Scanfil Oyj

Quarterly Report • Apr 24, 2025

Scanfil plc January-March 2025 Interim report

24 APRIL 2025

Scanfil Group's Interim Report for January–March 2025

Quarter unfold as expected confirming positive view on the year

January–March

• Turnover totaled EUR 192.6 million (198.9), a decrease of -3.2%
• Comparable EBITA was EUR 12.6 million (13.1), a decrease of -4.1%
• Comparable EBITA margin was at 6.5% (6.6%)
• Operating profit (EBIT) was EUR 11.9 million (12.7), a decrease of -6.6%
• Operating profit (EBIT) margin was at 6.2% (6.4%)
• Net profit was EUR 8.3 (9.8) million, a decrease of -15.0%
• Earnings per share were EUR 0.13 (0.15)
• Net debt/EBITDA was 0.35 (0.60)
• Dividend proposal of EUR 0.24 (0.23) per share

Outlook for 2025

Scanfil estimates that its turnover for 2025 will be EUR 780–920 million, and comparable EBITA of EUR 55-68 million. On February 21, 2025, the company published an outlook of EUR 53-66 million for adjusted operating profit. Scanfil replaces adjusted operating profit with comparable EBITA as of the first quarter.

KEY FIGURES	1-3 2025	1-3 2024	Change,%	1-12 2024
Turnover, EUR million	192.6	198.9	-3.2	779.9
EBITA*, EUR million	12.6	13.1	-4.1	54.4
EBITA, %	6.5	6.6		7.0
Comparable EBITA**, EUR million	12.6	13.1	-4.1	54.9
Comparable EBITA, %	6.5	6.6		7.0
Operating Profit (EBIT), EUR million	11.9	12.7	-6.6	52.6
Operating Profit (EBIT), %	6.2	6.4		6.7
Net Profit, EUR million	8.3	9.8	-15.0	38.6
Earnings per Share, EUR	0.13	0.15	-15.0	0.59
Return on Equity, %	11.2	14.5	-22.8	13.9
Equity Ratio, %	54.9	55.5	-1.1	55.5
Net Gearing, %	5.3	17.1	-69.0	7.3
Net debt / EBITDA	0.35	0.60	-41.7	0.43
Net Cash Flow from Operations, EUR million	11.0	9.7	14.0	92.1
Personnel, at the end of period	3,976	3,725	6.7	3,997

*EBITA=Operating profit + Amortization and impairment of Purchase Price Allocations

**Comparable EBITA = Operating profit + Amortization and impairment of Purchase Price Allocations + Transaction and integration costs + other items affecting comparability

SRXGlobal Pty.Ltd was consolidated into Scanfil Group on October 1, 2024. Therefore January - March 2024 comparison period does not include SRXGlobal's figures.

CHRISTOPHE SUT, CEO:

"I am pleased to say that Scanfil's first quarter unfolded as expected despite the challenging changes in the macro environment. This quarter was a transition quarter where many of our factories were affected by ramp-up of new customer projects, temporarily impacting operational efficiency. However, as the quarter progressed, we saw improvements in both operational efficiency and our business outlook.

Our turnover reached EUR 192.6 million, a decrease of 3.2%, compared to last year. To increase transparency towards the market and allow better understanding of the company's underlying performance, we have started to report EBITA. EBITA is a good indicator to follow company performance as we are now on an acquisitive journey.

Ramping up numerous projects impacted profitability, however we managed to mitigate the impact on margins, achieving comparable EBITA margin of 6.5% compared to 6.6% last year. We continued to focus on inventory management. Inventories increased by EUR 1.6 million compared to the year-end, driven by project ramp-ups and an improved demand outlook.

The Industrial customer group decreased by 3.2% compared to last year, but stabilized with new contract wins, showcasing the strength of our customer portfolio. New won customer projects in the quarter totaled EUR 15.4 million.

Energy & Cleantech decreased by 11.2% compared to last year's strong comparison period. Volumes have normalized and are expected to increase, as we won a significant number of new projects totaling EUR 24.8 million in the quarter.

Medtech & Life Science continued its recovery seen in the previous quarter and was positive 13.3%. New won customer projects in the quarter totaled EUR 6.4 million.

The pipeline of new business remains strong and translated into new wins of EUR 46.7 million in the quarter. This creates us confidence for the future.

The first quarter of 2025 we started operating according to the new regional segment organization. We could see it increasing the activity level and building momentum as we went through the quarter with several improvement activities and customer-focused implementations.

The Americas region continued to show strong momentum and achieved a record EUR 11.7 million

turnover, an increase of 35.8% compared to last year, as we ramped up manufacturing of electronics for the US market. The electronics assembly line we invested in 2023 is now gaining speed. At the same time, our customers continued to show interest in our Atlanta manufacturing capabilities. As we progressed during the quarter, our outlook for the future became more and more solid.

The APAC region was very active. Chinese operations focused on implementing a few significant programs for our customer and gained speed and momentum as the quarter progressed. Meanwhile, we worked closely with SRXGlobal to win the first Scanfil customer for our new Malaysian operations and finalized a plan for expansion that should be fully in place by the summer.

Central Europe turnover decreased 17.8% and landed at EUR 69.5 million, which is in the range of the previous three quarters. The region is strongly dependent on Energy & Cleantech customers, which were still sluggish in the quarter. We are getting a lot of interest in our Sieradz site for new business and ramp-ups, which negatively impacted profitability when the rest of the manufacturing volume remained low. However, a lot of focus was put on improving the factory shop floor and it is prepared for future growth.

Northern Europe turnover was at lower level, mainly impacted by Industrial customers. The team managed to defend profitability well, with a comparable EBITA margin of 1 percentage point above last year's performance for the same quarter. The outlook is positive for the rest of the year, driven by Defense customers and Energy & Cleantech projects, that we won in the first quarter.

Scanfil's M&A pipeline remains very active, and we continue to look for potential targets either to complement our coverage in identified geography or gain new customer portfolios in line with our strategy.

We maintain our full-year outlook with a small exception. EBITA will replace operating profit in the outlook. We estimate our turnover for 2025 to be EUR 780–920 million, and comparable EBITA to be EUR 55- 68 million.

Despite external turbulence, our team stayed focused on customers and implementing actions that support our future. I am confident this will help us to deliver 2025 in line with our current expectations. "

Scanfil Group's Interim Report for January-March 2025

TURNOVER

The turnover for January–March was EUR 192.6 (198.9) million, a decrease of 3.2% and EUR 6.3 million compared to the previous year's comparison period. Turnover increased in Americas by 35.8% and APAC by 30.2% and decreased in Central Europe by 17.8% and Northern Europe by 12.3%.

SRXGlobal was consolidated into Scanfil Group on October 1, 2024. SRXGlobal's impact on the turnover was EUR 7.6 million in the first quarter of 2025.

COMPARABLE EBITA AND OPERATING PROFIT (EBIT)

The comparable EBITA for January–March was EUR 12.6 (13.1) million, 6.5% (6.6%) of turnover. The comparable EBITA was impacted by the lower turnover. Scanfil was able to decrease operational costs by -3.1%, which nearly compensated the lower turnover. The comparable EBITA margin in Americas was 7.3% (5.4%), APAC 6.9% (7.4%), Central Europe 7.5% (8.2%), and Northern Europe 5.0% (4.0%).

The operating profit (EBIT) for January–March was EUR 11.9 (12.7) million, 6.2% (6.4%) of turnover. EBIT was impacted by higher amortization of purchase price allocation. The EBIT margin in Americas was 7.3% (5.4%) APAC 6.3% (7.4%), Central Europe 7.1% (7.8%) and Northern Europe 4.9% (3.9%).

NET PROFIT AND EARNINGS

The net profit for January–March was EUR 8.3 (9.8) million, a decrease of 15.0%. Earnings per share were EUR 0.13 (0.15). The return on investment was 13.2% (15.9%).

The effective tax rate in January–March was 22.1% (24.2%). The reduction in the effective tax rate was due to the varying tax rates applied to the subsidiaries.

FINANCING AND CAPITAL EXPENDITURE

Scanfil has a strong financial position. The consolidated balance sheet total was EUR 561.9 (518.0) million at the end of the review period. Cash and cash equivalents totaled EUR 58.5 (22.3) million. Liabilities amounted to EUR 260.1 (242.9) million, of which non-interestbearing liabilities totaled EUR 185.6 (173.5) million and interest-bearing liabilities totaled EUR 74.4 (69.5) million. Interest-bearing liabilities consisted of EUR 44.2 (47.5) million in liabilities from financial institutions and EUR 30.2 (22.0) million in leasing liabilities. The Group has a strong liquidity position with EUR 94.5 million unused credit limits, and in addition, an undrawn credit facility of EUR 50 million.

The equity ratio at the end of the period was 54.9% (55.5%), and net gearing was 5.3% (17.1%). Equity per share was EUR 4.62 (4.21).

The Group's financial arrangement includes discharge covenants related to equity ratio and interest-bearing net debt/EBITDA ratio. Compliance with the terms of the covenants is reviewed quarterly. At the end of the period under review, the terms have been clearly complied with.

NET CASH FLOW FROM OPERATIONS,

The net cash flow from operating activities for

January–March was EUR 11.0 (9.7) million, an improvement of 1.4 million.

The net cash flow from investing activities was EUR -1.7 (-4.7) million.

Free cash flow was EUR 9.3 (5.0) million.

The cash flow from financing activities for January– March was EUR 1.0 (-4.0) million, including changes in the leasing liabilities of EUR -1.6 million and usage of utilized overdraft facility of EUR 1.9 million.

Gross investments in January–March totaled EUR 1.8 (5.1) million, which was 0.9% (2.6%) of the turnover. The investments include mainly acquisition of production machinery and equipment. Depreciations and amortization totaled EUR 6.1 (5.0) million.

DECISIONS FROM THE ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS' AUTHORIZATION

The Annual General Meeting held on April 25, 2024, authorized the Board of Directors to decide on the acquisition of the company's own shares and to decide on share issue, granting shares and issuing special rights entitling to shares.

The Board of Directors' proposals for the General Meetings and the minutes are available on the company's website at www.scanfil.com/agm.

OWN SHARES

On March 31, 2025, the company owned 48,738 of its own shares, representing 0.1% of all shares.

During January–March, a total of 110,000 stock options were subscribed. 30,000 options rights 2019(B) were subscribed with EUR 130,200 and delivered in treasury shares and recognized in the company's retained earnings. 80,000 option rights 2019(C) were subscribed with EUR 589,600 and delivered in issued shares and recognized in the company's reserve for invested unrestricted equity.

SHARE TRADING AND SHARE PERFORMANCE

On March 31, 2025, the number of Scanfil shares was 65,349,993 and the market value was EUR 611.0 million. The highest trading price during January–March was EUR 9.40 and the lowest was EUR 7.97, with the closing price for the period standing at EUR 9.35 and the volume weighted average price at EUR 8.71.

At the end of the period, the Group employed 3,976 (3,725). The change was driven by the acquisition of SRXGlobal. The number of personnel by reporting segment was Americas 188 (174), APAC 882 (539), Central Europe 1,632 (1,690), Northern Europe 1,181 (1,237), and Group 93 (85) employees.

CHANGES IN GROUP STRUCTURE

There have been no changes in the Group structure during the reporting period.

REPORTING SEGMENTS

Scanfil divided its operations into four geographical reporting segments on January 1, 2025. Comparison figures were delivered on March 31, 2025 as a stock exchange release.

AMERICAS

	Q1 2025	Q1 2024	Change %	1-12 2024
Turnover, EUR million	11.7	8.6	35.8	38.0
EBITA, EUR million	0.8	0.5	82.5	3.3
EBITA, %	7.3	5.4		8.6
Comparable EBITA, EUR million	0.8	0.5	82.5	3.3
Comparable EBITA, %	7.3	5.4		8.6
Purchase price allocation amortization, EUR million
Items affecting comparability, EUR million
Operating profit (EBIT), EUR million	0.8	0.5	82.5	3.3
Operating profit (EBIT), %	7.3	5.4		8.6
Personnel at the end of period	188	174	8.0	180

Operational highlights in Q1 2025:

• Strong customer demand, especially in electronics manufacturing.
• Several New Product Introductions (NPIs) were ongoing.

In the first quarter, turnover increased by 35.8% to EUR 11.7 (8.6) million. In 2023, Scanfil decided on a strategic investment in the PCBA line in Atlanta. The demand for electronics manufacturing has increased. Turnover started to increase from the second half of last year. Comparable EBITA was EUR 0.8 (0.5) million, translating into a margin of 7.3% (5.4%). Comparable EBITA increased along with the higher turnover.

APAC

	Q1 2025	Q1 2024	Change %	1-12 2024
Turnover, EUR million	52.2	40.1	30.2	189.3
EBITA, EUR million	3.6	3.0	21.0	14.1
EBITA, %	6.9	7.4		7.4
Comparable EBITA, EUR million	3.6	3.0	21.0	14.6
Comparable EBITA, %	6.9	7.4		7.7
Purchase price allocation amortization, EUR million	-0.3			-0.3
Items affecting comparability, EUR million				-0.5
Operating profit (EBIT), EUR million	3.3	3.0	11.1	13.8
Operating profit (EBIT), %	6.3	7.4		7.3
Personnel at the end of period	882	539	63.6	875

Operational highlights in Q1 2025:

• Ongoing investment in a new PCBA line to modernize and increase capacity of Malaysian operations.
• Scanfil signed a new customer contract with Laerdal Medical to extend the business in Malaysia.
• Demand for the Chinese market was good.

In the first quarter, turnover increased by 30.2% to EUR 52.2 (40.1) million. SRXGlobal was consolidated into Scanfil Group on October 1, 2024. SRXGlobal's impact on the APAC's turnover growth was EUR 7.6 million, and EUR 4.6 million of the growth was organic. Comparable EBITA was EUR 3.6 (3.0) million, translating into margin of 6.9% (7.4). Comparable EBITA increased due to growth in revenue.

CENTRAL EUROPE

	Q1 2025	Q1 2024	Change %	1-12 2024
Turnover, EUR million	69.5	84.6	-17.8	303.3
EBITA, EUR million	5.2	6.9	-24.8	23.5
EBITA, %	7.5	8.2		7.7
Comparable EBITA, EUR million	5.2	6.9	-24.8	23.5
Comparable EBITA, %	7.5	8.2		7.7
Purchase price allocation amortization, EUR million	-0.3	-0.3		-1.1
Items affecting comparability, EUR million
Operating profit (EBIT), EUR million	4.9	6.6	-25.8	22.3
Operating profit (EBIT), %	7.1	7.8		7.4
Personnel at the end of period	1,632	1,690	-3.4	1,669

Operational highlights in Q1 2025:

• Increased amount of NPI projects in Poland.
• Continuous improvement of Sieradz operations and high number of customer activities and visits.

In the first quarter, turnover decreased by 17.8% to EUR 69.5 (84.6) million. The turnover change was mainly due to project-based customer demand and generally impacted by the weight of Energy & Cleantech customers in the region. Comparable EBITA was EUR 5.2 (6.9) million, translating into margin of 7.5% (8.2%). Comparable EBITA was mainly impacted by the lower turnover.

NORTHERN EUROPE

	Q1 2025	Q1 2024	Change %	1-12 2024
Turnover, EUR million	60.6	69.1	-12.3	257.4
EBITA, EUR million	3.1	2.8	10.6	14.4
EBITA, %	5.0	4.0		5.6
Comparable EBITA, EUR million	3.1	2.8	10.6	14.4
Comparable EBITA, %	5.0	4.0		5.6
Purchase price allocation amortization, EUR million	-0.1	-0.1		-0.4
Items affecting comparability, EUR million
Operating profit (EBIT), EUR million	3.0	2.7	11.0	14.0
Operating profit (EBIT), %	4.9	3.9		5.4
Personnel at the end of period	1,181	1,237	-4.5	1,184

Operational highlights in Q1 2025:

• Positive profitability development with declining volumes. Swedish operation affected negatively by project-driven demand.
• Positive impact from Defense, and also Medtech customers, continued to drive growth.

In the first quarter, turnover decreased by 12.3% to EUR 60.6 (69.1) million. The negative impact mainly resulted from Industrial customers. Comparable EBITA was EUR 3.1 (2.8) million, translation into margin of 5.0% (4.0%). Strong management of operational costs supported the positive profitability development in the quarter.

TURNOVER BY CUSTOMER GROUP

In January–March, the largest customer accounted for about 13% (13%) of turnover and the top ten customers accounted for about 58% (55%) of turnover.

Industrial

Turnover in January–March was EUR 91.1 (94.1) million, a decrease of 3.2% compared to the same period in 2024. Customer demand development was mixed. Several key customers developed very positively while demand for some customers with niche products decreased.

Energy & Cleantech

Turnover in January–March was EUR 62.5 (70.4) million, a decrease of 11.2%. Turnover decreased due to the demand fluctuations in the project-based business. The comparison period was strong, and volumes normalized with better predictability. The demand developed positively during the quarter supporting improving outlook for the second part of the year.

Medtech & Life Science

Turnover in January–March was EUR 38.9 (34.3) million, an increase of 13.3%. Positive trend from the fourth quarter of 2024 remained, and good development is expected to continue.

OPERATIONAL RISKS AND UNCERTAINTIES

Current recognized risks are strategic risks such as uncertainties in the global economy and risks in the political environment which might prevent the company from achieving its economic targets.

Other recognized risks are related to inflation, materials prices and availability, exchange rates and cyber security.

Global political environment has been unstable. Trade restrictions such as tariffs might impact on international trade, end customer demand and material availability.

Scanfil is also involved in a few claims that may lead to or are in arbitration proceedings and legal proceedings. If the group estimates that the outcome of the proceedings has a potential financial impact, it is reflected in the accounting.

The negative development of the global economy may have an impact on Scanfil's revenue and profitability in the short to midterm. It may also have an impact on companies' financing and therefore increase the risk of credit losses.

If conflicts in Ukraine and the Middle East continue and escalate further, it might impact Scanfil and the business environment of its customers. Furthermore, other political and trade tension as well as related actions might impact Scanfil's business environment.

Overall inflation also influences the company's cost structure.

The changes in foreign exchange rates are a risk to profitability. Scanfil mitigates the risk by using foreign exchange forward contracts.

Mergers and acquisitions have risks e.g. related to acquisition price, integration and future profitability of the acquired company.

Cyber security is recognized as an increasing risk. Scanfil is continuously monitoring and developing its ICT environment and systems to mitigate the risk.

The risk of energy availability and potential increases in energy costs are not expected to have a significant impact on short-term revenue or profitability.

The company's risks and risk management are described on the company's website under Corporate Governance and in the Sustainability report 2024 and notes to the consolidated financial statement for 2024.

ANNUAL GENERAL MEETING 2025 AND PROPOSALS BY THE BOARD OF DIRECTORS

Scanfil plc's Annual General Meeting will be held on April 25, 2025.

The parent company's distributable funds are EUR 70,308,241.25 including retained earnings EUR 36,674,749.71. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.24 per share be paid for the financial year ended on December 31, 2024. The dividend will be paid to those shareholders who, on the matching day on April 29, 2025, are entered in the company's register of shareholders, kept by Euroclear Finland Oy. The proposed dividend payment date is on May 7, 2025.

No significant changes have taken place in the company's financial position since the end of the financial year. In the view of the Board of Directors, the proposed dividend pay-out will not put the company's liquidity at risk.

The proposal s of Scanfil plc's Shareholders' Nomination Board for the General Meeting for the composition of Board of Directors and Remuneration was published on January 9, 202 5 . The invitation and proposals of the Board of Directors to the General Meeting was published on March 20, 2025. For more information: www.scanfil.com/agm.

KEY INDICATORS

	1-3	1-3	1 -12
	2025	2024	2024
Return on equity, %	11.2	14.5	13.9
Return on investment, %	13.2	15.9	15.4
Interest-bearing liabilities, EUR million	74.4	69.5	69.7
Gearing, %	5.3	17.1	7.3
Equity ratio, %	54.9	55.5	55.5
Gross investments, EUR million	1.8	5.1	48.5
% of net turnover	0.9	2.6	6.3
Employees, at the end of period	3,976	3,725	3,997
Earnings per share, EUR	0.13	0.15	0.59
Shareholders´ equity per share, EUR	4.62	4.21	4.46
Number of shares at
the end of period, 000´s
- not counting own shares	65,301	65,191	65,191
- weighted average	65,214	65,191	65,191

Owing to the nature of the sector, the company´s order book covers only a short period of time and does not give an accurate picture of future development.

KEY INDICATORS QUARTERLY

	Q1/25	Q4/24	Q3/24	Q2/24	Q1/24	Q4/23	Q3/23	Q2/23	Q1/23
Turnover, EUR million	192.6	212.3	173.3	195.5	198.9	220.8	212.8	243.3	224.6
Comparable EBITA, EUR million	12.6	14.7	12.8	14.3	13.1	13.8	15.6	17.9	15.5
Comparable EBITA, %	6.5	6.9	7.4	7.3	6.6	6.3	7.3	7.4	6.9
Operating profit (EBIT), EUR million	11.9	13.8	12.1	13.9	12.7	13.4	15.2	17.5	15.1
Operating profit (EBIT), %	6.2	6.5	7.0	7.1	6.4	6.1	7.2	7.2	6.7
Net income, EUR million	8.3	9.2	8.7	10.8	9.8	10.9	11.0	14.5	11.8

CALCULATION OF KEY INDICATORS

Return on equity, % Net profit for the period* x 100
	Shareholders' equity (average)
Return on investment, %	(Profit before taxes + interest and other financial expenses) * x 100
	Balance sheet total - non-interest-bearing liabilities (average)
Net gearing (%)	(Interest-bearing liabilities - cash and other liquid financial assets) x 100
	Shareholders' equity
Equity ratio (%)	Shareholders' equity x 100
	Balance sheet total - advance payments received
Net debt	Interest-bearing liabilities + lease liabilities - cash and cash equivalents
EBITDA	Operating profit + Depreciations and amortizations
EBITA	Operating profit + Amortization and impairment of Purchase Price Allocations
Comparable EBITA	Operating profit + Amortization and impairment of Purchase Price Allocations
	+ Transaction and integration costs + other items affecting comparability
Earnings per share	Net profit for the period
	Average adjusted number of shares during the year
Shareholders' equity per share	Shareholders' equity
	Adjusted number of shares at the end of the financial period
Dividend per share	Dividend to be distributed for the period (Board's proposal)
	Number of shares at the end of year
Dividend per earnings (%)	Dividend per share x 100
	Earnings per share
Effective dividend yield (%)	Dividend per share x 100
	Share price at the end of year
Price-to-earnings ratio (P/E)	Share price at the end of year
	Earnings per share
Average share price	Total share turnover
	Number of shares traded
Market capitalisation	Number of shares x last trading price of the financial period
Item affecting comparability	A non-recurring significant item that deviates from normal business
	operations, which affects the comparability between different periods
	* Year-to-date annualized

CONDENSED CONSOLIDATED INCOME STATEMENT

		1 - 3	1 - 3	1 - 12
		2025	2024	2024
EUR million	Note
Turnover	1,2	192.6	198.9	779.9
Other operating income		0.1	0.1	1.2
Changes in inventories of finished goods and work in progress		1.5	0.2	-3.1
Expenses		-176.2	-181.5	-704.3
Depreciation and amortization		-6.1	-5.0	-21.1
Operating profit (EBIT)		11.9	12.7	52.6
Financial income and expenses		-1.2	0.2	-1.5
Profit before taxes		10.7	12.9	51.1
Income taxes		-2.4	-3.1	-12.5
Net profit for the period		8.3	9.8	38.6
Attributable to:
Equity holders of the parent		8.3	9.8	38.6
Earnings per share for profit attributable to
shareholders of the parent:
undiluted (EUR)		0.13	0.15	0.59
diluted ( EUR)		0.13	0.15	0.59

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	1 - 3	1 - 3	1 - 12
	2025	2024	2024
EUR million
Net profit for the period	8.3	9.8	38.6
Items that may later be recognized in profit or loss
Translation differences	1.6	-0.5	2.1
Cash flow hedges	0.1	-0.3	-1.0
Other comprehensive income, net of tax	1.7	-0.9	1.1
Total Comprehensive Income	10.0	8.9	39.7
Attributable to:
Equity holders of the parent	10.0	8.9	39.7

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR million	Note	31.3.2025	31.3.2024	31.12.2024
Assets
Non-current assets
Property, plant and equipment	3	66.5	63.9	68.4
Right-of-use asset	3	29.7	22.0	26.5
Goodwill	4	28.8	7.5	29.1
Other intangible assets		18.9	10.1	20.0
Available-for-sale investments		0.5	0.5	0.5
Deferred tax assets		7.8	8.2	7.7
Total non-current assets		152.1	112.2	152.2
Current assets
Inventories		169.7	198.7	168.1
Trade and other receivables		175.1	181.3	165.4
Advance payments		1.7	1.1	0.7
Current tax		4.9	2.5	4.2
Cash and cash equivalents		58.5	22.3	48.5
Total current assets		409.9	405.8	386.8
Total assets		561.9	518.0	539.1
		31.3.2025	31.3.2024	31.12.2024
Shareholder's equity and liabilities Equity attributable to equity holders of the parent
Share capital		2.0	2.0	2.0
Reserve for invested unrestricted equity fund		33.9	34.8	33.3
Fair value reserve Other reserves		0.0 2.6	0.6 2.6	0.0 2.6
Translation differences		-0.9	-5.1	-2.5
Retained earnings		264.2	240.1	255.6
Total equity		301.9	275.1	291.0
Non-current liabilities
Deferred tax liabilities		9.8	6.6	9.7
Provisions		1.8	1.2	1.8
Interest bearing liabilities		20.0		20.0
Lease liability		24.2	17.7	21.9
Non-interest bearing liabilities				10.3
Total non-current liabilities		55.8	25.5	63.6
Current liabilities
Trade and other liabilities		161.8	162.8	153.7
Current tax		1.7	2.3	2.1
Provisions		0.7	0.6	0.7
Interest bearing liabilities		24.2	47.5	22.7
Lease liability		5.9	4.3	5.1
Non-interest bearing liabilities		9.9
Total current liabilities		204.2	217.4	184.4
Total liabilities		260.1	242.9	248.0
Total shareholder's equity and liabilities		561.9	518.0	539.1

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY

Equity attributable to equity holders of the parent company

		Reserve for invested	Fair	Reserve	Translation	Retained	Equity
EUR million	Share	unrestricted	value
Equity	capital	equity fund	reserve	fund	differences	earnings	total
1.1.2025	2.0	33.3	0.0	2.6	-2.5	255.6	291.0
Total comprehensive income			0.1		1.6	8.3	10.0
Option scheme						0.1	0.1
Share options exercised		0.6				0.1	0.7
Equity 31.3.2025	2.0	33.9	0.0	2.6	-0.9	264.2	301.9

Equity attributable to equity holders of the parent company

		Reserve for			Translation	Retained	Equity
EUR million		invested unrestricted	Fair value	Reserve
	Share
Equity	capital	equity fund	reserve	fund	differences	earnings	total
1.1.2024	2.0	34.8	0.9	2.6	-4.6	230.2	266.0
Total comprehensive income			-0.3		-0.5	9.8	8.9
Option scheme						0.1	0.1
Equity
31.3.2024	2.0	34.8	0.6	2.6	-5.1	240.1	275.1

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	1.1.-31.3.2025	1.1.-31.3.2024	1.1.-31.12.2024
EUR million
Cash flow from operating activities
Net profit	8.3	9.8	38.6
Adjustments for the net profit	9.3	9.2	36.2
Change in net working capital	-3.1	-2.7	36.2
Paid interests and other financial expenses	-0.6	-0.6	-2.4
Received interest and other financial income	0.3	0.2	1.0
Taxes paid	-3.1	-6.2	-17.5
Net cash from operating activities	11.0	9.7	92.1
Cash flow from investing activities
Acquisition of Group companies, net of cash			-22.3
Investments in tangible and intangible assets	-1.7	-5.1	-15.7
Sale of tangible and intangible assets	0.0	0.4	0.3
Net cash from investing activities	-1.7	-4.7	-37.6
Cash flow from financing activities
Related-party investment company shares	0.7
Repayment of long-term loans		-3.0	-6.0
Proceeds from short term loans	1.9
Repayment of short-term loans			-2.2
Repayment of lease liabilities	-1.6	-1.0	-4.4
Dividends paid			-15.0
Net cash from financing activities	1.0	-4.0	-27.6
Net increase/decrease in cash and cash equivalents	10.3	1.0	26.9
Cash and cash equivalents at beginning of period	48.5	21.2	21.2
Changes in exchange rates	-0.4	0.1	0.4
Cash and cash equivalents at end of period	58.5	22.3	48.5

RECONCILIATION OF COMPARABLE EBITA AND OPERATING PROFIT (EBIT)

	1 - 3	1 - 3	1 - 12
	2025	2024	2024
EUR million
Comparable EBITA	12.6	13.1	54.9
Purchase price allocation amortization	-0.7	-0.4	-1.8
Items affecting comparability
Expenses*			-0.5
Operating profit (EBIT)	11.9	12.7	52.6

*January-December 2024 includes costs related to the acquisition of SRXGlobal Pty. Ltd.

Notes to the interim report ACCOUNTING PRINCIPLES

The Group's interim report has been prepared in compliance with the IAS 34 Interim Financial Reporting standard. The report complies with the accounting principles as in the Financial Statement for 2024. All individual figures and totals presented in tables have been rounded, due to which the total sum of individual figures may differ from the sum presented. The key figures have been calculated using precise values. This interim report is unaudited.

In its meeting held on April 23, 2025, the Board of Directors of Scanfil plc approved this report for publication.

1. SEGMENT INFORMATION

Scanfil divided its operations into four geographical reporting segments on January 1, 2025, impacting Scanfil's financial reporting from the first quarter of 2025 onwards. The segments are based on management reporting and reflect Scanfil's internal management structure.

	Q1 2025		Q1 2024		1-12 2024
Turnover	EUR million	% of total	EUR million	% of total	EUR million	% of total
Americas	11.7	6	8.6	4	38.0	5
APAC	52.2	27	40.1	20	189.3	24
Central Europe	69.5	36	84.6	43	303.3	39
Northern Europe	60.6	31	69.1	35	257.4	33
Internal sales	-1.4		-3.5		-8.1
Total	192.6	100	198.9	100	779.9	100

	Q1 2025		Q1 2024		1-12 2024
EBITA	EUR million	EBITA %	EUR million	EBITA %	EUR million	EBITA %
Americas	0.8	7.3	0.5	5.4	3.3	8.6
APAC	3.6	6.9	3.0	7.4	14.1	7.7
Central Europe	5.2	7.5	6.9	8.2	23.5	7.7
Northern Europe	3.1	5.0	2.8	4.0	14.4	5.6
Group costs and eliminations	-0.1		0.0		-0.8
Total	12.6	6.5	13.1	6.6	54.4	7.0

	Q1 2025		Q1 2024		1-12 2024
Comparable EBITA	EUR million	EBITA %	EUR million	EBITA %	EUR million	EBITA %
Americas	0.8	7.3	0.5	5.4	3.3	8.6
APAC	3.6	6.9	3.0	7.4	14.6	8.0
Central Europe	5.2	7.5	6.9	8.2	23.5	7.7
Northern Europe	3.1	5.0	2.8	4.0	14.4	5.6
Group costs and eliminations	-0.1		0.0		-0.8
Total	12.6	6.5	13.1	6.6	54.9	7.0

	Q1 2025		Q1 2024	1-12 2024
Operating profit (EBIT)	EUR million	EBIT %	EUR million	EBIT %	EUR million	EBIT %
Americas	0.8	7.3	0.5	5.4	3.3	8.6
APAC	3.3	6.3	3.0	7.4	13.8	7.6
Central Europe	4.9	7.1	6.6	7.8	22.3	7.4
Northern Europe	3.0	4.9	2.7	3.9	14.0	5.4
Group costs and eliminations	-0.1		0.0		-0.8
Total	11.9	6.2	12.7	6.4	52.6	6.7

31.3.2025		31.3.2024	31.12.2024
EUR million	% of total	EUR million	% of total	EUR million	% of total
	6		5		6
	29		20		30
	35		44	190.1	35
121.1	22	139.1	27		22
	8		3		7
	100		100	539.1	100
		34.2 163.5 199.2 43.9 561.9		27.8 104.8 229.6 16.8 518.0	32.5 162.3 116.5 37.8

	31.3.2025		31.3.2024	31.12.2024
Reporting segment liabilities	EUR million	% of total	EUR million	% of total	EUR million	% of total
Americas	11.6	4	7.2	3	9.3	4
APAC	80.7	31	54.7	22	79.7	32
Central Europe	65.6	25	79.4	33	60.4	24
Northern Europe	50.7	19	56.3	23	46.4	19
Unallocated items	51.5	20	45.3	19	52.2	21
Total	260.1	100	242.9	100	248.0	100

Personnel at the end of period	31.3.2025	% of total	31.3.2024	% of total	31.12.2024	% of total
Americas	188	5	174	5	180	5
APAC	882	22	539	14	875	22
Central Europe	1,632	41	1,690	45	1,669	42
Northern Europe	1,181	30	1,237	33	1,184	30
Group	93	2	85	2	89	2
Total	3,976	100	3,725	100	3,997	100

REPORTING SEGMENTS, QUARTERLY

Turnover, EUR million	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Americas	11.7	10.8	9.7	8.8	8.6	9.7	9.1	11.2	7.5
APAC	52.2	61.1	42.7	45.5	40.1	42.3	48.4	51.1	41.9
Central Europe	69.5	77.2	65.4	76.1	84.6	97.1	94.8	101.9	96.5
Northern Europe	60.6	64.7	56.5	67.2	69.1	76.5	66.7	83.3	82.9
Internal sales	-1.4	-1.5	-1.0	-2.1	-3.5	-4.8	-6.1	-4.2	-4.2
Total	192.6	212.3	173.3	195.5	198.9	220.8	212.8	243.3	224.6

Comparable EBITA, EUR million	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Americas	0.8	1.1	0.8	0.8	0.5	0.6	0.5	1.0	0.6
APAC	3.6	3.7	3.6	4.4	3.0	2.0	3.6	3.4	1.7
Central Europe	5.2	6.5	4.7	5.4	6.9	7.2	7.1	9.3	8.9
Northern Europe	3.1	3.9	3.7	4.0	2.8	4.7	4.4	4.4	4.6
Group costs and eliminations	-0.1	-0.6	0.1	-0.3	0.0	-0.7	0.1	-0.2	-0.3
Total	12.6	14.7	12.8	14.3	13.1	13.8	15.6	17.9	15.5

Comparable EBITA, %	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Americas	7.3	10.5	8.5	9.3	5.4	6.2	5.2	9.2	7.5
APAC	6.9	6.0	8.4	9.6	7.4	4.7	7.4	6.7	4.1
Central Europe	7.5	8.4	7.1	7.1	8.2	7.4	7.5	9.1	9.3
Northern Europe	5.0	6.1	6.5	6.0	4.0	6.2	6.5	5.3	5.6
Group EBITA % total	6.5	6.9	7.4	7.3	6.6	6.3	7.3	7.4	6.9

Operating profit (EBIT), EUR million	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Americas	0.8	1.1	0.8	0.8	0.5	0.6	0.5	1.0	0.6
APAC	3.3	3.2	3.3	4.4	3.0	2.0	3.6	3.4	1.7
Central Europe	4.9	6.2	4.4	5.1	6.6	6.9	6.8	9.0	8.7
Northern Europe	3.0	3.8	3.6	3.9	2.7	4.7	4.3	4.3	4.5
Group costs and eliminations	-0.1	-0.6	0.1	-0.3	0.0	-0.7	0.1	-0.2	-0.3
Total	11.9	13.8	12.1	13.9	12.7	13.4	15.2	17.5	15.1

Operating profit (EBIT), %	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Americas	7.3	10.5	8.5	9.3	5.4	6.2	5.2	9.2	7.5
APAC	6.3	5.2	7.7	9.6	7.4	4.7	7.4	6.7	4.1
Central Europe	7.1	8.1	6.7	6.7	7.8	7.2	7.2	8.8	9.0
Northern Europe	4.9	5.9	6.3	5.9	3.9	6.1	6.4	5.2	5.4
Group EBIT % total	6.2	6.5	7.0	7.1	6.4	6.1	7.2	7.2	6.7

Personnel at the end of period	31.3.2025	31.12.2024	30.9.2024	30.6.2024	31.3.2024	31.12.2023	30.9.2023	30.6.2023	31.3.2023
Americas	188	180	192	175	174	173	169	132	132
APAC	882	875	568	561	539	521	531	546	562
Central Europe	1,632	1,669	1,661	1,669	1,690	1,752	1,745	1,735	1,681
Northern Europe	1,181	1,184	1,187	1,254	1,237	1,267	1,315	1,365	1,327
Group	93	89	87	85	85	84	82	80	81
Total	3,976	3,997	3,695	3,744	3,725	3,797	3,'842	3,858	3,783

2. DISAGGREGATION OF REVENUES

		1 -3 2025			1 -3 2024			1 - 12 2024
EUR million	Goods	Services	Total	Goods	Services	Total	Goods	Services	Total
Reporting Segments
Americas	8.4	3.3	11.7	5.1	3.5	8.6	22.2	15.9	38.0
APAC	52.2		52.2	40.1		40.1	189.3		189.3
Central Europe	68.7	0.8	69.5	83.8	0.8	84.6	300.6	2.7	303.3
Northern Europe	55.2	5.4	60.6	61.9	7.2	69.1	229.5	27.9	257.4
Internal sales	-1.4		-1.4	-3.5		-3.5	-8.1		-8.1
Total	183.0	9.6	192.6	187.4	11.4	198.9	733.5	46.4	779.9
Timing of revenue recognition
Goods and services transferred at a point of time	183.0	8.9	191.9	187.4	10.9	198.3	733.5	44.4	777.9
Services transferred over time		0.6	0.6		0.5	0.5		2.0	2.0
Total	183.0	9.6	192.6	187.4	11.4	198.9	733.5	46.4	779.9

3. CHANGES IN TANGIBLE NON-CURRENT ASSETS

	1 - 3	1 - 3	1 - 12
	2025	2024	2024
EUR million
Book value at the beginning of the period	94.9	85.3	85.3
Additions	6.3	5.2	19.4
Acquisition of Group companies			6.8
Deductions	0.0	-0.2	0.3
Depreciations and decreases in value	-5.1	-4.5	-18.1
Exchange rate differences	0.0	0.2	1.3
Book value at the end of the period	96.1	85.9	94.9

4. CHANGES IN GOODWILL

	1 - 3	1 - 12
2025	2024	2024
29.1	7.7	7.7
		22.4
-0.4	-0.2	-1.0
28.8	7.5	29.1
	1 - 3

5. FINANCIAL ASSETS AND LIABILITIES, CARRYING AMOUNT AND FAIR VALUE

The valuation of derivatives is based on market data (level 2).

The valuation of investments is based on the acquisition cost (level 3) as the fair value of the shares cannot be determined reliably.

	31.3.2025	31.3.2025
	Book values of	Fair values of
EUR million	balance sheet values	balance sheet values
Non-current assets
Investments	0.5	0.5
Non-current assets total	0.5	0.5
Current assets
Trade receivables	162.6	162.6
Derivatives	0.1	0.1
Cash and cash equivalents	58.5	58.5
Current assets total	221.2	221.2
Total financial assets	221.7	221.7
Non-current financial liabilities
Interest bearing liabilities from financial institutions	20.0	20.0
Lease liability	24.2	24.2
Non-current financial liabilities total	44.2	44.2
Current financial liabilities
Interest bearing liabilities from financial institutions	10.0	10.0
Loans withdrawn from the credit limit	14.2	14.2
Lease liability	5.9	5.9
Trade payables	114.4	114.4
Derivatives	0.6	0.6
Non-interest bearing liabilities	9.9	9.9
Current financial liabilities total	145.2	145.2
Total financial liabilities	189.4	189.4

6. OPEN DERIVATIVE CONTRACTS

	31.3.2025 Fair net Nominal			31.3.2024
	value	value	Fair net value	Nominal value
EUR million
Interest rate swaps	-0.1	30.0	0.1	3.0
Forward exchange contracts	-0.1	17.0	0.7	30.4
Forward exchange contracts, outside hedge accounting	-0.1	93.9	-0.2	139.9

7. CONTINGENT LIABILITIES

	31.3.2025	31.3.2024	31.12.2024
EUR million
Pledged guarantees	1.2	0.9	1.2

In addition to the above commitments, the following guarantees have been given:

Scanfil plc has given guarantees to Nordea Bank Abp as security for payment of the liabilities which Scanfil Sweden AB has created from time to time towards Nordea Bank Abp on the basis of derivative contracts concluded, as well as to Skandinaviska Enskilda Banken AB replacing the previous liabilities of Scanfil Sweden AB. The maximum liability to Skandinaviska Enskilda Banken AB is EUR 3.6 million. Scanfil plc has provided a guarantee to Nordea Bank Abp as security for the performance and payment of obligations under the derivative contracts concluded between Scanfil Electronics GmbH and Nordea Bank Abp. Scanfil plc has given a guarantee for the lease obligations of its subsidiary Scanfil Inc.

Scanfil EMS Oy has given a guarantee to Nordea Bank AB Shanghai Branch of any obligations arising from a loan facility of CNY 180 million between the subsidiary Scanfil (Suzhou) Co., Ltd. and the Nordea Bank AB Shanghai Branch. Scanfil EMS Oy has given a guarantee of any obligations arising from the subsidiary's delivery contracts with its customers. The guarantee is limited to a maximum of EUR 7.5 million and seven years after the expiry of the last product agreement.

Scanfil Sweden AB has given a guarantee to the lessor as security for the liabilities under the lease contract regarding the premises leased by the Polish subsidiary Scanfil Poland Sp. z o.o.

Scanfil EMS Oy and Scanfil Sweden AB have provided guarantees to Nordea Bank Abp and Nordea Bank AB Shanghai Branch as security for the performance and payment of the obligations under the derivative master agreements entered into between the Group companies Scanfil Oü, Scanfil Poland Sp. z o.o, Scanfil Åtvidaberg AB, Scanfil Malmö AB, Scanfil (Suzhou) Co., Ltd. and Nordea Bank Abp.

On behalf of the group companies may be given usual parent company guarantees from time to time as security for the fulfillment of their customer agreement obligations.

EVENTS AFTER THE REVIEW PERIOD

There were no significant events after the review period.

SCANFIL PLC

Christophe Sut, CEO Tel +46 721 51 75 02

Scanfil plc is Europe's largest stock listed provider of electronics manufacturing services (EMS), whose turnover in 2024 amounted to EUR 780 million. The company serves global sector leaders in the customer groups of Industrial, Energy & Cleantech, and Medtech & Life Science. The company's services include design services, prototype manufacture, design for manufacturability (DFM) services, test development, supply chain and logistics services, circuit board assembly, manufacture of subsystems and components, and complex systems integration services. Scanfil's objective is to grow customer value by improving their competitiveness and by being their primary supply chain partner and long-term manufacturing partner internationally. Scanfil's longest-standing customer account has continued for more than 30 years. The company has global supply capabilities and eleven production facilities across four continents.

Not to be published or distributed, directly or indirectly, in any country where its distribution or publication is unlawful. Forward looking statements: certain statements in this stock exchange release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Scanfil plc to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this stock exchange release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. New risk factors may arise from time to time, and it is not possible for management to predict all those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Scanfil plc to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this stock exchange release is current only as of the date of this stock exchange release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised, except as provided by the law or obligatory regulations, whether as a result of new information, changing circumstances, future events or otherwise