers to succeed by M ISsion providing effective and innovative solutions that bring products from idea to life and maintain product competitiveness over the lifespan values @ A% oe, Gi C
Slide 9: What we want to offer
MARKETS AND CUSTOMERS What we want to offer The Long-term Manufacturing Industry Knowledge Global Reach Sustainable Manufacturing Partner Help you to evolve grow and develop Long industry knowledge and team Scanfil has factories in nine countries Competitive cost base through your product – support
Slide 10: Strategy 2024−2028: Geared for Growth
Strategy 2024−2028: Geared for Growth Growth Efficiency Customer Geographical Offering Acquisitions Dream Productivity Supply chain groups expansion factory excellence Strategic Enablers Risk Financing Sustainability IT / Data Investor relations management Culture and People 17-syysk-25 10
Slide 11: Long-Term Financial Targets
Long-Term Financial Targets TURNOVER PROFITABILITY DEBT DIVIDEND Dividend Growth 10%* EBIT 7% to 8%** Net Debt/EBITDA ≤1.5** 1/3 of EPS** * Target over a business cycle to be considered as long term average ** Target are established over a business cycle CONFIDENTIAL 17-Sep-25 11
Slide 12: Updated Management Team to Drive Strategy and Values
Updated Management Team to Drive Strategy and Values Christophe Sut CEO Steve Creutz VP of Northern Europe Kai Valo CFO Christian Kesten VP of APAC Anette Mullis Chief People Officer Markku Kosunen VP of Central Europe Christina Wiklund Chief Commercial Officer, and VP of Americas since 10 June 2025
Slide 13: Strategy Execution
Strategy Execution Attribute 2024 2025 Governance model New Governance model Regional – Ready to scale Organic growth through sales Sales team per segment Increase sales resources Expansion through M&A Malaysia and Australia Italy and the US Offering Medtech device capabilities Aerospace & Defense O
Slide 14: Expanding Geographical Reach
Expanding Geographical Reach 2025 2025 2024
Slide 15: Customer Groups: New Organization Drives Deal Flow
Customer Groups: New Organization Drives Deal Flow New customer deals won 70 61 60 20 % Industrial Leader Lauri Smeds 50 46.6 44.3 37 % 40.2 41.7 41.7 Aerospace & Defense 40 Country Account Managers 30 Energy & Cleantech Leader Lars Skanke 20 10 Medtech & Life Science 38 % 5% Leader Christian Jacobs
Slide 16: Offering Development: Aerospace & Defense
Offering Development: Aerospace & Defense Communications Training & Simulation UAVs and drones Control Systems Surveillance • Complete seamless real- • Laser-based trainings kits • Complete surveillance • Guiding systems for • Surveillance camera time battlefield for infantry, tanks and and reconnai
Slide 17: Investments in Organic and Inorganic Growth
Investments in Organic and Inorganic Growth Investment in Malaysia Acquisition of ADCO Circuits in the Acquisition of MB Elettronica in Italy USA • Investment of EUR 4.3 million in Malaysian • Acquisition of 80% of ADCO • Acquisition of MB factory due to solid outlook • Located in the Greater Detroi
Slide 18: Dream Factory Roadmap and Targets by 2028
Dream Factory Roadmap and Targets by 2028 Productivity On-Time Delivery Improvement of Best-in-class customer >26% satisfaction in Delivery >4,5 / 5,0 Quality Inventory Best-in-class customer Inventory turnover satisfaction in Quality >6 >4,5 / 5,0 17-Sep-25 18
Slide 19: Positive Development in Many Areas
Positive Development in Many Areas KPI 2022 2023 2024 YTD 2025 On-time Deliver 89,5 95,1 98,1 98,3 Quality Inquiries 662 364 282 174 Inventory Turnover 2.7 2.8 3.0 3.0 Net Promoter Score -2 22 45 45 Employee Satisfaction & Loyalty 71 73 70 n/a* * Survey results for 2025 on September 22 17-Sep-25 19
Slide 20: Driving Sustainability – EcoVadis Gold Achieved
Driving Sustainability – EcoVadis Gold Achieved • Science Based Targets initiative short term (2030) validated • Science Based Targets long term (2050) commitment Status • First CSRD sustainability report disclosed Sustainability: • Position Green sustainability data collection platform implemented
Slide 21: Long-term Turnover
Long-term Turnover 1 000 900 800 700 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 guidance 17-Sep-25 21
Slide 22: Long-term Turnover and EBITA
Long-term Turnover and EBITA 70 8% 7% 60 6% 50 5% 40 4% 30 3% 20 2% 10 1% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 guidance Comparable EBITA Comparable EBITA % 17-Sep-25 22
Slide 23: Strong Financial Position
Strong Financial Position EUR 535.1 million • Inventories EUR 158.9 (184.9) million 158.9 • Goodwill EUR 27.9 (7.5) million, increase from Inventories the acquisition of SRXGlobal Pty. Ltd. 287.8 Equity Goodwill 27.9 17.4 Interest bearing • Cash and cash equivalents totaled EUR 52.7 Other intangible
Slide 24: Strong Cash Generation
Strong Cash Generation FY 2023: MEUR 68.9 FY 2024: MEUR 92.1 MEUR • Net cash flow from operating 40 activities in April–June was EUR 23.0 (37.2) million and in January–June EUR 34.0 (46.9) 30 million. • Cash flow was supported by effective inventory management 20 and a reduction of EUR 5.1 37.2 34.8
Slide 25: Net Debt 2015−2025
Net Debt 2015−2025 MEUR 90.0 3 • Net Debt has declined from 2022 EUR 85,6 million to current EUR 80.0 14,3 million 2.57 2.5 70.0 • In the same time net debt / 2.20 EBITDA has declined from 1,36 to 60.0 2 0,19. 50.0 • Increasing profitability and 1.5 improvements in the inventories 40.0 1.36 have sup
Slide 26: Equity Ratio (%), 2015−2025
Equity Ratio (%), 2015−2025 60% • Equity ratio has gradually 55.5 % 54.8 % 54.3 % 53.7 % increased over time to current 50% 47.7 % 49.1 % 55% level. 45.3 % 45.3 % • Increase of inventories 2021 and 40.7 % 40.7 % 40% 2022 decreased the equity ratio 33.4 % temporarily. 30% • While inventory levels hav
Slide 27: Earnings per Share, EUR 2015−2025
Earnings per Share, EUR 2015−2025 0.8 0.74 • Earnings per share has developed in line with company 0.7 EBITA / Operating profit. 0.59 0.6 0.57 • Group target is to pay 1/3 of net 0.54 profit as a dividend. Actual 0.5 0.46 0.45 0.44 dividend has varied between 30 – 0.40 50% of next profit. 0.4 • Earn
Slide 28: Dividend Has Grown Since 2012
Dividend Has Grown Since 2012 • Dividend paid on 7 May, 41% of the EPS i.e. EUR 0.24 per share CAGR 16.1% 0.30 0.25 0.24 0.23 0.21 0.20 0.19 0.17 0.15 0.15 0.13 0.11 0.10 0.09 0.08 0.07 0.05 0.05 0.04 0.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 40% 36% 33% 53% n/a 28% 29% 3
Slide 29: Questions & Answers
Questions & Answers 17-Sep-25 29
Slide 30: Key Takeaways
Key Takeaways • Strategy execution of ‘Geared for Growth’ is proceeding according to plans • Empowerment is the key success factor • Capturing new talents through diversity • Well-thought investments in organic and inorganic growth • Key performance indicators are developing to right direction – esp
Slide 31: M&A Strategy & Targets
M&A Strategy & Targets Simon Lönnvik Head of M&A CONFIDENTIAL 17-Sep-25 31
Slide 32: Introduction and Summary
Introduction and Summary • M&A strategy launched 2024 and M&A director in place H2 2024 • One deal completed, two more announced • Acquisition strategy focused on similar businesses as Scanfil and within the existing regions • PCBA manufacturing with attractive customers • Pipeline of opportunities
Slide 33: 2024 CMD: M&A to complement our growth journey
2024 CMD: M&A to complement our growth journey Target company profile • Revenue range of 100 M€ • High mix low/medium volume: Medtech, Energy & Cleantech, Industrial and Defense • Markets : Central Europe, America & Asia • Quality asset accreditive to EPS Continuous M&A • Market : Multi site coverag
Slide 34: Targeting Profitable and Well-Managed Companies
Targeting Profitable and Well-Managed Companies Comment Acquisition criteria • Looking for similar businesses as Scanfil • Similar production capabilities as Scanfil • PCBA focus, preferably with box-build and system Target business • Attractive customer base integration capabilities • B2B customers
Slide 35: Pro-Active Approach to M&A
Pro-Active Approach to M&A Comment Deal sourcing • Two channels for finding attractive opportunities Re-active Pro-active • Re-active cases from M&A advisors sourcing: sourcing: • Pro-active cases identified by Scanfil Deal flow from Identify • Scanfil identifies and approaches interesting targets M
Slide 36: Valuation ≤ Scanfil's valuation
Valuation ≤ Scanfil’s valuation Comment Deal structure • “Reasonable price” means an Enterprise Value (EV) / EBITA in line with, or lower than Scanfil’s own EV / Reasonable • In line with, or lower than our own valuation (EV / EBITA) • We do not pay for synergies EBITA valuation • Two components: up
Slide 37: Case ADCO: Expansion in the US and Aerospace & Defense (1/2)
Case ADCO: Expansion in the US and Aerospace & Defense (1/2) Family company Four customer industries Excellent facility Solid financials • Established in 1981 by the • Customer base of large, U.S. • Factory in Rochester Hills • ~31 MEUR revenues Damman family companies (Greater Detroit area), • Trac
Slide 38: Case ADCO: Expansion in the US and Aerospace & Defense (2/2)
Case ADCO: Expansion in the US and Aerospace & Defense (2/2) Comment ADCO – the M&A story • ADCO is a pro-active deal • Excellent customer portfolio • Capable and motivated team • Scanfil approached the company late October Acquisition • Similar business as Scanfil 2024 rationale • Strong financial
Slide 39: Case MB Elettronica: Expansion in Southern Europe (1/2)
Case MB Elettronica: Expansion in Southern Europe and Aerospace & Defense (1/2) Family company Three customer industries Four factories Solid financials • Founded by Francesco Banelli • Customers are large Italian • Four factories in Italy • ~100 EUR revenues 1961 OEM’s • 12 SMT lines • Track record
Slide 40: Case MB Elettronica: Expansion in Southern Europe (2/2)
Case MB Elettronica: Expansion in Southern Europe and Aerospace & Defense (2/2) Comment MB – the M&A story • MB Elettronica is a re-active deal • Basis for Aerospace & Defense • Track-record of growth • Scanfil approached by the Sellers’ financial Acquisition • Capable and motivated team advisor in
Slide 41: Case SRX: One year in the Scanfil family
Case SRX: One year in the Scanfil family • Closing October 3, 2024 • Part of the purchase price based on the financial performance 2024 and 2025 • Maximum earn-out booked in the balance sheet • High activity and strong execution of the plan • Secured new customers • Strong interest from existing Sca
Slide 42: M&A Roadmap: Building the Pipeline, and Execute the Best Opportunities
M&A Roadmap: Building the Pipeline, and Execute the Best Opportunities • Active pipeline of opportunities • Both proactive and reactive – the Scanfil story is compelling to company owners • Focus on building the proactive pipeline of opportunities • Actively working with all regions • Capacity to do
Slide 43: Questions & Answers
Questions & Answers 17-Sep-25 43
Slide 44: Central Europe VP Markku Kosunen
Central Europe VP Markku Kosunen CONFIDENTIAL 17-Sep-25 44
Slide 45: Central Europe – Huge Growth Potential
Central Europe – Huge Growth Potential • Lot of inorganic growth potential due to market fragmentation • There are nearly 2,000 EMS companies in Europe • Strong market position among Nordic customers, huge growth potential among Central European customers • Aerospace & Defense to drive growth togeth
Slide 46: Central European Sites
Central European Sites Myslowice, Poland Sieradz, Poland Wutha, Germany MB Elettronica, Italy • Complex system integration site • Electronics and complex system • Electronics and box-build • Electronics and box-build with sheet metal manufacturing integration of modules and manufacturing manufacturi
Slide 47: Turnover and EBITA Stabilized
Turnover and EBITA Stabilized Turnover EBITA Headcount 90 7 9.0 % 2000 80 1800 6 70 1600 8.0 % 5 1400 60 1200 50 4 7.0 % 1000 40 3 800 30 2 600 6.0 % 20 400 1 10 200 0 0 5.0 % 0 Q2 24 Q 3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q 3 24 Q4 24 Q1 25 Q2 25 2023 2024 H1 2025 17-Sep-25 47
Slide 48: Strong Track-Record in New Deals
Strong Track-Record in New Deals Turnover per Industry Won Deals Customer Base 25 24.6 15 % 19 % 20 35 % 39 % 15 14.3 13.2 10 9.1 5.3 5 46 % 46 % 0 Industrial Q2 24 Q 3 24 Q4 24 Q1 25 Q2 25 TOP1 TOP2-5 Other Energy & Cleantech Medtech & Life Science 17-Sep-25 48
Slide 49: Performance improved
Performance improved KPI 2022 2023 2024 YTD 2025 Ontime Delivery 81,4 92,9 96,4 96,9 Quality Inquiries 734 364 323 119 Net Promoter Score 0 -11 12 27 CONFIDENTIAL 17-Sep-25 49
Slide 50: Growth Prospects Improved
Growth Prospects Improved Challenges Opportunities Actions • Sluggish growth in Europe • Tariff dispute is solved • Operational improvements • Uncertain economical and political situation • Strong ramp-up pipeline especially in • Changes in factory management in Sieradz throughout the world Industri
Slide 51: Questions & Answers
Questions & Answers 17-Sep-25 51
Slide 52: Key Takeaways
Key Takeaways • Building up presence in Central Europe • MB acquisition will give us strong presence in Southern Europe and Aerospace & Defense • New deals support turnover development • EBITA margin stabilized • Aerospace & Defense, Industrial and Medtech & Life Science customers to drive growth •
Slide 53: Scanfil Sieradz
Scanfil Sieradz MD Andrzej Połojko
Slide 54: Central Location with High Quality and Reasonable Cost
Central Location with High Quality and Reasonable Cost Sieradz in brief Poland in brief • Central location in Europe with excellent • Strategic location in Central Poland (in Special availability Economic Zone) • Strong industrial and EMS ecosystem • Established operations & ecosystem • Cost-competi
Slide 55: Key Milestones of Growth
Key Milestones of Growth Baltic Microwaves 1999 2001 2005 2015 2016 2016 2017 2024 Future 500 employees 1,000 employees Building A Building B Building C Building D Building E 2,400 m2 8,000 m2 9,000 m2 18,000 m2 28,000 m2 CONFIDENTIAL 17-Sep-25 55
Slide 56: Sieradz, Poland
Sieradz, Poland Electronics Manufacturing • Test Development • Engineering (NPI, DFM, Prototyping) • PCB Assembly & Testing • System integration of modules and complete products • Logistics and distribution services • After sales services • Excellent location in Special Economic Zone ~1050 Personnel
Slide 57: Our offer throughout your products life cycle
Sieradz capability Our offer throughout your products life cycle Scanfil Group Product Product Design Industrialization Manufacturing End of life Maintenance Services services services services services System Integration Supply Chain Design Repairs & Refurbish Product Development Value stream mappi
Slide 58: Customer Industries and Examples
Customer Industries and Examples Industrial Energy & Cleantech Medtech & Life Science • Wide range of industrial and • Energy efficiency & renewable energy • Medical devices and analyzers such B2B clients production as mass spectrometers • Industry 4.0 and demand for • EU Green deal and drive toward
Slide 59: Customer Case: Toyota Material Handling
Customer Case: Toyota Material Handling Best-in-class competitiveness and customer satisfaction in operational excellence Comment Customer’s view of the Sieradz factory Our Joint Journey with Toyota Material Handling has significantly influenced the Sieradz team’s way of thinking in key areas: QUALI
Slide 60: Dream Factory Roadmap and Targets by 2030
Dream Factory Roadmap and Targets by 2030 Digitalization Manufacturing Execution System Quality Line to monitor internal quality across all testers and provide solutions to improve FPY Productivity On-Time Delivery VKS (Visual Knowledge Share) to standardize work instructions Improvement of Best-in-
Slide 61: Projected Sales 2025−2030
Projected Sales 2025−2030 Long-term sales growth CAGR 13% Max capacity of current buildings Growth investments 2-2.5% of annual turnover Free space Possible New New expansion, Building Building construction time >12 New New months Building Building 2024 2025 2026 2027 2028 2029 2030 Current customer
Slide 62: Prepared for Future Growth
Prepared for Future Growth Phase 2 Building E Phase 1 Parking ready Phase 1: new parking built and officially approved to use (release space for Building E) Phase 2: Building E • Decision point depended on sales development • Administration and built permission released so activities can be started
Slide 63: Sustainability Development
Sustainability Development Key actions: • Fossil free electricity • Geothermal wells ready for the future factory expansion • Modern equipment for PCBA Production • LED lighting to the whole factory Target SDG Area Targets 2020 2021 2022 2023 2024 2030 CO2 emissions Scope 1+2 13 Climate Action 4 156
Slide 64: Questions & Answers
Questions & Answers 17-Sep-25 64
Slide 65: Key Takeaways
Key Takeaways • Central location with short distance to European markets • Excellent talent pool with reasonable salary expectations • The largest private employer in the area with good reputation • Strong deal pipeline to support future growth • Flexible option to add 30% in capacity CONFIDENTIAL 1
Slide 66: Factory Tour
Factory Tour CONFIDENTIAL 17-Sep-25 66
Slide 67: Closing Remarks
Closing Remarks • Strategy execution proceeding as planned • Excellent opportunities in Aerospace & Defense • Good geal pipeline gives us confidence for the future • Acquisitions will further drive our growth, and reduce customer and regional risks • Sieradz is well positioned and ready for the fort