Trusted manufacturing partner
Annual Report
2
Turnover
797 M€
Personnel
4,200
Comparable
EBITA
54 €M
Table of contents
Scanfil is a company with strong
culture and values. The company
has earned a reputation for
building long-term partnerships
based on a mutual passion for
success.
Annual review ....................................................3
Scanfil in brief ...................................................3
CEO’s review ....................................................4
Regional Segments ..............................................5
Customer segments and megatrends ............................. 7
Investor information .............................................8
Financial review ................................................ 10
Board of Directors’ Report ....................................... 12
Key ratios ...................................................... 18
Shares and shareholders ........................................20
Sustainability Statement ........................................22
Condolidated financial statements (IFRS) ....................... 96
Consolidated income statement .................................96
Consolidated statement of financial position .....................97
Consolidated statement of changes in equity .................... 99
Accounting principles for consolidated financial statements ..... 100
Notes to consolidated financial statements .....................103
Financial statements of the parent company (FAS) ..............138
Board of Directors’ proposal for
the distribution of profit and signatures ........................ 150
Auditor’s reports ...............................................151
Corporate Governance Statement ..............................159
Remuneration Report ..........................................167
3
Scanfil in brief
Scanfil is a global electronics manufacturing service company. It serves large
and medium-sized global companies, as well as smaller, growing companies with
demanding products and small or medium-sized production volumes.
It specializes in business-to-business high-mix, low-volume (HMLV) manufacturing
and provides a full range of electronics manufacturing services from prototyping
to final assembly, testing, and packaging. Scanfil’s core strength is the integration
of electronics and mechanics, enabling the delivery of technically advanced, high-
quality equipment.
Scanfil’s 2024–2028 Geared for Growth -strategy is built on two pillars: growth and
efficiency. In 2025, a new geographic structure took effect to bring decision-making
closer to customers and factories. The change facilitates organic and inorganic growth
in regions, alongside enhancing operational efficiency. Scanfil seeks to broaden its
customer base and expand its geographical presence through acquisitions, thereby
strengthening its position in the strategic Aerospace & Defense and Medtech & Life
Science sectors. Organic growth is supported by local and industry-specific sales
teams. The three industry-specific sales teams have significantly strengthened
sales, particularly in sectors requiring deep industry expertise.
The Dream Factory program, productivity initiatives, and supply chain excellence are
driving efficiency. Scanfil creates value through efficient procurement, high utilization
of manufacturing resources, and value-added services such as testing and logistics.
Scanfil’s services improve the efficiency of customers’ operations, reduce the need
for capital investments, and enable access to advanced manufacturing resources.
For investors, Scanfil offers consistently increasing dividend, efficient capital use
and long-term value creation, supported by a diverse customer base.
PersonnelTurnover
EUR 797 million
34%
27%
33%
6%
Americas
APAC
Central Europe
Northern Europe
8%
2%
38%
4,200
29%
23%
Americas
APAC
Central Europe
Northern Europe
Group
The acquisition of Italian factories was completed on 22 January 2026.
4
CEO’s review
“Scanfil’s year 2025 was the most transformational since we
announced our updated growth strategy at Capital Markets Day
in 2024.
We reached a significant milestone in our growth by finalizing two
transformational acquisitions that elevate Scanfil to an entirely new
scale. Both companies have demonstrated the ability to create
growth, and we look forward to developing our new customer
portfolio together. ADCO Circuits, acquisition completed in
December, expands our footprint in the Americas region and
brings a strong customer portfolio in the fast-growing Aerospace
& Defense business. MB Elettronica, acquisition completed in
January 2026, enhances Scanfil’s footprint in Southern Europe
with a strong portfolio in Aerospace & Defense and Medtech &
Life Science customer groups. We are all very proud to welcome
these new companies and their skilled employees to Scanfil.
Throughout the year, we have had a significant number of strategic
meetings with our key customers. We wanted to align our plans
and continue to build tight collaboration based on operational
excellence and efficiency.
In 2025, we returned to organic growth. Turnover totaled EUR
797.1 million, organically up by 2.6%. We have steadily translated
sales wins into turnover quarter after quarter.
In EBITA, our strength showed, and we are able to deliver within
a 7%-8% margin corridor. Full-year comparable EBITA reached
EUR 56.4 million, and the margin was stable at 7.1%. It was a
strong performance, especially considering the high number
of new product introduction programs we had and their effect
on our efficiency.
Our financial position was strong, with net debt/EBITDA at 0.12 and
an equity ratio of 53.9%. It gives us the room needed to support
our growth agenda, both organically and through acquisitions.
In the market segments, America’s turnover increased by 31.7%
compared to 2024. Business prospects were solid, and in Q4, we
ramped up a new SMT line and new customer projects. APAC turnover
increased organically by 8.7% compared to 2024. Customer demand
is poised to grow. Central Europe turnover decreased organically by
3.0% compared to 2024. Operational efficiency starts to improve
as project ramp-ups and productivity measures start to materialize.
Northern Europe turnover decreased organically by 0.2% compared
to 2024. Aerospace & Defense together with Energy & Cleantech
ae expected to drive the demand. Notably, all regions had a positive
organic growth in the last quarter of 2025.
In 2025, our investments in sales started to pay off, and we reached
an impressive EUR 219.7 million in new sales, an increase of 17.4%
from last year.
The Industrial customer group’s turnover decreased by 0.7% in the full
year. New customer projects won in 2025 totaled EUR 95.8 million, an
increase of 15.1% from the last year. This gives us confidence in our
future development.
The Energy & Cleantech turnover increased by 3.7% in the full year.
New customer projects won totaled EUR 83.2 million, an increase of
12.7% from the last year. We see a positive trend.
Medtech & Life Science turnover decreased by 6.7% in the full year.
New customer projects won in the full year totaled EUR 40.7 million, an
increase of EUR 10.5 million from last year. Medtech & Life Science is
one of our strategic growth areas, and we continue investing in sales
and capabilities. Production ramp-up times are long, and many wins
from 2025 will be visible in the turnover in 2026 and onwards.
We estimate 2026 turnover to be EUR 940–1,060 million, and
comparable EBITA of EUR 64–78 million. In January, we announced
a significant investment in our Chinese operations, where we have
seen increased demand and have a positive outlook. At the same
time, our 2025 investments in Malaysia and the USA are ramping up,
which gives us confidence for 2026.
We extend our gratitude to our valued customers, partners, and
employees for their solid trust and collaboration throughout our
transformative journey in 2025.”
CHRISTOPHE SUT
CEO
5
Regional Segments
8%
23%
6%
27%
AMERICAS 2025 2024 Change %
Organic
growth %
Turnover, EUR million 50,1 38,0 31.7 31.7
EBITA, EUR million 2,4 3,3 -26.5
EBITA, % 4,8 8,6
Comparable EBITA, EUR million 3,4 3,3 3.5
Comparable EBITA, % 6,7 8,6
Purchase price allocation amortization, EUR million 0,0
Items affecting comparability, EUR million -1,0
Operating profit (EBIT), EUR million 2,4 3,3 -27.8
Operating profit (EBIT), % 4,7 8,6
Personnel at the end of period 333 180 85.0
APAC 2025 2024 Change %
Organic
growth %
Turnover, EUR million 217,4 189,3 14.8 8.7
EBITA, EUR million 17,4 14,1 23.7
EBITA, % 8,0 7,4
Comparable EBITA, EUR million 17,4 14,6 19.4
Comparable EBITA, % 8,0 7,7
Purchase price allocation amortization, EUR million -1,1 -0,3
Items affecting comparability, EUR million -0,5
Operating profit (EBIT), EUR million 16,3 13,8 18.3
Operating profit (EBIT), % 7,5 7,3
Personnel at the end of period 980 875 12.0
Americas APAC
% OF TOTAL PERSONNEL % OF TOTAL PERSONNEL% OF TOTAL TURNOVER % OF TOTAL TURNOVER
6
CENTRAL EUROPE 2025 2024 Change %
Organic
growth %
Turnover, EUR million 275,9 303,3 -9.0 -3.0
EBITA, EUR million 12,4 23,5 -47.1
EBITA, % 4,5 7,7
Comparable EBITA, EUR million 21,0 24,2 -13.6
Comparable EBITA, % 7,6 8,0
Purchase price allocation amortization, EUR million -0,8 -1,1
Items affecting comparability, EUR million -8,5 -0,8
Operating profit (EBIT), EUR million 11,7 22,3 -47.8
Operating profit (EBIT), % 4,2 7,4
Personnel at the end of period 1,581 1,669 -5.3
NORTHERN EUROPE 2025 2024 Change %
Organic
growth %
Turnover, EUR million 260,2 257,4 1.1 -0.2
EBITA, EUR million 17,0 14,4 18.0
EBITA, % 6,5 5,6
Comparable EBITA, EUR million 17,0 14,4 18.0
Comparable EBITA, % 6,5 5,6
Purchase price allocation amortization, EUR million -0,2 -0,4
Items affecting comparability, EUR million
Operating profit (EBIT), EUR million 16,8 14,0 19.7
Operating profit (EBIT), % 6,4 5,4
Personnel at the end of period 1,205 1,184 1.8
Central Europe Northern Europe
38%
29%
34%
33%
% OF TOTAL PERSONNEL % OF TOTAL PERSONNEL% OF TOTAL TURNOVER % OF TOTAL TURNOVER
7
Customer Groups and Megatrends
Scanfil’s customer groups typically have different business cycles, which balances
changes in demand. We have identified Energy & Cleantech, Medtech & Life
Science and Aerospace & Defense as high-growth potential customer groups. In
2025, Aerospace and Defense is reported under the Industrial customer group.
Industrial
The customer base consists of industrial and B2B customers. The end products
include, for example, industrial automation systems, self-service vending machines
and lifts.
Driving megatrends
• Sustainability and security
• Digitalization
• Urbanization
46%
Energy & Cleantech
The end products included in the segment include energy saving solutions, electricity
distribution and automatic collection and sorting solutions.
Medtech & Life Science
End products for the segment include dental chairs, analyzers, mass spectrometers
and solutions for environmental measuring.
Driving megatrends
• Ageing population
• The increasing needs for healthcare and technology in emerging markets
• Climate change and need to predict weather phenomena
Driving megatrends
•
Energy efficiency, renewable energy production, and solutions for circular
economy
• Urbanization and electrification of transport
• Monitoring, controlling and cleaning of water and air quality
35%
19%
8
Investor information
0
300
600
900
20252024202320222021
844
902
780
696
797
TURNOVER COMPARABLE EBITA AND EBITA% SHARE PRICE
EUR million
EUR/share
EUR million
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
20252024202320222021
0.54
0.63
0.46
0. 74
0.5 9
EARNINGS PER SHARE
EUR
0,00
0,05
0,10
0,15
0,20
0,25
20252024202320222021
0.21
0.1 9
0.25
0.23
0.24
DIVIDEND PER SHARE
EUR
Board’s proposal
%
RETURN ON INVESTMENT
0
5
10
15
20
20252024202320222021
15.3
14.6
14.6
19.4
15.4
%
EQUITY RATIO
0
10
20
30
40
50
60
20252024202320222021
45.3 45.3
53.9
53.7
55.5
NET DEBT/EBITDA
Ratio
0,0
0,3
0,6
0,9
1,2
1,5
20252024202320222021
0.1 2
0.29
0.64
1.36
1.0 9
4
6
8
10
12
1.1.2021 1.1.2022 1.1.2023 1.1.2024 1.1.2025 31.12.2025
%
Adjusted EBITA
EBITA %
Scanfil plc, EUR OMX Helsinki 25 Index
0
10
20
30
40
50
60
20252024202320222021
41.9
56.4
7.1 %
7.1 %
7.0 %
6.0 %
5.6 %
4 7.0
62.8
55.7
1
2
3
4
5
6
7
8
9
Scanfil as an investment
Scanfil has a strong corporate culture and values. The company has been profitable
since its founding, enabling Scanfil to make investments and ensure its long-term
future.
Scanfil is its’ customers preferred manufacturing partner and systems supplier. The
company has earned a reputation for building long-term partnerships based on a
mutual passion for success.
Solvent and financially reliable partner
Scanfil’s goal is to work in sustainable, long-term cooperation with its customers.
Like its customers, the company operates internationally, and its customers include
numerous significant international automation, cleantech, recycling and health
technology providers, as well as companies operating in the field of urbanization
and defense. Scanfil is one of the market leaders in the Nordic countries, among the
biggest companies in its sector in Europe, and a household name in the global market.
Long-term targets
Scanfil is aiming for 10% annual turnover growth on average and 7%-8% operating
profit level, while keeping net debt/EBITDA ≤1.5.
Outlook for 2026
Scanfil estimates that its turnover for 2026 will be EUR 940–1,060 million, and its
comparable EBITA will be EUR 64–78 million.
The guidance is based on customer forecasts and Scanfil’s normal forecasting
process. The outlook is associated with uncertainty related to global economic
development.
Dividend
Scanfil aims to pay an increasing dividend of approximately 1/3 of the earnings per
share. The level of dividends paid and the date of payment are affected by the result,
financial position, need for capital and other possible factors.
The Board of Directors proposes to the Annual General Meeting that a dividend of
EUR 0.25 (0.24) per share be paid for a total of EUR 16,375,938.75 for the financial
year ending on 31 December 2025. The dividend matching day is 28 April 2026 and
the dividend payment date 6 May 2026. The dividend will be paid to shareholders
registered in the Register of Shareholders maintained by Euroclear Finland Ltd on
the matching date.
Annual General Meeting
Scanfil plc’s Annual General Meeting will be held as an online event on 24 April
2026, without a venue, using a remote connection in real time. More information
www.scanfil.com/agm
Financial publications in 2026
• Interim report for January–March, 23 April 2026
• Interim report for January–June, 16 July 2026
• Interim report for January–September, 23 October 2026
The financial publications are released in Finnish and English languages. They will
be available on the company’s website at scanfil.com.
10
Financial Review
11
Table of Contents
BOARD OF DIRECTORS’ REPORT ..................................................................................................
Key ratios .............................................................................................................................................. 18
Shares and shareholders .................................................................................................................. 20
Sustainability statement ................................................................................................................... 22
CONSOLIDATED FINANCIAL STATEMENT, IFRS ........................................................................
Consolidated income statement ..................................................................................................... 96
Consolidated statement of financial position ............................................................................... 97
Consolidated statement of cash flow ............................................................................................. 98
Consolidated statement of changes in equity .............................................................................. 99
Accounting principles for consolidated
financial statements ........................................................................................................................ 100
Notes to consolidated financial statements ................................................................................103
1. Items affecting the result ................................................................................................103
1.1 Turnover and details of business segments ...................................................................103
1.2 Other operating income ....................................................................................................... 107
1.3 Use of materials and supplies ............................................................................................ 107
1.4 Employee benefit expenses................................................................................................ 107
1.5 Other operating expenses...................................................................................................109
1.6 Income taxes ...........................................................................................................................110
1.7 Earnings per share ................................................................................................................. 112
2. NET WORKING CAPITAL ....................................................................................................112
2.1 Net working capital ................................................................................................................112
2.2 Inventories ...............................................................................................................................113
2.3 Trade and other receivables ................................................................................................113
2.4 Trade and other liabilities .....................................................................................................114
3. NON-CURRENT ASSETS .................................................................................................. 115
3.1 Goodwill .................................................................................................................................... 115
3.2 Other intangible assets ......................................................................................................... 116
3.3 Property, plant and equipment ............................................................................................118
3.4 Right-of-use assets ...............................................................................................................119
3.5 Depreciation, amortisation and impairment .................................................................... 121
3.6 Acquired businesses ............................................................................................................ 122
4. CAPITAL STRUCTURE .......................................................................................................124
4.1 Cash and cash equivalents .................................................................................................124
4.2 Financial income and expenses ........................................................................................124
4.3 Financial liabilities ................................................................................................................125
4.4 Book values and fair values of financial assets and liabilities ....................................126
4.5 Derivative financial instruments and hedge accounting ............................................ 127
4.6 Hierarchy of fair values.........................................................................................................128
4.7 Financial risk management .................................................................................................130
4.8 Shareholders’ equity ............................................................................................................. 133
4.9 Management of capital structure ...................................................................................... 134
5. OTHER NOTES ...................................................................................................................135
5.1 Provisions ................................................................................................................................ 135
5.2 Securities provided, contingent liabilities and other liabilities .................................. 135
5.3 Details of related parties and Group structure ............................................................... 136
5.4 Events after the reporting period....................................................................................... 137
PARENT COMPANY FINANCIAL STATEMENT, FAS ....................................................................
Parent company income statement ...............................................................................................138
Parent company balance sheet ......................................................................................................139
Parent company cash flow statement ............................................................................................141
Notes to the parent company’s
financial statements .........................................................................................................................142
The parent company’s accounting principles .............................................................................. 142
1. Personnel expenses .............................................................................................................143
2. Other operating expenses...................................................................................................143
3. Depreciation and amortisation ..........................................................................................143
4. Other operating expenses...................................................................................................143
5. Income taxes ..........................................................................................................................144
6. Intangible assets ...................................................................................................................144
7. Tangible assets ...................................................................................................................... 145
8. Holdings in Group companies ............................................................................................145
9. Receivables from Group companies .................................................................................146
10. Cash and cash equivalent ...................................................................................................146
11. Equity........................................................................................................................................146
12. Non-current and current liabilities .................................................................................... 147
13. Liabilities to Group companies .......................................................................................... 147
14. Accrued liabilities .................................................................................................................. 147
15. Commitments and contingencies .....................................................................................148
16. Derivative contracts ..............................................................................................................148
17. Other rental contracts ..........................................................................................................149
18. Management's employment-related benefits ................................................................149
BOARD OF DIRECTORS’ PROPOSAL FOR
THE DISTRIBUTION OF PROFIT ...................................................................................................
SIGNATURES TO THE BOARD OF DIRECTORS’
REPORT AND FINANCIAL STATEMENTS ....................................................................................
12
Board of Directors’ Report
Scanfil plc is one of Europe's largest electronics manufacturing service (EMS)
companies. The company operates through four regional segments: Americas,
APAC, Central Europe, and Northern Europe. It caters to leading companies in the
Industrial, Energy & Cleantech, and Medtech & Life Science sectors. The backbone
of Scanfil's operations is manufacturing services, encompassing electronics and
sheet metal fabrication, as well as design, testing, and supply chain support. The
strategic aim is to forge enduring partnerships with customers and enhance customer
value by boosting their competitive edge. At the end of 2025, Scanfil maintained 12
production sites globally, spanning four continents.
Year 2025
Scanfil's Geard for Growth strategy was introduced in March 2024. In 2025, Scanfil
took several new steps in strategy execution by establishing the regional organization
and appointing regional VPs to drive regional growth and profitability in the Americas,
APAC, Central Europe, and Northern Europe. In addition, a new Chief Supply Chain
Officer started in September 2025 to further drive the profitability and growth.
Tunover increased organically by 2.6%, driven by the new customer acquisitions,
and Scanfil also reported an all-time high in new deals total worth of EUR 219.7
(2024: 187.2) million, an increase of 17.4% compared to the previous year. Industrial
won EUR 95.8 (83.2) million, Energy & Cleantech, EUR 83.2 (73.8), and Medtech &
Life Science, EUR 40.7 (30.2) million, of new deals.
Inorganic growth accelerated as the acquisition of SRXGlobal from 2024 started to
contribute to the Group in 2025. In addition, Scanfil executed two acquisitions of
which US-based ADCO Circuits was closed in December and Italian MB Elettronica in
January 2026. These acquisitions will significantly contribute to the company's growth.
Turnover
The turnover for 2025 was EUR 797.1 (779.9) million, an increase of 2.2% and EUR 17.2
million compared to the previous year. Turnover increased organically by 2.6% and
acquisitions contributed 3.4% to growth. The comparison period included material
sales to consignment inventory EUR 14.5 million, which had a negative impact
year-on-year. Also changes in foreign exchange rates of local currencies against
the Group’s reporting currency euro caused negative currency translation impact
of EUR 15.6 million. Turnover increased in Americas by 31.7%, APAC by 14.8% and
Northern Europe by 1.1% and decreased in Central Europe by 9.0%.
Result
The comparable EBITA for 2025 was EUR 56.4 (55.7) million, 7.1% (7.1%) of turnover.
Negative currency translation effect on EBIT was EUR 0.5 million. The comparable
EBITA margin in Americas was 6.7 (8.6%), APAC 8.0% (7.7%), Central Europe 7.6%
(8.0%), and Northern Europe 6.5% (5.6%).
The comparable operating profit (EBIT) for 2025 was EUR 54.2 (53.9) million, 6.8%
(6.9%) of turnover. The comparable EBIT was impacted by higher depreciation and
amortization. The operating profit (EBIT) was EUR 54.3 (52.6) million, 6.8% (6.7%) of
EUR MILLION
Turnover, EUR million 797.1 779.9
Of which:
Organic growth 2.6 % -19.5 %
Acquisitions 3.4 % 1.2 %
Exchange rate effects -2.0 % 3.2 %
Non-recurring items -1.9 % 1.6 %
turnover. EBIT includes items affecting comparability of EUR 0.1 (-1.3) million, mainly
related to the write-off of contingent consideration, impairment and write-downs,
restructuring costs and costs of M&A transaction and integration. The EBIT margin
in Americas was 4.7% (8.6%) APAC 7.5% (7.3%), Central Europe 4.2% (7.4%) and
Northern Europe 6.4% (5.4%).
The net profit for 2025 was EUR 40.9 (38.6) million, an increase of 5.9%. Earnings
per share were EUR 0.63 (0.59). Return on investment was 14.6% (15.4%).
The effective tax rate was 20.1% (24.4%). The reduction in the effective tax rate was
mainly due to tax-free income related to the write-off of contingent consideration.
The Group’s key figures over five years are presented under “The Group’s key
figures” in the financial statements.
Financing position and investments
Scanfil has a strong financial position. The consolidated balance sheet total was
EUR 594.5 (544.2) million at the end of the review period. Cash and cash equivalents
totaled EUR 74.7 (48.5) million. Liabilities amounted to EUR 280.0 (253.2) million, of
which non-interest-bearing liabilities totaled EUR 195.8 (183.4) million and interest-
bearing liabilities totaled EUR 84.2 (69.7) million. Interest-bearing liabilities consisted
of EUR 54.5 (42.7) million in liabilities from financial institutions and EUR 29.7 (27.0)
million in leasing liabilities. The Group has a strong liquidity position with EUR 103.2
million unused credit limits, and in addition, undrawn loan facilities EUR 75.0 million.
The equity ratio at the end of 2025 was 53.9% (55.5%), and net gearing was 3.0%
(7.3%). Net debt to EBITDA was 0.12 (0.29). Equity per share was EUR 4.80 (4.46).
The Group’s financial arrangements include financial covenants that mandate the
equity ratio to exceed the agreed level and the interest-bearing net debt/EBITDA to
13
remain below the agreed threshold. The Group is clearly compliant with the financial
covenants, and they are reviewed on a quarterly basis.
The net cash flow from operating activities was EUR 64.1 (92.1) million. Operating
cashflow was at a good level and was supported by positive working capital change.
Comparison period had even stronger working capital improvement and therefore
cash flow was higher.
The net cash flow from investing activities was EUR -27.2 (-37.6) million, which
includes a cash flow effect of EUR 12.9 million related to the acquisition of ADCO
Circuits LLC (formerly known as ADCO Circuits Inc.).
Free cash flow was EUR 36.9 (54.5) million.
The cash flow from financing activities was EUR -9.6 (-27.6) million, including a EUR
-15.7 (-15.0) million dividend payment, EUR 25.0 (0.0) million proceeds from long-
term loans, EUR -10.0 (-6.0) million in repayments of long-term loans, payments of
the leasing liabilities of EUR -6.2 (-4.4) million and change in overdraft facility EUR
-4.3 (-2.2) million.
Gross investments totaled EUR 32.8 (48.6) million, which was 4.1% (6.2%) of the
turnover. Depreciations and amortization totaled EUR 23.6 (21.1) million. The gross
investments include EUR 18.5 million related to the acquisition of ADCO Circuits
LLC that was completed on 10 December 2025.
Reporting segments
Scanfil divided its operations into four geographical reporting segments on January
1, 2025. The segments are based on management reporting and reflect Scanfil’s
internal management structure.
AMERICAS APAC CENTRAL EUROPE
NORTHERN
EUROPE
GROUP AND
ELIMINATIONS TOTAL
Turnover, EUR million 50.1 38.0 217.4 189.3 275.9 303.3 260.2 257.4 -6.5 -8.1 797.1 779.9
Of which:
Organic growth 31.7% -1.1 % 8.7% -12.7% -3.0% -25.2% -0.2% -21.0% 2.6% -19.5%
Acquisitions 5.4% 0.0% 13.1% 5.9% 0.0% 0.0% 0.0% 0.0% 3.4% 1.2%
Exchange rate effects -5.4% 2.6% -3.7% 6.6% -3.2% 0.8% 1.3% 4.2% -2.0% 3.2%
Non-recurring items 0.0% 0.0% -3.2% 3.3% -2.8% 2.2% 0.0% 0.0% -1.9% 1.6%
Comparable EBITA, EUR million 3.4 3.3 17.4 14.6 21.0 24.2 17.0 14.4 -2.4 -0.8 56.4 55.7
Comparable EBITA, % 6.7% 8.6% 8.0% 7.7% 7.6% 8.0% 6.5% 5.6% 7.1% 7.1%
Purchase price allocation amortization, EUR million 0.0 0.0 -1.1 -0.3 -0.8 -1.1 -0.2 -0.4 0.0 0.0 -2.1 -1.8
Comparable Operating profit (EBIT), EUR million 3.3 3.3 16.3 14.3 20.2 23.1 16.8 14.0 -2.4 -0.8 54.2 53.9
Comparable Operating profit (EBIT), % 6.6% 8.6% 7.5% 7.6% 7.3% 7.6% 6.4% 5.4% 6.8% 6.9%
Items affecting comparability, EUR million -1.0 0.0 0.0 -0.5 -8.5 -0.8 0.0 0.0 9.6 0.0 0.1 -1.3
Operating profit (EBIT), EUR million 2.4 3.3 16.3 13.8 11.7 22.3 16.8 14.0 7.2 -0.8 54.3 52.6
Operating profit (EBIT), % 4.7% 8.6% 7.5% 7.3% 4.2% 7.4% 6.4% 5.4% 6.8% 6.7%
Personnel at the end of the period 333 180 980 875 1,581 1,669 1,205 1,184 100 89 4,199 3,997
REPORTING SEGMENTS
14
Americas
In 2025, Turnover increased by 31.7% to EUR 50.1 (38.0) million. Turnover increased
organically 31.7%. Comparable EBITA was EUR 3.4 (3.3) million, translating into a
margin of 6.7% (8.6%). Excluding the currency translation effect, the comparable
EBITA was EUR 3.5 million.
APAC
In 2025, turnover increased by 14.8% to EUR 217.4 (189.3) million. Turnover increased
organically by 8.7%. Comparable EBITA was EUR 17.4 (14.6) million, translating into
a margin of 8.0% (7.7%). Excluding the currency translation effect, the comparable
EBITA was EUR 18.2 million.
Central Europe
In 2025, turnover decreased by 9.0% to EUR 275.9 (303.3) million. Turnover decreased
organically by 3.0%. Comparable EBITA was EUR 21.0 (24.2) million, translating into
margin of 7.6% (8.0%). Excluding the currency translation effect, the comparable
EBITA was EUR 20.7 million.
Northern Europe
In 2025, turnover increased by 1.1% to EUR 260.2 (257.4) million. Turnover decreased
organically by 0.2%. Comparable EBITA was EUR 17.0 (14.4) million, translating into
margin of 6.5% (5.6%). Excluding the currency translation effect, the comparable
EBITA was EUR 16.7 million.
Customer Groups
In 2025, the largest customer accounted for about 13% (13%) of turnover and the
top ten customers accounted for about 59% (55%) of turnover.
Industrial
Industrial customer group's turnover declined 0.7% in 2025 to EUR 365.9 (368.3)
million due to previous year’s consignment turnover. Very strong development with
defense customers inside of the customer group.
Energy & Cleantech
Turnover in 2025 was EUR 275.7 (265.8) million, an increase of 3.7% compared to
2024. The customer group has shown very positive development, driven by the strong
contributions from several customers in the customer group. The turnover growth is
over 5% while excluding the previous year’s consignment revenue.
Medtech & Life Science
Turnover in 2025 was EUR 155.6 (145.8) million, an increase of 6.7% compared to 2024.
The Board of Directors’ authorizations
Scanfil plc’s Annual General Meeting was held on April 25, 2025 as a remote
meeting in accordance with the law. The Meeting 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 to the General Meeting and the minutes of the
Annual General Meeting are available on the company website at scanfil.com/agm.
Option schemes
The Group has two valid option schemes. On April 24, 2019, the Annual General
Meeting accepted the 2019 option scheme (A–C) and on April 21, 2022 the Annual
General Meeting authorized the Board to decide on the issue of option rights to
the Scanfil Group‘s key personnel and to decide on the terms and conditions of
the option scheme. Based on the authorization on 27 October 2022, the Board
decided on the option scheme 2022 (AI/AII) – (CI/CII). ) On the basis of the 2019
option scheme, a maximum of 900,000 option rights can be granted and on the
basis of the 2022 option scheme, a maximum of 1,200,000 option rights can be
granted. Each option right enables its holder to subscribe to one Scanfil plc share.
Share-based intencive schemes
On November 25, 2025, pursuant to the authorization granted at the Annual General
Meeting on 25 April 2025, the Board decided to establish two new share-based
incentive plans.
The Performance Share Plan consists of one performance period, covering the
financial years 2026–2028. In the plan, the target group has an opportunity to
earn Scanfil’s shares based on performance. The performance criteria of the plan
are tied to Absolute Total Shareholder Return (TSR) and Earnings Per Share (EPS).
The potential rewards from the plan will be paid after the end of the performance
period. The value of the rewards to be paid on the basis of the plan corresponds to
a maximum total of 136,800 shares of Scanfil Plc, based on prevalent share price,
including also the proportion to be paid in cash. The target group in the performance
period 2026–2028 consists of approximately 35 key employees, including the
members of the Management Team and the CEO.
The Matching Share Plan 2026–2028 consists of one matching period. The
prerequisite for participation in the plan and receiving reward on the basis of the
plan is that a participant has committed Scanfil’s shares to the Matching Share Plan
up to the number determined by the Board of Directors. Furthermore, payment of
reward is based on the participant´s valid employment contract upon reward payment.
The potential rewards from the plan will be paid after the end of the matching period.
The target group of the matching period 2026–2028 consists of approximately 35
key employees, including the members of the Management Team and the CEO. As
a reward for the commitment, Scanfil grants the participants a gross reward of one
matching share for every share committed to the plan. The rewards to be paid on
the basis of the plan correspond to the value of an approximate maximum total of
68,600 Scanfil shares, based on prevalent share price, including also the proportion
to be paid in cash. The final number of shares will depend on the number of shares
the participants commit to the plan.
15
Share
Scanfil plc has a total of 65,476,493 shares. The company’s registered share
capital is EUR 2,000,000. The company has one series of shares, and each share
entitles the holder to one vote and an equal right to receive dividends.
Scanfil plc’s shares are quoted on Nasdaq Helsinki Ltd. The shares have been publicly
traded since January 2, 2012. The trading code of the shares is SCANFL. The shares
are included in the book-entry securities system maintained by Euroclear Finland Oy.
In 2025, a total number of shares traded on Nasdaq Helsinki Ltd was 3,190,322
comprising 5% of all outstanding shares. The value of shares traded was EUR 31.3
million and the volume weighted average price was EUR 9.81. The market value of
the share capital was EUR 653.5 million on December 31, 2025. The highest trading
price was EUR 11.86 and the lowest EUR 7.92. The closing price was EUR 9.98.
Members of the Board of Directors of Scanfil plc, the CEO and members of the
Group Management Team held a total of 9,985,543 shares on December 31, 2025,
comprising 15.3% of the company’s shares and votes.
More detailed information on the distribution of shareholdings, shareholders and
the share price development is presented under “Shares and shareholders” in the
financial statements.
Own shares
On December 31, 2025, the company owned 38,738 of its own shares, representing
0.1% of all shares.
Personnel
At the end of the period the Group employed 4,199 (3,997). The change was mainly
driven by the acquisition of ADCO Circuits. The average number of Group employees
during the review period was 3,879 (3,593) people.
PERSONNEL, AVERAGE
Parent company 17 12 13
The Group 3,879 3,593 3,671
PAID SALARIES, WAGES AND FEES
EUR MILLION
Parent company 2.2 1.9 2.3
The Group 109.9 96.6 95.6
Board of Directors and CEO
On April 25, 2025, the Annual General Meeting re-elected Harri Takanen, Thomas
Dekorsy, Bengt Engström, Christina Lindstedt, Juha Räisänen and Minna Yrjönmäki
as Board members. At its organizing meeting on April 25, 2025, the Board of
Directors elected Harri Takanen as its chair. The chair of the Audit Committee
was Juha Räisänen, and members were Christina Lindstedt and Minna Yrjönmäki.
Christophe Sut served as the CEO of the company between January 1 and December
31, 2025.
Risks
Scanfil has determined the most significant risks in its operations. Risks related to
sustainability have been presented in the Sustainability Report. The Group monitors
and follows all identified and potential risks. The Board of Directors steers the risk
management processes and Audit Committee supervises the implementation.
Operative management of the risk management is led by CFO. More information
can be found in the Corporate Governance Statement’s risk management section.
Near-future business risks and uncertainties
In this section, the most essential risk factors, that may have an impact on Scanfil’s
ability to achieve its targets and means to manage related risks, are presented briefly.
Scanfil seeks actively to reduce the impact of these risk factors by preventive actions.
STRATEGIC RISKS
The weakening of the global economy and the declining demand of investment
goods might have a negative impact on the development of business of Scanfil’s
customers and weaken the demand in the contract manufacturing market.
The continuation and expansion of conflicts in Ukraine and the Middle East may have
an impact on the business environments of Scanfil and its customers.
Also, political and trade political tense and related actions may impact on the Scanfil
business environment. This risk is eliminated by Scanfil’s global factory network
and its development.
Management has assessed the potential impacts of ongoing geopolitical
developments, including regional conflicts and trade restrictions. Based on this
assessment, the effects on the Group’s operations, financial position and key
estimates are considered limited and not material for the reporting period.
OPERATIONAL RISKS
The vast majority of materials and components used in the supply chain are
purchased from external suppliers or subcontractors. This exposes the Group to the
availability and cost risks related to materials, components and other subcontracted
products in addition to the contingency of the business relationship.
The group has a global procurement unit whose task is to ensure the availability
of materials using trusted suppliers. With its purchasing power and procurement
department, Scanfil is able to influence suppliers’ delivery reliability and pricing to
a reasonable extent.
16
Obsolete materials and components may create a financial risk for the group limited
to their book value. Material responsibilities are agreed upon in customer contracts.
Scanfil needs electricity and heat in its production. The risk of rising energy availability
and costs is believed to be small in the short term in Europe, and will not have a
significant impact on short-term revenue or profitability expectations. In the longer
term, there may still be risks to the availability of energy.
As part of its ordinary course of business, Scanfil is or may become involved in claims
or disputes that are or may lead to arbitration, litigation, or other dispute resolution
proceedings. If the group estimates that the outcome of the proceedings has a
potential financial impact, it is reflected in the accounting.
CUSTOMER RISKS
The Group has approximately 160 active customers, of which the largest customers
are Nordic companies that are leaders in their respective industries. The client
companies are spread over several different industries and geographical areas. In
general, the business of the Group’s key customers is not particularly sensitive to
economic cycles and the life cycles of products are often long. During 2025, the
largest customer’s share of turnover was 13% (13%), and the ten largest customers’
share of turnover was approximately 59% (55%).
FINANCIAL AND EXCHANGE RATE RISKS
Scanfil operates internationally and is thus exposed to exchange rate risks. The
group’s exchange rate risks consist of transaction risks related to business and
financing cash flows, translation risks related to foreign subsidiaries, and financial
risks caused by exchange rate changes. Currency forwards are used to hedge the
transaction risk. Investments in foreign subsidiaries are not protected.
Interest rate risk is included in the return on financial investments and interest-
bearing debts. Changes in the interest rate have an impact on the Group’s result.
The interest rate risk of loans can be managed with credit swaps and by adjusting
the relative shares of fixed and variable rate loans. The prevailing interest rate risk
is moderate with current contracts and credit levels.
Credit risks are related to trade receivables from customers. The Group’s largest
customers are solvent Nordic market leaders in their industries. Overdue trade
receivables are monitored regularly on a monthly basis at the Group level. The
creditworthiness of new customers is checked and only standard payment terms
are granted to customers. The customers’ credit ratings are monitored and most
of Scanfil’s largest customers have a good credit rating. Trade receivables do not
include significant credit loss risk.
Financial risk is mainly related to securing the Group’s financing. The management
of the Group’s finances and the management of financial risks are managed in
accordance with the principles approved by the Board of the Group’s parent company.
Scanfil’s finance function, which is part of the Group’s financial administration,
is responsible for ensuring that financial services and financial transactions are
carried out in a way that aims to enable the availability of sufficient funding under
all circumstances. Scanfil’s debt level is moderate and the credit rating is good.
INFLATION RISK
Overall inflation has an impact on the Group’s cost structure. Inflation has slowed
down, but the future development is uncertain.
PANDEMIC RISKS
Pandemics could affect the Group’s business. The effects can include, for example,
factory closings, increased staff sick leave and quarantines, the costs of protective
measures, even a temporary stoppage of production and/or delays in the delivery
of materials and manufactured products.
CYBER SECURITY RISK
Cyber security is recognized as a growing risk. Scanfil continuously monitors and
develops the ICT environment and systems to reduce risks.
The Group’s risks and risk management are described in more detail on the company’s
website in the Corporate Governance section and in the notes to the consolidated
financial statements.
Changes in the Group structure
Scanfil acquired 80 % of ADCO Circuits LLC on 10 December 2025. During the
year, the Group also established new companies in the United States and Italy.
Research and development
As a result of the nature of the company’s business operations, R&D activities
are primarily carried out with customers, and the company’s R&D activities do not
account for any significant part of the company’s cost structure.
Proposals by the Board of Directors
to the Annual General Meeting
Scanfil plc’s Annual General Meeting has been planned to be held on April 24, 2026.
Dividend for 2025
The parent company’s distributable assets total EUR 84,818,236.02 including
undistributed profits of EUR 49,783,464.48. The Board of Directors proposes to
the Annual General Meeting that a dividend of EUR 0.25 per share, in total EUR
16,375,938.75 to be paid for the financial year ending on December 31, 2025. The
proposal will be included in the notice of the Annual General Meeting.
17
EUR MILLION
Comparable EBITA 56.4 55.7
Purchase price allocation amortization -2.1 -1.8
Comparable Operating profit (EBIT) 54.2 53.9
Items affecting comparability
Write-off of contingent consideration 9.9
Impairment and write-downs -5.5 -0.8
Restructuring costs -1.8
Transaction and integration costs -2.3 -0.5
Other costs -0.2
Items affecting comparability, total 0.1 -1.3
Operating profit (EBIT) 54.3 52.6
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 proposals of Scanfil Plc’s Shareholders’ Nomination Board regarding the
composition of the Board of Directors and board remuneration were published in
a Stock Exchange Release on 29 January 2026. The Nomination Board’s proposals
to the Annual General Meeting will be included in the notice of the Annual General
Meeting.
Future Outlook
Scanfil estimates that its turnover for 2026 will be EUR 940-1,060 million, and its
comparable EBITA will be EUR 64–78 million.
The outlook is based on customer forecasts and Scanfil’s normal forecasting
process. The outlook is associated with uncertainty related to the economy, customer
destocking and end-demand.
Long-term targets
Scanfil is aiming for 10% annual turnover growth and 7%-8% operating profit level
while keeping its net debt/EBITDA ≤1.5. Scanfil aims to pay an increasing dividend
of approximately 1/3 of the earnings per share.
Events after the reporting period
Scanfil’s acquisition of Italian electronics manufacturing company MB Elettronica
(“MB”) has been completed: The acquisition of MB was announced on 13 July 2025
and was completed on 22 January 2026. This strategic acquisition accelerates
Scanfil’s growth, especially in the Aerospace & Defense industry, which generated
40% of MB’s turnover in 2025. In addition, MB has a strong position in domestic
Italian and Southern European markets, and within the Industrial and Medtech &
Life Science customer groups. Based on MB’s preliminary financial statement
for the year 2025 the turnover was EUR 120.0 (98.4) million, an increase of 21.9%
compared to 2024. Comparable EBIT was EUR 10.3 (6.8) million, up 49.7% from
2024 and the comparable EBIT margin was 8.6%, improving by 1.7 percentage
points from 6.9% in 2024. The preliminary financial statement is unaudited. The
purchase price corresponds to an enterprise value of maximum EUR 123 million, of
which EUR 91 million is in connection with completing the transaction. The remaining
EUR 32 million will be paid based on MB’s financial performance in 2026 and 2027.
The transaction was financed by Scanfil’s existing credit facilities. (Stock Exchange
Release 22 January 2026)
By 9 January 2026, a total of 66,000 Scanfil Plc’s new shares has been subscribed
for with the company’s stock options 2019C and 2022AI. For subscriptions made
with the stock options 2019C and 2022AI, the entire subscription price of EUR
478,920.00 will be credited to the reserve for the company’s invested unrestricted
equity. The shares subscribed for with the stock options 2019C and 2022AI have
been registered in the Trade Register on 12 February 2026. The new shares will
produce shareholder rights for their shareholders from the date of registration. After
the trade registration the total number of shares is 65,542,493. (Stock Exchange
Release 12 February 2026)
Corporate Governance Statement
The Corporate Governance Statement will be published with the financial statements
separately from the annual report.
RECONCILIATION OF COMPARABLE EBITA AND OPERATING
PROFIT (EBIT)
The items affecting comparability presented in the table above mainly comprise
the following:
The contingent consideration related to the SRXGlobal earn-out was fully written
off as the earn-out conditions were not met. Impairment losses recognized during
the period relate to a single customer’s inability to settle receivables originating
from prior financial years. Restructuring costs mainly comprise redundancy costs
incurred at one site. Transaction and integration costs relate to the acquisitions of
ADCO Circuits LLC and MB Elettronica.
18
Financial key ratios
Turnover, EUR m 797.1 779.9 901.6 843.8 695.7
Turnover, growth from previous year, % 2.2 -13.5 6.9 21.3 16.9
Comparable EBITA, EUR m 56.4 55.7 62.8 47.0 41.9
Comparable EBITA, % of turnover 7.1 7.1 7.0 5.6 6.0
Comparable EBIT, EUR m 54.2 53.9 61.3 45.4 40.3
Comparable EBIT, % of turnover 6.8 6.9 6.8 5.4 5.8
Operating profit, EUR m 54.3 52.6 61.3 45.4 39.6
Operating profit, % of turnover 6.8 6.7 6.8 5.4 5.7
Profit/loss for the period, EUR m 40.9 38.6 48.2 35.0 29.8
Profit/loss for the period, % of turnover 5.1 5.0 5.3 4.2 4.3
Return on equity, % 13.5 13.9 19.6 16.1 15.2
Return on investment, % 14.6 15.4 19.4 14.6 15.3
Interest-bearing liabilities, EUR m 84.2 69.7 73.0 106.3 85.2
Gearing, % 3.0 7.3 19.4 37.8 28.9
Equity ratio, % 53.9 55.5 53.7 45.3 45.3
Gross investments in fixed assets, EUR m 32.8 48.6 22.2 19.0 15.5
Gross investments in fixed assets, % of turnover 4.1 6.2 2.5 2.3 2.2
Average number of employees for the period 3,879 3,593 3,671 3,403 3,267
Personnel on December 31 4,199 3,997 3,797 3,497 3,282
Key indicators per share
Earnings per share, EUR
0.63
0.59 0.74 0.54 0.46
Shareholders’ equity per share, EUR
4.80
4.46 4.08 3.49 3.18
Dividend per share, EUR
0.25
0.24 0.23 0.21 0.19
Dividend per earnings, %
39.9
40.7 31.1 38.9 41.3
Effective dividend yield, %
2.51
2.91 2.94 3.19 2.55
Price-to-earnings ratio (P/E)
15.9
14.0 10.6 12.2 16.2
Share trading
No. of shares traded, thousands 3,190 4,470 6,731 4,166 4,415
Percentage of total shares, % 5.0 7.0 10.0 6.4 6.8
Share performance
Lowest price for year, EUR 7.92 6.72 6.40 4.90 6.24
Highest price for year, EUR 11.86 8.70 11.58 8.06 9.02
Average price for year, EUR 9.81 7.73 8.60 6.59 7.61
Price at the end of year, EUR 9.98 8.25 7.83 6.58 7.46
Market value of share capital at the end of financial
year, EUR million
653.5 538.5 511.1 427.4 484.6
Share-issue adjusted number of shares
At the end of the period, thousands 65,476 65,270 65,270 64,960 64,960
On average during the period, thousands 65,314 65,191 64,864 64,830 64,701
Key Ratios
19
Return on equity, % Net profit for the period* x 100
Total equity x 100
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
Total equity x 100
Equity ratio (%) Total equity x 100
Balance sheet total - advance payments received
Net debt Interest-bearing liabilities + lease liabilities - cash and cash equivalents
Operating profit (EBIT) Turnover + Other operating income - Materials, supplies and subcontracting
- Personnel cost - Depreciation and impairment - Other operating expenses
EBITDA Operating Profit (EBIT) + Depreciations and amortizations
EBITA Operating profit (EBIT) + Amortization and impairment of Purchase Price Allocations
Comparable EBITA Operating profit (EBIT) + Amortization and impairment of Purchase Price Allocations
+ Transaction and integration costs + other items affecting comparability
Comparable EBIT Operating profit (EBIT) + 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 Total 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
DEFINITIONS OF KEY RATIOS
20
Shares and shareholders
Shares and share capital
Scanfil plc has a total of 65,476,493 shares. The company’s registered share capital
is EUR 2,000,000. The company has one series of shares, and each share entitles
the holder to one vote and an equal right to receive dividends.
Scanfil shares are quoted on Nasdaq Helsinki Ltd. The shares have been publicly
traded since January 2, 2012. The trading code of the shares is SCANFL. The shares
are included in the book-entry securities system maintained by Euroclear Finland Ltd.
Board’s authorizations in force
The Annual General Meeting (AGM) of Scanfil plc held on April 25, 2025 authorized
the Board of Directors to decide on the acquisition of at most 5,000,000 treasury
shares. The authorization will remain in force for 18 months after its issuance. The
AGM authorized the Board of Directors to decide on share issue, granting shares
and issue of special rights entitling to shares. The number of shares to be issued
based on the authorization can be no more than 12,000,000 shares. The Board
of Directors decides on terms and conditions of share issues. The authorization
concerns both the issue of new shares and the transfer of treasury shares. Shares
can be issued in deviation from the shareholders’ pre-emptive rights (directed issue).
The authorization is valid until 30 June 2026.
The Scanfil plc’s Board of Directors did not have any authorizations to issue
convertible bonds or bonds with warrants.
Own shares
The company held 38,738 of its own shares on December 31, 2025.
Dividend distribution policy
The company aims to pay dividends annually. The level of dividends paid and the
date of payment are affected, inter alia, by the Group’s fnancial result and position,
need for capital and other possible factors. The aim is to distribute approximately
one-third of the Group’s annual profit as dividend to shareholders.
Dividend
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.25 per share, totalling EUR 16,375.938,75 be paid for the financial year
ending on December 31, 2025.
Share price development,
trading and market value
In 2025, a total number of shares traded on Nasdaq Helsinki Ltd was 3,190,322
comprising 5% of all outstanding shares. The value of shares traded was EUR 31.3
million and the volume weighted average price was EUR 9.81. The market value of
the share capital was EUR 653.5 million on December 31, 2025. The highest trading
price was EUR 11.86, the lowest was EUR 7.92, and the closing price, on December
31, 2025, was EUR 9.98.
Information on shareholders
On December 31, 2025, Scanfil had a total of 7,869 shareholders, 85.9% of whom
owned a maximum of 1,000 shares in the company. The ten major shareholders owned
70.5% of the shares. Nominee-registered shares accounted for 6.9% of the shares.
Shares held by management
Members of the Board of Directors of Scanfil plc, the CEO and members of the
Group Management Team held a total of 9,985,543 shares on December 31, 2025,
comprising 15.3% of the company’s shares and votes.
SCANFIL SHARE PRICE DEVELOPMENT
EUR/share
Scanfil plc, EUR
2
4
6
10
8
12
4.1.2021 4.1.2022 4.1.2023 4.1.2024 4.1.2025 31.12.2025
21
BREAKDOWN OF SHARE OWNERSHIP
BREAKDOWN OF SHARE OWNERSHIP BY NUMBER OF SHARES HELD ON DECEMBER ,
INFORMATION ON SHAREHOLDERS
MAJOR SHAREHOLDERS ON DECEMBER 31, 2025
NUMBER OF
SHAREHOLDERS
% OF
SHAREHOLDERS
TOTAL NUMBER
OF SHARES, PCS % OF SHARES
Private individuals 7,531 95.7 44,704,732 68.3
Companies 244 3.1 8,912,932 13.6
Pension & Insurance 10 0.1 2,899,392 4.4
Foundations 30 0.4 2,082,709 3.2
Others 30 0.4 1,643,793 2.5
Fund company 14 0.2 720,221 1.1
Nominee registered 10 0.1 4,512,714 6.9
Total 7,869 100.0 65,476,493 100.0
BREAKDOWN OF SHARE OWNERSHIP BY OWNER CATEGORY ON DECEMBER 31, 2025
SHARES
PERCENTAGE
OF SHARES, %
1. Takanen Harri 9,913,146 15.1
2. Takanen Jarkko 8,251,169 12.6
3. Varikot Oy 7,606,442 11.6
4. Takanen Jorma Jussi 6,474,305 9.9
5. Tolonen Jonna 3,351,950 5.1
6. Pöllä Reijo 3,328,745 5.1
7. Laakkonen Mikko 2,531,187 3.9
8. Riitta ja Jorma J. Takasen säätiö 1,900,300 2.9
9. Takanen Martti 1,647,018 2.5
10. Sijoitusrahasto Aktia Capital 1,145,004 1.7
Ten largest shareholders, in total 46,179.266 70.5
NUMBER OF SHARES
NUMBER
OF KNOWN
OWNERS
% OF KNOWN
OWNERS
TOTAL NUMBER
OF SHARES,
PCS
% OF SHARES
1–100 2,922 37.2 124,870 0.2
101-500 2,972 37.8 780,353 1.2
501–1,000 870 11.1 695,214 1.1
1,001–5,000 855 10.9 1,830,900 2.8
5,001–10,000 102 1.3 741,403 1.1
10,001-50,000 96 1.2 2,364,956 3.6
50,001–100,00 12 0.2 934,446 1.4
101,000– 30 0.4 53,491,637 81.7
Nominee registered 10 0.1 4,512,714 6.9
Total 7,869 100.0 65,476,493 100.0
22
Sustainability statement
23
. GENERAL INFORMATION ............................................................................................................
1.1 General basis for preparation of the Sustainability Statement ...............................24
1.2 The role of the administrative, management and supervisory bodies ........................ 24
1.3 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management, and supervisory bodies ........................ 25
1.4 Integration of sustainability-related performance in incentive
schemes .............................................................................................................................25
1.5 Statement on due diligence ............................................................................................26
1.6 Risk management and internal controls over sustainability reporting .................. 27
1.7 Strategy, business model, and value chain .................................................................27
1.8 Interests and views of stakeholders .............................................................................29
1.9 Material impacts, risks and opportunities, and their interaction with
strategy and business model ........................................................................................ 30
1.10 Description of the process to identify and assess material impacts,
risks and opportunities .................................................................................................... 37
1.11 Description of the process to identify and assess climate-related
impacts, risks and opportunities ..................................................................................38
1.12 Disclosures in relation to specific circumstances ....................................................38
. ENVIRONMENTAL INFORMATION ............................................................................................
2.1 Taxonomy report outline ...................................................................................................40
2.1.1 Eligibility assessment ................................................................................................... 40
2.1.2 Alignment assessment ................................................................................................. 40
2.1.3 Minimum safeguards .................................................................................................... 42
2.1.4 Summary & Key Performance Indicators (KPIs) ...................................................... 42
2.2 Climate change .................................................................................................................. 48
2.2.1 Transition plan for climate change mitigation ........................................................ 48
2.2.2 Policies related to climate change mitigation and adaptations ......................... 49
2.2.3 Actions and resources in relation to climate change policies ............................. 51
2.2.4 Targets related to climate change mitigation and adaptation ............................ 53
2.2.5 Energy consumption and mix ..................................................................................... 55
2.2.6 Gross scope 1, 2, 3 and total GHG emissions .......................................................... 56
2.3 Resource use and the circular economy ........................................................................ 61
2.3.1 Policies related to resource use and the circular economy ................................. 61
2.3.2 Actions and resources related to resource use and the circular
economy ........................................................................................................................... 61
2.3.3 Targets related to resource use and the circular economy .................................. 61
2.3.4 Resource outflows ......................................................................................................... 62
. SOCIAL INFORMATION ..............................................................................................................
3.1 Own workforce .................................................................................................................... 63
3.1.1 Policies related to own workforce .............................................................................. 63
3.1.2 Processes for engaging with own workforce and workers’
representatives about impacts .................................................................................. 64
3.1.3 Processes to remediate negative impacts and channels for own
workforce to raise concerns ........................................................................................ 65
3.1.4 Taking action on material impacts on own workforce, and approaches
to managing material risks and pursuing material opportunities related
to own workforce, and effectiveness of those actions .......................................... 66
3.1.5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities .....................67
3.1.6 Characteristics of the undertaking’s employees ................................................... 69
3.1.7 Characteristics of non-employees in the undertaking’s
own workforce .................................................................................................................70
3.1.8 Diversity metrics ..............................................................................................................71
3.1.9 Adequate wages ..............................................................................................................71
3.1.10 Health and safety metrics ..............................................................................................71
3.1.11 Remuneration metrics (pay gap and total remuneration) ......................................72
3.1.12 Incidents, complaints, and severe human rights impacts ....................................73
3.2 Workers in the value chain ................................................................................................74
3.2.1 Policies related to value chain workers ..................................................................... 74
3.2.2 Processes for engaging with value chain workers about impact ........................74
3.2.3 Processes to remediate negative impacts as well as channels for
value chain workers to raise concerns ......................................................................75
3.2.4 Taking action on material impacts on value chain workers’ approaches
to managing material risks as well as pursuing material opportunities
related to value chain workers and the effectiveness of those actions ............. 75
3.2.5 Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities ..................... 77
. GOVERNANCE ..............................................................................................................................
4.1 Business Conduct ...............................................................................................................79
4.1.1 Business conduct policies and corporate culture ..................................................79
4.1.2 Management of relationships with suppliers .......................................................... 80
4.1.3 Prevention and detection of corruption and bribery ............................................. 80
4.1.4 Incidents of corruption or bribery ............................................................................... 81
4.1.5 Payment practices .......................................................................................................... 81
4.1.6 Entity specific - Disclosure for Data Security .......................................................... 81
APPENDIX ..........................................................................................................................................
Identified material topics & subtopics ........................................................................................... 82
Conclusions to immaterial topics .................................................................................................... 86
List of datapoints in cross-cutting and topical standards that derive
from other EU legislation................................................................................................................... 87
Description of the process to identify and assess
material impacts, risks and opportunities ..................................................................................... 93
The level of data accuracy for environmental and social data .................................................. 95
Table of Contents
24
1. General Information
1.1 General basis for preparation
of the Sustainability Statement
The Sustainability Statement follows the same consolidation principles and reporting
undertakings as the financial statement. Hence, the report includes all companies in
the Scanfil Group including the latest acquisition of ADCO Circuits in Q4. Acquisitions
are described in more detail in the annual review in section 3.6 Acquired businesses.
The statement is complying with the EU’s Corporate Sustainability Reporting Directive
(CSRD) and covers all parts of the upstream and downstream value chain that are
assessed as material in the Double Materiality Assessment (DMA) in Section 1.9
Material impacts, risks and opportunities and their interactions with strategy and
business model.
Scanfil has not identified any specific information corresponding to intellectual
property rights, neither results of innovations nor expertise that have been decided
not to be disclosed in this report and has not used any exemptions based on articles
19a(3) and 29a(3) of Directive 2013/34/EU.
1.2 The role of the administrative,
management and supervisory bodies
Scanfil’s Chief Financial Officer, supported by the sustainability function, oversees
the implementation of sustainability reporting. Data is collected from all Scanfil
sites and consolidated in the Position Green sustainability reporting platform
where it is traceable and auditable. To ensure that the disclosed information is
accurate and appropriately timed, Scanfil has defined and adopted a process and
a governance structure that specifies the roles, responsibilities, and reporting
timelines for the data included in the sustainability reporting. Data providers from
each site are responsible for ensuring the correctness of site-level information.
Global Sustainability Function supervises the correctness of the consolidated data
and provides it to Group Accounting.
Business Conduct
The supreme decision-making bodies are the Annual General Meeting (General
Meeting) of the parent company Scanfil plc and the Board of Directors (the Board).
The Board has an Audit Committee to supervise the financial reporting process
and the reporting of the financial statements, sustainability statements, and interim
reports, as well as monitoring the functionality of Scanfil’s internal control and risk
management. In addition, the Audit Committee evaluates the appropriateness of
auditing and prepares the proposal for the appointment of an auditor.
The Shareholders’ Nomination Board (Nomination Board) prepares proposals for
General Meetings concerning the election of Board members, their remuneration,
as well as the remuneration of Board Committee members. The Nomination Board
is also responsible for ensuring that the Board members have sufficient knowledge
and experience corresponding to the company’s needs, e.g., strategy development,
sustainability, and financial accounting. The Board appoints the CEO to set Scanfil’s
strategic goals and objectives and ensure the necessary resources are in place to
achieve them. The Group Management Team assists the CEO with expertise in the
business’ code of conduct and sustainability.
The Group’s General Counsel reports directly to the CEO and acts as a secretary
to the Board. The General Counsel is a part of the Management Team. The area
of sustainability is led by the Chief Financial Officer and assisted by the Director
of Global Sustainability. All members of the Board have long and comprehensive
expertise in business conduct matters throughout their professional careers.
Scanfil’s Board of Directors comprises six Board members, all of whom are non-
executive. No Scanfil employees are represented on the Board of Directors. 83.3%
of the Board members are independent of the company (83.3% in 2024). Four
men (66.7%) and two women (33.3%) are represented on the Board. 80% (80%)
of the Board members have previous experience in the Electronics Manufacturing
Services (EMS) industry and/or Scanfil’s customers’ businesses, while 100% (100%)
of the members have geographical knowledge of the locations where Scanfil is
active. 33.3% of the Board members have a deep understanding of sustainability-
related matters through their professional careers or research work. The Group
Management Team comprises of nine people: six men (66.7%) and three women
(33.3%). In 2024 the Group Management Team comprised of seven people: Five
men (71.4%) and two women (28.6%).
Board of Directors
The Board of Directors is the company’s highest body overseeing sustainability. The
Board approves Scanfil’s sustainability targets as part of the company’s strategy
and supervises the achievement of the targets. Sustainability is incorporated into
Scanfil’s strategy, long-term business and investment plans, risk assessments,
and annual action plans. They are prepared by the Group Management Team and
approved by the Board. In accordance with the annual cycle, the Board reviews the
Sustainability Statement once a year. The Board also discusses other sustainability-
related matters when required and consults the sustainability management.
CEO and Group Management Team
The CEO and the Group Management Team review the progress of the sustainability
strategy and target achievements quarterly. In addition, sustainability progress is
reported and evaluated in bi-annual management reviews defined in the Scanfil
Quality Management System. The Group Management Team makes decisions
related to capital expenditure, expenses, and organization to enable the successful
execution of the sustainability strategy, following the Group Authorization Manual.
The Group Management Team is also responsible for proposing adjustments to
the sustainability strategy to be decided by the Board and to ensure that it remains
relevant and aligned with any possible changes, i.e., in the regulatory landscape.
25
Sustainability Function
The Sustainability Function prepares and follows up on the Group sustainability
strategy execution plans, supervises the preparation of site-specific plans, and
ensures alignment with the group-level plans. The function also defines the
lower-level sustainability targets and sets up tools, processes, and partnerships to
enable the successful execution of the sustainability strategy.
Sites
Local sites prepare, execute, and follow up on the local sustainability plans and provide
the local reporting data to the Group’s sustainability reporting platform. Sites also
decide or prepare proposals for sustainability-related capital expenditure, expenses,
and organization according to the limits specified in the Group Authorization Manual.
Internal audit
An internal auditor is responsible for ensuring the accuracy and timeliness of
disclosed information as a part of the audit work. The internal auditing results are
monitored and supervised by Scanfil’s Chief Financial Officer, Audit Committee,
and Group Management Team.
Audit Committee
The Board holds the primary responsibility for the oversight of the organization’s
impacts, risks, and opportunities. Within the Board, the Audit Committee is
specifically tasked with monitoring financial reporting and evaluating financial and
operational risks, including ESG (Environmental, Social, and Governance) topics.
The Audit Committee reports regularly to the Board and ensures accountability
through quarterly assessments and annual impact reviews. The CEO and the Group
Management Team work closely with the Audit Committee to implement strategies
and respond to emerging risks, ensuring alignment with the organization’s long-
term objectives.
The Board has an important role in overseeing the identification, assessment,
and management of key impacts, risks, and opportunities that are vital to Scanfil’s
long-term success. This responsibility is clearly articulated in the Board’s mandate,
ensuring that considerations of risk and opportunity are integral to strategic decision-
making. Through routine reviews and updates to governance policies, the Board
incorporates sustainability factors, financial risks, and emerging opportunities into its
accountability framework, guided by specific policies including the Risk Management
Policy and Code of Conduct. The Shareholders’ Nomination Board is responsible
for ensuring that the Board of Directors has sufficient capabilities represented. The
Board of Directors and its Audit Committee are responsible for acquiring external
expertise if it cannot be covered with internal resources. Operationally, the CEO is
responsible for staffing the company’s sustainability function to fulfill legislative
requirements. Scanfil continuously trains its personnel in sustainability matters to
meet the requirements.
Sustainability Governance at Scanfil
The Global Sustainability Function reports regularly to the Group Management Team,
which communicates with the Board of Directors and its committees to govern the
creation process of objectives linked to material impacts, risks and opportunities and
the progress of objectives presented in the Double Materiality Assessment. This is
done through administrative documentation and meetings, where representatives
from the Sustainability Function are involved when convenient. If there are any
updates to objectives related to Scanfil’s material impacts, risks and opportunities,
they are reviewed and approved by the Group Management Team and the Board
and later considered in the corporate strategy which is updated on a yearly basis.
Scanfil’s Director of Global Sustainability is responsible for leading the sustainability
agenda and operations within the Group. In 2025, Scanfil developed its sustainability
team further by recruiting a Group Sustainability Controller. On the local site level,
regional Sustainability Managers manage the local sustainability operations and
data and report back to the Group level.
Although the Board’s Audit Committee is the key body in guiding and gathering
expertise in sustainability reporting, they have limited expertise in sustainability-
related matters. Therefore, Scanfil is continuously growing its knowledge level within
the ESG field by hiring new experts and third-party consultancy experts when needed.
1.3 Information provided to and
sustainability matters addressed
by the undertaking’s administrative,
management, and supervisory bodies
The Audit Committee convened six times in 2025, where Scanfil’s CFO and Director
of Global Sustainability have been responsible for delivering the information and
managing potential actions and decisions taken during these meetings. Together
with the Group Management Team, the Audit Committee has addressed Scanfil’s
updated DMA and been involved in its corresponding updates of the first drafts of
the report, including data validation, taxonomy topics and strategic directions for
the company. The Sustainability Team has been pointed out to have a central role in
strategically building the company’s reputation, and the Group Management Team
has recognized the opportunity to position Scanfil as one of the leading companies
in sustainability. The Group’s emission targets have therefore been validated by
the Science Based Targets initiative (SBTi) short-term target 2030 and Scanfil
is committed to setting a net-zero target for 2050 within the next few years and
embedding sustainability as a core element of the brand. Material risk monitoring
is part of Scanfil’s risk management process, where risks are reported and revalued
monthly as part of Scanfil’s financial reporting, where proactive measures and
corrective actions are taken when certain thresholds are exceeded.
1.4 Integration of sustainability-related
performance in incentive schemes
Sustainability affects the company’s share value, which is linked to management
incentives through option programs. The general principles of a company’s
remuneration, together with the sustainability-related incentive scheme set for
the Management Team, are described in the Remuneration Report. Scanfil has a
Remuneration Policy that guides general principles of remuneration for the Board
of Directors, the CEO, and other senior management.
26
Scanfil has annual and share-based incentive schemes. The annual scheme is
linked to short annual targets, and may also include longer-term indicators, which
are set for three years. The scheme aims to encourage and guide the achievement
of short-term financial and operational goals and reward the achievement of short-
term goals in the implementation of the company’s strategy, including sustainability
targets. Scanfil is gradually moving towards a one-year target setting. However,
the sustainability target was set for three years until 2026. In addition, Scanfil has
a share-based incentive plan that links the CEO and other senior management to
the shareholders. The share-based incentives expose beneficiaries to sustainability
risks through the company’s reputation for the share price. The Board of Directors
decides on remuneration for the CEO. The remuneration that relates to the members
of the Group Management Team is managed by the CEO. Updates are made on
an annual basis.
Climate change
Scanfil’s Remuneration Policy outlines compensation principles for the Board, CEO,
and Group Management. The company uses annual and share-based incentives. In
2025, the scope 1 and 2 GHG (greenhouse gas) emission target was ≤9.600 tCO2e,
based on 2024’s calculation method and numbers of production units (≤8,800 tCO2e
in 2024). The multipliers is 0.9x, implying that the annual short-term remuneration
will be deducted by 10% if the target is not met. The Board annually reviews and
decides on the remuneration based on the CEO’s proposal.
1.5 Statement on due diligence
Due diligence in sustainability
Scanfil is committed to embed sustainability into the core operations and business
strategy. The due diligence processes align with the ESRS framework, ensuring that
sustainability is integrated at every level of decision-making. Below is a breakdown
of how Scanfil approaches due diligence across key areas.
Incorporating sustainability into policies and management
system
Sustainability principles are embedded into corporate policies and management
systems. Scanfil continuously updates the environmental, social, and governance
(ESG) policies to reflect the industry’s best practices, regulatory requirements,
and stakeholder expectations. This alignment drives accountability across
the organization, ensuring that sustainability considerations are integral to
operational processes.
The key policies are: Environmental Policy, Work Environmental Policy, Code of
Conduct, and Supplier Code of Conduct. All these policies are communicated
internally and externally, and employees receive regular training on them.
Identifying and assessing impacts, risks, and opportunities
Scanfil conducts regular risk assessments to identify sustainability-related risks
and opportunities throughout its supply chain and operations. The assessments
cover environmental impacts, social responsibility, and governance issues,
which are evaluated for both short-term and long-term consequences. This
proactive approach helps Scanfil to anticipate the potential risks and capitalize on
emerging opportunities.
Preventing, mitigating, and responding to negative impacts
Scanfil employs a framework for preventing, mitigating, and addressing negative
impacts associated with its operations. Preventive measures include supplier audits,
resource efficiency initiatives, and employee training. Mitigation strategies focus
on minimizing risks through innovation and collaboration with stakeholders, while
response plans ensure swift action in case of any adverse impacts.
Measuring progress
Progress on sustainability efforts is followed up through key performance indicators
(KPIs) tied to Scanfil’s environmental and social goals. Metrics such as carbon
emissions, energy consumption, and labor practices are regularly reviewed to
ensure alignment with Scanfil’s sustainability objectives. The data is used to refine
strategies and inform stakeholders of the company’s sustainability performance.
Open and transparent communication
Transparency is a core part of Scanfil’s sustainability reporting. Scanfil is committed
to openly communicating with stakeholders and providing regular updates on its
progress, challenges, and initiatives. The reports are adapted to the ESRS standards,
which ensures that stakeholders have clear insights into the sustainability work
and future plans.
Actions to address consequences
In the event of any negative material impact on its operations, Scanfil takes immediate
action. This includes corrective actions such as reviewing policies, engaging with
stakeholders, and implementing changes to prevent recurrence. The goal is not
only to address the immediate issue but also to ensure long-term improvements
in the business.
By addressing these six areas, Scanfil ensures that sustainability is an integral part
of the company’s operations, governance, and strategic decision-making, thereby
reflecting its commitment to responsible business practices.
Scanfil does not currently have any specific sustainability due diligence process but
plans to prepare for the Corporate Sustainability Due Diligence Directive (CSDDD),
which may impact the company in 2028.
Current due diligence processes related to people and the environment are
embedded in several of Scanfil’s policies: Scanfil Environmental Policy, Work
Environment Policy, Code of Conduct, Supplier Code of Conduct, and Sustainable
Procurement Policy. For each of these policies, there are processes and instructions
ensuring suppliers fulfill Scanfil’s policy aspects that are connected to people and the
environment. In the introduction of new suppliers, Scanfil follows a specific approval
process, which includes risk analyses and assessments related to these two topics.
For new customers, there is currently a process related to adverse impacts on the
environment but not related to the topic of people.
If there would be any potential adverse impacts identified during the due diligence
process with new suppliers, Scanfil acts through the supplier audit process, where
the process identifies and mitigates impacts. If any adverse impacts are identified
27
outside the due diligence process of Scanfil’s value chain, the whistleblower channel
is a useful element in which adverse impacts can be reported by both internal and
external stakeholders.
1.6 Risk management and internal
controls over sustainability reporting
Scanfil’s process for sustainability reporting currently follows the Group’s common
principles and processes for statutory reporting, risk management and internal
control. The internal control process is based on risk identification and analysis
and focuses on the most material risks that are identified. This is currently also the
risk assessment methodology that Scanfil is using.
The Sustainability Statement is compiled by the Global Sustainability Team. Data
is collected from all Scanfil sites, including its factories and office locations, and is
consolidated in Scanfil’s sustainability reporting platform in a way that the data is
traceable and auditable. The risks identified in relation to the process of compiling
the Sustainability Statement include the accuracy of information and the timing of
reporting. Data providers from each geographical site are responsible for ensuring
that the site-level information provided is correct. The Global Sustainability Team
supervises the accuracy of the consolidated data and then provides it to the Group
Accounting Team.
In 2025, Scanfil developed a new structure for the quarterly and annual sustainability
reporting process and has now applied specific roles, responsibilities and reporting
timelines for the data collection into its regular financial reporting process.
1.7 Strategy, business model,
and value chain
Strategy
Scanfil specializes in Business-to-Business customers and High-Mix Low-Volume
Manufacturing (“HMLV”) and offers a full range of electronics manufacturing services,
starting from prototyping to manufacturing and ending with a complete, fully tested
and packaged product. One of the key strengths is the ability to combine the
manufacture of electronics and mechanics and, in this way, build high-quality and
technically advanced integrated equipment. In this way, Scanfil produces a diverse
range of electronics, PCBAs, box-build, and system integration solutions. Scanfil’s
production is based on customer specifications, and it does not have any significant
group of products or services that relate to its sustainability matters.
Scanfil’s strategy has two main dimensions: growth and efficiency. Growth is driven
by acquisitions and organic growth. Through acquisitions, Scanfil aims to bring in
new customers, strengthen its foothold in strategic growth sectors – Aerospace
& Defense and Medtech & Life Science – and expand geographical presence. In
organic growth, re-organizing sales teams into three with a new management layer
and investments hiring new talents together with offering development have boosted
sales significantly especially sales in the areas where the deep understanding of
customer industry has a significant role e.g. in Medtech & Life Science. Efficiency
is driven by Dream factory, productivity and supply chain excellence. Dream factory
program aims to develop and unify factory networks’ technological capabilities.
Productivity is human angle and aims to nurture continuous improvement mindset
among Scanfil employees. Supply chain excellence in imperative to Scanfil, bought
services are approximately 70% of costs.
To further drive growth Scanfil’s new geographical structure came into force in January
2025. Geographical segments are represented in the Group’s Management Team
by their VPs. This change enables faster decision-making and drives organic and
inorganic growth by bringing decision-making closer to the region and factories. Each
Segment
focus
Strategic Enablers
Culture and People
Growth
Dream
Factory
Productivity Supply chain
excellence
Geographical
expansion
Customer
groups
Offering Acquisitions
Efficiency
Financing Sustainability IT/Data Risk management Investor relations
Scanfil’s Geared for Growth -strategy is set for 2024-2028
28
factory has a sustainability manager managing and reporting sustainability matters
to the Group. Sustainability is a key function that supplements all strategic angles.
The total headcount per geographical area is presented in more detail in section
3.1 Own workforce. Scanfil reports total revenue according to IFRS 8. Total revenue
by geographical segments is reported in 1.1 Turnover and segment information in
the financial statement.
Scanfil primarily provides its expertise and services to international large and
medium-sized companies with low or medium volumes and complex products,
while also and selectively serving smaller fast-growing companies. Scanfil has long
experience and deep technological in all customer areas. Scanfil serves customers in
Energy & Cleantech by manufacturing energy- and environmentally related products
within energy production, infrastructure and efficiency, as well as carbon capturing,
emission control and waste management which all contribute to minimizing climate
change. Apart from Energy & Cleantech, Scanfil does not work with any market
segments which specifically are served to manage any sustainability matters. Scanfil
currently has no products or services that are banned in certain markets. Since
Scanfil’s business does not relate to any controversial sustainability matters like coal,
oil, gas, chemicals production, controversial weapons, cultivation or production of
tobacco, there is no corresponding revenue to be presented in this report.
One of Scanfil’s corporate strategy goals for 2030 relates to reducing greenhouse
gas (GHG) emissions. The largest contributor is the emissions from the manufacturing
of purchased goods which come from the upstream supply chain. To achieve this
long-term goal, Scanfil must understand the supply chain and its challenges, and
be able to select materials and suppliers that can deliver on its goals. An important
activity to support this objective is to improve the data quality for GHG calculations
on purchased goods. The ongoing work to implement real GHG emission data on all
purchased goods into its business system allows Scanfil to continuously improve.
By having access to this data, Scanfil gets the opportunity to choose purchasing
materials based on the component’s GHG content. This, together with more detailed
supplier performance data, enables Scanfil to provide refined calculations for
delivered products that can be used for a customer’s product life cycle assessments
(LCA) and set sustainability goals for its suppliers which are described in detail in
section 3.2 Workers in the value chain.
Scanfil has made the sustainability assessment based on its generic value chain
and has not adopted any assessment related to any significant products and/or
services, and significant markets or customer groups. Scanfil does not currently
report according to ESRS sectors.
Business model and value chain
Scanfil is a global EMS company that specializes in industrial customers and low-
to-mid-volume production. The advantages of purchasing production services from
an EMS company like Scanfil are mainly the scale in manufacturing, materials and
component procurement, logistics, warranty and repairs, and value-added services
like testing, design, and the redesign of products. Scanfil has approximately 180 active
customers (160 in 2024) and produces approximately 10,000 different products per
annum for different companies (10,000 in 2024). The EMS business is driven by the
utilization rate of machinery and people as well as purchasing power in materials
and supporting services, e.g., logistics.
In the value chain, an EMS company like Scanfil can be a subcontractor to an
Original Equipment Manufacturer (OEM), e.g., Tomra, which sells the reverse vending
machine to a supermarket or Danfoss, which supplies a heat pump to cool and heat
a building. An EMS can manufacture the whole product for its customers or a part of
it, such as a control panel or a component, e.g., a PCBA. Value is created in efficient
procurement through purchasing power and high-utilization manufacturing, which
should be higher than the customer’s own production. Many customers choose an
EMS in circumstances where it should make significant investments in manufacturing
capabilities for a new product or expand the production of an existing product.
Before the manufacturing of customer products begins, several preliminary steps
must be recognised and completed. This includes gaining a thorough understanding
of the customer’s product, technical requirements, specifications, and expectations.
Once these requirements are gathered, a feasibility study should be conducted.
When a detailed cost breakdown has been done, including material, labor, tooling,
test equipment, and overhead costs, the contract is signed. The final agreement
includes all negotiation terms, final agreements, outline deliverables, timelines, and
payment terms. The workforce consists of skilled workers essential for manufacturing
and testing. The workers should be put in place before starting manufacturing and
the production can start when components and purchased materials are in place.
The output in terms of benefits for customers are enhanced production efficiency,
and outsourcing benefits such as cost savings (since customers do not need to
investment in manufacturing capabilities) and access to value-added services that
outsourcing brings such as testing, warranty, and repairs. The output in terms of
benefits for investors are stable revenue streams from a broad customer base and
efficient utilization of resources, including high return on investment and equity.
The benefits for stakeholders overall are reliable supply chain partnerships and
contributions to local economies through employment and business activities from
a financially solid company is a reliable investment for its financiers.
Upstream value chain
Scanfil’s upstream value chain consists of suppliers of different sizes and importance.
Scanfil focuses on consolidating procurement with its Preferred and Key suppliers,
but suppliers can also be directed by the customers. All purchases related to the
manufacturing of products adhere to the specifications provided by the customer. This
means that a high number of suppliers must be managed by Scanfil’s procurement.
Global processes are used for handling the purchase and all activities are managed
and stored in Scanfil’s Integrated Management System. This enables the opportunity
to consolidate and streamline the supplier portfolio. In addition, all suppliers are
monitored and evaluated where continuous communication ensures timely and
cost-effective sourcing.
Downstream value chain
The downstream value chain solely consists of Business-to-Business customer
relationships, where industrial customers require electronic manufacturing services
from Scanfil. This means that Scanfil produces products based on customers’
specifications and are customers of Scanfil’s customers. Scanfil works closely with
29
its own customers to understand their needs based on product specifications and
then provide tailored solutions suitable for the use of the end-users.
Scanfil’s position in the value chain
Scanfil is positioned at the intersection of the upstream and downstream value
chain, where the company plays a crucial role in transforming materials and
components from suppliers into finished products for customers. This position
allows Scanfil to leverage economies of scale, optimize production processes, and
offer comprehensive services that add value to customers.
Scanfil differentiates itself from its competitors mainly by having strong capabilities in
design-driven manufacturing (DDM), cost optimization, and test development. Design-
driven manufacturing is involved, especially in the early phases of industrialization
of a new product, while. testing is an integral part of the manufacturing process,
especially among industrial customers with long product lifespans and high-quality
requirements. Therefore, Scanfil offers its customers test-as-a-service packages
where testing is developed especially for the customer’s product.
1.8 Interests and views of stakeholders
Scanfil’s stakeholders are involved in the company’s sustainability work in various
ways. The table in section 1.9 lists each stakeholder, how the engagement with
them occurs and how it is organized, as well as the purpose and how its outcome
is considered in Scanfil’s strategy and business model.
During the development of the Double Materiality Assessment (DMA), Scanfil sent
out a stakeholder survey to its main stakeholders to receive information on their
views and interests on various material and financial impacts throughout the Scanfil
value chain. The stakeholders listed financial and material impacts following the
ESRS list of sub-subtopics. Each stakeholder scored a level of criticality for these
impacts according to their views and interests. The input was later used as a baseline
throughout the DMA process and its finalization.
No amendments have been made to Scanfil’s strategy and business model since
there has not been any input from its stakeholders that affects the current model
and strategy. Thus, no plan to change the current set up is presented. As stated,
stakeholder engagement is a key component of the DMA and has been embedded
throughout the whole process to consider their interests and potential impacts.
Updates in the DMA are communicated to the Group Management Team, Board
of Directors as well as the company’s Auditors, and used as input into the annual
review and updates of Scanfil’s strategy and business model.
Own workforce
Scanfil’s strategy indicates that culture and people are the fundamental enablers
for any strategically important deliverables.
The strategy creation and follow-up process involve input from Scanfil’s employees.
Each function performs strategic workshops involving the function’s managers from
factories as well as global experts. These are preceded by factory strategy work
where key employees are invited to share their observations and input received
from external stakeholders (customers, suppliers, subcontractors, other partners),
as well as their own ideas for development. Utilizing the employees’ knowledge
and expertise is a crucial asset. Similarly, the business model is monitored for its
efficiency and competitiveness as well as the impact it generates. The strategic
approach to efficiency expressed by productivity-focused initiatives as well as the
Dream Factory concept support developing high standards of working conditions.
These ensure safe and effective workplaces for employees as well as secure
employment characterized by adequate wages, optimized work time, and a healthy
work-life balance.
The company strategy is openly shared with the employees by the Group Management
Team through quarterly town hall meetings. Common practices are regular meetings
with the whole workforce as well as dedicated meeting with employee representatives,
including unions and works councils. Factories also use digital communication
platforms to keep the workforce engaged. The Scanfil business model and its drivers
are a part of the onboarding process for employees. The company believes that as
a service provider, it is crucial to continuously increase business awareness and
enhance the engagement of its employees in order to provide high-quality service
to the company’s customers. Therefore, employees are informed about the business
drivers that may impact them, such as
• Variations in volumes of customer demand and periodical fluctuation
• Manufacturing processes that require different technologies and, therefore,
different competencies from Scanfil’s workforce
•
Cost plus price model that calls for efficient cost management to
ensure competitiveness.
Workers in the value chain
As for Scanfil’s own employees, workers throughout the value chain play a crucial
role in supporting Scanfil’s strategy. Culture and people are fundamental enablers to
reach Scanfil’s deliveries of high efficiency and supply chain excellence. This includes
all workers in the value chain, from suppliers of raw materials and manufacturers of
components to EMS production, but also for work done with Scanfil’s customers and
during the transportation of goods. To reach their full potential in the value chain, the
workers must be able to perform their duties in a healthy and safe environment, in
which human rights, diversity and inclusion are respected. Following Scanfil’s value
chain, workers in the value chain can be found in all steps. This means workers who
are in direct contact with Scanfil, such as tier 1 suppliers, transport companies, and
customers. Scanfil’s upstream suppliers are normally distributors of electronic
components, but can also be manufacturers of machined components, plastic
30
components, PCBAs, and cables. For sheet metal manufacturing, Scanfil works
with suppliers of metal blanks.
Scanfil supports equality, including the recognition and inclusion of individuals with
diverse characteristics. While Scanfil has not conducted a formal assessment of
how this is addressed across its supply chain, insights from ongoing engagements
with suppliers allow for a general understanding of the current situation. Scanfil
recognizes women as an underutilized resource, and although gender distribution
within our industry is relatively balanced, there remain opportunities for improvement,
particularly at senior leadership levels.
1.9 Material impacts, risks and
opportunities, and their interaction
with the strategy and business model
The identification and assessment of material impacts, risks,
and opportunities
Scanfil’s sustainability-related material impacts, risks, and opportunities have been
identified in a Double Materiality Assessment (DMA) based on the principles of
Scanfil’s Risk Management Process. The key goal is to identify and assess impacts,
risks, and opportunities that are potentially significant in the implementation of
Scanfil’s values and long-term strategy or for the society and environment. The
DMA considers Scanfil’s own operations as well as upstream and downstream value
chain and other parties that Scanfil’s operations affect. Scanfil’s Risk Management
Process and its responsibilities are described in more detail in the Corporate
Governance Statement.
Scanfil updated its DMA in the second quarter of 2025. The update of the materiality
assessment proceeded in two phases. Firstly, the views of external and internal
stakeholders on Scanfil’s real and potential impacts, risks, and opportunities from last
year’s DMA were analyzed and complemented where necessary. These stakeholders
are described in table “Scanfil Stakeholders”. Based on the collected material, the
impacts, risks, and opportunities were prioritized in management workshops, in which
the participants paid attention to the company’s impacts on the environment, society,
employees, and other stakeholders, as well as to the qualitative and financial risks
and opportunities for Scanfil’s business. The likelihood and scope of the impact,
risk, or opportunity were considered in prioritization. A description of each material
topic’s specific impacts, risks and opportunities are disclosed for each topical ESRS
in this report and are summarized in the table “Double Materialy Assessment”. A
more detailed description of the time horizons, value chain direction, and where
in the Scanfil business model these material impacts, risks and opportunities are
presented in the table “Identified material topics & subtopics” in the Appendix.
Each material topic’s negative or positive impact on people and/or the environment,
including the expected time horizon, is disclosed under each relevant chapter in
this Sustainability Statement. The material impacts originate from Scanfil’s business
model. Scanfil has not identified any significant risk of a substantial adjustment to
the reported values of assets and liabilities in the relevant financial statements during
the next annual reporting period. Scanfil has not yet conducted an analysis of the
resilience of its strategy and business model regarding its material impacts, risks and
opportunities except for the information disclosed in section 1.8. Material impacts,
risks and opportunities, and their interaction with the strategy and business model.
As a result of the DMA update and the announcement of the Quick Fix Delegated
Act, the content of this year’s sustainability report has been modified since last year
as the identified impacts, risks and opportunities have been updated. The report
has been adjusted to the temporary exemptions following the Quick fix Delegated
Act and Scanfil will not report any anticipated financial effects for financial year of
2025. Because of the Quick-Fix delegated act, the sub-sub topics Training and
Skills Development, Work-life Balance and Cases of work-related ill-health for S1
Own Workforce will not be reported in this report.
In topic E1 Climate Change, one new risk was identified in 2025 as a result of the
performed climate scenario analysis. Further information related to this risk is
provided in the section “Climate Change” under the Double Materiality Assessment
table. The process for identifying climate-related risks is described in more detail
in section 1.11 Description of the process to identify and assess climate-related
impacts, risks and opportunities
The topic E2 Pollution is no longer identified as material, and a short explanation
for this conclusion is presented in Appendix. Neither are the subtopics Resource
inflows and Resource outflows under E5 Circular economy material in this reporting
period due to the company’s role as an EMS partner. Since Scanfil mainly operates
upon customer specifications and design, the company does not engage in large-
scale material processing or transformations but is focusing on efficient assembly
and integrations of pre-manufacturing parts. As a result, Scanfil has a low level of
influence on the outflow e.g. the product’s lifecycle and recyclability. Waste is still
considered as material to Scanfil and its impacts, risks and opportunities related
to waste are presented later in this report.
For S1 Own workforce, the sub-topics Secure employment, Social Dialogue, Diversity,
Child- and Forced labor, as well as Employment and inclusion of persons with
disabilities do not longer meet the materiality thresholds of Scanfil’s DMA. Since
the Group is obliged to follow local labor regulations and laws, determining secure
employment at all sites and the fact that the Group welcomes the freedom of
association by allowing unions and worker’s representations, the individual impact
is considered limited in these aspects. Scanfil is strictly following local laws and
business practices and policies to promote non-discrimination and equal opportunity
for all no matter what gender or sexual orientation current employees or future
recruitments may have. Since most of the operational processes require high
precision and full mobility, Scanfil has a limited impact on the topic of disability, and
it has therefore considered to have a low relevance to current operations. Child-
and forced labor are both strictly forbidden and regulated in the company’s code
of conduct and thus considered to have low relevance for the DMA.
Within the topic of S2 Workers in the value chain, Gender equality as well as Child-
and Forced labor are all added as material topics in this reporting period. Scanfil’s
suppliers operate in areas where there are high potential risks of impacts on both
gender equality and employment terms and therefore consider these topics as
relevant to monitor and report.
Scanfil’s only additional entity-specific disclosure, other than ESRS Disclosure
Requirements, is regarding cyber security which is disclosed in the Sustainability
Statement in section 4. Governance.
31
STAKEHOLDER HOW ENGAGEMENT IS ORGANIZED PURPOSE OF ENGAGEMENT HOW SCANFIL TAKES THE RESULTS INTO ACCOUNT
Customers
Bi-annual customer surveys are sent by Scanfil's Sales and
Marketing Function.
Getting customers’ input on Scanfil’s ability to meet their requirements and
understand how satisfied the customer is. The survey is anonymous.
The result of the study is analyzed and Scanfil sets an action plan for
improvement. Topics are addressed by the affected departments.
Quarterly business meetings between Scanfil's Global Account Manager
and customers.
The meeting is to emphasize close cooperation between Scanfil and its
customers. The meetings ensure that the relationship and cooperation
develop and maintain in a positive way.
Scanfil's Account Manager takes care of the actions needed and that they
are initiated with the affected functions. The Account Manager is also
responsible for following up on actions addressed to the customer.
Own employees
Read more about how
Scanfil engages with its own
workforce in
section 3.1 Own workforce
Yearly employee surveys are managed by Scanfil's HR Department.
Gain insight into Scanfil’s workforce by measuring employee engagement
and their perception of the company.
The result from the yearly survey will be escalated down the organization
and each management area needs to establish action plans for
improvements.
Quarterly virtual town hall meetings for all employees organized by the
Group Management Team.
Inform and discuss with employees about operational status and strategy Possible concerns are brought to management's attention.
Workshops were scheduled and questionnaires were sent out to HR
managers and local sustainability managers in each site as part of the
DMA update.
Gain insights from local managers working within the social and
environmental topics to ensure critical impacts, risks and opportunities are
considered from Scanfil’s local experts.
Identified impacts, risks and opportunities are considered and weighted in
the double materiality analysis
Workers in the value chain
Read more about how Scanfil
engages workers in the value
chain in section 3.2 Workers in
the value chain
Quarterly meetings between Scanfil's Sourcing Function and Scanfil's
preferred suppliers.
The meeting is to emphasis a close cooperation between Scanfil and it’s
suppliers. The meetings will secure that the relationship and cooperation
develop and maintain in a positive way.
Scanfil's Sourcing Category Manager takes care of the actions needed and
initiates actions with affected functions. The manager is also responsible for
following up actions addressed to the supplier.
An evaluation of suppliers' performance indicators is done quarterly.
The evaluation will give Scanfil’s supplier a clear understanding of how
Scanfil experiences its performance and indicate areas for improvements.
If suppliers do not meet targets, the supplier evaluation will result in Scanfil
requesting action plans for improvements. The action plans shall be
presented to Scanfil by the suppliers.
A supplier sustainability webinar is held twice per year.
Local supplier days are arranged by local sites (non-mandatory).
Sustainability webinars are held with suppliers that need to improve their
operations. The purpose is to communicate Scanfil’s requirements in terms
of sustainability.
Supplier days are used to communicate and encourage suppliers to
cooperate and to improve their relationship with Scanfil.
Meetings are informative and do not result in any action plans.
On-site supplier audits done by following a pre-defined questionnaire. All
audits are initiated based on business needs, regulatory requirements and/
or upon customers requests. They can also be organized on-site or at the
global level.
The purpose is to get an evaluation of a supplier’s ability to meet Scanfil’s
requirements in terms of quality and sustainability.
The audit results lead to audit action plans. The suppliers need to address
the tasks and provide a time plan for how the results are handled by them.
Workshops were scheduled and questionaires were sent out to Scanfil
category managers as part of the DMA update.
Gain insights from category managers that manage the relationship with
Scanfil’s largest and most important suppliers to ensure critical impacts,
risks and opportunities are considered from Scanfil’s supply chain.
Identified impacts, risks and opportunities are considered and weighted in
the double materiality analysis.
Scanfil Management
Monthly report meetings with Scanfil's Group Management Team, where
sustainability is part of the agenda.
The meeting is held to ensure that Scanfil meets its targets in terms of
sustainability.
The Group Management Team is responsible for assigning resources to
handle the requirements and will track that targets are met. If targets cannot
be met, measures will be taken by the Group Management Team in order to
mitigate potential risks.
Shareholder/investor
Active and open dialog one-on-one and group meetings, factory visits,
Capital Markets Days, Annual General Meetings, and answering emails and
phone inquiries in a timely manner.
Provide investors with accurate information about Scanfil's financials,
strategy and goals for investment decisions in a timely manner.
To meet the expectations of its investors and shareholders, Scanfil is
continuously developing its Investor Relations- and Financial Reporting
processes.
Authorities No direct engagement (one-way engagement)
Scanfil monitors updates regularly to understand, prepare and act on new
laws and governmental laws and directives.
New laws and directives that affect Scanfil's processes and business, must
be handled, and affected functions must immediately be informed. This is
handled both on a local level to secure local initiatives and also from a global
perspective when needed.
SCANFIL STAKEHOLDERS
32
TOPIC
MATERIAL
SUBTOPICS IMPACTS RISKS AND OPPORTUNITIES MANAGEMENT
Climate change
Climate change
adaptation
Climate change
mitigation
Energy
↓
Actual:
Climate changes and changes in weather patterns, such as a warmer
climate, have a negative impact on facilities and increase energy use
for cooling and air conditioning.
Emissions of greenhouse gases have a direct negative impact on
climate change. Mitigation activities drive energy consumption.
Potential:
Energy consumption significantly impacts pollution levels and the
surrounding environment. High consumption leads to increased
emissions of greenhouse gases and pollutants, worsening air quality
in local areas.
↓
↑
Risk:
Changes in weather patterns due to rising temperatures may disrupt
operations, increase operating costs and result in lost revenue or
missed growth opportunities for Scanfil.
Opportunity:
By consuming renewable energy, Scanfil can replace fossil-based
energy sources. Renewable energy already accounts for 60% of the
energy used in Scanfil’s production (scope 1 and scope 2).
• Working on adapting own facilities to climate change.
• Adapting heating and cooling units in facilities.
• Having adaptation strategies for extreme weather events.
• Scanfil’s strategic target is to improve its energy efficiency and
the transition to fossil-free fuels, as well as fossil-free purchased
electricity and heat.
Resource Use and
Circular Economy
Waste
↓
Actual:
Waste from Scanfil’s operations could negatively impact the
environment by dispersing pollutants into the surrounding areas,
leading to contamination and potential harm to ecosystems and
human health.
For Scanfil adopting effective waste reduction and management
methods is essential for a sustainable and healthy future and
promotes the company’s business development.
• Invest in new technology and follow the development of new
methods to take care of waste in a more sustainable way.
• Develop cleaner process technologies that reduce waste.
• Choose suppliers based on the sustainability perspective and
always try to promote recycling options.
DOUBLE MATERIALITY ASSESSMENT
33
TOPIC
MATERIAL
SUBTOPICS IMPACTS RISKS AND OPPORTUNITIES MANAGEMENT
Own Workforce
Gender equality and
equal pay for work
of equal value
Training and skills
development
Health and safety
Working time
Adequate wages
Work-life balance
↑
↑
↑
↓
↑
↑
↓
Actual:
Scanfil pays adequate wages, which ensures good living standards
for employees and their families. Offering flexible work time and
remote work schemes for positions where the nature of work makes it
possible, as well as prioritizing work-life balance, enables employees
to better organize their working time in a way that supports their
family-related duties.
Scanfil monitors safety practices applied at its factories, promotes
safety awareness and complies with local safety regulations. With
all these efforts the company ensures safe workplace which has a
positive effect on the employees.
The training and development opportunities are available to all
employees, regard-less of their personal characteristics. Scanfil
enhances its Talent Management and Succession Planning
processes to positively impact career possibilities for the personnel.
Any work-related accident occurring on Scanfil premises can
negatively impact employee health. Accidents can happen at all
locations. However, these incidents have been minor with no severe
impact on the employee’s health. There have not been any fatalities
either serious accident requiring hospitalization in 2025.
Potential:
Scanfil observes the opportunity to support employees’ mental health
through professional services differentiating the company from other
employers and positively impacting its employees.
Gender equality and equal pay for work of equal value ensures fair
treatment and recognition. Implementing pay equity tool enables
Scanfil to increase transparency on remuneration practices and
positively impacts its employer brand.
Effective management of working time enhances productivity and
employee well-being. However, unbalanced working hours may lead
to burnout and absenteeism, resulting in lower morale and employee
turnover, which may impact employees negatively.
↓
↓
↑
↑
Risk:
A high rate of sick leave incurs costs associated with absenteeism.
Additionally, periods in which absent employees need replacement
lead to competence gaps and possibly lower service quality as well
as increased overtime costs for other employees covering the tasks.
In cases of long-term absences, this may require additional training
for stand-in staff.
Retaining experienced professionals becomes challenging if they
are not provided with opportunities for growth and a salary that
distinguishes them from junior employees. Scanfil invested in a new
pay equity tool to detect pay gaps. If discrepancies are identified,
adjustments will be made to address them. This could lead to higher
salary costs for the company
Opportunity:
A high standard of workplace safety positively impacts employees’
engagement and loyalty, leading to increased productivity and
reduced personnel turnover and sick leave costs. Moreover, this would
enhance Scanfil’s reputation and elevate its standing in the employer
market within its operating areas. As a result, it would facilitate the
recruitment of desired professionals and help retain talent within the
company.
Well-developed equal treatment standards enhance Scanfil’s
reputation as an employer, attracting top talents from diverse
backgrounds who are eager to work for Scanfil. This, in turn,
contributes to the company’s innovation and overall performance.
• Scanfil follows all the country-specific legal requirements to ensure
high-quality working conditions. Additionally, both the development
ideas driven from the Employee Engagement Survey and Safety
Council meetings are shared between factories as best practices
to continuously enhance compa-ny standards, even exceeding the
country’s regulations.
• In all of Scanfil’s sites, the requirement for minimum required
wages is met. Furthermore, Scanfil monitors market remuneration
to be able to offer attractive salaries and annually review its own
workforce’s wages.
• Scanfil offers flexible or hybrid/remote work schemes for the
positions where the nature of the work allows it.
• Health and safety aspects are managed in line with the country’s
regulations as well as manufacturing standards for the technologies
used. The Safety Council monitors and enhances the sharing of
best practices on preventive measures.
• The well-being of employees is supported both by monitor-ing the
workload in each department as well as by promoting healthy habits
and offering sports or leisure activities.
• Competence and skills development are monitored in both the
annual appraisal process and monthly skills matrix reviews for blue
collar workforce.
• Training is offered and done both through internal and external
trainers. Development opportunities are equally available for all
employees, independent of gender.
34
TOPIC
MATERIAL
SUBTOPICS IMPACTS RISKS AND OPPORTUNITIES MANAGEMENT
Workers in the
value chain
Gender equality and
equal pay for work
of equal value
Health and safety
Child labor
Forced labor
↑
↓
↓
Actual:
Strong Gender equality leads to equal pay and the same opportunity
for leadership roles. It prevents a higher exposure to insecure or
informal employment for women. Strong Gender equality supports fair
labor practices and social justice..
Potential:
Child labour deprives children of their right to education, exposes
them to hazardous conditions, and causes long-term physical and
psychological harm. It perpetuates poverty cycles and violates
fundamental human rights, severely damaging compa-ny reputation
and ethical standards.
Poor health and safety conditions for workers in the value chain can
lead to work-place accidents, occupational illnesses, and long-term
health issues, negatively affecting workers’ physical and mental well-
being. These risks are often higher for vulnerable groups, such as
migrant workers or those in low-skilled roles.
↓
Risk:
Companies with complex supply chains and aggressive purchasing
practices may inadvertently contribute to child and forced labour.
Without stronger due diligence and responsible sourcing, these risks
are likely to grow, perpetuating human rights violations, undermining
community development, and exposing businesses to legal,
reputational, and operational consequences, threatening long-term
sustainable progress.
• To ensure that suppliers share the same values as Scanfil, the
aim is to have all suppliers to sign the Scanfil’s Supplier Code of
Conduct.
• Scanfil does also evaluate the supplier’s compliance during supplier
audits and visits in general.
• Gender equality is a fundamental principle in Scanfil’s Supplier
Code of Conduct. By recognizing it as a material topic and actively
promoting it, we aim to act as ambassadors for equality throughout
our network. Over time, this commitment will foster greater
inclusivity and continuous improvement across our supply chain.
• Before engaging with a new supplier, Scanfil conducts a thorough
assessment to ensure compliance with our standards. All suppliers
are required to adhere to Scanfil’s Supplier Code of Conduct, which
outlines our expectations regarding ethical, environmental, and
social responsibility. In addition, we encourage our key suppliers to
complete the EcoVadis assessment, providing valuable insights into
their social and sustainability practices.
Business Conduct
Corporate culture
Corruption and
bribery
Cybersecurity
Management of
relationships with
suppliers including
payment practices
↑
↓
↑
↓
Actual:
A strong DEI driven culture fosters innovation, collaboration, and
a sense of belonging by ensuring fair opportunities and diverse
representation. Such environ-ments attract top talent, improve
engagement and decision making, and strengthen trust with
employees and communities. Prioritizing DEI ultimately boosts
morale, retention, and overall business success.
Strong cybersecurity protects sensitive data, ensures business
continuity, and builds stakeholder trust. It prevents financial losses,
enhances compliance, and safeguards reputation. Effective
cybersecurity also promotes innovation by reducing operational risks.
Potential:
Effective management of supplier relationships and payment
practices improves operational efficiency, strengthens trust, and
ensures supply chain stability. Timely and fair payments foster loyalty,
attract high-quality suppliers, enhance product quality, and promote
innovation. Ethical practices support social responsibility and long-
term sustainable partnerships, contributing to overall business
success.
Effective prevention and detection of corruption and bribery protect
organizational integrity and stakeholder trust. Implementing robust
policies, regular audits, and compliance training reduces legal risks,
financial losses, and reputational damage. These measures foster a
transparent, ethical culture, promoting sustainable and fair business
practices.
• Scanfil values and cherishes DEI. The value “Achieving Together”
highlights how being one team globally is emphasized, how
diversity is benefited from shared ideas, how respect and reliance
on each other are emphasized, the aim for collective success, and
how every individual is respected with no tolerance for bullying,
harassment, or discrimination.
• All employees receive comprehensive training in Scanfil’s Code
of Conduct. Raising awareness of corruption and bribery risks
strengthens prevention efforts, mitigates potential threats, and
reinforces stakeholder trust while promoting a culture of integrity
and compliance.
• Likelihood is determined through threat intelligence, historical data,
and industry trends. Sources include cybersecurity frameworks
(NIS, ISO), threat intelligence platforms (Cyber awareness platform),
incident response data, and vulnerability assessments. Conducting
regular audits, penetration tests, and staying informed through
industry reports ensures a proactive and adaptive cyber-security
strategy.
• Scanfil is committed to foster strong partnerships with suppliers
who align with its core values. Through well-defined agreements,
both parties ensure mutual accountability in fulfilling business
commitments. These agreements encompass clear guidelines
on deliveries and payment practices, promoting transparency,
reliability, and sustainable collaboration.
35
Climate change
To identify and assess its climate-related risks and opportunities for different
scenarios and time horizons, Scanfil conducted its first climate scenario analysis
in 2025. The result indicates that Scanfil is exposed to acute and chronic physical
risks in terms of extreme weather events in some of its production facilities, which
consequently added one additional material financial risk into the Groups DMA. For
transition-related risks and opportunities, Scanfil is considered to be relatively resilient
against market and reputational risks over time, where no necessary measures are
planned at this point. Scanfil is exposed to relatively higher risks related to climate
policies where the Group is adapting to a stricter compliance and administrative
landscape, but no such risks or opportunities have been identified as material. The
description of how Scanfil performed its climate scenario analysis is presented
in section 1.11 Description of the process to identify and assess climate-related
impacts, risks and opportunities.
Scanfil is continuously adapting to climate-related risks and will further strengthen the
Group’s resilience in the coming year by developing a transition plan and integrating
climate risks into the overall risk management process. These proactive measures
ensure business continuity while safeguarding employees, assets, and the planet.
Resource Use and Circular Economy
Waste has been identified as a material topic. Scanfil has a detailed data collection
on waste and will continue to refine the data quality over time.
Own employees
In section 3.1 Own employees, Scanfil discloses more detailed information about its
own workforce, which covers all employees and non-employees in its own operations.
The Scanfil workforce mainly consists of Scanfil contracted employees comprising
87% of the total workforce (89% in 2024). The remaining workforce is third-party
contracted employees. The participation of self-employed delivering services to
Scanfil totals 13% (11%) of its workforce. The company’s goal is to incorporate third-
party employees to the work standards and company culture, providing seamless
and coherent services to customers.
The identified potential negative impacts refer to working conditions and equal
treatment and opportunities for everyone. None of those can be seen as widespread
or systematic in Scanfil operations.
Within working conditions, Scanfil observes that restricting remote work possibilities is
negatively impacting employee satisfaction in some locations where other employers
widely offer it.
Any work-related accident occurring at Scanfil premises can negatively impact
employee health. Accidents can happen in all locations. There have been no
fatalities in 2025 (no fatalities in 2024), but there was one serious accident requiring
hospitalization (one incident in 2024).
Through appropriate risk management, Scanfil has identified potential negative
impacts that should be prevented. One impact is improper working conditions,
which could adversely affect employee health and the well-being of their families
if secure living conditions are not ensured.
Scanfil pays adequate wages which ensures good living standards for the employees
and their families. The company performs annual salary reviews and benchmarking
analysis towards the local markets to ensure optimal pay development. The company
uses third-party employment agencies to hire employees, which ensures higher
stability and security of employment for its own employees as well as flexibility
for the business during periodic demand fluctuations. The third-party providers
are thoroughly verified for the employment conditions offered to Scanfil’s non-
employees. Offering flexible work hours and remote work schemes for the positions
where the nature of work makes it possible, as well as prioritizing work-life balance,
enable employees to better organize their working time in a way that supports their
family-related duties.
Scanfil continuously improves its working conditions as part of both strategic
efficiency-centric projects, for example Dream Factory or Lean Six Sigma certification
projects performed by its own employees as well as working conditions development
initiatives driven from the input of employee engagement surveys inputs.
A high standard of workplace safety positively impacts employee engagement and
loyalty, leading to increased productivity and reduced employee turnover and sick
leave costs. This also may enhance Scanfil’s reputation and elevate its standing
in the employer market within its operating areas. As a result, it is likely to help to
recruit desired professionals and retain talent within the company.
A high sick leave rate generates absenteeism costs. Additionally, periods in which
absent employees need replacement may lead to competence gaps and risks
of lower service quality, as well as increased overtime costs for other employees
covering the tasks. In cases of long-term absences, additional training for the
stand-in staff may be needed.
Well-developed equal treatment standards enhance Scanfil’s reputation as an
employer, attracting top talents who are eager to work for Scanfil. This contributes
to the company’s innovation and overall performance. At the same time, retaining
experienced professionals becomes challenging if they are not provided with
opportunities for growth and a salary that distinguishes them from junior employees.
Scanfil has invested in a new pay equity software to monitor pay gaps, and if
discrepancies are identified, adjustments will be made to address them. While
this can lead to higher salary costs for the company, it would lead to a higher level
of equality and improved working conditions for employees.
Scanfil is strongly committed to environmental and sustainability standards.
Employees are expected to perform the mandatory training delivered by Scanfil
and follow the sustainability standards. In case of a serious breach of the standards,
disciplinary actions can be applied.
36
The enhancement of travel policy and business meeting guidelines which prioritize
virtual collaboration channels requires employees to develop new skills, both in the
use of advanced technologies as well as professional and impactful communication
techniques. Some managers are found to face challenges when leading remote
teams and having limited possibilities to travel for face-to-face meetings. They are
supported with training and mentoring.
Scanfil applies the same health and safety measures to own employees and third-
party employees. Individuals that perform specific tasks use the same workstations
and personal protection equipment.
The most highly desirable positions at Scanfil, especially in specialist work and
engineering, are dominated by male employees. This may negatively impact the
career possibilities for women thereby resulting in the underrepresentation of
women in senior management. Scanfil’s definition of senior management is the
Group Management Team, Factories Management Teams and Directors and Heads
of global functions. As of the end of 2025, the percentage of women in these teams
was at 27% (27% in 2024). The employee gender balance in the whole organization is
close to a 50/50 split between females and males, which proves equal accessibility to
all, and fair treatment driven by company culture and policies. Scanfil is continuously
enhancing its Talent Management and Succession Planning processes to positively
impact career possibilities for the personnel.
A constant risk is the possibility of losing experienced workforce driven by minor
differentiation in pay between employees with long years of work compared to junior
employees. This is observed mainly in Poland where the minimum wage which is
offered to junior employees was increased significantly due to country regulations,
while more experienced worker salaries did not increase to the same extent.
Workers in the value chain
Based on the information under section 1.8 Interest and views of stakeholders, Scanfil
has identified four main areas of risk and opportunities for value chain workers:
- Upstream value chain workers: These are workers employed by suppliers
and based on facilities managed by suppliers. These are workers in the
value chain employed by direct suppliers or by other tier-up suppliers.
- In-house value chain workers: These are employees of suppliers,
but they work at Scanfil’s premises. It could be suppliers working with
installations, temporary employees contracted via a service provider,
etc. All supplier employees working at Scanfil’s premises undergo
safety training and are guaranteed to have personal safety protection.
It is the responsibility of the site’s top management to ensure that
no one visits Scanfil’s premises without the right safety gear.
- Downstream value chain workers: These are employees of customers and
will be impacted by the quality and service that are provided by Scanfil.
- Distribution value chain workers: These are employees of contracted
transportation companies and transport goods either to or from Scanfil.
- Particularly vulnerable worker: All people have equal value,
and Scanfil prioritizes work guided by the DEI principles.
This is applicable in the Scanfil value chain. For more
information, please refer to the Own workforce section.
Scanfil has limited possibilities to impact on the workers in the value chain downwards,
as these are controlled by customers. It is part of the sales process to decline
businesses that do not meet a decent maturity level of sustainability. It is therefore
natural to focus on upstream suppliers and/or suppliers that Scanfil can impact
directly on the procurement channels.
As a global company, Scanfil operates in various regions with diverse regulatory
environments. Human rights and labor standards vary significantly across different
countries. Among the different regions that Scanfil’s supply chain is operating in,
the APAC region is considered to have a higher risk of child or forced labor. In
addition, Africa is considered high-risk, but Scanfil does not have any direct business
relationships in this region.
The current political situation in the world addresses risks to Scanfil’s supply chain.
Much of the electronic components come from countries located in Asia with high
political tensions. In case of conflict, there is a risk that the supply chain will be
disrupted and that would cause disturbances in Scanfil’s production.
No material negative impacts have been identified within Scanfil’s own operations
or in any of the company’s partners in the value chain. Scanfil is aware of the risks
related to the mining of minerals in conflict areas and, for that purpose, has included
processes for reporting conflict minerals according to the guidelines set by the RBA
(Responsible Business Association).
Business Conduct
The areas that have been identified as relevant and material for the ESRS G1
Business Conduct are corporate culture, corruption and bribery, cybersecurity
and management of relationships with suppliers’ payment practices. The criteria
that have been used to identify material impacts, risks and opportunities related to
these areas have been to assess whether Scanfil and its value chain stakeholders
have any direct operational activities related to these in the geographical locations
where they operate.
Use of phase-in provisions in accordance with Appendix C
of ESRS 1
As a result of the ESRS Quick-fix delegated act announced by the EU on July 11th,
Scanfil will not report on the following sub-topics under ESRS S1 Own Workers:
Training and skills development, Cases of work-related ill-health and Work-life
balance. As S1 is material for Scanfil, the DMA results are presented in section 1.9
Material impacts, risks and opportunities, and their interaction with the strategy
and business model. The identified material impacts, risks and opportunities are
presented more in detail in section 3.1 Own Workforce.
37
1.10 Description of the process
to identify and assess material
impacts, risks and opportunities
Scanfil’s process for identifying and assessing material sustainability impacts, risks,
and opportunities is in accordance with the requirements of ESRS. The input to the
DMA is analyzed as part of the Group’s General Strategy and Risk process, forming
the foundation of Scanfil’s sustainability strategy and reporting. Scanfil strives to
maintain a holistic perspective in its risk assessment, even though financial risks
remain the top priority. Sustainability risks that are considered financially are identified
and assessed in the Risk Management Process. The financial risks are assessed by
the likelihood of occurrence, the magnitude of the financial impact, and the nature
of the effects. These assessments are based on three scales – the percentage of
occurrence, financial impact, and the scoring of the level of risk control. The Risk
Management System is used by all local sites and departments where Scanfil has
its own business operations. Specific parameters used in the process of identifying
impacts, risks and opportunities can be found in the Appendix.
The purpose of the process is to ensure that the company identifies and manages the
most material sustainability aspects, both from an impact and financial perspective,
with the objective to integrate sustainability risks and opportunities into business
strategy, risk management, and decision-making.
The process is based on the due diligence process which is explained in further
detail in the section “Statement on due diligence”. It is based on the principle of
double materiality, assessing both impacts on people and the environment, as well
as financial risks and opportunities. It is carried out in several steps:
• Mapping of potential sustainability topics
• Stakeholder dialogues
• Assessment of impact and financial relevance
• Prioritization and validation of material topics
• A materiality matrix is used to visualize the results
The DMA considers parameters such as affected stakeholders, value chain position,
actual or potential impact, recurring or non-recurring impacts, and more. The key goal
is to identify and assess the risks, threats, and opportunities potentially significant
to the implementation of the company’s values, strategy and to the achievement
of long-term targets as well as to identify and assess the company’s impacts on
society and the environment.
The process is led by the sustainability function in close collaboration with risk
management, strategy, finance, and operational units. The GMT and the Board are
involved in validation and prioritization of the results. The analysis is conducted
annually, with updates made in response to significant changes in the business
or external environment.
The company uses both internal data like incident reports and customer feedback, as
well as external sources like scientific reports, regulatory requirements and industry
standards. Scanfil conducts climate risk assessments of geographical locations and
parameters connected to a heightened risk of adverse risks and impacts taking into
consideration that a majority of the sourcing base of electronic components is in
potential risk areas, where scenarios are based on information from the IPCC. Scanfil
works systematically to reduce adverse impacts immediately, e.g., ensure alternative
suppliers for the supply of key components already at the contract writing phase.
Stakeholders are engaged through interviews, surveys, and workshops to capture
diverse perspectives. Stakeholder consultation through surveys is a part of the
process to identify, assess, prioritize, and monitor Scanfil’s potential and actual
impacts. In the impact identification process, a stakeholder dialog is conducted to
collect data and sustainability matter concerns from different stakeholder groups.
The survey focuses on three areas: Environmental, Social, and Governance, with
respondents being asked to rate their answers on a scale of 0-5, with 0 indicating
no impact or no risk and 5 representing critical impact or very high risk. Scanfil’s
management, shareholders, investors, and creditors are directed to questions on
Financial Materiality, while customers, employees, subcontractors, and business
partners answer on Impact Materiality. The results are documented in a materiality
matrix and an internal report, which serve as the basis for sustainability reporting.
Material topics are identified and linked to relevant ESRS standards. The results are
used to guide sustainability efforts, prioritize actions, inform risk management, and
ensure that reporting focuses on the most relevant issues for Scanfil’s operations.
They also serve as an input for strategic decisions and business development.
Scanfil’s sustainability reporting platform performs the DMA by providing a
comprehensive and user-friendly way to identify and assess material sustainability
issues. It supports the organization in complying with the regulations, as all
sustainability matters in topical ESRS are covered. The assessment procedure
of impacts takes into consideration whether the impact is positive or negative,
the severity of the impact, and the likelihood of the impact. The prioritization of
materiality is based on the assessment results from the system of severity and
likelihood and the stakeholder survey.
A comprehensive overview of each ESRS input parameter, data sources, and
assumptions are presented below:
•
Climate change: Stakeholder engagement, SBTi targets, climate risk
assessments and ISO 14001 management system.
•
Resource use and circular economy: Stakeholder engagement. Detailed data
collection on waste. EcoVadis, and mandated material compliance in the
Supplier Code of Conduct. ISO 14001 management system
•
Own employees: Stakeholder engagement, country-specific legal
requirements, employee dialogs, employee engagement survey, internal
Code of Conduct
•
Workers in the value chain: Stakeholder engagement, Supplier Code of
Conduct, International Labour Organization (ILO), EcoVadis, supplier monitoring
process (supplier selection criteria, balanced scorecard)
•
Business conduct: Stakeholder engagement (shareholders, investors, creditors)
Supplier Code of Conduct, internal Code of Conduct, legal requirements, UN
Global Compact, OECD conflict minerals, ILO, EcoVadis
38
1.11 Description of the process to
identify and assess climate-related
impacts, risks and opportunities
The first climate-related impacts, risks and opportunities were identified in the first
DMA conducted in 2023, which has been complemented by a climate scenario
analysis in 2025. Physical risks are following the Delegated Regulation (EU) 2021/319
and the procedure as described in Task Force on Climate-related Financial Financial
Diclosures (TCFD). The physical risks are assessed on site level locally with a
qualitative screening to assess the relevance of climate-related hazards to Scanfil’s
assets. The exposure to climate-related hazards is quantified using a probability of
exceedance method, with threshold values derived from historical data primarily
obtained from the World Bank Group’s Climate Change Knowledge Portal (CCKP).
Qualitative hazard exposure scores are assigned based on the probability of
exceedance, which are calculated for each climate-related hazard, scenario, and
time horizon. Surveys have been conducted to assess the vulnerability level (1 = least
vulnerable, 5 = most vulnerable) across financial, health and safety, and operational
disruption themes. The exposure scores are combined with vulnerability scores to
identify the inherent risk for each climate-related hazard. To ensure a comprehensive
understanding of potential climate-related risks and opportunities, three distinct
emission scenarios from the Intergovernmental Panel on Climate Change (IPCC)
— SSP 2-4.5, SSP 3.70 and SSP 5-8.5, representing low, moderate, and high — are
used. These scenarios represent varying global trajectories for greenhouse gas
emissions. By analyzing these three scenarios, Scanfil will identify robust strategies
that perform well across a range of possible outcomes, supporting informed decision-
making and long-term resilience planning. The scenarios are assessed across three
different time horizons: short-term 2021-2040, mid-term 2041-2060, and long-term
2081-2100, and are in line with the recommendations from IPCC.
As for the physical risks, the transition risks and opportunities are assessed for
each Scanfil site and are based on the TCFD classification for risk and opportunity
drivers. Seven risks related to market, policy and legal, technology and reputation
and two opportunities related to energy source were identified. They were assessed
according to the site’s geographical exposure and sensitivity to being exposed to
these. As for physical risks, the exposure score is based on an indicator and its
probability of occurrence while the sensitivity score is based on a qualitative survey
assessment for each site. In accordance with the ESRS standard in limiting global
warming by 1.5 degrees, the NGFS scenario Net Zero 2050 is used and compared
to the alternative scenario Fragmented World which assumes slower and more
ineffective policies and technological change. The scenarios are assessed across
three different time horizons: short term 2025, medium-term 2030 and long-term
2050. The local risk and opportunity assessment of individual sites have been
analyzed from a group perspective, where no risks or opportunities are identified
as material for Scanfil Group.
1.12 Disclosures in relation to
specific circumstances
Measures including estimated value chain data, using indirect sources and the
basis for preparation of these metrics, are presented below:
Upstream metrics:
- Scope 3.1 Purchased Goods and Services
Calculated on the spend of purchased material and
the use of emission factors from Exiobase 3.9
- Scope 3.2 Capital Goods
Calculated on the spend of purchased capital goods and
the use of emission factors from Exiobase 3.9
- Scope 3.3 Fuel- and Energy-Related Activities Not Included in Scope 1
or Scope 2
Calculated on the energy used and the use of emission factors
from DEFRA WTT: factors from T&D and generation (2024)
- Scope 3.4 Upstream Transportation and Distribution
Calculated on the spend method of inbound transport and the
use of emission factors from Exiobase 3.9. Reported per site.
Own operation metrics:
- Scope 1
Calculation of direct emissions that are owned or controlled by Scanfil.
Combustion and Fugitive emissions (refrigerants): DEFRA (2024)
- Scope 2
Purchased electricity includes indirect greenhouse gas (GHG) emissions
from the generation of purchased electricity. Emission factor AIB (2024)
Emission factor - Scope 3 Source: DEFRA WTT:
factors from T&D and generation
- Scope 3.5 Waste Generated in Operations
Calculated by waste-type specific method, tonnes
of waste. Reported per site. DEFRA (2024)
- Scope 3.6 Business Travel
Calculated on a spend-based method and estimates emissions
from the cost associated with each travel segment, using cost
as a proxy for emissions and applying spend-based emission
factors. Reported per site. Emission factor from Exiobase 3.9
- Scope 3.7 Employee commuting
Employee commuting includes emissions from employee travel
between their homes and their workplace. This includes various
modes of transportation such as personal vehicles, public
transportation, carpooling, and cycling. The average-data method
uses industry-standard emission factors and averages to estimate
emissions when specific commute data is not available.
The following emmision factor sources have been used:
• Petrol car commuting: NTM (2018)
• Diesel car commuting: NTM (2018)
• Battery Electric Average Car: DEFRA (2024)
• Plug-in Hybrid: DEFRA (2024)
• Bicycle: ZERO
• Electric bike: AIB (2024)
• Bus: NTM (2018)
• Motorbike, average: DEFRA (2024)
• Subway/Metro: NTM (2018)
• Regional train: NTM (2018)
39
- Energy consumption and combination of energy sources
Reporting in the Position Green sustainability system. Reporting per site.
- GHG intensity
GHG intensity based on turnover, Scopes 1, 2,
3 (market-based), tCO2e / euros.
- Waste generated in the company’s own operations
Tons of waste types reported per site.
Downstream metrics:
- Scope 3.9 Downstream transportation and distribution
Calculated on spend method and use of emission
factors from Exiobase 3.9. Reported by site.
- Scope 3.11 Use of sold products
Calculated on estimated usage of delivered products.
Average electricity emission factor.
Scanfil’s Sustainability Statement contains disclosures related to the company’s own
operations, and the upstream and downstream value chains including suppliers,
customers, and other business partners. There are inherent uncertainties about the
completeness, availability, quality, and accuracy of this information as it relates to
performance and activities that are beyond Scanfil’s direct influence and control.
In the Appendix, the level of accuracy for activity data and environmental data is
presented with respect to metrics that include upstream and/or downstream value
chain data based on indirect sources. The level of accuracy has been qualitatively
assessed and categorized as:
1. High: Minimal margin of error or uncertainty.
2. Medium: Some uncertainty exists due to limitations in data collection or
methodology.
3. Low: High level of uncertainty due to limitations in methodology or lack of
verification.
The level of accuracy for environmental data has been assessed as “Medium” in all
cases as the data is based on third-party data.
Scanfil has a goal to continuously improve the level of accuracy in its value chain data.
The company has implemented a software that gathers and provides the necessary
data for its own operations, as well as downstream and upstream value chain data
relevant to Scanfil. The plan is to continuously raise the level of digitalization and data
accuracy to retrieve the metrics and estimates needed. When primary data cannot
be used, Scanfil uses the method of spend analysis with data retrieved from Scanfil’s
ERP system. Spend analysis is a method used for collecting, cleansing, classifying
and analyzing expenditure data. By using the expenditure data, the data is multiplied
with suitable equivalent factors. Some measurements are associated with inherent
uncertainties due to limitations in the availability and quality of primary data, which is
why the reported figures should not be regarded as exact measurements. Scanfil has
not identified or assessed any future events that provide measurement uncertainties.
Scanfil uses the same assumptions, approximations, and judgments that are
presented by the databases and software used for retrieving the data. There has
not been any other assumptions, approximations, or judgments. The Sustainability
Statement for 2024 was Scanfil’s first report in compliance with the CSRD. Scanfil
has not replaced any metrics or targets but has continued to improve the reporting
process regarding data and metrics by recalculating those metrics and baselines
that are affected by acquisitions or other changes in 2025. In addition to updating
the baseline for reported metric, Scanfil has also improved the reporting process
by methodological changes in the GHG reporting. The metrics and targets affected
by the recalculations are ‘Gender pay gap’ presented in section 3.1 Own Workforce
and the GHG Reporting in section 2.2 Climate Change. The pay gap was initially
based on the average gross hourly pay level in 2024. This year, Scanfil adds any
other remuneration that the employees are being paid on top of the gross hourly
pay level. The changes are reflected in the corresponding topical ESRS.
As per Scanfil’s recalculation policy for GHG reporting, if new acquisitions increase
Scanfil’s GHG emissions by more than 5%, the baseline as well as the target will be
recalculated. The GHG targets as well as the baseline for which these are measured
have been recalculated in 2025 to include last year’s acquisitions of the SRX sites.
Scanfil plans to revalidate the targets for SBTi in 2026.
As a result of the Quick-Fix delegated act announced on July 11, 2025, Scanfil will
omit specific reporting information on ESRS S1 Own employees this year. Please read
more about it in “Use of phase-in provisions in accordance with Appendix C of ESRS
1”. No errors in last year’s report have been identified in the preparation of this report.
As disclosed in the 2024 Sustainability Statement, Scanfil acquired two new factories
in Australia and Malaysia in 2024, which have since been included in the Group’s
reporting. The administrative project and operations to include them in the group
structure has continued this year and will proceed during 2026. Although the available
data provided by the new acquisition of ADCO Circuits in 2025 follow a clear structure
for data collection, the volume and quality of the data are at relatively lower level
compared to the rest of the Group . They will be developed further during 2026.
40
2.1 Taxonomy report outline
The EU Taxonomy (EU 2020/852) is a classification system established to determine
which economic activity can be considered environmentally sustainable. The purpose
is to provide companies, investors, and policymakers with appropriate definitions to
help navigate the transition to a low-carbon, resilient, and resource-efficient economy.
The EU Taxonomy is an evolving system, and not all activities that could significantly
contribute to environmental objectives are currently included. As the taxonomy
develops, additional activities will be incorporated over time.
Scanfil is an electronics manufacturing services (EMS) company that primarily
produces according to customer-defined specifications, with limited influence over
how those specifications are developed. Most of its operations fall under NACE
code 26, which covers the manufacturing of computers, electronic, and optical
products, typically delivered as components for further assembly or manufacturing.
2.1.1 Eligibility Assessment
For 2025, Scanfil reviewed its activities to identify taxonomy-eligible economic
activies. This assessment encompassed all six environmental objectives outlined
in the EU Taxonomy regulation.
The initial screening was done by cross-checking all Scanfil’s activities with a
complete list of all economic activities for each environmental objective covered by
the EU Taxonomy. After the initial screening, the relevant activities were identified
for further assessment. It was found that Scanfil’s most substantial contributions
were all towards the first environmental objective, Climate Change Mitigation (CCM).
In 2024, two factories were acquired as part of the acquisition of SRXGlobal. Their
activities have now been incorporated intothe Taxonomy eligibility assessment for
2025. In Q4 2025, ADCO Circuits was acquired. Since the company has not been
involved in the manufacturing of the assessed activities, ADCO Circuits is not included
in the DNSH assessment. The company’s contribution will be accounted for in 2026.
One amendment from last year’s reporting period is that Scanfil has now identified
that the manufacturing of critical components for low carbon technologies can
potentially be considered Taxonomy-eligible under activities Climate Change
Mitigation (CCM) 3.3. Nevertheless, there are still areas where data is missing or
incomplete. Scanfil is actively working to address these gaps. Scanfil has decided
to take a conservative and systematic approach, opting for ineligibility whenever
there is uncertainty.
Based on a screening of eligible activities, Scanfil has identified relevant financial
activities for the 2025 reporting period, specifically manufacturing activities linked
to Turnover, Capex, and Opex under the environmental objective “Climate Change
Mitigation.”:
•
CCM 3.3. “Manufacture of low carbon technologies for transport”: Scanfil
manufactures on-board charger and frequency converters, fulfilling the
substantial contribution criteria for a selection of two subsections: (i) vehicles of
categories N2 and N3; (m) sea and coastal passenger water transport vessels.
•
CCM 3.5. “Manufacture of energy efficiency equipment for buildings”: Scanfil
manufactures a series of products and key components fulfilling the substantial
contribution criteria for a selection of valid subsections. Those subsections
being: (i) cooling and ventilation; (k.) heat pumps; (m.) energy-efficient building
automation and control systems; (n) zoned thermostats and devices for the
smart monitoring of the main electricity loads or heat loads for buildings,
and sensoring equipment; (o.) products for heat metering and thermostatic
controls; (q.) products for smart monitoring and regulating of heating systems,
and sensoring equipment.
•
CCM 3.20. “Manufacture, installation, and servicing of high, medium and low
voltage electrical equipment for electrical transmission and distribution that
result in or enable a substantial contribution to climate change mitigation”:
Scanfil manufactures a number of products fulfilling the substantial contribution
criteria for a selection of valid subsections. Those subsections being: a)
electric vehicle charging stations and supporting electric infrastructure for
the electrification of transport that is installed primarily to enable electric
vehicle charging; c) low voltage electrical products, equipment and systems,
that increase the controllability of the electricity system, and contribute to
increasing the proportion of renewable energy or improve energy efficiency;
e) demand response and load shifting equipment, systems and services
that increase the flexibility of the electricity system and support grid stability.
•
CCM 4.1. “Electricity generation using solar photovoltaic technology”: Scanfil
operates rooftop solar generation systems at one of its manufacturing sites,
thereby constituting a generation facility that produces electricity using solar
photovoltaic (PV) technology.
2.1.2 Alignment Assessment
For an economic activity to be considered taxonomy-aligned, it must make a
substantial contribution to at least one environmental objective, avoid causing
significant harm (DNSH) to any of the others, and comply with minimum safeguards.
Scanfil has evaluated its eligible activities against their technical screening criteria
and, at present, has not identified any activities as fully taxonomy aligned.
Each eligible manufacturing activity was assessed at the product/component level for
substantial contribution. Given that these activities share factory facilities and have
identical DNSH criteria, DNSH compliance was evaluated at the facility level. Facilities
lacking sufficient evidence to confirm compliance were excluded from alignment.
2. Environmental information
41
TECHNICAL SCREENING CRITERIA CRITERIA DESCRIPTION SCANFIL COMPLIANCE
Substantial contribution - CCM 3.3 Manufacture of low carbon technologies for transport
Scanfil manufactures on-board chargers and frequency converters that are compliant
with subsections: (i) & (m)
Substantial contribution - CCM 3.5 Manufacture of energy efficiency equipment for buildings.
Scanfil manufactures products and key components for different companies, and the products
and components are compliant with subsections (i), (k), (m), (n) & (o)
Substantial contribution - CCM 3.20
The economic activity develops, manufactures, installs, maintains or services electrical
products, equipment or systems, or software aimed at substantial GHG emission reductions
in high, medium and low voltage electrical transmission and distribution systems through
electrification, energy efficiency, integration of renewable energy or efficient power conversion.
Scanfil manufactures products compliant subsections 1(a), 1(c) and 1€. Furthermore, in
accordance with subpoint 4, the products manufactured comply with mandatory energy and
material efficiency performance requirements laid down in Directive 2009/125/EC. No other
subpoints are not applicable.
Substantial contribution - CCM 4.1 The activity generates electricity using solar PV technology.
Scanfil operates a roof solar generator system on one of its manufacturing sites thus complying
with the criteria.
DNSH – Climate adaptation
The activities comply with the criteria set out in
Appendix A to Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021
Non-compliant. In 2025, Scanfil has completed a company-wide, high-level screening of
physical climate risks, covering chronic and acute hazards related to temperature, wind, water,
and solid mass for all manufacturing sites. But Scanfil does not yet have a systematic or group-
wide adaptation plan or implementation process.
DNSH – Water
The activities comply with the criteria set out in
Appendix B to Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021
An assessment of all Scanfil’s applicable plants shows that all but one are compliant, either
having completed an EIA or meeting the national requirements of an EU member-state.
DNSH – Circular Economy
For manufacturing, the activity assesses the availability of and, where feasible, adopts
techniques that support:
a. reuse and use of secondary raw materials and reused components in products
manufactured;
b. design for high durability, recyclability, easy disassembly and adaptability of products
manufactured;
c. waste management that prioritises recycling over disposal, in the manufacturing
process;
d. information on and traceability of substances of concern throughout the life cycle of
the manufactured products.
For energy generation, the activity assesses the availability of and, where feasible, uses
equipment and components of high durability and recyclability that are easy to dismantle
and refurbish.
For manufacturing, an assessment of all Scanfil’s applicable plants shows that all are
compliant, actively implementing strategies to reuse materials on the factory floor, including the
return of some materials to suppliers for reuse, such as packaging materials.
For energy generation, Scanfil conducts regular maintenance inspections of its roof solar
generator system where high durability and recyclability of all feasible components are
mandated.
DNSH – Pollution prevention
The activities comply with the criteria set out in
Appendix C to Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021
An assessment of all Scanfil’s applicable plants shows that all are compliant, by either not
manufacturing, placing them on the market, or using the listed substances, or by ensuring
compliance with the relevant substance Directive.
DNSH – Biodiversity
The activities comply with the criteria set out in
Appendix D to Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021
An assessment of all Scanfil’s applicable factories shows that all European sites are compliant,
either having completed an EIA or meeting the national requirements of an EU member-state.
The location and connection of the solar generator system required government approval which
Scanfil attained.
42
2.1.3 Minimum Safeguards
Scanfil ensures compliance with minimum safeguard criteria, including anti-
corruption, fair competition, taxation, and human rights. These are addressed
through company-wide policies and procedures covering all potentially taxonomy-
aligned activities.
Human rights
Scanfil is committed to international human rights standards, including the OECD
Guidelines, UNGPs, ILO Conventions, and the International Bill of Human Rights.
This commitment is embedded in the internal Code of Conduct (CoC), supported
by mandatory employee training and supplier requirements. Supplier performance
is monitored via EcoVadis, audits, and a whistleblowing system.
Anti-Corruption & Fair Competition
Scanfil upholds strict anti-corruption and fair competition standards, with training
for employees and a whistleblowing channel. No violations were reported in 2025.
Broader anti-corruption measures, including internal controls and risk assessments,
are being developed for full implementation in the coming years.
Taxation
Scanfil complies with tax laws in all operating countries, follows OECD transfer pricing
guidelines, and ensures transparency in reporting and transactions.
Sustainable Development & Corporate Governance
Scanfil promotes sustainable development through education, employment, and
local engagement. Corporate governance is guided by transparency, stakeholder
input, and risk-based due diligence.
Environmental Responsibility
Scanfil manages environmental impacts through a structured management system,
measurable goals, and collaboration with authorities. Employees and stakeholders
are educated on environmental issues.
Employment and industrial relations
Scanfil respects labor rights and supports unionization. Scanfil contributes to the
abolition of child and forced labor and promotes equal opportunities and treatment for
employees and does not tolerate discrimination. It ensures safe working conditions
in line with the ILO’s declaration on fundamental principles and rights at work and
provides training and fair notice for employment changes.
Information disclosure
Scanfil publishes clear, complete, and timely information in its reports, following
international standards and undergoing annual external audits.
Access to grievance mechanisms
Scanfil maintains effective grievance channels for affected individuals and
communities, ensuring protection and non-retaliation in all cases.
2.1.4 Summary & Key
Performance Indicators (KPIs)
The 2025 assessment finds that whilst Scanfil currently has eligible activities
through climate change mitigation related to its manufacturing process, none of the
economic activities were identified as taxonomy aligned. This is due to the DNSH
criteria regarding climate change adaptation. Scanfil will investigate the potential
of further aligning its activities in the future.
Scanfil Taxonomy KPIs for the year 2025 are presented in the subsequent tables.
Double counting has been avoided by classifying external revenue streams into
taxonomy-eligible economic activities only once. The shares of eligible and aligned
net sales have been used as a key to calculating eligible and aligned Opex and
Capex. The risk of double counting is further reduced because Scanfil only reports
compliance with the first environmental objective, climate change mitigation.
Turnover
Scanfil is an EMS provider specializing in client-specific component and product
manufacturing. Most operations fall under NACE code 26 (computers, electronic, and
optical products), which is not yet covered by the initial Delegated Act on Climate.
Serving around 160 clients, Scanfil produces approximately 10,000 products annually,
ranging from medical devices to heat pumps and recycling systems. Currently, its
taxonomy-eligible activities are mainly within the Energy & Cleantech sector, with
other areas not yet addressed by the Taxonomy Regulation.
In 2025, the inclusion of manufacturing of critical components for low-carbon
technologies under CCM 3.3 has resulted in an expansion of eligible activities.
The impact of this change on turnover KPI figures was 7.4 MEUR. Furthermore, the
acquisition in 2024 also resulted in an expansion of eligible activities, the impact
of which was 1.8 MEUR.
The revenue is based on Scanfil’s revenue as recognized per IFRS 15. The numerator
is determined by the revenue from factories responsible for the sale of products or
components related to the associated eligible activities.
43
TURNOVER KPI MEUR
Revenue from contracts with customers 797,11
Total 79 7,11
Two factories acquired in 2024 have been incorporated into the eligibility assessment
for 2025, contributing minor activity changes. The factory acquired in Q4 2025 is
not included in this year’s assessment and will be addressed in future reporting.
Capital Expenditure
Under the EU Taxonomy, CapEx is divided into three categories:
• CapEx A: Investments in assets already aligned with the taxonomy.
• CapEx B: Upgrades to make existing assets taxonomy compliant.
• CapEx C: Acquisition of new assets expected to meet taxonomy criteria.
For Scanfil, all CapEx is considered CapEx A. As an EMS provider, Scanfil shares
production assets across clients (e.g., SMT lines), making it impractical to allocate
investments by taxonomy alignment. Therefore, eligible CapEx is calculated as a
share of total CapEx, proportional to eligible turnover. Reported taxonomy CapEx
aligns with the Group’s financial statements and includes purchases of property,
plant, equipment, intangible assets, and right-of-use assets.
Operating Expenditure
Under the EU Taxonomy, OpEx is defined as expenses related to assets and
economic activities that generate taxonomy-eligible net sales. This includes
costs directly associated with the maintenance and servicing of assets, such as
facility improvements.
OPEX KPI MEUR
Cost of short-term leases 1.2
Costs of maintenance, repair and equipment 13.3
Total 14.5
CAPEX KPI MEUR
Additions to property, plant and equipment 13.6
Additions to intangible assets 0.7
Additions to capitalized right-of-use assets 9.1
Total 23.4
Although Scanfil acquired factories in 2024 and 2025, these acquisitions have
not been classified under CapEx C because they do not currently meet taxonomy
criteria. Scanfil’s approach remains conservative, and no explicit CapEx investment
into taxonomy-aligned assets has been made during the reporting year. 2024’s solar
generator system investment no longer affects CapEx in 2025. The CapEx KPI was
impacted by 0.22 MEUR from including activity 3.3 and by 0.05 MEUR from the
assets added through the 2024 acquisition.
The method for calculating OpEx is the same as with CapEx for manufacturing
activities with regard to the share of total CapEx, being proportionate to the eligible
turnover. The OpEx KPI was impacted by 0.13 MEUR from including activity 3.3 and
by 0.03 MEUR from the assets added through the 2024 acquisition.
Note that 2024’s solar generator system investment continues to contribute
marginally to OpEx, though the annual operational cost is relatively minor at
0,01 MEUR.
44
FINANCIAL YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
DOES NOT SIGNIFICANTLY HARM
ECONOMIC ACTIVITIES Code (2) Turnove r (3)
Proportion
of Turn over,
year 2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.)
or - eligible
(A.2.)
turnover,
year 2024
(18)
Category
enabling
activity (19)
Category
transitional
activity (20)
MEUR % Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.. ENVIRONMENTALLY SUSTAINABLE ACTIVITIES TAXONOMYALIGNED
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) - - - - - - - - - - - - - - - -
Of which enabling - - - - - - - - - E
Of which transitional - - - - T
A. TAXONOMYELIGIBLE BUT NOT ENVIRONMENTALLY SUSTAINABLE ACTIVITIES NOT TAXONOMYALIGNED ACTIVITES
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
Manufacture of low carbon technologies for transport CCM 3.3 7. 41 0.93 % EL EL N/EL N/EL N/EL N/EL 0.00%
Manufacturer of energy efficiency equipment for
buildings CCM 3.5 52.83 6.63 % EL EL N/EL N/EL N/EL N/EL 5.01 %
Manufacture, installation, and servicing of high, medium
and low voltage electrical equipment for electrical
transmission and distribution that result in or enable a
substantial contribution to climate change mitigation CCM 3.20 8.76 1.10 % EL N/EL N/EL N/EL N/EL N/EL 1.73 %
Turnover of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities
(A.2) 68.99 8.66 % 8.66 % 0 % 0 % 0 % 0 % 0 % 6.74 %
Total (A.1+A.2) 68.99 8.66 % 8.66 % 0 % 0 % 0 % 0 % 0 % 6.74 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 728.12 91.34 %
Total ( A+B) 797.11 100 %
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMYALIGNED ECONOMIC ACTIVITIES DISCLOSURE COVERING YEAR
A .1
Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective
N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective
A.2
EL – Taxonomy-eligible activity for the relevant objective
N/EL – Taxonomy-non-eligible activity for the relevant objective
Scanfil plc’s principles for defining turnover, capital expenditure and operating expenditure
can be found in notes 1.1., 1.5., 3.2., 3.3. and 3.4. in the Financial Statements
Legends of the tables
45
PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMYALIGNED ECONOMIC ACTIVITIES DISCLOSURE COVERING YEAR
FINANCIAL YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
DOES NOT SIGNIFICANTLY HARM
ECONOMIC ACTIVITIES Code (2) CapEx (3)
Proportion of
CapEx, year
2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) CapEx,
year 2024
(18)
Category
enabling
activity (19)
Category
transitional
activity (20)
MEUR %
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.. ENVIRONMENTALLY SUSTAINABLE ACTIVITIES TAXONOMYALIGNED
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) - - - - - - - - - - - - - - -
Of which enabling - - - - - - - - - E
Of which transitional - - - - T
A. TAXONOMYELIGIBLE BUT NOT ENVIRONMENTALLY SUSTAINABLE ACTIVITIES NOT TAXONOMYALIGNED ACTIVITES
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
Manufacture of low carbon technologies for transport CCM 3.3 0.22 0.93 % EL EL N/EL N/EL N/EL N/EL 0.00 %
Manufacturer of energy efficiency equipment for
buildings CCM 3.5 1.55 6.63 % EL EL N/EL N/EL N/EL N/EL 5.01 %
Manufacture, installation, and servicing of high, medium
and low voltage electrical equipment for electrical
transmission and distribution that result in or enable a
substantial contribution to climate change mitigation
CCM
3.20 0.26 1.10 % EL N/EL N/EL N/EL N/EL N/EL 1.73 %
Electricity generation using solar photovoltaic technology CCM 4.1 0.00 0.00 % EL EL N/EL N/EL N/EL N/EL 2.46 %
CapEx of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities
(A.2) 2.02 8.66 %
8.66
% 0 % 0 % 0 % 0 % 0 % 9.21 %
Total (A.1+A.2) 2.02 8.66 %
8.66
% 0 % 0 % 0 % 0 % 0 % 9.21 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 21.37 91.34 %
Total ( A+B) 23.40 100 %
A .1
Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective
N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective
A.2
EL – Taxonomy-eligible activity for the relevant objective
N/EL – Taxonomy-non-eligible activity for the relevant objective
Scanfil plc’s principles for defining turnover, capital expenditure and operating expenditure
can be found in notes 1.1., 1.5., 3.2., 3.3. and 3.4. in the Financial Statements
Legends of the tables
46
PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMYALIGNED ECONOMIC ACTIVITIES DISCLOSURE COVERING YEAR
FINANCIAL YEAR SUBSTANTIAL CONTRIBUTION CRITERIA
DNSH CRITERIA
DOES NOT SIGNIFICANTLY HARM
ECONOMIC ACTIVITIES Code (2) OpEx (3)
Proportion of
OpEx, year
2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate change
mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-
aligned (A.1.)
or -eligible
(A.2.) OpEx,
year 2024
(18)
Category
enabling
activity (19)
Category
transitional
activity (20)
MEUR %
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.. ENVIRONMENTALLY SUSTAINABLE ACTIVITIES TAXONOMYALIGNED
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) - - - - - - - - - - - - - - -
Of which enabling - - - - - - - - - E
Of which transitional - - - - T
A. TAXONOMYELIGIBLE BUT NOT ENVIRONMENTALLY SUSTAINABLE ACTIVITIES NOT TAXONOMYALIGNED ACTIVITES
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
EL; N/
EL
Manufacture of low carbon technologies for transport CCM 3.3 0.13 0.93 % EL EL N/EL N/EL N/EL N/EL 0.00 %
Manufacturer of energy efficiency equipment for
buildings CCM 3.5 0.96 6.63 % EL EL N/EL N/EL N/EL N/EL 5.01 %
Manufacture, installation, and servicing of high, medium
and low voltage electrical equipment for electrical
transmission and distribution that result in or enable a
substantial contribution to climate change mitigation
CCM
3.20 0.16 1.10 % EL N/EL N/EL N/EL N/EL N/EL 1.73 %
Electricity generation using solar photovoltaic technology CCM 4.1 0.01 0.09 % EL EL N/EL N/EL N/EL N/EL 0.10 %
OpEx of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities
(A.2) 1.27 8.74 % 8.74 % 0 % 0 % 0 % 0 % 0 % 6.84 %
Total (A.1+A.2) 1.27 8.74 % 8.74 % 0 % 0 % 0 % 0 % 0 % 6.84 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 13.25 91.26 %
Total ( A+B) 14.52 100 %
A .1
Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective
N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective
A.2
EL – Taxonomy-eligible activity for the relevant objective
N/EL – Taxonomy-non-eligible activity for the relevant objective
Scanfil plc’s principles for defining turnover, capital expenditure and operating expenditure
can be found in notes 1.1., 1.5., 3.2., 3.3. and 3.4. in the Financial Statements
Legends of the tables
47
NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES DISCLOSURE COVERING YEAR
NUCLEAR ENERGY RELATED ACTIVITIES
YES
/
NO
1.
The undertaking carries out, funds, or has exposure to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle
NO
2.
The undertaking carries out, funds, or has exposure to the construction and safe operation of new nuclear installations to produce electricity or
process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using
best the available technologies
NO
3.
The undertaking carries out, funds, or has exposures to the safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
NO
FOSSIL GAS RELATED ACTIVITIES
YES
/
NO
4.
The undertaking carries out, funds, or has exposure to the construction or operation of electricity generation facilities that produce electricity
using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds, or has exposure to the construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds, or has exposure to the construction, refurbishment, and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
NO
48
2.2 Climate change
2.2.1 Transition plan for
climate change mitigation
Scanfil is committed to a 59,6% reduction in absolute scope 1 and 2 Greenhouse
Gas (GHG) emissions by 2030 with 2020 as the baseline year.* Scanfil is also
committed to reducing absolute scope 3 GHG emissions from purchased goods and
services, capital goods, fuel- and energy-related activities, upstream transportation
and distribution, waste generated in operations, business travel, and employee
commuting by 25% by 2030 with 2022 as the baseline year. The baseline for both
Scope 1, 2 and 3, has been recalculated for 2025, with respect to the acquired
sites within SRXGlobal.
*The target boundary includes biogenic land-related emissions and removals from
bioenergy feedstocks.
Meeting scope 1, 2 and 3 emission reduction targets remains a priority, although
they are affected by the company’s projected annual organic sales growth of 5–7%
and the acquisitions completed in 2024 and 2025. To ensure transparency and
comparability, the 2025 reporting includes data from all units for the period they
have been part of Scanfil. Baseline values have been recalculated accordingly, and
a comprehensive recalibration of baseline years is planned for early 2026 to fully
incorporate the acquisitions finalized at the end of 2025.
The most significant contributor to Scanfil’s greenhouse gas (GHG) emissions is
Scope 3.1, Purchased Goods and Services, which accounts for approximately 92%
of total emissions, calculated excluding Scope 3 category 11 as this category is not
part of Scanfil’s targets. Recognizing this, Scanfil has made it a priority to focus
on reducing the carbon footprint of its supply chain. The company’s ERP system
is continuously updated with GHG data for all components, enabling a structured
and data-driven approach to supply chain sustainability. Newly acquired units are
planned to be integrated into this platform to ensure consistency, transparency, and
comparability across the organization.
This integration provides Scanfil with the capability to measure and evaluate the
GHG emissions of purchased products, as well as to benchmark components across
different suppliers and manufacturers. Over time, this will enable the company to
integrate climate impact into procurement decisions alongside traditional criteria
such as cost, quality, and delivery performance. By doing this, Scanfil will strengthen
collaboration with suppliers to drive innovation, encourage low-carbon material
choices, and accelerate the transition to more sustainable value chains.
In addition, the ability to calculate and communicate the GHG emissions of products
delivered enhances transparency and creates added value for Scanfil’s customers.
Going forward, Scanfil aims to further develop this capability into a competitive
advantage, offering its customers detailed product-level emissions data as a service
to support their own sustainability goals and reporting requirements.
As a global enterprise, business travel for employees is sometimes necessary. All
business travels is measured at the site level and categorized into different types
of transport, such as car, train, and flight. However, Scanfil is actively working to
minimize the amount of travel by consistently encouraging employees to select the
more sustainable and virtual alternatives like digital meeting conference tools and
virtual tours. To mitigate GHG emissions associated with employee commuting,
Scanfil has introduced dedicated bus transportation at several of its manufacturing
sites. In parallel, the company has revised its vehicle policy to prioritize low-emission
options, including hybrid and electric vehicles. All Scanfil sites conduct systematic
assessments of employee commuting patterns, providing a data-driven foundation
for identifying emission reduction opportunities. These insights enable the company
to develop and promote attractive, environmentally responsible mobility alternatives
for employees, supporting both individual choice and Scanfil’s long-term sustainability
objectives.
Scanfil’s short-term targets for scope 1, 2, and 3 GHG emissions have been validated
by the Science Based Targets initiative (SBTi). Following the acquisition of SRXGlobal
in 2024, the company had initially planned to recalculate its baseline and targets and
seek revalidation in 2025. However, considering additional acquisitions completed
during 2025, Scanfil has decided to defer this process to 2026 to ensure that the
updated targets accurately reflect the company’s expanded operations.
Scanfil has strengthened its climate ambitions by committing to ensure that 70%
of total energy consumption is renewable by 2030, an increase from the previous
target of 50% set in 2020. As of 2025, the share of renewable energy has already
increased to 60%, compared to a baseline of 26% in 2020.
For electricity, Scanfil has set a target of reaching 100% renewable sources by
2030, if renewable energy is available. By 2025, renewable electricity accounted
for 75% of total electricity consumption, which corresponds to an increase of
52% compared to the baseline. Significant progress has already been made, with
factories in China, Estonia, Poland, Sweden, Finland and Germany running entirely
on renewable electricity.
Scanfil continues to actively negotiate renewable electricity contracts across its
operations, and the company will expand these efforts to additional locations in the
coming years. By combining long-term commitments with concrete implementation
at the site level, Scanfil is building a path towards a fully renewable energy portfolio
and strengthening its contribution to global efforts to reduce GHG emissions.
49
2.2.2 Policies related to climate
change mitigation and adaptations
Scanfil’s commitment to climate change mitigation and adaptation is underpinned
by three principal policies: (1) the Environmental Policy, (2) the intrernal Code of
Conduct, and (3) the Supplier Code of Conduct. Together, these policies provide a
comprehensive framework that governs all aspects of the company’s operations and
upstream activities. They are uniformly applied across all geographical markets in
which Scanfil operates. The policies are designed to ensure systematic management
of identified climate-related risks and opportunities, with a particular focus on
reducing the company’s overall environmental footprint and supporting long-term
sustainable value creation.
Environmental Policy
Scanfil’s Environmental Policy establishes a formal governance framework for
managing environmental responsibilities across the organization. It sets out the
company’s commitment to responsible resource use, process efficiency, and
the continuous improvement of environmental performance, in alignment with
international standards and stakeholder expectations. The Policy is implemented
under the certified requirements of ISO 9001 (Quality Management) and ISO 14001
(Environmental Management), ensuring regulatory compliance and consistency
across all operations.
In support of global climate objectives, the Policy expresses Scanfil’s long-term
ambition to mitigate climate change by transitioning toward renewable energy
consumption. While the Policy does not prescribe detailed implementation measures,
it defines clear priorities, including the procurement of renewable energy for
production facilities and the development of in-house renewable energy generation
capacity. These initiatives reinforce the company’s resilience to climate-related risks
and position Scanfil to meet both current and emerging regulatory requirements.
Accountability for the execution, monitoring, and continuous improvement of the
Environmental Policy resides with the Global Sustainability Director. Progress is
systematically reviewed and reported to senior management and relevant governance
bodies, ensuring transparency, compliance with international frameworks, and
alignment with Scanfil’s broader sustainability and climate strategy.
Internal Code of Conduct
Scanfil’s Internal Code of Conduct (CoC) establishes binding principles for
responsible business conduct, including a clear commitment to environmental
stewardship. It requires continuous improvement by integrating environmental
considerations into decision-making, acknowledging the impacts of production
activities on the environment, and proactively working to minimize environmental
risks. It further reflects the company’s responsiveness to customer expectations
and regulatory requirements. To ensure effective implementation, all employees are
provided with regular training on the CoC. The completion of the training is mandatory
for new employees as part of the onboarding process, reinforcing awareness of
Scanfil’s environmental commitments from the start. Employees are expected to
integrate these principles into their daily work, which ensures that environmental
responsibility is embedded throughout the organization. The environmental provisions
of the CoC are aligned with Scanfil’s broader climate and sustainability ambitions,
including the reduction of greenhouse gas emissions, the transition to renewable
energy consumption and production, and enhanced waste management practices.
Accountability for the implementation, monitoring, and follow-up of the Internal CoC
rests with the Global Sustainability Director. This role ensures that compliance with
the CoC is maintained, that progress is reported to relevant governance bodies,
and that the CoC continues to evolve in line with emerging standards, stakeholder
expectations, and regulatory developments.
Supplier Code of Conduct
A significant challenge for Scanfil relates to GHG emissions arising from purchased
goods and services, categorized under Scope 3.1. To address this, the Supplier
Code of Conduct establishes a governance framework designed to align supplier
practices with Scanfil’s overarching climate change mitigation and adaptation
objectives. Through the Supplier Code of Conduct (CoC), Scanfil requires suppliers
to track and document their energy consumption and GHG emissions, either at the
facility or corporate level. Suppliers are further expected to actively pursue cost-
effective methods to improve energy efficiency and reduce their emissions. These
requirements ensure that supplier performance is not only transparent but also
aligned with prevailing regulations and industry standards.
To strengthen its upstream climate strategy, Scanfil is undertaking several initiatives,
including monitoring GHG emissions at both material and product levels. This
enables the company to evaluate supplier performance and integrate environmental
considerations into procurement processes.
Accountability for the implementation, oversight, and follow-up of the Supplier CoC
rests with the Global Sustainability Director. This role ensures that supplier compliance
is systematically monitored, reported to relevant governance bodies, and adapted
in response to evolving regulatory requirements and stakeholder expectations.
Information concerning suppliers’ environmental practices and performance is to
be disclosed in accordance with applicable regulations and established industry
practices. This disclosure process reinforces transparency and accountability
across the supply chain and supports Scanfil’s long-term sustainability objectives.
The table below presents the company’s policies concerning these topics.
50
POLICY DESCRIPTION OF POLICY SCOPE OF POLICY
Environmental
Policy
Scanfil’s Environmental Policy aims to position the company as a reliable partner
through exceptional performance, integrating environmental considerations
into all business strategies. It commits to compliance with all relevant laws
and standards, actively working to minimize the environmental impact, reduce
greenhouse gas emissions, and pursue the implementation of renewable energy
sources. According to the environmental policy, Scanfil will continuously work to
prevent environmental impact by reducing air and water pollution, conserving
natural resources, and continuously enhancing practices to meet stakeholder
expectations.
• Environmental integration in strategy
• Regulatory compliance
• Impact prevention and reduction
• Resource conservation
• Stakeholder engagement and continuous improvement
Code of
Conduct
The environmental section of Scanfil’s Code of Conduct emphasizes continuous
improvement and accountability in minimizing environmental impact. It outlines
the key principles, such as compliance with environmental legislation, efficient
use of natural resources, and reduction of GHG emissions. Scanfil commits to
transparency in environmental reporting, providing regular updates to authorities.
Employee training is also prioritized to foster a culture of environmental
responsibility, while ongoing technological and procedural advancements
support resource efficiency and sustainable practices throughout Scanfil’s own
operations.
The environmental scope in Scanfil’s Code of Conduct emphasizes a
commitment to continuous improvement in environmental stewardship. Scanfil
recognizes the impact of its production on the environment and is dedicated
to minimizing environmental hazards through various initiatives. These include
reducing GHG emissions, minimizing fossil fuel consumption, managing water
usage, and reducing waste. Compliance with local environmental laws and
efficient use of global natural resources are prioritized. Scanfil also aims to
reduce industrial emissions and enhance recycling efforts, regularly informing
authorities of environmental impact and providing training to ensure employee
commitment to these sustainable practices.
Supplier Code
of Conduct
The environmental section of Scanfil’s Supplier Code of Conduct emphasizes the
importance of sustainable practices and pollution prevention. Key points include:
• Resource responsibility: Suppliers are expected to use resources responsibly
and work toward minimizing their environmental impact.
• Energy efficiency: According to the Supplier Code of Conduct, energy
consumption and greenhouse gas emissions are to be tracked and documented,
at the facility and/or corporate level.
• Transparency: Suppliers should disclose their environmental practices and
performance according to the applicable regulations and industry standards, as
well as their GHG emissions.
Overall, Scanfil expects its suppliers to commit to environmentally responsible
operations that align with the principles of the UN Global Compact initiative.
The environmental scope of the Scanfil Supplier Code of Conduct emphasizes
pollution prevention, resource reduction, and responsible handling of hazardous
substances. Suppliers are expected to actively minimize environmental impact
by reducing emissions, waste, and energy consumption. They must ensure the
safe management of hazardous materials and disclose energy and emissions
data in alignment with industry standards.
Suppliers are encouraged to improve energy efficiency and reduce greenhouse
gas emissions while maintaining transparency about their environmental
practices. This aligns with Scanfil’s commitment to sustainability and
environmental responsibility throughout its supply chain.
51
2.2.3 Actions and resources in
relation to climate change policies
Greenhouse gas emissions and energy
in the company’s operations
Scanfil is developing a comprehensive, company-wide plan to mitigate climate
change across its operational footprint. The plan is structured to ensure compliance
with international standards and to support the company’s long-term climate targets.
Key measures include targeted investments to phase out fossil fuels and transition
to renewable fuels and renewable electricity across all production facilities.
Each production unit is required to establish a long-term strategy to achieve
renewable operations. These strategies address specifically electricity consumption
and fuels used for heating, with the goal of replacing fossil-based energy sources
with renewable or renewable alternatives. As part of this transition, Scanfil continues
to increase the share of purchased energy from renewable sources, thereby reducing
dependency on fossil energy.
In addition to energy-related measures, continuous improvements in resource
efficiency form an integral part of Scanfil’s climate action plan. The company invests
in enhancing the efficiency of both energy and water use, recognizing that reduced
water consumption contributes indirectly to GHG reduction by lowering the energy
required for processing, distribution, and wastewater treatment.
To ensure systematic progress, Scanfil allocates 2–3% of annual revenue to long-term
investments in factory development. Each facility operates under an investment plan
that outlines site-specific projects and priorities. During the reporting year, renewable
electricity has been implemented in several factories, both fully and partially.
Currently, climate-related investments are measured and reported at an aggregate
level. Specific investments are not reported at the facility level. This reporting
methodology will continue to evolve in line with best practices for disclosure and
stakeholder expectations.
Greenhouse gas emissions in the value chain
In 2025, Scanfil continued its structured and long-term program to reduce GHG
emissions across the value chain. Scanfil actively encourages suppliers to establish
emission reduction targets as part of its broader climate change mitigation efforts.
To strengthen supplier engagement, the company requires all key and preferred
suppliers to complete an Ecovadis assessment, in alignment with the Supplier Code
of Conduct. Compliance and progress are systematically monitored through supplier
assessments and audits. By the end of 2025, Ecovadis coverage among key and
preferred suppliers exceeded 76%, marking a significant step towards enhanced
transparency and accountability across the supply chain.
Climate change adaptation
In 2025 Scanfil conducted an extensive climate scenario analysis. Based on the
results, Scanfil identified that changes in weather patterns may give rise to material
physical risks in the future, further highlighting the importance of continued efforts
to address potential risks in the operations. The findings of the analysis are planned
to be used to inform the development of site-level transition plan actions and to
support the identification of significant areas for improvement. Further details on the
climate scenario analysis are presented in section 1.11 Description of the process to
identify and assess climate-related impacts, risks and opportunities.
Developing a net zero strategy and targets
Scanfil’s short-term program for 2030 started in September 2023 and is based
on a baseline of 2020 for scope 1 and 2 and 2022 for scope 3. Scope 1 and 2 are
stable and linked to Scanfil’s factories and offices. The largest scope 3 category
is category 3.1, purchased goods and services, which is largely influenced by the
purchase volume. For 2025, scope 3 is reported based on static targets, but the plan
is to revalidate both the baseline and the strategy for scope 3 in 2026 and change
the targets to be based on intensity. This will provide a better understanding of the
results of Scanfil’s activities.
Scanfil is committed to a net zero target for 2050 and the validation of this is
planned for the first half of 2026. The validation will be carried out by Science
Based Targets initiative.
Developing the process for sustainability reporting
Since January 2024, Scanfil has utilized the Position Green reporting tool to collect
sustainability-related data directly from all facilities and offices.
Reporting intervals are determined by data availability. As a general principle,
quantitative data is reported as frequently as possible, typically on a quarterly or
semi-annual basis, while qualitative data is submitted at longer intervals.
All operational units report directly into the system. In 2025, ADCO Circuits has
contributed data for the periods during which they have been part of Scanfil.
Outcome of climate change mitigation actions
For scope 1 and 2 GHG emissions, Scanfil has achieved 69% reduction by 2025.
These are part of the long-term actions, and the reduction is expected to continue
over time. Scanfil has reported to reduce scope 1 and 2 GHG emissions according
to SBTi methodology by 59,6% by 2030, however as Scanfil has already exceeded
this target, an update of the target will be performed in 2026 in conjunction with
the revalidation of SBTi targets. For scope 3 GHG emissions, Scanfil has achieved
a reduction of 32% by 2025. For the target year 2030, the scope 3 GHG emissions
must have been reduced by 25%, including organic growth and growth by acquisition.
52
ACTION SCOPE OF ACTION
Mitigate climate change in its operations
Scanfil is committed to reducing its absolute greenhouse gas (GHG) emissions significantly by 2030, with specific targets
set for scope 1, 2, and 3 emissions:
• Scope 1 and 2 emissions: Scanfil aims for a 59,6% reduction from 2020 levels by 2030.
• Scope 3 emissions: Scanfil targets a 25% reduction in scope 3 emissions from the baseline year of 2022,
which includes emissions from purchased goods and services, capital goods, fuel-related activities,
and more.
• Sustainable travel: While business travel is necessary for operations, Scanfil is working to minimize it by
promoting virtual meetings and encouraging employees to choose travel options with lower emissions.
Travel emissions are tracked and categorized.
• Sustainable travel: While business travel is necessary for operations, Scanfil is working to minimize it by
promoting virtual meetings and encouraging employees to choose travel options with lower emissions.
Travel emissions are tracked and categorized
• Commuting solutions: To reduce emissions from employee commuting, Scanfil provides bus
transportation and has adopted a vehicle policy favoring low-emission vehicles. Commuting patterns are
assessed to identify opportunities for more sustainable transport options
• Energy consumption: Scanfil uses energy for heating, cooling, lighting, and production, consuming a
significant amount of electricity and total energy. Scanfil is actively negotiating for renewable electricity
supply, and the factories in China, Estonia, Poland, Sweden, Finland, and Germany are already using such
energy sources.
Mitigate climate change in the value chain
Purchased goods and services represent the largest portion of Scanfil’s GHG emissions. Scanfil has updated its business
system to incorporate GHG emissions data per component, enabling better measurement and comparison of the carbon
footprint associated with different suppliers.
Planned CapEx and OpEx Investments
Scanfil’s planned investments continue to focus on renewable energy and energy
storage. In addition, during 2025 Scanfil has formally initiated the work to introduce
a CapEx plan aimed at supporting the expansion of Taxonomy-aligned economic
activities. The goal is for this plan to be completed during 2026. The introduction of
a CapEx plan will involve defining the scope and governance structure, identifying
taxonomy-eligible activities and planned investments, and establishing processes
for data collection, allocation, and alignment with technical screening criteria. This
initiative represents an important step toward integrating EU Taxonomy requirements
into Scanfil’s investment planning and reporting.
53
2.2.4 Targets related to climate
change mitigation and adaptation
Scanfil’s reporting of scope 1, 2, and 3 emissions covers all factories, warehouses,
and offices.
For total GHG emissions, Scanfil uses the market-based method to track progress
towards its targets for scope 1, 2 and 3.
In 2025, Scanfil has performed a climate scenario analysis to detect relevant
environmental, societal, technology, market, and policy developments to determine
its decarbonization levers.
The consistency of GHG emission reduction targets with the GHG inventory
boundaries has been ensured by aligning the scope and boundaries of the targets
with those defined in the inventory methodology. In addition, Scanfil performed a
comprehensive review of scope 3 GHG emissions in 2023-2024. As of 2024, all
factories and offices report in an environmental reporting system, Position Green,
which ensures continuity, adaptation, and enhanced data quality. This also applies
to scope 1 and 2 GHG emissions.
Scanfil has validated short-term targets for 2030 via SBTi. Targets approved by the
SBTi are scientifically based because they are built on the latest climate research
and are designed to align with the goals of the Paris Agreement.
In 2025 Scanfil recalculated the baseline and targets for its scope 1, 2 and 3
emissions. These recalculated baselines and targets have not yet been validated
by the SBTi. Accordingly, this recalculation should be considered the official reporting
of GHG emissions until Scanfil seeks revalidation of its scope 1, 2 and 3 short-term
targets in 2026.
For the recalculation of targets, SBTi’s target-setting Excel tool was applied. The
baselines for scope 1,2 and 3 were updated accordingly, and the new targets for GHG
emissions 2030 were calculated by adjusting the decarbonization curve to correct
for the SRXGlobal acquisition using the Fixed Level of Ambition (FLA) approach.
For Scanfil’s recalculated short-term targets, the expected outcome for 2030, and
the progress until 2025 are presented below:
Scope 1 and 2 GHG emissions:
•
Target: Reduce absolute GHG emissions by 59,6% by 2030 with 2020 as the
baseline year, equating to a 6% yearly reduction.
• Progress: In 2025, the GHG emissions in scope 1 and 2 have been reduced
by 69% (from 19,712 tCO2e to 6 193 tCO2e).
Scope 3 GHG emissions (category 1-7):
• Target: Reduce the absolute GHG emissions by 25% by 2030 with 2022 as
the baseline year, equating to a 3.13% yearly reduction.
•
Progress: In 2025, the GHG emissions have been reduced by 32% (from
680,437 tCO2e to 465,132 tCO2e).
Scanfil’s renewable energy sourcing target and progress are presented below:
• Target: Achieve 100% renewable electricity sourcing by 2030 with 2020 as
the baseline year equating to a 8,0% yearly increase.
•
Progress: The sourcing of renewable electricity has been increased from
23% to 75%.
• Target: Achieve 70% renewable energy sourcing by 2030 with 2020 as the
baseline year, equating to a 4,4% yearly increase.
• Progress: The sourcing of renewable energy has been increased from 26%
to 60%.
54
SCOPE BASELINE YEAR BASELINE TARGET
Scope 1 GHG emissions
Move to district heating, biofuel heating, geothermal heating, energy reduction of air conditioning, electric cars 2020 1,572 912
Scope 2 GHG emissions
Energy reduction activities, green electricity, solar cells 2020 18,141 7,0 46
Significant scope 3 GHG emissions
1. Purchased goods and services
Supplier engagement to improve data quality and reduce emissions 2022 639,030 479,273
2. Capital goods
Supplier engagement to improve data quality and reduce emissions 2022 20,135 15,101
3. Fuel and energy-related activities (not included in scope 1 or scope 2)
Fuel and energy supplier base management 2022 4,994 3,746
4. Upstream transportation and distribution
Transport and distribution supplier base management 2022 13,073 9,804
5. Waste generated in operations
No planned actions 2022 60 45
6. Business traveling
Virtual meetings, usage of new technology, encourage to use sustainable transportation option 2022 265 199
7. Employee commuting
Offer environmentally friendly alternatives for employee commuting such as carpooling, bus transport, and company bicycles 2022 2,879 2,159
55
2.2.5 Energy consumption and mix
Scanfil monitors final energy consumption across all production facilities. Final energy
consumption is defined as the total amount of fuel, electricity, and heat consumed,
without adjustments for efficiency factors of the respective energy sources. The
calculation is based on the aggregated use of fuels within factories, warehouses,
and offices, combined with the volumes of purchased electricity and heat.
Energy consumption and combination of energy sources
The table presents Scanfil’s energy consumption and mix including fossil, nuclear
and renewable sources.
In 2024, Scanfil invested in solar panel installations at its production facility in
Suzhou, China. The system provides the facility with self-produced renewable energy,
reducing dependence on external energy sources. In 2025, the facility produced a
total of 1,781 MWh of renewable electricity.
Scanfil does not produce any non-renewable energy within its operations.
Scanfil purchases certificates of renewable electricity. Suppliers are trusted by Scanfil,
as recognized suppliers from the respective areas where Scanfil has business.
ENERGY CONSUMPTION AND MIX
1. Fuel consumption from coal and coal products (MWh)
0 0
2. Fuel consumption from crude oil and petroleum products (MWh)
4,685 4,976
3. Fuel consumption from natural gas (MWh)
1,778 1,779
4. Fuel consumption from other fossil sources (MWh)
1 0.39
5. Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)
7,74 8 12,834
6. Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)
14,212 19,589
Share of fossil sources in total energy consumption (%) 34% 50%
7. Consumption from nuclear sources (MWh) 2,471 2,291
Share of consumption from nuclear sources in total energy consumption (%) 6% 6%
8. Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.) (MWh)
29 184
9. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 23,310 16,922
10. The consumption of self-generated non-fuel renewable energy (MWh) 1,753 324
11. Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 25,092 1 7,43 1
Share of renewable sources in total energy consumption (%) 60% 44%
12. Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 41,775 39,311
56
2.2.6 Gross scope 1, 2, 3 and
total GHG emissions
Gross scope 1, 2, 3 and total GHG emissions
In 2024, Scanfil started using the sustainability reporting system Position Green to
report the company’s scope 1, 2 and 3 GHG emisisons. The transition to Position
Green ensures data quality, both in terms of activity data and environmental data.
Scanfil’s GHG emissions reporting is prepared in accordance with the GHG Protocol
Corporate Standard, the GHG Protocol Scope 2 Guidance and the GHG Protocol
Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
The organizational boundaries have been defined using the consolidation method for
operational control. Scope 1 includes direct greenhouse gas emissions from sources
owned or controlled by Scanfil. These emissions have been calculated based on
fuel consumption at production units, with all facilities reporting activity data via the
Position Green system. The calculations are based on supplier-specific emission
factors where available, or alternatively on nationally recognized emission factors.
Scope 2 includes indirect GHG emissions from the production of purchased electricity
and heat consumed by Scanfil. Two different methods are used for scope 2 GHG
emissions. The market-based method uses supplier-specific emission factors,
supplemented with national residual mix emission factors for untracked purchased
electricity. In the location-based method, country-specific average emission factors
for electricity are used. The residual mix factors and country-specific factors have
been obtained from the AIB (Association of Issuing Bodies) report on emission
factors. Currently, Scanfil purchases certificates on renewable electricity. The
suppliers are trusted by Scanfil, as recognized suppliers from the respective areas
where Scanfil has business.
All factories have contractual instruments; however, the contractual instruments do
not cover 100% of the purchased energy. Therefore, the contractual instruments
equal a total of 51% (56% in 2024). Out of these contractual instruments used for
ENERGY INTENSITY PER NET REVENUE
Total energy consumption from activities in high climate
impact sectors per net revenue from activities in high
climate impact sectors (MWh/MEUR)
52.4 50.4
Energy intensity based on net revenue
Net revenue from activities in high climate
impact sectors used to calculate energy
intensity (MEUR)
797 780
Other net revenue (MEUR) 0 0
Total net revenue (MEUR)
797 780
the sale and purchase of energy, 100% are bundled with attributes, meaning 0% are
unbundled energy attribute claims. The types of bundled contractual instruments used
are Guarantees of origin (GoO), Renewable electricity Certificates and Certificates
of own electricity production (Suzhou).
For scope 3 categories, the materiality was determined with respect to Scanfil Group’s
business areas. The GHG emission calculations used spend-based and activity-
based methods. For the category scope 3.11, the calculations are limited to the usage
of small and large PCBAs, and the GHG emissions only cover direct emissions. In
addition, the GHG emissions from Scanfil’s offices are based on approximations.
Scope 3.8 to 3.10 and scope 3.12 to 3.15 were excluded from the calculations, as
they were deemed non-material with neglected impact on the GHG emissions.
In addition, Scanfil does not have significant leased assets under scope 3 that
are not already accounted for in scope 1 and scope 2, nor does Scanfil engage in
franchising. The operational data used in the calculation is obtained from Scanfil’s
internal systems. In the absence of accurate data, assumptions have been used.
The emission factors used are mainly from global databases, including Ecoinvent
3.9.1, EXIOBASE 3, DEFRA’s GHG conversion factors (2024), and IEA’s Life Cycle
Upstream Emission Factors (2024).
Scanfil is not part of any regulated emission trading schemes. Scanfil does not have
emissions from investees nor joint arrangements not structured through an entity.
In 2025, the distribution of Scanfil’s primary and secondary emission data is 1%
primary and 99% secondary. This distribution is calculated based on total emission
volumes, reflecting that Scanfil’s largest emission sources are based on secondary
data. This is a refinement from 2024, when the split was reported as an average
of data sources across categories regardless of their size (60% primary data and
40% secondary data). Additionally, Scope 3 Category 11 emissions have been
classified as 100% secondary data to better reflect the nature of the source data.
In cases where it is unknown whether the data type is primary or secondary data, it
is assumed that data type is secondary data.
All activities within Scanfil are considered to belong to sectors with high climate
impact. Scanfil’s activities as a manufacturing service provider belong to category
C Manufacturing of electronic components in Regulation (EC) No 1893/2006 of the
European Parliament and of the Council.
Connectivity of energy intensity on net revenue
with financial reporting information
The table below outlines Scanfil’s net revenue in 2025 used to determine the energy
intensity. See the financial report for the reconciliation of net revenue in Notes to
the financial statements 1.1.
57
SCOPE CATEGORY SCOPE MOTIVATION TO EXCLUSION PRIMARY DATA %
SECONDARY
DATA %
1. Purchased goods and services x - 0 100
2. Capital goods x - 0 100
3. Fuel and energy-related activities(not included in scope 1 or scope 2) x 48 52
4. Upstream transportation and distribution x - 40 60
5. Waste generated in operations x - 73 27
6. Business travel x - 56 44
7. Employee commuting x - 51 49
8. Upstream leased assets -
All upstream leased assets are reported
in scope 1 and 2
- -
9. Downstream transportation - Neglected impact on GHG emissions - -
10. Processing of sold products - Neglected impact on GHG emissions - -
11. Use of sold products x - 0 100
12. End-of-life treatment of sold products - Neglected impact on GHG emissions - -
13. Downstream leased assets -
Scanfil does not have any downstream
leased assets
- -
14. Franchises -
Scanfil does not have any franchise
activities
- -
15. Investments -
Scanfil does not have any investment
activities outside its core business
- -
For scope 1 and scope 2, Scanfil emits 10 tons (58 tons) and 765 tons (814 tons)
of biogenic CO2 emissions. Furthermore, Scanfil is required to disclose biogenic
emissions from the combustion or biodegradation of biomass separately from the
scope 2 and 3 GHG emissions. Currently, Scanfil uses Position Green to report on
scope 3 GHG emissions. However, there are no fallback emission factors for biogenic
emissions in scope 3. Taking this into account, Scanfil has estimated the biogenic
emissions. The emission factors for biogenic emissions are based on datasets from
Ecoinvent version 3.11. The net biogenic emissions have been approximated as
the difference between the impact category Climate Change: Biogenic Emissions
(incl. CO2) in LCIA IPCC 2021 (incl. biogenic CO2) and the impact category Climate
Change: biogenic (excl. CO2) in LCIA IPCC 2021. The datasets used are considered
as fair representations of the areas and processes concerned.
For the scope 3 biogenic emission calculations, scopes 3.1-3.7 and 3.11 are included,
where the contribution from scope 3.7 has been assumed to be neglected. Taking
this methodology into account, the biogenic emissions for scope 3 were estimated
to 31 846 tons of CO2 (30 891 tons). The results are subject to uncertainty; however,
moving forward Scanfil will improve the data quality and calculation methodology
for more representative results.
The base year for reporting in scope 1 and 2 is 2020, while the base year for scope
3 is 2022. Data reported during Scanfil’s base years represent the GHG emissions
for the different base years, 2020 and 2022, respectively. As a result, the total GHG
emissions for location-based and market-based methods contain summarized
data from both base years.
Scanfil has not set up any targets for 2025 and 2050. Additionally, Scanfil’s target
for scope 3 GHG emissions does not include category 3.11. Consequently, GHG
emissions from scope 3.11 are not included in the annual % target / base year.
58
For the recalculation of targets, SBTi’s target-setting Excel tool was applied. The
baseline for Scope 1,2 and 3 was updated accordingly, and the new targets for GHG
emissions 2030 were calculated by adjusting the decarbonization curve to correct
for the SRXGlobal acquisition using the Fixed Level of Ambition (FLA) approach.
In 2025, Scanfil refined the calculation methodology for Scope 3 categories 1, 2,
and 11. The 2024 reported emissions for these categories have not been restated
to reflect this change. For the calculation of emissions in Scope 3 categories 1
and 2, purchase values were restated to constant 2019 currency values to ensure
consistency with the emission factors used.
This adjustment was not applied in 2024 and therefore Scope 3 categories 1 and 2 are
not fully comparable between the reporting periods. In addition, Scope 3 category 11
figures are not directly comparable with 2024 due to the exclusion of a high-volume
disposable product with a very short use phase in the 2025 reporting period. In the
2024 report, this product was included and resulted in a disproportionately high
reported emissions impact.
Scanfil’s short-term targets for scope 1, 2 and 3 GHG emissions have been validated
by the Science Based Targets initiative (SBTi). Following the acquisition of SRXGlobal
in 2024, the company had initially planned to recalculate its baseline and targets and
seek revalidation in 2025. However, considering additional acquisitions completed
during 2025, Scanfil has decided to defer the revalidation to 2026 to ensure that
the revalidated targets accurately reflect the company’s expanded operations.
For the 2025 sustainability reporting, Scanfil has recalculated the baseline and
targets for its scope 1, 2 and 3 emissions with SRXGlobal included. These recalculated
baselines and targets have not yet been validated by the SBTi. Therefore, this
recalculation should be considered the official reporting of GHG emissions until
Scanfil seeks revalidation of its scope 1, 2 and 3 short-term targets in 2026.
For Scanfil’s recalculation of the baseline and targets, the same calculation
methodology as previously applied has been used. All activity data underlying
scope 1 and 2 GHG emissions were based on primary data, except for natural gas
combustion within scope 1, which has been estimated using historical data.
Category scope 3.1-3.3 GHG emissions were based on primary data except for GHG
emissions associated with the production and transportation of natural gas in scope
3.3. For the remaining Scope 3 categories, conversion factors have been developed.
These factors express GHG emissions as a function of revenue and have been used
to approximate emissions within each respective category.
59
RETROSPECTIVE MILESTONES AND TARGET YEARS
SCOPE GHG EMISSIONS BASE YEAR % N / N
ANNUAL % TARGET
/ BASE YEAR
Gross scope 1 GHG emissions (tCO2eq)
1,572 1,706 1,615 -5% - 912 - 4.2
Percentage of scope 1 GHG emissions from regulated emission trading schemes (%)
- - - - - - -
SCOPE GHG EMISSIONS
Gross location-based scope 2 GHG emissions (tCO2eq)
15,136 15,112 14,553 -4% - - - -
Gross market-based scope 2 GHG emissions (tCO2eq)
18,141 7,069 , -35% - 7,046 - 6.12
SIGNIFICANT SCOPE GHG EMISSIONS
Total Gross indirect (scope 3) GHG emissions (tCOeq)
1,046,976 737,128 682,749 -7% - 510,328 - 3.13
1. Purchased goods and services
639,030 452,389 434,698 -4% - 479,273 - 3.13
2. Capital goods
20,135 11,697 12,240 5% - 15,101 - 3.13
3. Fuel and energy-related activities (not included in scope 1 or scope 2)
4,994 4,504 4,432 -2% - 3,746 - 3.13
4. Upstream transportation and distribution
13,073 9,706 9,825 1% - 9,804 - 3.13
5. Waste generated in operations
60 134 151 13% - 45 - 3.13
6. Business traveling
265 386 485 26% - 199 - 3.13
7. Employee commuting
2,879 3,503 3,301 -6% - 2,159 - 3.13
8. Upstream leased assets
- - - - - - -
9. Downstream transportation
- - - - - - -
10. Processing of sold products
- - - - - - -
11. Use of sold products*
366,540 254,809 217,617 -15% - - -
12. End-of-life treatment of sold products
- - - - - -
13. Downstream leased assets
- - - - - - - -
14. Franchises
- - - - - - - -
15. Investments
- - - - - - - -
TOTAL GHG EMISSIONS
Total GHG emissions (location-based) (tCO2eq)
1,063,685 753,946 698,917 -7% - - - -
Total GHG emissions (market-based) (tCO2eq)
1,066,690 745,903 688,941 -8% - 518,286 - 3,25%
All rows marked with “ – “ indicate that there is no data to be reported.
* The total GHG emissions (location-based) and (market-based) sums up two different base years: 2020 for scope 1 and 2, and 2022 for scope 3
* Note that 11. Use of sold products is not included in the annual % target / base year.
60
GHG intensity based on net revenue
Scanfil’s GHG intensity is 877 tCO2eq/MEUR (967 tCO2eq/MEUR in 2024) using
the location-based method and 864 tCO2eq/MEUR (956 tCO2eq/MEUR) using the
market-based method. The GHG emissions for both the location-based and market-
based methods are the same as those reported in the table above.
GHG INTENSITY PER NET REVENUE
Total GHG emissions (location-based) per net revenue
(tCO2eq/MEUR)
877 967
Total GHG emissions (market-based per net revenue
(tCO2eq/MEUR)
864
956
Net revenue used to calculate GHG intensity (MEUR) 797 780
Other net revenue (MEUR) 0 0
Total net revenue (MEUR) 797 780
Connectivity of GHG intensity on net revenue
with financial reporting information
The table below outlines Scanfil’s net revenue in 2024 which was used to determine
the intensity of GHG emissions. See the financial report for the reconciliation of net
revenue in Notes to the financial statements 1.1.
61
2.3 Resource use and the
circular economy
2.3.1 Policies related to resource
use and the circular economy
Scanfil’s Environmental Policy and the global Code of Conduct emphasize a
commitment to continuously improve the environmental performance. The company
has set objectives to prevent negative environmental impacts, reduce greenhouse
gas emissions, pursue fossil-free energy consumption, and limit both air pollution
and consumption of natural resources.
Operationally, Scanfil focuses on the efficient and economical use of global natural
resources through streamlined manufacturing processes. Efforts are also directed
toward improving recycling practices for industrial waste, reusing packaging materials
where possible, and minimizing overall waste generation. Responsibility for the
implementation and oversight of the Environmental Policy within the organization
rests with the Director of Global Sustainability.
All Scanfil factories, except for the recently acquired unit in 2025, are ISO 14001
certified, demonstrating the Group’s commitment to a systematic environmental
management. The certification reflects continuous efforts to prevent environmental
impact, reduce greenhouse gas emissions and optimize the use of natural resources.
All factories need to carry out independent and high-quality internal audits.
Scanfil’s Supplier Code of Conduct states that suppliers must comply with all the
applicable laws and regulations. Resources must be used responsibly and carefully.
Work must be carried out to reduce possible environmental impacts in connection
with business activities and operational practices must reflect this.
2.3.2 Actions and resources related to
resource use and the circular economy
As a contractual manufacturer, Scanfil has a limited influence on the design and
intended use of the end-products since the use of sold goods and end-of-life
treatment is outside the company’s scope. Therefore, the focus is on efficient use
of resources as well as reducing waste and increasing recycling.
2.3.3 Targets related to resource
use and the circular economy
In 2025 Scanfil does not track or report on measurable targets in relation to generated
waste. In previous reporting periods, Scanfil reported on voluntarily targets related
to waste generation however, due to changes in the company structure following
the acquisition of new sites in both 2024 and 2025, these targets have not been
updated to reflect the changes. No new targets have been set in 2025 either. Scanfil
is committed to continually improve its environmental performance by further
reducing resource use in its own operations. Future strategies include maintaining
and potentially expanding new voluntary targets and deepening collaboration with
customers to align with the company’s shared sustainability goals.
Scanfil tracks the effectiveness of its policies and actions concerning resource use
and the circular economy via the global monitoring function and internal audits, see
2.4.1 Policies related to resource use and the circular economy.
POLICY DESCRIPTION OF POLICY SCOPE OF POLICY
Environmental
Policy
The part of Scanfil’s Environmental Policy relating to resource use and the circular
economy emphasizes a commitment to sustainability in its operations. It highlights
Scanfil’s intent to incorporate environmental considerations into all business
strategies and initiatives. This includes:
• Compliance and responsibility: Scanfil pledges to adhere to relevant laws,
regulations, and other requirements concerning environmental aspects,
ensuring responsible resource use.
• Impact prevention: Scanfil actively seeks to prevent environmental impact
through continuous improvement, which suggests a focus on minimizing
resource consumption and waste generation.
• Emission reduction: There is a clear goal to reduce greenhouse gas
emissions, indicating an effort to transition towards more sustainable
energy sources and practices.
• Resource conservation: The policy mentions a commitment to reducing
pollution as well as minimizing the consumption of natural resources,
which aligns with circular economy principles by aiming for more efficient
and sustainable resource use.
• Stakeholder engagement: By meeting stakeholder requirements and
continuously improving operations, Scanfil aims to enhance its resource
management practices and contribute to a circular economy where
resources are reused, recycled, and maintained within the production
cycle.
The scope of Scanfil’s Environmental Policy regarding resource use and the circular
economy emphasizes a commitment to sustainable practices that minimizes
environmental impacts while optimizing resource efficiency. Key elements include:
• Integration of environmental considerations: Scanfil incorporates
environmental issues into all business strategies and initiatives. This
holistic approach ensures that resource use is aligned with sustainability
goals and contributes to a circular economy.
• Compliance and commitment: Scanfil adheres to laws, regulations, and
other environmental requirements, which guides its practices in resource
management and waste reduction. This compliance underscores their
dedication to responsible resource use.
• Impact prevention and reduction: Scanfil is committed to continuously
working on preventing negative environmental impacts, specifically aiming
to reduce greenhouse gas emissions and transitioning towards fossil-
free energy consumption. This commitment contributes to a reduction in
resource depletion and aligns with circular economy principles.
• Pollution reduction: The policy highlights efforts to minimize air pollution,
which indirectly supports more efficient resource use by promoting
cleaner production processes and reducing waste.
• Natural resource conservation: By striving to reduce the consumption
of natural resources, Scanfil actively participates in circular economy
principles, focusing on reusing and recycling materials to extend their
lifecycle.
• Stakeholder engagement: The policy emphasizes meeting stakeholder
requirements through continuous improvement in working practices,
fostering collaboration that supports sustainable resource use and circular
economy initiatives.
62
Scanfil sources most of the purchased goods and services in the form of materials
and components that are used in the manufacturing of customer-designed
products and sub-assemblies. These include system integration, printed circuit
board assembly (PCBA), and box builds. The company’s production is based on
customer specifications, but customers also request Scanfil to align with their set
sustainability goals, particularly regarding transparency in lifecycle emissions and
carbon reduction targets.
2.3.4 Resource outflows
Products manufactured by Scanfil are designed and introduced to the market
by customers, limiting the company’s influence over product specifications. For
resource outflows, Scanfil’s sustainability efforts therefore concentrate on sustainable
procurement, efficient production processes, optimized equipment utilization, and
the sustainable use of resources.
All purchased materials are utilized in the manufacturing process. Surplus materials
are returned to suppliers where possible, and discarded materials are recorded
under “Total waste generated in the company’s own operations” in the table below.
Waste
The table below discloses waste management and disposal based on data from
Scanfil’s environmental reporting system. The data captures the total volume of
waste generated by Scanfil’s operations during the reporting period and highlights
WASTE GENERATED IN SCANFIL GROUP’S OWN
OPERATIONS AND SENT TO RECOVERY TONS
Non-hazardous waste sent to reuse
17 386
Non-hazardous waste sent to recycling
4,648 4,196
Non-hazardous waste sent to other recovery operations
207 389
Total non-hazardous waste sent to recovery
4,872 4,971
Hazardous waste sent to reuse
0 4
Hazardous waste sent to recycling
15 27
Hazardous waste sent to other recovery operations
51 36
Total hazardous waste sent to recovery
66 66
WASTE GENERATED IN SCANFIL GROUP’S OWN
OPERATIONS AND SENT TO DISPOSAL TONS
Non-hazardous waste sent to incineration
258 162
Non-hazardous waste sent to landfill
118 370
Non-hazardous waste sent to other disposal operations
367 1
Total non-hazardous waste sent to disposal
743 533
Hazardous waste sent to incineration
44 40
Hazardous waste sent to landfill
27 8
Hazardous waste sent to other disposal operations
3 0
Total hazardous waste sent to disposal
74 49
TOTAL WASTE GENERATED IN SCANFIL
GROUP’S OWN OPERATIONS
Total amount of radioactive waste
0 37
Total amount of waste generated
5,755 5,619
Total amount of hazardous waste
140 115
Total amount of non-hazardous waste
5,615 5,504
Total amount of non-recycled waste
817 581
Total amount of recycled waste
4,938 5,037
Percentage of non-recycled waste (%)
14% 10%
Percentage of recycled waste (%)
86% 90%
its efforts to reduce waste, promote recycling, and minimize environmental impacts.
The data is specific and provided by the factories contracted waste collectors and
directly reported into the system. The waste data is presented in categories based
on origin, composition, and waste management methods. This includes both
hazardous and non-hazardous waste as well as the proportion of waste directed
to recovery, recycling, or landfill.
In 2025 the waste treatment at a few sites was changed compared to the previous
reporting period. This re-categorization of waste treatment results in significant
fluctuations in some of the reported waste categories.
The second table on the next page presents the outgoing waste composition and
material from Scanfil’s core manufacturing processes.
Waste composition and waste material are the same for certain flows due to
uncertainties in the data aggregation. The relevance to the sector or activities is
assessed based on the European Waste Catalogue 2000/532/EC.
WASTE COMPOSITION WASTE MATERIAL
RELEVANT TO
SECTOR OR
ACTIVITIES
Batteries Batteries
x
Commercial and industrial waste Commercial and industrial waste
x
Electrical items Fridges and freezers
-
Glass Glass
-
Household residual waste Household residual waste
-
Metal Cans, foils, scrap metal
x
Organic waste Food and drink waste
-
Paper and cardboard Paper and cardboard
-
Plasterboard Plasterboard
-
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3.1.1 Policies related to own workforce
Scanfil’s collaboration principles with the workforce are guided by the applicable
legislation, as well as policies, such as the Code of Conduct, Incidents and Accidents
Handling policy, and the Work Environmental Policy. Additionally, the workforce is
impacted by some of the processes described in Scanfil’s Management System,
such as the Competence Development process, One-to-One (annual appraisal)
process, Succession planning process, Talent development process, Employee
Engagement Monitoring, and others.
Scanfil continuously improves and develops its policies to ensure the coverage for
all material impacts. In 2025 the company performed research among factories’
HR. It confirmed strong alignment between Scanfil policies and the DMA results.
Scanfil’s Code of Conduct defines the ethical standards and the Group’s commitments
within its business principles such as compliance with law and culture; and the ways
it keeps fairness in all business relations, including elaboration on anti-corruption
and anti-competitive practices, handling of confidential information together with
external communications rules. It widely addresses the treatment of people and the
respect for human rights. It includes the commitments to the environment and the
health and safety of its employees and visitors. The Code emphasizes providing a
safe and healthy working place for its employees, which includes ensuring equality,
adequate wages, optimal working time, and good work-life balance. The final section
guides on violations’ reporting channels and remedies for any potential victims. This
policy emphasizes Scanfil’s commitment to support and respect the United Nations
Global Compact principles as well as the International Labour Organization (ILO)
core standards: Freedom of association and the right to collective bargaining, the
elimination of forced labor, the effective abolition of child labor and the elimination
of discrimination in respect of employment and occupation. When joining the UN
Global Compact in 2021, Scanfil chose the empowerment of women as the key
aspect to be supported which was confirmed in the Letter of Commitment to WEP
(Women Empowerment Principles) signed by the CEO of Scanfil. As a result of
this, Scanfil initiated the SWAT Community which continues its regular meetings
networking women to support their professional growth within the organisation.
The Code of Conduct policy is mandatory to follow for the whole Scanfil workforce,
both for own employees and well as non-employees, in all geographical locations.
For the new acquired entities, Code of Conduct introduction is part of the integration
process. For upstream stakeholders, Scanfil applies the Supplier Code of Conduct.
The Code of Conduct demonstrates how Scanfil takes care of the downstream
stakeholders, especially in the aspect of the quality of services performed by Scanfil’s
workforce for the customers as well as the confidentiality of the information related to
their business and products. This policy positively impacts also shareholders as well
as the workforce, their families and local society. The Code of Conduct is available to
the workforce through the company policy library (Scanfil Management System) and
to the external network through Scanfil’s webpages. The policy is monitored in the
Scanfil Management System and the Global Sustainability and Global HR Directors
are responsible for the updates and distribution to Scanfil units as well as external and
internal communication channels (webpage and intranet). The substantive updates
to the policy are consulted internally with factories representatives prior to approval
by the Group Management Team and implemented through e-learning and training.
The CEO is accountable for the Code of Conduct while the implementation and
execution of it is the responsibility of Global Sustainability and Global HR functions.
The Work Environmental Policy defines the company’s vision and mission as well as
the Core Values which shall drive employee behavior. These are widely communicated
through internal and external campaigns, both in social media as well as on Scanfil’s
webpage and at investor events. The CEO is the accountable for the content of this
policy. The policy is monitored in the Scanfil Management System and the Global
HR Director is responsible for the updates and distribution to all Scanfil units.
The Accidents and Incidents Handling policy, defines the approach for the
classification of injuries, near misses and recordable accidents with its reporting
channels. It also specifies the serious accident characteristics and reporting rules.
There are also guidelines for informing on fatalities. The health and safety country
specific rules may differ and thus are stated there as prevailing Scanfil’s internal
rules. This policy covers both Scanfil’s own workforce and any visitors who might
be impacted while staying on Scanfil’s premises. In each of the factories, the local
Managing Director is responsible for safety measures and globally, the accountability
belongs to the CEO. The policy is monitored in the Scanfil Management System and
the Global HR Director is responsible for the updates and distribution to Scanfil
all units.
Working conditions
Scanfil ensures proper working conditions in all its units. The aspects regulated by law
in operating countries are followed and monitored well by the Factory Management
and external audits. To make sure that the working conditions meet employee
expectations, Scanfil also includes this area in the annual Employee Engagement
Survey. Whenever low scores are observed, the responsible unit is obligated to take
improvement actions. The result for working conditions in 2025 was in the green-
zone level (76 out of 100 points) and increased compared to 2024 (75 out 100 points).
Scanfil has defined particular policies and standards referring to the number of
aspects that impact its workforce.
3.1 Own workforce
3. Social information
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Working time and work-life balance
Scanfil offers its workforce flexible work hours whenever possible based on the
nature of the work and monitors overtime hours closely to make sure it follows the
labor law regulations and ensures employee well-being. Hybrid or remote work is
offered where requested and possible.
Employees at Scanfil can freely use all kinds of leaves ensured by local country
legislations, both the ones related to their own personal rest, such as annual leaves
as well as family-related leaves, e.g. parental leaves, sick-child-care leaves, and
others. Using vacation days is monitored by the local HR team, which supports direct
managers in the effective planning of their workforce absences. Scanfil promotes
activities that support well-being of employees through internal campaigns.
Adequate wages
All Scanfil employees are paid living wages. No salaries are lower than the minimum
wage mandated in the country in question which at Scanfil is perceived as an
adequate wage. In the countries which do not define minimum wage, for examples
USA, the wages are maintained on the levels benchmarked with local market
and reviewed periodically. Furthermore, in most of the locations, Scanfil offers
performance-driven incentives. Most of them are defined locally by the Factory
Management Team to respond to local standards. The ones defined on the Group
level refer to global employees and Factory Management Teams. Scanfil practices
periodical salary reviews to ensure appropriate and competitive wages for its
workforce. All the necessary steps are described in Salary Regulations Process.
Health and safety
Scanfil occupational safety is guided by its Safety Management System, and the
Incidents and Accidents Handling policy is described in the Scanfil Management
System (SMS). The safety practices adopted locally firstly follow each country’s
regulations and, secondly, the standards established at Scanfil. In addition to
guiding occupational safety, the ISO 45001 standard calls for a Safety Management
System. The Scanfil CEO is responsible for the implementation of safety policies in
accordance with the requirements.
Occupational safety commitments are defined in the Work Environmental Policy,
the Code of Conduct, and the responsibilities stated in the position descriptions
for managers.
All employees are entitled to social protection in case of work-related injuries.
Scanfil has created a community consisting of Health and Safety Officers and HR
Managers to support the continuous development of safety practices. It is called
the Safety Council, and it meets quarterly to review the accidents happening in the
recent quarter, together with the corrective and preventive actions resulting from
these. The best practice sharing comes from the forum insights and is subject to
annual review.
To enhance safety awareness, Scanfil has Safe Scanfil campaign. The topics tackled
in the campaign are expected to drive reflection on safety and personal accountability
for the actions taken by each individual.
Scanfil’s Code of Conduct strongly prohibits discrimination against any person in
an employment-based relationship based on the person’s ethnic origin, color, age,
religion, creed, gender, marital status, family status, sexual orientation, disability, or
any other prohibited ground of discrimination protected by applicable law.
Moreover, in Scanfil’s core values, the benefit of collaboration and the importance
of respect for individual is emphasized and reinforced.
Awareness of diversity, equity, inclusion, and non-discrimination is promoted through
the Code of Conduct courses. These are mandatory for all new employees, including
interns and third party workers. To promote the value of these desired behaviors,
Scanfil performs internal and external campaigns.
Gender equality and equal pay for work of equal value
Scanfil’s contracted workforce is well differentiated regarding the perspective of
age. In 2025 the majority, 57% (58% in 2024) of the workforce, is between 30 and
50 years old. However, there is also a significant number of employees over 50 years
old, 27% (26%), and a healthy portion of the youngest less than 30 years old, 16%
(17%). This balance enables good knowledge sharing and ensures business continuity.
When joining the UN Global Compact in 2021, Scanfil chose the empowerment
of women as the key aspect to be supported which was confirmed in the Letter of
Commitment to WEP (Women Empowerment Principles) signed by the CEO of Scanfil.
As a result of this, in 2022, Scanfil initiated the SWAT Community. Scanfil Women
Appreciation Team (SWAT), meets monthly to discuss ideas and define actions that
support women’s growth in the company’s expert and managerial positions. As a
next step, in 2023, the DEI Forum was established as a quarterly practice where both
women and men join to share solutions applied in different locations for improved
diversity in their workforce. In 2024, Scanfil decided to take the next step and start
analyses of the gender pay gap. The company’s goal is to eliminate it if it is found.
In 2025, Scanfil invested in Pay Equity tool to enable any unjustified discrepancies.
Scanfil has a strong commitment to equal opportunities for all its employees.
One of the strategic targets became the percentage of women in Senior Management,
which is monitored monthly. The analyzed group of managers includes the Group
Management Team, Global Functions Heads, and Factory Management Teams.
Scanfil’s target was set in 2023 to reach 35% of women representation in Senior
Management by 2026. However, Scanfil is on a journey to reach 50% with continuous
improvement year on year.
Equity perception among employees is measured in the annual Employee
Engagement Survey. Whenever gaps are observed there, the affected units are
obligated to plan activities to ensure improvement. Among others, these could
be individual development activities with the manager of the affected team, and
HR-driven mediation and workshops.
3.1.2 Processes for engaging
with own workforce and workers’
representatives about impacts
Scanfil involves its own employees in co-definition and co-determination in a number
of ways, both globally and locally. As expressed in one of Scanfil’s core values, the
company promotes the Achieving together attitude. This is reflected in the open
communication to the employees, with their groups and formal representation
bodies as well as in department and individual level.
Employees are invited to share their opinions, requests, or concerns to the Factory
Management Teams.
65
There are both globally and locally applied practices that involve employees in
decisions referring to Scanfil’s impact on its workforce.
On the global level, employees are involved in Scanfil’s Code of Conduct creation by
performing consultations with non-managerial representatives of employees in their
units. The comments and suggestions are reported to the global Code of Conduct
owners, reviewed, and considered for their global applicability and if accepted, they
become subject to the Group Management Team approval.
On an annual basis, the whole workforce, including both Scanfil’s own employees and
non-employees, are invited to the Employee Engagement Survey (EES). The survey
covers several areas that are recognized as crucial for employee satisfaction and
loyalty as well as business continuation. These are: Satisfaction & motivation, Loyalty,
Reputation, Group Management Team, Immediate Manager, Cooperation, Working
conditions, Job content, Learning and development, Factory Management Team,
One-to-one dialog, Our core values, My employment at Scanfil, Equality & inclusion.
There, participants give scores on these areas that impact them and work environment
and express in anonymous open comments their expectations, opinions, concerns
or ideas for improvements.
Managers meet with their teams or representatives to review their unit’s report and
to define the needed improvements. Based on the discussions, development actions
are registered in the areas with the lowest satisfaction ratings. The factory Managing
Director is responsible for the factory’s results and improvement process. At the
Group level, the CEO holds the responsibility. The Group Management Team can
monitor the progress of the defined improvements implementation with a digital tool.
The Group Management Team is in regular contact with the workforce through
the quarterly Townhall meetings where employees can place questions, which the
Group Management Team will answer.
A common practice at Scanfil is also a regular dialog between Scanfil Factory
Management Teams and workers’ representatives (unions, workers’ councils, or
representatives’ committees). In the meetings which happen on a monthly basis, the
employees can rise their requests or suggestions for changes in the aspects which
impact them as the workforce. At the same time, in most of the operating countries,
the Factory Management Team is obligated to present to these representation
bodies any suggestion for changes in the company Handbooks or Regulations
that may impact the workforce.
Scanfil’s Code of Conduct expresses a clear commitment to acting in accordance
with the United Nations Global Compact principles with a dedicated focus on
respecting and promoting human rights. Scanfil respects ILO core standards:
Freedom of Association and Right to Collective Bargaining; Elimination of Forced
Labor; Effective Abolition of Child Labor; Elimination of discrimination in respect
of employment and occupation.
The working method with Employee Engagement Survey inputs has proven to be very
effective. It is observed that the units that report a high level of follow-up activities as
well as define the actions addressing the lowest scored areas, observe improving
results in the following year.
Also, regular meetings with workers’ representation bodies result in enhanced trust
and higher engagement in the co-determinated change.
3.1.3 Processes to remediate
negative impacts and channels for
own workforce to raise concerns
Scanfil workforce as well as any external stakeholders can report any ethical
concerns or violations of the Code of Conduct or applicable legislation. Scanfil has
a whistleblowing channel, which allows reporters to submit concerns anonymously.
Employees may also report violations by sending emails or placing official claim
letters to local or global HR. The number of reported cases is subject to a monthly
report to the Group Management Team. All cases are thoroughly investigated and
Scanfil maintains strict confidentiality and protects the reporter’s identity to the
maximum extent permitted by law and the requirements of a fair process, ensuring
the anonymity of the reporters.
The whistleblowing channel enables the company to leave feedback and comments
on the actions taken internally to address the reported misconduct and prevent it from
happening in the future. The remedy should also be described in the Whistleblowing
Register which is subject to a monthly review. The effectiveness assessment of
the remedy is, in case of anonymously reported cases, evaluated by the Chief
People Officer, the Global HR Director and the Global Sustainability Director, and
in case of non-anonymous cases would also be discussed and reviewed with the
impacted victim.
The whistleblowing channel is available on the company’s webpage, which is easily
accessible for all stakeholders as well as through the intranet interface accessible
for the company’s employees. The company has trained the personnel authorized
to process the reported allegations. The channel’s availability and safety is also part
of the Code of Conduct training.
Scanfil commits in its Code of Conduct to taking all the needed actions to help
impacted individuals and remove circumstances in which similar cases could happen
in the future. Scanfil emphasizes that any of the grievance activities, including state
based grievance mechanisms, are not impeded by the company. All participations
in human rights grievance or mediation processes are protected and will not be
subject to any negative after-effects, and neither will they be requested to waive
their legal rights as a condition of participation in the grievance/mediation process.
In 2025, Scanfil registered three harassment cases (in 2024 one case), and 27
other cases (29 cases in 2024) perceived as misconduct against the company’s
Code of Conduct or core values. All these cases were reported either through
the anonymous whistleblowing channel, or delivered in direct communication to
different levels of management or HR professionals. All these are treated as official
reporting channels at Scanfil.
Furthermore, Scanfil monitors the number of cases indicated as perceived
misbehaviors in the annual Employee Engagement Survey, in the section called
Equality. The results of the survey are monitored closely by the Group and Factory
Management Teams. In the units where the misbehaviors are reported, they are
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obligated to take appropriate measures. Additionally, the Employee Engagement
Survey provides employees the possibility to give open comments to any aspect of
the survey. These are effectively used by employees who every year contribute with
over one thousand comments to the survey. This confirms that employees trust the
process to be effective in getting their concerns or ideas addressed.
3.1.4 Taking action on material impacts
on own workforce, and approaches to
managing material risks and pursuing material
opportunities related to own workforce,
and effectiveness of those actions
All of the material impacts, risks, and opportunities are addressed with the appropriate
actions as listed below. The effectiveness of these is evaluated in a mode consistent
with the process cycle, for an example the progress on the ones tackled in the
Employee Engagement Survey is verified annually and followed up monthly; the
ones referring to Health and Safety are monitored in standard mode monthly and
in case of serious accident daily.
Actions to prevent or mitigate negative impacts and to provide
remedy for actual impacts
Scanfil offers remote work schemes for positions where the nature of the work allows
it, so for example white collar workers. To compete for skilled employees, some
units have developed solutions, which give even more flexibility than the country
regulations. One example is Poland where the home office policies were enhanced.
By doing that and also by monitoring the working time in terms of following daily
and weekly rest breaks, Scanfil aims to increase the employees satisfaction and
motivation, support their personal well-being as well as their possibilities to perform
family-related duties. Scanfil also believes that offering this flexibility will positively
contribute to reducing health and safety-related negative impacts such as work-
related accidents or sick leaves.
One of the actions taken in 2025 to support continuous development of safe
workplace was the annual Health and Safety solutions mapping and the best practice
sharing. The Safety Council gathered the inspirations from all sites who then mapped
applicability of these to their locations. Local Health and Safety Officers who drive
preventive solutions got a solid toolbox to choose from. The goal for this annual
practice is to enhance the safety measures and eliminate possibility of accidents
and thus limit the negative impact on the workforce. Secondly, there was a special
brainstorming workshop performed to generate ideas for enhancing Safety mindset
at Scanfil. It consists of periodical inspirational stories shared via company intranet
and posters with visualizations of safe solutions which were distributed to factories,
and there translated and shared to the workforce. This initiative was driven from
the conclusion that number of minor accidents were caused by lack of attention
and thus, the mindset and putting safety first is the key to promote healthy habits
in the workplace.
Scanfil is aware that improper working conditions could potentially negatively
impact employees’ health and well-being. Thus, it has taken number of preventive
actions. One of them is the thorough monitoring of Working Conditions evaluation
given by the employees in annual Employee Engagement Survey. Any units where
employees scored that aspect low are required to develop improvement actions and
execution of these is monitored by the Management through the monthly HR report.
Scanfil drives to ensure equal treatment and opportunities for all. Crucial element
of this process is the focus on eliminating any gender pay gaps if such would be
observed in order to prevent potential negative impact on its workforce. To mitigate
this potential negative impact, the company invested in 2025 in Pay Equity software
which supports the analyzes. This approach supports and encourages drive for
diversity. The company aim to prevent having a highly homogeneous workplace,
which could lead to the isolation of individuals, fostering a lack of understanding
and tolerance for alternative views and approaches.
Actions to deliver positive impacts
Scanfil follows all the country specific legal requirements to ensure high-quality
working conditions seen as opportunity positively impacting its workforce.
Additionally, it gathers the development ideas from Employee Engagement Survey
and Safety Council meetings. Monitoring these results in the best practice sharing
to continuously enhance company standards, and to both deliver positive impacts
as well as prevent or mitigate negative impacts on its workforce. The enhanced
policies for remote work as well as offering flexible working time not only supported
the employees but also enabled the company to recruit key experts from locations
where Scanfil has no premises.
Scanfil observes the opportunity to further improve the own workforce health by
supporting employees’ mental health. This should decrease the sick leave rate and
increase employee satisfaction and motivation. In 2025, these Scanfil units, which
found it appropriate, enhanced their mental health support packages.
Scanfil set a standard that at least minimal wage (applicable in the country), which
is seen as adequate wage, is paid to all employees. Every year the applicable
adjustments of the wages to meet at least the minimal wage are done. Additionally,
many of the higher-paid employees also received salary increases. The levels of
the salary regulations are in some countries decided by the collective agreements
(Finland, Sweden) and in the other countries, they correspond with the regional salary
inflation trends as well as employer market situation and the factory’s budget. Scanfil
processes these annual routines in order to ensure adequate living standards of its
workforce and thus enhance their satisfaction, motivation and loyalty.
Strengthening the positive impact on its workforce, drove Scanfil to invest in Pay
Equity tool in 2025. Improved pay transparency and the data provided by the
analytical tool, support company leaders in planning the measures to ensure equal
treatment and opportunities for all. This also contributes to promoting the diversity
and inclusion on all levels of the organization. The expected outcome of that is first
the mindset change which would open consideration for diverse candidates, e.g.
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female for the functions or positions dominated by male. Secondly, Scanfil believes
that these activities will encourage female professionals to apply for managerial
roles and grow in the organization. This would directly contribute to the target for
women representation in the Senior Management.
Similarly, Scanfil offers all development activities equally to both female and male
employees. It is observed through the structured Talent Development process as well
as Succession Planning process that the key personnel bench is gender-balanced.
The actions for addressing the negative impacts are identified in the subject matter
experts forums within Scanfil. These are the Safety Council, Global HR Community
meetings, Code of Conduct Forum meetings and Management Review meetings. In
order to further enhance the ESG-related development, company has implemented
periodical Sustainability Forum meetings. One of these networks consist of all
Sustainability Managers who meet to discuss the status of ESG targets as well as
best practices from different sites. Second one, led by Global HR, involves factories’
HR Managers as well as Global Sustainability Director for quarterly review of own
workforce-related aspects of sustainability. This includes progress and effectiveness
monitoring as well as ideas development. There are also forums which have more
informative character, e.g. for Factories Heads or for Sales team. These are led by
Global Sustainability Director and aim to grow awareness and stronger commitment
within the key stakeholders.
In these forums, the potential risks and actual incidents are reviewed and preventive
and corrective actions for these are discussed. The impacted organizational unit
(e.g. particular factory) is accountable for the implementation of the defined actions,
however the whole subject-matter forum benefits from practice sharing regular
meetings and lessons learned presentations.
Scanfil performs extended risk analyses on regular basis. The conclusions from
these are subject of Management Review and sharing to functional process owners
both in global and factories’ organisations. Owing to that, any changes in the working
methods, processes, instructions or guidelines are firstly considered for its potential
impacts which enables Scanfil to prevent from that own practices do not contribute
to material negative impact.
During 2025 Scanfil developed the targets for tracking the effectiveness of its
policies and actions. These are:
1. Employee satisfaction with Working Conditions
Target: Improve satisfaction score year-to-year in all units or maintain
if above 80 points.
Metric: Survey results on Working Conditions.
2. Employee satisfaction score related to Core Values:
Target: Improve satisfaction score year-to-year in all units or maintain
if above 85 points.
Metric: Survey results on Core Values.
3. Reduction in workplace accidents:
Target: 10% reduction in recordable Accident rate YTY.
Metric: Accident rate.
Sustainability is a crucial focus area in Scanfil’s long term business strategy. Thus,
the company has allocated key resources to explore and gain knowledge of the most
effective management of its material impacts. Those are including, but not limited
to the global subject matter experts, e.g. Global Sustainability Director, Global HR
Director, Global Investors Relations and Communications Director, Global Supplier
Quality Manager. This core team was gaining insights from the resources allocated
to this mission in the factories, e.g. Quality Managers, Sustainability Managers,
HR Managers. The Group Management Team involvement was also visible and
represented by Chief Financial Officer’s and Chief People Officer’s participation.
And last, but not least, Scanfil invested in the external consultancy to further develop
own practices on addressing its material impacts.
Scanfil is aware of that the transition to greener and climate-neutral operations might
require some investments in the production units’ infrastructure, changes in the
supply chain setup and collaboration practices with remote stakeholders. However,
it’s of strategic importance to avoid that these changes would negatively impact its
own workforce. Thus, Scanfil is continuously enhancing its risk management practices
and training the specialists in own workforce on the applicable advanced solutions,
e.g. for supply chain optimisation. Additionally, any investment needs driven from
the transition are budgeted upfront and well planned, in order to prevent them from
negatively impacting operations’ profitability. Scanfil aims to contribute to greener
operations by the enhancement of travel policy and business meeting guidelines
which prioritize virtual collaboration channels. Thus, the employer supports own
workforce with advanced virtual communication tools for effective collaboration.
Scanfil is supporting managers with coaching and mentoring to help them with the
challenges when leading remote teams and having limited possibilities to travel for
face-to-face meetings. The actions described in this paragraph refer to Scanfil units
excluding new acquired SRX.
3.1.5 Targets related to managing material
negative impacts, advancing positive impacts,
and managing material risks and opportunities
Scanfil is closely monitoring the progress of the following three targets that are
related to managing its material negative impacts, risks and opportunities whilst
aiming to advance potential positive impacts.
Workplace accident rate
Workplace accident rate, calculated as ratio of number of accidents versus actual
worked hours multiplied with 1,000,000 is one of targets Scanfil regularly monitors.
The target is related to Scanfil’s Code of Conduct and the Accident & Incident
Handling policy, where Scanfil prioritises the health and safety of its employees and
other individuals that may be directly affected by its own operational activities. Having
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2024 as a base year, the ambition was to lower the accident rate by 10% in 2025. The
scope is global and is set to control for any potential risks or hazards that may be
involved in the workforce’s daily work at all sites. All Scanfil employees are involved
in health and safety decisions through consultation and cooperation. The company
implements appropriate health and safety procedures and working practices locally
at all sites, where local targets also are defined. Scanfil has formed a Safety Council
which monitors all work-related safety aspects and defines the measures to reach
the global targets related to health and safety based on the trends and input from
the local sites. The Safety Council gathers quarterly to review corrective actions
and preventive best practices. In 2025, workplace accident rate reached ratio of
3,3 which means an decrease compared to 2024 result which was 4,5.
Employee Engagement Survey
The Employee Engagement Survey results are closely linked to the Code of Conduct
Policy. Although the target is not explicitly mentioned in the policy at the moment,
the policy is a reason for setting targets and monitoring collaboration, respect, work
engagement and safe working conditions. The global target level to be achieved is
to reach 75 points in the main Satisfaction and motivation score by 2030 with 2023
being the baseline year. The level of 75 points is considered a “high level” according
to the methodology used by the chosen survey developer. The target is following
an increasing trend. On a local level, each factory can set their own targets in line
with the global targets. The own workforce at the factories is involved in the results
review process, together with setting targets for following year and defining the
actions which will contribute to reaching the targets. The targets or corresponding
metrics or methodology have not been changed since 2023. Furthermore, the
target does not involve any environmental matters based on conclusive scientific
evidence. The result for Employee Engagement Survey, measured as Satisfaction
and Motivation was 72 points in 2025 (70 points in 2024), which showed return to
an increasing trend which was observed for eights years before the drop in 2024.
The 2025 result missed just one point to 2023 baseline.
Also, eNPS (employee Net Promoter Score) improved by 3 points indicating enhanced
employee loyalty and advocacy. 2025 result indicates strong development on
specific drivers such as Reputation and Group Management Team evaluation.
Co-operation, Job content and Learning and Development received strong scores.
Immediate Managers scored high in general and the number of red-scored leaders
decreased by 41%.
Directly after the results were presented to the Factory Management Teams, all
sub-units started their work on developing the improvement plans.
Increase women’s representation in the Senior Management
Scanfil emphasizes its commitment to advancing equality between women and
men. This is expressed in Scanfil’s CEO Statement of Support for the Women’s
Empowerment Principles. Furthermore, the target is related to the Code of Conduct
policy and is a step towards increasing the inclusivity and diversity at Scanfil. The
ambition is to reach 35% women in the Senior Management positions globally by
the end of 2026. The baseline year for the target was set in 2023, in collaboration
with the SWAT (Scanfil Women Appreciation Team). On a local level, Factory
Management Teams set their own targets in line with the overarching goal. The
targets or corresponding metrics or methodology have not been changed since
2023. Furthermore, the target does not involve any environmental matters based
on conclusive scientific evidence. In the 2025 year-end women stood for 27% of
senior management which shows exactly the same ration compared to 2024-end.
To address the material risks Scanfil invested in a new Pay Equity tool to monitor the
gender pay gap, and if discrepancies are identified, targets for impacted units to
eliminate inequalities will be defined. The trend of the sick leave rate is monitored
monthly to limit the risk of high absenteeism. As different locations present different
levels, locally applicable targets are defined and actions taken.
Monitoring all workforce-related targets is an important part of working towards
lowering the risks and managing potential negative impacts that affect Scanfil’s own
employees. This monitoring process is perceived as an increasing opportunity for
Scanfil to improve the health and wellbeing of all employees whilst being transparent
towards stakeholders in how it works with this important aspect. For example, a
safe work environment reduces sick leave for employees, increases productivity
and leads to higher satisfaction and wellbeing, helping reduce the rate of future
incidents. An increase in the number of female employees in the Senior Management
will enhance Scanfil’s gender equality and lead to improved inclusion and diversity
making Scanfil an attractive employer and overall benefiting from diverse workforce
creativity. Finally, the Employee Engagement Survey results scoring indicate how
Scanfil can improve to continue supporting its’ employees’ motivation, wellbeing
and satisfaction from work environment.
Scanfil involves its workforce in the target-setting process. The three most strategic,
measurable targets are developed together with the own workforce for example
through the functional experts and are considered long-term targets. The workplace
accident rate reduction is consulted with the Safety Council participants from all
units; similarly, the target for women’s representation in the Senior Management was
subject to discussion with the SWAT community. Finally, the target for satisfaction
and motivation score from the Employee Engagement Survey is perceived as
management commitment to further develop the areas impacting employees.
The performance in reaching these targets is monitored monthly within the Human
Resources Managers community involving factories’ representatives and it is
reported to the Group Management Team. Lessons learned and suggestions for
improvements are identified with the contribution of the functional experts among
employees, e.g. the Health and Safety officers or specialists collaborating with the
Area Leaders on site are involved in accident prevention solutions design. As it goes
for the development of areas impacting employee satisfaction and motivation, all
departments have review sessions of the survey scores which result in defining
together with the leader the ideas for improvement activities due in the following
year. Also, the progress of scores per different survey areas is monitored at the
department level.
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3.1.6 Characteristics of the
undertaking’s employees
The Scanfil workforce primarily comprises Scanfil contracted employees (4199
headcount, 3997 in 2024) who total 87% (89%) of the total workforce (4827
headcount, 4502 in 2024). The remaining workforce is third party contracted
employees and self-employed (628 headcount, 500 in 2024) delivering services
to Scanfil. The company goal is to incorporate third party employees to the highest
extent to the work standards and company culture in order to provide seamless
services to the customers. Therefore, most company policies and standards, like
the Code of Conduct, health and safety system, or competence development
opportunities are offered to both own employees and non-employees. The total
number of employees who left Scanfil (both voluntarily and non-voluntarily) during
2025 YTD was 499 (532 in 2024) which equals an employee turnover of 12% (14%).
This number includes also employees whose leave was intentional, for example
summer workers leaving after the pre-defined agreed period. The reported data
refers to headcount indicating the number of employees from the last month of
the year. The data is originating from country specific payroll systems, from where
they got extracted and reported to Scanfil Group consolidation system Cognos,
from which you retrieve monthly reports as well as data to the CSRD Report. The
data presented above corresponds with the headcount numbers in the Financial
Statement, section 1.4 Employee benefit expenses.
Non-guaranteed hours workers are not treated as employees, so they are not
included in Scanfil headcount reporting. There are two such workers in Scanfil Group.
REPORTING PERIOD ST
DECEMBER
COUNTRY
NUMBER OF
EMPLOYEES
HEADCOUNT
NUMBER OF
EMPLOYEES
HEADCOUNT
IN
Poland 1,403 1,463
China 703 589
Sweden 416 423
Estonia 574 533
Finland 288 291
USA 329 180
Germany 204 227
Malaysia 155 162
Australia 122 124
Other 5 5
Total
4,199 3,997
REPORTING PERIOD
GENDER
NUMBER OF
EMPLOYEES
HEADCOUNT
NUMBER OF
EMPLOYEES
HEADCOUNT
IN
Male 2,149 2,015
Female 2,050 1,982
Other n/a n/a
Not reported n/a n/a
Total employees 4,199 3,997
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REPORTING PERIOD
TYPE OF EMPLOYMENT FEMALE MALE OTHER* NOT DISCLOSED TOTAL
Number of employees (headcount) 2,050 2,149 0 0 4,199
Number of permanent employees (headcount) 1,897 2,038 0 0 3,935
Number of temporary employees (headcount) 153 111 0 0 264
Number of non-guaranteed hours employees (headcount) 1 1 0 0 2
Number of full-time employees (headcount) 1,946 2,049 0 0 3,995
Number of part-time employees (headcount) 104 100 0 0 204
REPORTING PERIOD
TYPE OF EMPLOYMENT FEMALE MALE OTHER* NOT DISCLOSED TOTAL
Number of employees (headcount)** 1,983 2,019 0 0 4,002
Number of permanent employees (headcount) 1,783 1,884 0 0 3,667
Number of temporary employees (headcount) 199 131 0 0 330
Number of non-guaranteed hours employees (headcount) 1 4 0 0 5
Number of full-time employees (headcount) 1,933 1,993 0 0 3,926
Number of part-time employees (headcount) 53 23 0 0 76
(*) Gender as specified by the employees themselves.
(*) Gender as specified by the employees themselves. (**) Total herein includes 5 non-guaranteed workers. Non-guaranteed
workers are not treated as employees and are therefore not included in headcount reporting.
3.1.7 Characteristics of non-employees
in the undertaking’s own workforce
Scanfil has 628 non-employees in own workforce per the end of the year 2025
including both the ones employed by a third party and self-employed (500 non-
employees in the end of 2024). This means they stand for 13% (11%) of the total
workforce. Third party workers are provided by undertakings primarily engaged in
employment activities. They are monitored on a monthly basis and are a part of
the reporting and follow-up in Scanfil’s monthly report. The number of reported
non-employees, reflect the number of heads who worked in the last month of the
reporting period, meaning time-weighted headcount. Additionally, self-employed
workers are included there.
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MANAGEMENT GROUPS FEMALE MALE TOTAL
% FEMALE
IN SENIOR
MANAGEMENT
FEMALE
REPORTING
PERIOD
MALE
REPORTING
PERIOD
TOTAL
REPORTING
PERIOD
% FEMALE
IN SENIOR
MANAGEMENT
REPORTING
PERIOD
Group Management Team 3 6 9 33% 2 5 7 29%
Global Functions’ Directors and Heads 6 10 16 38% 4 12 16 25%
Factory Management Teams 30 87 117 26% 28 77 105 27%
Total 39 103 142 27% 34 94 128 27%
Employees under 30 years old 673 16% 698 17%
Employees 30-50 years old 2,391 57% 2,307 58%
Employees over 50 years old 1,135 27% 992 25%
Total 4,199 100% 3,997 100%
3.1.8 Diversity metrics
At the end of year 2025, Scanfil observed 27% of females in the Senior Management
(27% in 2024). Senior Management is defined as the Group Management Team,
Global Functions’ Directors and Heads reporting to GMT, and Factory Management
Teams. This means exactly the same level as in 2024 year-end.
The age diversity of Scanfil own workforce indicates balanced split between the
middle-aged personnel as well as the junior and senior employees.
3.1.9 Adequate wages
In all countries where Scanfil operates, which have a defined minimum country
wage, the company as well as third party providers for non-employees follow these
requirements. Finland and Sweden do not have a statutory national minimum wage.
Instead, both countries rely on collective bargaining agreements between trade
unions and employer organizations to set wage standards across different sectors.
According to Scanfil, minimum wages and the ones defined in the applicable
collective bargaining agreements are considered adequate wages, and therefore
the percentage of employees paid below the adequate wage is 0% (0% in 2024).
3.1.10 Health and safety metrics
Scanfil’s occupational safety is guided by the safety management system, and the
Incidents and Accidents Handling is described in the guideline of the same name
in the Scanfil Management System (SMS). The safety practices adopted locally
firstly follow each country’s regulations and, secondly, the standards established at
Scanfil. In addition to guiding occupational safety, the ISO 45001 standard calls for
a safety management system. The Scanfil CEO is accountable to get responsible
Management Teams to implement and execute the safety policies in accordance
with the requirements.
72
Occupational safety commitments are defined in the Work Environmental Policy,
the Code of Conduct, and the responsibilities stated in the position descriptions
for managers.
All the employees are entitled to social protection in case of work-related injuries.
Scanfil has created a community consisting of Health and Safety Officers and HR
Managers to support the continuous development of safety practices. It is called the
Safety Council, and it meets quarterly to review the accidents that have happened
in the recent quarter, together with the corrective and preventive actions resulting
from these. The best practice sharing comes from the forum insights and is subject
to an annual review.
To enhance safety awareness Scanfil has implemented a Safe Scanfil campaign
in 2024 and continued it through 2025. The topics tackled are expected to drive
reflection on safety and own accountability for the actions taken by everyone.
At Scanfil, 100% of the workforce is covered by the health and safety management
system. Both the preventive measures taken in Scanfil units as well as continuous
safety improvements of the safety are impacting own employees as well as non-
employees.
During 2025, there were 27 reported work-related accidents (34 accidents in 2024),
meaning injuries happening on Scanfil premises that resulted in an employee’s or
non-employee’s sick leave; 23 of these impacted Scanfil employees (30 in 2024) and
four of these impacted non-employees (four in 2024). These result in the accident
rate being 3.3 for 2025. It is calculated as the ratio of the number of accidents to
the number of hours worked and multiplied by one million. 2025 shows positive
development compared to the 2024 rate which was 4.5. On top of the accidents,
there were 10 (21 in 2024) other work-related injuries which did not result in days
away from work. Two of these resulted in restricted work or transfer to another job,
seven resulted in medical treatment beyond first aid, one other significant injury.
Two of these affected non-employees and the remaining eight affected Scanfil
employees while in 2024 all 21 injuries affected employees. Taking into consideration
the other 10 injuries, Scanfil calculated the total work-related injury rate using the
same methodology as described above but including not only 27 accidents but also
10 injuries. The rate totals up to 4.5 (7.3 in 2024).
The accidents resulted in a total of 625 (621 in 2024) lost working days during 2025,
33 (27 in 2024) days for non-employees and 592 (594 in 2024) days for employees.
There was one serious accident in 2025 (one in 2024), meaning an accident that
required an employee’s hospitalization.
There were no fatalities among either Scanfil employees or non-employees.
3.1.11 Remuneration metrics (pay
gap and total remuneration)
Scanfil is developing its gender pay gap monitoring. The general overview with split
per employees’ categories indicates that significant differences are observed in
some employees’ categories. To further investigate it and address it with actions,
Scanfil invested in a Pay Equity software during 2025 to enable accurate conclusions.
Scanfil units are performing their local pay gap audits to verify if there are areas to
be addressed with actions.
The difference in gender pay was obtained by taking out a spread of data from
factories’ payroll systems on male and female total pay including both basic salary
and complementary elements which were not part of the calculation in 2024.
The reported pay gaps for 2024 have not been restated to reflect this change. In
addition, employee categorization was refined in 2025. As this refinement was not
applied to the 2024 data, pay gaps by category are not fully comparable between
reporting periods.
EMPLOYEE
CATEGORY
AGGREGATED GENDER
PAY GAP %
AGGREGATED GENDER
PAY GAP %
Blue Collar 11.02 14.46
White Collar 24.02 19.90
Middle Managers 22.43 11.71
Senior Managers 5.71 16.27
Total pay for all the months of employment during the year 2025 is divided into number
of standard work hours during the actual employment period of each employee. This
way calculated hourly pays are aggregated per gender and employee category and
then divided into hourly rates. The exception is China blue collar workers where the
pay and work hours include also overtime due to its significant contribution to basic
salary and standard work time.
Total annual remuneration ratio for 2025 is 20.62. The calculation is obtained by
dividing the annual remuneration of the highest paid individual, excluding the highest
paid individual, by the median of actual paid remunerations for all employees during
the year 2025. If comparing the described median to the annual remuneration of
the highest paid individual, as it was calculated in 2024, the rate is still the same
and equals to 5%.
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Number of incidents of discrimination and harassment
Number of complaints filed through channels for
people in the undertaking’s own workforce to raise
concerns (including discrimination and harassment)
Number of complaints filed to National Contact Points
for OECD Multinational Enterprises
Total amount of fines and penalties
3.1.12 Incidents, complaints, and
severe human rights impacts
The Scanfil workforce as well as any external stakeholder can report any ethical
concerns or violations of the Code of Conduct or applicable legislation, as described
also in section 3.1.3 of this report.
For its whistleblowing channel Scanfil uses a digital tool which allows reporters to
submit concerns anonymously. Employees may also report violations by sending
emails or giving official claim letters to local or global HR. The number of reported
cases is subject to a monthly report to Scanfil Management Team. Furthermore, the
Code of Conduct Forum gathers quarterly to discuss the cases and lessons learned.
The Forum consists of Global HR Director, Global Sustainability Director and the Chief
People Officer. All the cases are thoroughly investigated and Scanfil maintains strict
confidentiality and protects the reporter’s identity to the maximum extent permitted
by law and the requirements of a fair process, ensuring the anonymity of the reporters.
During the reporting period year 2025, there were 30 incidents of misbehaviour
reported through the official channels (30 incidents in 2024). All of them were
investigated and interviews were performed. In six cases, the situation was not
classified as the alleged violation mentioned in the original reporter’s statement,
but to nevertheless continuously enhance respectful collaboration standards, and
verbal reprimands were also issued. The other incidents resulted in corrective
actions. Scanfil has not called for any fines or penalties from these allegations.
To further strengthen a respectful and safe working environment, Scanfil decided
toimplement enhanced awareness and educational initiatives aimed at promoting
appropriate workplace behavior and increasing employees’ understanding of which
actions may constitute violations of conduct or human rights standards.
The next table presents information of the total number of incidents of discrimination,
number of complaints filed through channels for the own workforce, to National
contact points for OECD multinational enterprises and total amount of fines and
penalties as a result of incidents.
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3.2 Workers in the value chain
expectations and requirements in the supply chain. The same high sustainability
standard required for Scanfil must also be applied by Scanfil’s suppliers. The
responsibility of the policy is Scanfil’s Chief Supply Chain Officer (CSCO). Scanfil
requests that its suppliers always adhere to all applicable laws, regulations, and
international standards related to sustainable procurement, including the UN
Global Compact principles and International Labor Organization (ILO) rules. As a
complement to ethical sourcing, Scanfil has also developed a Conflict Mineral Policy
to ensure responsible sourcing concerning human rights in the mining of minerals.
Scanfil’s Sustainable Procurement Policy is valid for all employees in the upstream
value chain.
In addition to the Policy, Scanfil has a Supplier Code of Conduct which has been
developed following the guidelines from RBA (Responsible Business Association).
By following the recommendation from RBA, Scanfil can ensure that the Scanfil
Code of Conduct sets commitments in line with the OECD, UN & ILO. Scanfil has not
identified or been informed about any breaches to this commitment in Scanfil’s value
chain. The provisions of the RBA Code are derived from and respect internationally
recognized standards including:
• OECD Guidelines for Multinational Enterprises
• UN Guiding Principles on Business and Human Rights
• ILO Declaration on Fundamental Principles and Rights at Work
• ILO Fundamental Conventions
• UN Universal Declaration of Human Rights
The Scanfil Supplier Code of Conduct communicates Scanfil’s sustainability
expectations to the suppliers. This addresses issues about human trafficking,
forced or compulsory labor, and child labor, which Scanfil strongly opposes. Scanfil’s
Supplier Code of Conduct includes:
3.2.1 Policies related to value chain workers
As a global Electronic Manufacturing Service (EMS) company, Scanfil has an impact on
value chain workers in different parts of the world. Following the same commitment as
for its own workforce, Scanfil believes that companies in the value chain will perform
better and be more efficient if employees can perform their work in a healthy and
safe environment, following international standards and guidelines.
Scanfil has completed a stakeholder survey, where the identified stakeholders,
as described in 1. General information, were asked to rank Scanfils’s impact (both
material and financial) on topics as described by the ESRS standard and its sub-sub
topics. Scanfil’s stakeholders, which also included representation from the upstream
value chain, identified health and safety as a material impact. In addition to this
survey, an internal workshop with representatives from Scanfil’s Global Procurement
department was held in 2025. In this workshop, Scanfil identified Child labour, Forced
labour and Gender Equality as material, which resulted in an update of the DMA for
these topics. To address the interests of stakeholders, Scanfil has established a
Sustainable Procurement Policy. This policy works together with Scanfil’s Supplier
Code of Conduct, which has been developed following international standards.
This policy covers workers in Scanfil’s upstream value chain and was introduced in
2024. The Scanfil Supplier Code of Conduct was established in 2023. No changes or
updates to these policies have been made during 2025, as the new material topics
already are covered. The Scanfil Sustainable Procurement Policy, together with the
Scanfil Supplier Code of Conduct, are stand-alone policies specifically to address
the impacts of the upstream value chain. This policy was developed in alignment
with OECD Guidelines and Fundamental principles of ILO.
Scanfil has a Sustainable Procurement Policy that addresses six sustainability
areas for suppliers to agree on. These are compliance, transparency, environmental
protection, social responsibility, ethical sourcing, and continuous improvement. The
purpose of the Scanfil Sustainable Procurement Policy is to express and align Scanfil’s
Labor rights (employment rights, human treatment, employment of children, fair
employment conditions, and freedom of association)
Health and safety (working and living conditions, occupational illness and injury
rates, and machine safeguarding)
Environment (pollution prevention and resource reduction, hazardous substances,
energy consumption, and greenhouse gas emissions)
Business ethics (no improper advantage, disclosure of information, fair business,
protection of identity, confidential information, responsible sourcing of minerals)
To communicate Scanfil’s Policy for Sustainable Procurement, Scanfil has integrated
this as part of the procurement processes. More on Scanfil’s way of communicating
and engaging with value chain workers can be read in 3.2.2 Processes for engaging
with value chain workers about impact. In addition to this, Scanfil’s Supplier Code of
Conduct is available on Scanfil’s webpage, www.scanfil.com. Target is that all Scanfil’s
Supplier’s commit to the Scanfil Supplier Code of Conduct, and during 2025 a new
system has been introduced to enable possibilities to easily reach out to suppliers
and measure the coverage. New suppliers are requested to commit to the Scanfil’s
Supplier Code of Conduct, as a part of the New Supplier Introduction Process.
3.2.2 Processes for engaging with
value chain workers about impact
Scanfil’s general approach to engaging with workers in the value chain is handled
in Scanfil’s procurement processes. The most important is the selection of a new
supplier, the NPI (new supplier Introduction) process, in which the supplier needs to
show its commitment to the requirements stated in the Code of Conduct. By doing
this, Scanfil will reduce the risk of introducing new suppliers with weak processes
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for their workers’ well-being. Scanfil also utilizes a consolidation strategy aiming to
address the majority of the spending to suppliers with acceptable and sustainable
performance ratings.
Current suppliers within Scanfil’s portfolio are being reviewed according to the
tools below.
Scanfil has four main processes where it can address concerns and engage with value
chain workers about impact. Contacts are mainly done via the sales representatives
of the suppliers, but can also be more direct with the value chain workers during
Scanfil’s Supplier Audits. The tools to engage with the suppliers are:
Introduction of a new supplier: When applying to become a new supplier to Scanfil,
the supplier shall commit to the Scanfil Supplier Code of Conduct.
Quarterly business review meetings: These are development meetings held with
preferred and key suppliers, and in which sustainability rating is discussed. Poor
sustainability performance will lead to suggestions for improvements.
Audits: Scanfil visits and audits suppliers at their premises. During the audit
sustainability questions about health and safety, child labor, age verification, forced
labour and gender equality are reviewed.
EcoVadis: A third party sustainability assessment of suppliers. This assessment will
show if there are areas of improvement that need to be addressed by the suppliers.
More information about Scanfil’s methods and tools to engage with its stakeholders
can be found in 1.8 Interests and views of stakeholders. For the procurement
organization, the assessment tool provided by EcoVadis gives them good information
about the sustainability rating of suppliers, and also how well the supplier meets
international standards regarding labor and human rights. Unrated or suppliers with
poor rating scores shall be avoided, or if not possible, show an improvement plan. As
an example, Scanfil has focused on having key- and preferred suppliers assessed
by EcoVadis. By requesting these suppliers to do the EcoVadis assessment, Scanfil
ensures that the perspectives of value chain workers are considered according
to international standards. If the assessment shows low performance within the
topic of labor and human rights, Scanfil can use the EcoVadis platform to request
that the supplier improves. Failure to improve might affect business relations. The
responsible person for the policy is Scanfil’s Chief Supply Chain Officer (CSCO).
To gain insight into perspectives of workers that may be particularly vulnerable,
Scanfil uses the engagement methods as described above. Gender equality is from
this year defined as material and is incorporated into the Supplier Code of Conduct.
Compliance with the Scanfil CoC is reviewed during Supplier Review meetings and
also during Supplier Audits.
Scanfil is committed to further strengthening its approach by exploring additional
methods for engaging directly with value chain workers. Continuous improvement
is a core principle, and the company recognizes the need for reliable mechanisms
to capture worker perspectives on social topics in the supply chain, including health
and safety, child labour, forced labour, and gender equality.
3.2.3 Processes to remediate negative
impacts as well as channels for value
chain workers to raise concerns
If Scanfil becomes aware of any breaches of national laws or the Supplier Code
of Conduct, Scanfil will immediately get in contact with the representatives of the
company. Scanfil expects corrective action and proof that the upcoming breaches
have been adjusted to meet the requirements.
Scanfil can be informed about breaches in different ways. One way is via the EcoVadis
360 view, in which official news that affects companies is scanned. These news can
be positive, negative, or neutral. The findings in the 360 view can affect the suppliers’
score both positively and negatively.
Scanfil can also be informed directly via whistleblowing channels. Through this
channel, anyone, both internal and external employees, can anonymously report
any concern to Scanfil.
Results from audits can address breaches, and the supplier will be requested to
present a corrective action plan to Scanfil.
Any material impact caused must be corrected and mitigated by the supplier and
tracked by Scanfil until it is considered closed. The inability to resolve any problems
that have arisen may lead to the termination of the agreement with the supplier.
Scanfil does not directly compensate individuals in the supply chain in case of any
impact. Scanfil’s methods for communicating and developing suppliers are described
in chapter 3.2.2 Processes for engaging with value chain workers about impact.
It can be difficult to assess if value chain workers are aware of and trust the channels
for raising concerns, and today, this can only be done occasionally during supplier
audits and in direct contact with the workers. The Supplier Code of Conduct clearly
states that programs which ensure the confidentiality and protection of whistleblowers
are to be implemented and maintained, accompanied by a process enabling them
to raise any concerns. The whistleblowing channels can be accessed at www.
scanfil.com, and it is communicated to suppliers in the Scanfil Code of Conduct.
To protect people using this channel, Scanfil’s whistleblowing process offers full
anonymity. Read more about the process in 4.1.2 Business conduct policies and
corporate culture. Scanfil’s Supplier Code of Conduct ensures the confidentiality
and protection of whistleblowers and requires suppliers to implement and maintain
a process enabling their workers to raise any concerns.
3.2.4 Taking action on material impacts on
value chain workers’ approaches to managing
material risks as well as pursuing material
opportunities related to value chain workers
and the effectiveness of those actions
From Scanfil’s Double Materiality Assessment (DMA), material impacts for value
chain workers were identified. Scanfil’s Supplier Code of Conduct addresses
these impacts throughout the value chain. Any negative or positive impact will be
managed by processes for supplier development, and EcoVadis can be used as a
tool to follow the effectiveness of these actions.
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To prevent and mitigate the risk of impact, Scanfil seeks to do business with suppliers
that share the company’s core values and commit to international standards as
outlined in chapter 3.2.1 Policies related to value chain workers. Before approving
a new supplier, Scanfil conducts a thorough assessment to ensure that potential
new suppliers uphold strong sustainable practices and a commitment to labor
and human rights.
The Scanfil Supplier Code of Conduct is a key document for addressing company’s
sustainability requirements for suppliers. Scanfil strives to have the Supplier Code of
Conduct signed by all suppliers of direct materials. Scanfil is currently investigating
tools to simplify the tracking of signed Supplier Code of Conduct documents. Scanfil
has this as a mandatory part of its global and local purchase agreement.
To achieve a positive material impact for workers in Scanfil value chain, Scanfil
continuously works to improve supplier policies and processes. This is done through
regular supplier improvement meetings or quarterly business reviews of the preferred
suppliers. In these meetings, the supplier’s sustainability rating, as assessed by
Ecovadis, is reviewed and actions to improve are agreed. These actions are integrated
into Scanfil’s procurement processes and Scanfil’s Global Category Managers
are responsible for developing their suppliers to meet Scanfil’s requirements as
outlined in Sustainable Procurement Policy and Supplier Code of Conduct. Scanfil
has 12 people working within global sourcing (Category Managers) along with about
50 local tactical buyers.
Scanfil also conducts regular supplier audits to ensure adherence to ethical,
environmental, and social standards. Scanfil collaborates with suppliers to enhance
their sustainability efforts, focusing on labor and human rights. In 2025, Scanfil
completed 60 supplier audits (42 in 2024). This activity is supervised by the Global
Supply Chain Quality and Sustainability Manager in cooperation with 10 local Supplier
Quality Engineers/Managers. The key actions planned to minimize risk exposure for
value chain workers can be read later in this chapter, but no targets are currently
available. The operational costs for the EcoVadis system are included in annual
budget plans and do not have any significant impact.
Since 2021, Scanfil has annually participated in the EcoVadis assessment to evaluate
the sustainability performance of its procurement practices. This assessment helped
to understand how well Scanfil handles sustainability concerns across the value
chain. For 2025, Scanfil received a score of 76 points in sustainable procurement,
which was an improvement with 16 points since 2024 (60 points). This improvement
contributed to Scanfil being awarded the EcoVadis Gold Medal at Group level
and serves as an encouragement for the company to set even more ambitious
sustainability targets. Scanfil’s tools for introducing and developing suppliers help
to mitigate the impact risks in its value chain, and processes for remedy are used
as explained in chapter 3.2.3 Processes to remediate negative impacts as well as
channels for value chain workers to raise concerns.
Scanfil’s focus is primarily on key suppliers with whom Scanfil have regular interactions
and the ability to influence. Scanfil also works with suppliers that are used less
frequently or only for specific, limited needs, which makes it more challenging to
have an impact on their sustainability practices. To better assess the risks associated
with these suppliers, Scanfil is exploring various screening tools. These tools will
help to identify areas of risk, enabling to target the efforts more effectively. Scanfil
has started to implement a new procurement tool, Ignite. This tool includes function
for supplier risk estimation as well as function for directed assessments. Scanfil has
evaluated these possibilities and aim to use Ignite as a complement to EcoVadis
when identify risks and also assessing smaller companies. In case of any breaches
to its commitments, Scanfil will utilize its supplier auditing process to secure that
implemented improvements positively affect workers’ conditions. More about Scanfil’s
processes can be read in chapter 3.2.3 Processes to remediate negative impacts
as well as channels for value chain workers to raise concerns.
Scanfil is a “requesting company,” meaning that the key suppliers are required to
undergo a sustainability assessment through EcoVadis. This allows Scanfil to better
measure the sustainability performance of the supply chain. Scanfil prioritizes key
and preferred suppliers and requests that they participate in EcoVadis assessments.
If the assessment identifies weaknesses, Scanfil can use the EcoVadis platform to
request corrective actions from suppliers. Failure to make these improvements may
lead to a re-evaluation of the supplier relationship.
Scanfil aims to conduct regular webinars with suppliers to introduce the suppliers to
Scanfil’s sustainability work and to provide insights about the EcoVadis platform and
the benefits of using a common transparent system to communicate sustainability
concerns.
If suppliers do not meet Scanfil’s targets for the EcoVadis sustainability rating, and
specifically for the topic of labor and human rights, they will be requested to present
an action plan on how to deal with this. With this Scanfil can track the development
in these areas, and if needed, escalate or support the supplier to improve. Scanfil
also has the possibility to audit the suppliers to ensure that actions were efficient.
With a big scope of suppliers that Scanfil will impact and depend on, it needs to
have good tools to identify risks. During the coming years, it will be a focus area to
find such tools or methods that can help the procurement team minimize risks of
workers in the value chain. Currently, Scanfil lacks a robust method to ensure that
KEY ACTIONS DURING
HOW ACTION CONTRIBUTES
TO POLICIES AND TARGET SCOPE OF KEY ACTIONS TIME HORIZON
RESULT AND RESULT FOR
VALUE CHAIN WORKERS
EcoVadis assessment for
preferred and key suppliers.
Scanfil’s Policy for Sustainable
Procurement is aligned with the
EcoVadis assessment which
evaluates the supplier according
to international sustainability
standards (UNGC, GRI, ISO, and
more).
This includes all upstream value
chain workers independent of
geographic location.
Continuously with targets as
presented in section 3.2.5 Targets
related to managing material
negative impacts, advancing
positive impacts, and managing
material risks and opportunities.
Insights from the EcoVadis analysis
reveal that Scanfil’s supplier base
outperforms the industry average
while highlighting opportunities
for improvement among
underperforming suppliers.
Mandatory Supplier Code of
Conduct for new suppliers.
Scanfil’s Supplier Code of Conduct
addresses requirements for
suppliers regarding environmental,
social, and governance
Upstreams value chain workers.
Continuously with targets as
presented in section 3.2.5 Targets
related to managing material
negative impacts, advancing
positive impacts, and managing
material risks and opportunities
This requirement will send a clear
message to potential new suppliers
and drive suppliers to provide better
working conditions for workers.
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its actions have a direct positive impact on workers in the value chain. However,
Scanfil has observed that suppliers who complete the EcoVadis assessment and
begin working on sustainability improvements show rapid progress in their scores.
As a cost-driven company, it is always important for Scanfil to search for supplier
relations that give the best-landed cost. This can cause tensions between the
choice of low price or low sustainability risks. For this reason, Scanfil requires all
new suppliers to sign the Scanfil Supplier Code of Conduct. With this as a minimum
requirement for new suppliers, Scanfil can assure not to introduce suppliers who
do not respec international laws in terms of labor and human rights. Further, Scanfil
has set as a minimum that all key and preferred suppliers must have completed
an EcoVadis sustainability rating, which will make it possible for Scanfil to address
requests for improvement. Not meeting these minimum requirements may lead
to a termination of the contract or a re-classification. Scanfil measures the risk
quota for sustainability by targeting the spend placed on suppliers with a good
sustainability rating. With the implementation of minimum requirements, Scanfil can
avoid tension between the prevention or mitigation of material negative impacts
and other business pressures.
Scanfil has not been able to identify any severe human rights incidents in its value
chain. At Scanfil, the Chief Supply Chain Officer has the overall responsibility
to manage any material impacts caused to a worker in the value chain. This is
operationally handled by the global and local procurement team with the support
of Scanfil’s sustainability related roles.
The sourcing organization is responsible for selecting and developing suppliers
following the company’s sustainability policies. With both global and local buyers
Scanfil believes that it can reach out to all suppliers from both perspectives.
The supplier quality and sustainability function supports the buyer with tools and
processes to achieve sustainability targets.
3.2.5 Targets related to managing material
negative impacts, advancing positive impacts,
and managing material risks and opportunities
To manage material negative impacts, advance positive impacts, and manage
material risks and opportunities, Scanfil has implemented the following targets.
Level of preferred and key suppliers with a sustainability rating
A sustainability rating must be issued by a recognized third-party provider. The
EcoVadis assessment has been verified to be in line with Scanfil’s Supplier Code of
Conduct and will enhance supplier commitment to this policy. Scanfil aims to have
this share as high as possible and has set a target to be above 90 % by 2030. The
target is relative as the total amount of preferred and key suppliers might change over
the year. All Scanfil suppliers of direct material (material used in customer products)
are included in this target. The baseline for this target was set in January 2024 to
40% as the first reporting year. In 2024 the level of preferred and key suppliers with
a sustainability rating was 65%.
Measurement is done monthly based on data from the past three months and
Scanfil expects a linear progress until 2030. This target is measured as the share
of assessed preferred and key suppliers as part of the total amount of preferred
and key suppliers. This KPI shows Scanfil’s suppliers the importance of complying
with international standards (such as labor and human rights, and health and safety)
to become a long-term partner to Scanfil. This target was set by the Scanfil supply
chain department together with internal sustainability experts as a method to boost
the willingness of preferred and key suppliers’ to rate their sustainability work.
Targets was introduced in 2024 and are validated for 2025. Scanfil can see a strong
positive trend, where more companies do assess their sustainability systems. The
target is part of the monthly report and informed to the Directors of Purchasing and
Sustainability. Scanfil cannot foresee any major obstacles to meeting this target.
KPI RESULT TARGET
BASELINE
JAN.
Level of preferred and
key suppliers with a
sustainability rating
76% >90% 40%
Share of spend placed to suppliers with a sustainability rating
A sustainability rating must be issued by a recognized third-party provider. The
EcoVadis assessment has been verified to be in line with Scanfil’s Supplier Code
of Conduct and will enhance the ability of Scanfil’s procurement departments to
address their purchase towards suppliers with a sustainability rating. Scanfil aims
to have this share as high as possible and have set a target to be above 80 % by
2030. The target is relative as the total spend will change over the years. Scanfil’s
spending for direct material is included in this target. The baseline year for this target
was 2024 and the value was 40%.
Measurement will be done based on a rolling three-month period, and Scanfil has
projected linear progress until 2030. This target is measured as the share of spend
placed on assessed suppliers as part of the total spend for direct material. It does
emphasize to Scanfil’s procurement teams the importance of using sustainable
suppliers that comply with international standards for labor and human rights, and
78
KPI RESULT TARGET
BASELINE
JAN.
Share of spend to
suppliers with a
sustainability rating
55% >80% 40%
health and safety. This target was set by Scanfil’s supply chain department together
with internal and external sustainability experts as a method to monitor and develop
current suppliers or redirect spending to more sustainable sources. Aqusition of new
companies during 2025 had a small impact on this target. The impact is considered
relatively low (about -3%), and does not imply any recalculation of the target during
2025. Scanfil do see a positive trend and cannot foresee any major obstacles to
meeting this target at this phase. The target is part of the monthly report and informed
to the Directors of Purchasing and Sustainability. By end of 2025, Scanfil had 200
(167 in 2024) suppliers with a completed EcoVadis assessment, accounting for 55%
(47%) of the total procurement spend.
By targeting these KPIs, Scanfil will challenge the supply base to implement
sustainable practices which will have the opportunity to reduce negative impacts,
advance positive impacts, as well as manage risks and opportunities.
Targets are decided together within Scanfil’s supply chain departments (supply chain,
procurement & supplier development). Scanfil has also been guided by experts from
EcoVadis on how to set targets that will be relevant for Scanfil’s value chain workers.
Once decided as a target, the new target is followed as a KPI. Scanfil’s supplier
quality and sustainability function reports the actual value monthly to the Director
of Sustainability, who reports it to the Group Management Team. The responsibility
to reach the targets is on Scanfil’s supplier quality and sustainability function.
Scanfil started tracking these KPIs in 2024, and can see a steady improvement in all
of them. In relation to Scanfil’s impact on material topics, the Group sees that more
suppliers have established policies that are aligned with international standards.
79
Information about the role of the administrative, management and supervisory
bodies related to Scanfil’s business conduct and their expertise on business conduct
matters are disclosed in section 1.2 The role of the administrative, management
and supervisory bodies.
4.1.1 Business conduct policies
and corporate culture
The Group’s conduct practices, and corporate culture are steered by different policies
and guiding principles, whereof the key policies Scanfil Code of Conduct and the
Supplier Code of Conduct have been approved by the Group’s CEO.
The Code of Conduct underscores the principles by which Scanfil conducts its
relations with employees, business partners, and other stakeholders. All employees
must be aware of and comply with the Code of Conduct, which, together with group
policies, form the basis for Scanfil’s working practices. All managers are accountable
for enforcing the Code of Conduct in their organizations. Failure to comply with the
Code of Conduct will result in an investigation and can result in disciplinary actions.
Scanfil requires suppliers, subcontractors, consultants, and other business partners
to adopt and follow the principles of the Code of Conduct.
All new Scanfil employees are required to complete the Code of Conduct e-learning
courses or in-person training and acknowledge their commitment to it. The learning
materials covers key ethical principles and describes the best practices through
examples and exercises. Depending on the employee’s duties, some are also required
to complete e-learning courses related to other policies such as conflict mineral
and supplier contract management policies. Meetings focusing on diversity, equity,
and inclusion were arranged quarterly for global and local management which is
described in further detail in section 3.1 Own workforce.
The Supplier Code of Conduct is following the United Nations Convention against
anti-corruption and is a separate policy that all new suppliers need to comply
with to become a supplier. Anti-corruption practices and risk assessment are
outlined in both the Scanfil Code of Conduct and the Supplier Code of Conduct.
Risk assessments enable Scanfil to undertake required preventive measures to
limit exposure to corruption risks when necessary. The evaluation is performed on
a needed basis taking into consideration local regulations, business performance
practices, counterparts, and cultural context. The risk assessment results are
presented annually to the Group Management Team as part of the management
review. Scanfil aimed to implement a policy on anti-corruption and anti-bribery
consistent with the United Nations Convention against Corruption in 2025. The
implementation was moved to 2026.
Scanfil is a signatory of the United Nations Global Compact initiative, implying
that the company’s suppliers must support and respect the United Nations Global
Compact principles. Scanfil and its suppliers ensure that they are not involved in
any complicity concerning human rights abuses. Scanfil expects its suppliers to
commit to and respect ILO’s core labor standards: Freedom of association and
right to collective bargaining; elimination of forced labor; effective abolition of child
labour; elimination of discrimination in respect of employment and occupation. The
Supplier Code of Conduct describes in detail Scanfil’s requirements to its business
partners in labor, health and safety, environment, business ethics, management
systems and communications to all appropriate employees, suppliers or sub-
contractors engaged in their supply chain.
Scanfil has a conflict mineral policy to meet international responsible sourcing
standards, set by the Organisation for Economic Co-operation and Development
(OECD). Conflict minerals are tin, tantalum, tungsten, and gold regardless of their
country of origin.
The corporate culture is driven by Scanfil’s company values which are forming the
foundation for its operations.
Customer focused
We add value for our customers and help customers achieve
their goals. We build and nurture long-term partnerships.
We treat customers fairly and expect fair treatment.
Achieving together
We collaborate across teams and sites and support each other. We
benefit from diversity and respect every individual. We celebrate
progress and achievements.
Empowered
We take ownership of our own performance, behavior and growth.
We explore opportunities to improve and learn from our mistakes.
We make decisions in our own responsibility area based on data
and evidence.
Engaged to perform
We keep our promises: deliver on time, with quality, at competitive
cost. We proactively detect and solve challenges with a solution
focus. We continuously improve our competences and capabilities.
Scanfil employees and all other stakeholders can report any ethical concerns or
violations of the Code of Conduct, Supplier Code of Conduct and/or applicable
legislation. Scanfil has a digital whistleblowing channel which ensures anonymity of
the reporter. Employees may additionally report violations by sending emails or placing
4.1 Business Conduct
4. Governance
80
official claim letters to local or global HR. The number of reported cases is subject
to monthly reporting to the Group Management Team. The Code of Conduct Forum
collects quarterly cases and gained experiences for discussion. The Forum consists
of factory HR Managers, the Global HR Director, the Director Global Sustainability,
and the Chief People Officer. All cases are investigated, ensuring the anonymity of
the reporters, and ensuring the protection of whistleblowers. Scanfil is committed
to investigating business conduct incidents promptly, independently and objectively.
In 2025 there were 30 reported concerns or violations (30 cases in 2024).
Whistleblowers are protected by the local laws in all operating countries. If such a
law is missing, the EU law on protection will be applied. Scanfil does not have an
active plan to create a policy for extra protection.
4.1.2 Management of
relationships with suppliers
The suppliers of raw materials and components are handled by global and local
sourcing. Global sourcing is led by the Chief Supply Chain Officer. Global sourcing
is responsible for certain key components such as semiconductors and other large
volume materials, while local tactical sourcing is responsible for components and
materials with local significance and lower volumes. Supplier audits and reviews
are done as part of the initialization process of a new supplier and/or business
partners, but assessments and reviews can also be done when a concern or doubt
of concern have been raised by internal or external stakeholders. The company’s
target is to know the origin, or at least the country of manufacture, of all the key
components and materials.
Scanfil has categorized its suppliers as ‘approved’, ‘key’, and ‘preferred’ suppliers.
Scanfil evaluates the sustainability of its suppliers in the initial approval process and
key supplier follow-up process as one of the key criteria. Guiding documents are
supplier basic document and the score card. The score card has 14 selection criteria
of which one is sustainability. A supplier needs to have a sustainability measurement
system in place, where Scanfil recommends its partners to use the EcoVadis platform.
In EcoVadis, suppliers should receive over 45 points in the assessment to be selected
as a business partner. Scanfil has no specific policy to prevent late payments to its
suppliers. Payment practices are described in section 4.1.6.
4.1.3 Prevention and detection
of corruption and bribery
The Code of Conduct, which guides the ethics of Scanfil’s operations, prohibits
corruption and bribery in all forms. Scanfil is committed to anti-corruption and
anti-bribery in its own operations and in relation to its partners. Prohibition is also
included in the Supplier Code of Conduct.
Scanfil is assessing the risk of internal and external corruption. The evaluation is
performed on a regular basis taking into consideration local regulations, business
performance practices, counterparts, and cultural context. The risk assessment
enables Scanfil to undertake the needed preventive measures to limit the exposure
to corruption risks. The risk assessment results are presented yearly to the Group
Management Team as part of the management review. The following are the main
measures for preventing and detecting corruption and bribery:
• Anonymous whistleblowing channel accessible to all stakeholders.
•
Online and onsite trainings in the Code of Conduct and other policies guiding
Scanfil’s operations.
•
Assessment to ensure the sustainability of partners and required background
checks defined in supplier basic document and score card.
• Continuous development of ethical operations in the supply chain as part of
supplier strategy development.
•
Four and six-eye principal in approval processes (Group Authorization Manual)
The key measures in this respect include supplier commitment to the Supplier
Code of Conduct in line with the 2030 sustainability targets and supplier audits
and assessments. Completing the Code of Conduct e-learning courses together
with the anonymous whistleblowing channel, aim to prevent corruption and bribery.
Additionally, in 2025 Scanfil implemented Business Ethics training for at-risk functions.
The initial phase of procedures to detect and address allegations and incidents
of corruption and bribery follows the same method as the whistleblowing channel.
All allegations are investigated as soon as they become known to the company.
The company can be made aware of allegations through whistleblowing or other
channels, e.g., email, phone, information in the media, etc. Scanfil has a procedure for
investigating allegations. The involvement of independent investigators is assessed
case by case. All claims exceeding the threshold of potential criminal charges are
reported to the authorities. Financially immaterial and local allegations can be
handled locally. Based on the Audit Committee’s assessment, the Board of Directors
will handle all financially material allegations or allegations concerning the Group.
It will make decisions based on the recommendations of the General Counsel and
possibly an external advisor. Neither the person that is being investigated or their
81
supervisor, participate in the investigation of the breach or suspected breach. If called
for by the significance of the breach under investigation, the Chief People Officer
involves the General Counsel who reports the incident to the Group Management
Team and the Board of Directors at a regular meeting, or immediately if required.
The Supplier Code of Conduct and all policies are available to all employees on the
Scanfil Management System. Scanfil has ensured that all employees understand the
implications through online training. Scanfil employees handling business relations
with suppliers and customers have been trained to explain to their counterparts
the implications of the Supplier Code of Conduct, which is also accessible online.
Scanfil’s training activities in 2025 referred to Sales and Procurement as the ones
considered at-risk functions. The Business Ethics training was an interactive session
where the potential risk scenarios were presented with guidance and participants
were also able to ask questions related to their daily work challenges. The content
of the training included risk assessment practices, managing conflict of interest,
anti-corruption measures, preventing anti-competitive practices and ensuring fair
business conduct at Scanfil. Participants comprised representatives from global
functions and factory experts in at-risk areas accounting for 69% of those invited.
4.1.4 Incidents of corruption or bribery
In 2025, Scanfil had no incidents of corruption or bribery, so the Group had no
related actions or fines (no incidents in 2024).
4.1.5 Payment practices
The standard payment term in the new supplier instruction form instructs a minimum
of 30 days net, but can be reconsidered individually if the supplier is a small company
or for another reason. In many operating countries e.g. in Poland and Finland local
legislation drives to pay invoices on time. Scanfil does not have statistics on the
percentage of payments executed according to standard payment terms. In 2025,
Scanfil had no legal proceedings due to late payments (none in 2024).
4.1.6 Entity specific - Disclosure
for Data Security
Data security is a critical component of Scanfil’s operations. The Group is committed
to responsible and secure business practices. It prioritizes the protection of customer,
partner, and employee data. The Group’s approach to data security aligns with industry
best practices, regulatory requirements, and the evolving cybersecurity landscape.
Data security is overseen by the ICT Director, who reports to the Chief Executive
Officer. The ICT Director ensures that data security initiatives are integrated into the
Group’s development strategy, while oversight and strategic direction are provided
by the CEO together with the Group Management Team, which communicates
regularly with the Board.
Scanfil’s IT/IS Security Policy (Security Policy) aims to guide and increase awareness
of the importance of secure practices. The policy is available for employees and
is designed to prevent unauthorized access, breaches, and data loss. The policy
covers areas such as encryption standards, network security, and incident response.
The Security Policy is reviewed as needed following emerging threats and legal
requirements.
The Group conducts regular assessments of data security risks, both internal
and external. These assessments help to identify vulnerabilities and enhance our
mitigation strategies. Key areas of focus include protection against cyber-attacks
and data breaches as well as ensuring the security of the upstream value chain. In
addition, Scanfil uses external 24/7 security service providers and other external
partners if needed to monitor, prevent and control cyber security threats.
Employees across all levels are provided with training in data security practices.
This includes phishing prevention, secure data handling, and incident reporting
protocols. The goal is to foster a culture of security awareness, minimizing human
error and strengthening our security posture. Scanfil uses an e-learning tool to
educate all its employees.
Scanfil maintains an incident response plan, which enables the company to respond
rapidly to potential data and security incidents. Possible incidents are detected
with continuous screening and reporting. All incidents are tracked, and root-cause
analyses are conducted to prevent future occurrences. Relevant incidents and
findings are reported to the Group Management Team and the Board of Directors.
Depending on the severity of the information security issue, it can also be subject
to customer communications or other communications. Scanfil can also report and
ask for the assistance of authorities and file a criminal report of a possible issue.
Scanfil adheres to global and regional data protection regulations, including the
General Data Protection Regulation (GDPR) and other applicable data privacy laws.
Three companies regularly assess Scanfil’s information security. Each company
has ranked Scanfil with high scores. Scanfil continuously develops its data security
based on recommendations and best practices.
In 2025, Scanfil had 5 information security events, all of which were investigated
(four in 2024). No evidence of data breach or impacts to operations or data
availability or integrity was found. As a result of these events, no effects have come
to the company’s attention. The ICT Director leads information security incident
management processes.
Scanfil does not capitalize costs related to data security. Thus, all its expenses
are operational expenses. In 2025, the company had approximately EUR 1 million
(0.9) in cyber security costs. Scanfil expects its cyber security costs to increase by
approximately 9% in 2026 (40% reported in 2024). Over 80% (80%) of the costs
are related to services and solutions.
82
Appendix
IDENTIFIED MATERIAL TOPICS & SUBTOPICS
TOPIC SUB-TOPIC
SUB-SUB
TOPICS DESCRIPTION
VALUE CHAIN
DIRECTION
POTENTIAL
AND ACTUAL
IMPACTS
TIME HORIZON
NATURE OF
ACTIVITIES
OR BUSINESS
RELATIONSHIPS
WHERE IN THE
BUSINESS
MODEL
LOCATION
IMPACT
MATERIALITY
FINANCIAL
MATERIALITY
E - ENVIRONMENT
Climate change
Climate
change
adaptation
Scanfil operates across four continents, where energy consumption for
facility heating and cooling is significant, especially in warmer regions, e.g.,
China and the US, and colder regions, e.g., Nordics. Scanfil is developing
a transition plan to handle exposure to physical climate risks and transition
risks and opportunities.
Upstream,
Own
operations
Actual
Short,
medium
and long
term
Own activities: Adapting own
facilities to climate change.
Manufacturing,
Facilities
Local Material Material
Climate
change
mitigation
Scanfil operates globally, focusing on energy-efficient, fossil-free
solutions, especially in warmer regions e.g. China and the US, where
cooling demands are high. While stable conditions are expected
elsewhere, uncertainties around climate change prompt a commitment to
sustainability and increased fossil-free energy use.
Upstream,
Own
operations,
Downstream
Actual
Medium
and long
term
Own activities: Greenhouse gas
emissions from procurement and
usage of energy and combustion
of fuels at own facilities.
Manufacturing,
Facilities,
Suppliers,
Logistics
Global Material Material
Energy
Scanfil operates worldwide, prioritizing energy-efficient, fossil-free
solutions, where heating and cooling needs are high. Commitment to
sustainability drives increased use of fossil-free energy, despite stable
conditions elsewhere.
Upstream,
Own
operations
Potential
Medium
and long
term
Own activities: Need of energy for
manufacturing at facilities.
Manufacturing Local Material
Not
material
Resource Use and
Circular Economy
Waste
Effective waste management benefits the environment, economy, and
society. It reduces pollution, conserves resources, and creates jobs.
By reducing waste, Scanfil improves public health and creates cleaner
communities.
Own
operations
Actual -
Own activities: Hazardous and
non-hazardous waste generated
via manufacturing activities.
Customer
specification
Local Material
Not
material
83
TOPIC SUB-TOPIC
SUB-SUB
TOPICS DESCRIPTION
VALUE CHAIN
DIRECTION
POTENTIAL
AND ACTUAL
IMPACTS
TIME HORIZON
NATURE OF
ACTIVITIES
OR BUSINESS
RELATIONSHIPS
WHERE IN THE
BUSINESS
MODEL
LOCATION
IMPACT
MATERIALITY
FINANCIAL
MATERIALITY
S - SOCIAL
RESPONSIBILITY
Own workforce
Working
conditions
Working time
Effective management of working time enhances productivity and employee
well-being. Balanced working hours reduce burnout and absenteeism, leading to
higher morale and retention. Compliance with labor laws minimizes legal risks and
potential fines. Overall, an effective working time approach improves operational
efficiency, employee satisfaction, and company reputation, driving profitability and
sustainable growth.
Own
operations
Potential
Short and
medium
term
Own activities: Scanfil follows
country regulations on working
time and enhances it by applying
own policies, e.g., on remote work.
Manufacturing,
Sales & Marketing,
Procurement
Local Material
Not
material
Adequate
wages
Adequate wages ensure financial stability and workforce loyalty, strengthening
morale and productivity. Fair compensation strengthens the team and fosters
innovation and quality.
Own
operations
Potential Short term
Own activities: Scanfil follows
country regulations on minimal
wage and enhances it by applying
own Salary Regulations Process.
Manufacturing,
Sales & Marketing,
Procurement
Local Material
Not
material
Work-life
balance
Without a good work-life balance, employees may experience increased stress,
burnout, and dissatisfaction. This can lead to higher turnover rates, increasing
recruitment and training costs. Productivity and quality of work may suffer, affecting
client satisfaction and company reputation. Moreover, health issues arising from
chronic stress can result in higher healthcare costs and absenteeism.
Own
operations
Actual
Short and
medium
term
Own activities: Scanfil monitors
workload and work-life balance
through in-house activities.
Manufacturing,
Sales & Marketing,
Procurement
Local Material
Not
material
Health and
safety
Health and safety are top priorities at Scanfil. Risks are minimized through safety
protocols, training, and risk assessments. By fostering a safety culture, Scanfil
protects its own employees and demonstrates a commitment to corporate
responsibility and operational excellence.
Own
operations
Actual and
Potential
Short,
medium
and long
term
Own activities: Scanfil follows
country regulations on work safety
and enhances it by internal experts
forum Safety Council.
Manufacturing,
Sales & Marketing,
Procurement
Local Material Material
Equal
treatment and
opportunities
for all
Gender
equality and
equal pay for
work of equal
value
Gender equality and equal pay ensure fairness. It promotes a just society, boosts
the economy, and improves well-being for all. By valuing everyone equally, Scanfil
creates a better future.
Own
operations
Potential
Medium
and long
term
Own activities: Scanfil ensures
equal treatment and opportunities
for all in its policies.
Manufacturing,
Sales & Marketing,
Procurement
Local Material Material
Training
and skills
development
Continuous training improves safety, compliance, and environmental impact.
It fosters employee growth and satisfaction, leading to higher retention and
efficiency. This supports Scanfil’s sustainability and competitiveness.
Own
operations
Actual
Medium
and long
term
Own activities: Scanfil offers
internal and external training.
Manufacturing,
Sales & Marketing,
Procurement
Local Material
Not
material
84
TOPIC SUB-TOPIC
SUB-SUB
TOPICS DESCRIPTION
VALUE CHAIN
DIRECTION
POTENTIAL
AND ACTUAL
IMPACTS
TIME HORIZON
NATURE OF
ACTIVITIES
OR BUSINESS
RELATIONSHIPS
WHERE IN THE
BUSINESS
MODEL
LOCATION
IMPACT
MATERIALITY
FINANCIAL
MATERIALITY
Workers in the value
chain
Working
conditions
Health and
safety
Poor health and safety conditions for workers in the value chain can lead to
workplace accidents, occupational illnesses, and long-term health issues,
negatively affecting workers’ physical and mental well-being. These risks are often
higher for vulnerable groups, such as migrant workers or those in low-skilled roles.
Upstream Potential Long term
Business relationship: Relationship
with supplier partner guided by
International standards for Labor
and human rights (ILO and UN).
Suppliers Global Material
Not
material
Other work
related rights
Child labor
Child labour deprives children of their right to education, exposes them to
hazardous conditions, and causes long-term physical and psychological harm.
It perpetuates poverty cycles and violates fundamental human rights, severely
damaging company reputation and ethical standards. It would also violate the
Scanfil brand, trust and lead to financial losses.
Upstream Potential
Short,
medium
and long
term
Business relationship: Relationship
with supplier partner guided by
International standards for Labor
and human rights (ILO and UN).
Suppliers Global Material Material
Forced labor
Forced labour possess financial risks through reputational damage, legal
consequences, and lost businesses. Incidents can result in significant costs and
harm to brand value. Proactive due diligence offers an opportunity to strengthen
reputation, ensure compliance, and attract ethically conscious customers and
investors, supporting long-term financial resilience.
Upstream
Financial
Risk
Short,
medium
and long
term
Business relationship: Relationship
with supplier partner guided by
International standards for Labor
and human rights (ILO and UN).
Suppliers Global
Not
material
Material
Equal
treatment and
opportunities
for all
Gender
equality and
equal pay for
work of equal
value
Gender equality leads to equal pay and the same opportunity for leadership roles.
It prevents a higher exposure to insecure or informal employment for women,
supports fair labor practices and social justice
Upstream Actual -
Business relationship: Relationship
with supplier partner guided by
International standards for Labor
and human rights (ILO and UN).
Suppliers Global Material
Not
material
85
TOPIC SUB-TOPIC
SUB-SUB
TOPICS DESCRIPTION
VALUE CHAIN
DIRECTION
POTENTIAL
AND ACTUAL
IMPACTS
TIME HORIZON
NATURE OF
ACTIVITIES
OR BUSINESS
RELATIONSHIPS
WHERE IN THE
BUSINESS
MODEL
LOCATION
IMPACT
MATERIALITY
FINANCIAL
MATERIALITY
G - GOVERNANCE
Business conduct
Corporate
culture
Scanfil values and cherishes diversity, equality, and inclusion. The value “Achieving
Together” highlights how being one team globally is emphasized, how diversity
is benefited from: ideas are shared, respect and reliance on each other are
emphasized, collective success is aimed for, and how every individual is respected
with no tolerance for bullying, harassment, or discrimination.
Own
operations
Actual -
Own activities and business
relationship: Corporate culture
and customer business ethical
requirements are driven by the Code
of Conduct.
Manufacturing,
Sales & Marketing,
Procurement
Global Material
Not
Material
Management
of relationships
with suppliers
including
payment
practices
By managing supplier relationships and payment practices effectively, businesses
can significantly impact their operational efficiency and financial health. Timely
payments strengthen trust, foster loyalty, and attract high-quality suppliers,
ultimately leading to a more stable and reliable supply chain. Fair and ethical
payment practices also contribute to social responsibility, supporting fair wages
and working conditions. Conversely, delayed or unfair payments can strain
relationships, leading to disruptions, quality issues, and increased costs.
Upstream Potential
Short and
medium
term
Business relationship: Relationships
with suppliers, including payment
practices are a part of healthy
supplier relationships.
Procurement,
Suppliers
Global Material
Not
Material
Corruption &
Bribery
Prevention
and detection
Effective prevention and detection of corruption and bribery protect organizational
integrity and stakeholder trust. Implementing robust policies, regular audits, and
compliance training reduces legal risks, financial losses, and reputational damage.
These measures foster a transparent, ethical culture, promoting sustainable and
fair business practices.
Upstream,
Own
operations,
Downstream
Potential Short term
Own activities and business
relationships: Corruption and bribery
can have a financial impact on the
business. These incidents can result
in increased regulatory scrutiny and
loss of business opportunities.
Sales & Marketing,
Procurement
Global Material
Not
Material
Cybersecurity
Cybersecurity breaches can have severe financial consequences. Direct losses
include theft, fraud, and ransom payments. Legal and regulatory penalties arise
from data breaches and non-compliance. Reputational damage can lead to
customer loss and reduced revenue. Operational disruptions cause downtime
and productivity loss. Finally, insurance premiums may increase, further impacting
costs.
Upstream,
Own
operations,
Downstream
Actual -
Own activities and business
relationships: Cybersecurity
breaches can have direct financial
losses, legal and regulatory
costs, operational disruptions and
reputation damage.
Manufacturing,
Sales & Marketing,
Procurement
Global Material
Not
Material
86
ESRS TOPIC CONCLUSION OF THE DOUBLE MATERIALITY ASSESSMENT
Pollution
Although Scanfil considers pollution to be an important topic, the company’s operations have a limited impact on both environmental and
water pollution making the level of materiality for impacts, risks and opportunities within this ESRS to fall below the materiality threshold.
In comparison to previous reporting period, where the sub-topic Substances of very high concern was identified as material for Scanfil, such
substances are found to be present in only small quantities in most of those products that Scanfil is manufacturing (below 0.1% considering
the weight-by-weight threshold defined by REACH). Thus, substances of very high concern do not imply a significant risk or impact from
a financial, environmental or social perspective. Consequently, they do not currently influence stakeholder decisions or present notable
risks to the company or society. This removal is in alignment with applicable regulatory guidelines and reflects the commitment to focus on
material efforts for topics with clear and measurable relevance.
Water and marine resources
Scanfil is not a large consumer of water yet believes taking responsibility for its water consumption is important. The manufacturing
processes use a moderate amount of water, indicating that water usage is not a significant part of operations. Moreover, Scanfil’s operations
have a low impact on water discharges into the ocean, suggesting that the activities do not significantly affect marine resources. Upstream
suppliers need water in their processes, but Scanfil does not measure this consumption. Although Scanfil believes in taking responsibility
for water consumption, the overall impact and usage are relatively low, making it less material compared to other resources or environmental
factors.
Scanfil’s operations have a limited impact on marine resources as there are no industrial discharges, chemical spills, or improper waste
disposal that can contaminate marine ecosystems. Scanfil has an impact on climate change, but this is handled in other environmental
reporting topics. Regarding shipping, Scanfil uses vessels for shipping but has no direct impact on operations. The company has no direct
activities in mining, oil drilling, or deep-sea mining that could affect marine ecosystems directly. Since Scanfil does not produce any plastics,
it does not contribute to ocean pollution.
Biodiversity and ecosystems
Scanfil’s operations have a minimal impact on biodiversity and ecosystems. The company does not engage in activities that affect forests,
grasslands, wetlands, or agricultural areas. Land use is limited to factory expansions in controlled zones, ensuring minimal disruption,
and pollution from operations is minor, resulting in low impact on dams, water diversions, and withdrawals for agriculture and industry.
Freshwater habitats such as rivers, lakes, and wetlands remain undisturbed, and there are no activities related to oceans. Emissions from
factories are minimal, leading to a low impact on biodiversity.
Affected communities
Scanfil respects the civil and political rights in different communities by operating in environments where these rights are upheld. The
company mitigates legal and reputational risks, avoiding costly litigation and damage control efforts. Although a stable political climate
fosters economic growth, and healthier populations and cultures provide the business with more reliable markets and investment
opportunities, the topical ESRS does not currently reach the threshold level of materiality for Scanfil. B2B contract manufacturers like Scanfil,
without product ownership, typically have limited direct interaction with indigenous communities. Scanfil’s focus lies in fulfilling customer
orders, often involving indirect supply chains. As such, Scanfil is less directly concerned with specific indigenous rights. While ethical
business practices are essential, the specific challenges and opportunities related to indigenous rights are more relevant to companies
directly involved in resource extraction, operating in specific regions, or having direct community relationships. For Scanfil as a contract
manufacturer, the primary concern is the production of goods according to specific customer requirements. This focus is on the technical
aspects of manufacturing, quality control, and timely delivery, rather than broader social and ethical considerations like indigenous rights.
Consumers and end-users
Scanfil as a contract manufacturer, produces products according to customer specifications and does not often have direct contact with
end users. Scanfil is not involved in the design phase of the manufactured products and has no market monitoring or deeper knowledge of
the intended use of the products. Should any safety risks for consumers and end users be discovered based on the information Scanfil has,
the company will inform its customers about this. As such, the influence on social inclusion initiatives is limited.
Conclusions to immaterial topics
Scanfil has concluded that pollution, water and marine resources, biodiversity and
ecosystems, affected communities and consumers and end-users are not material
topics and therefore omit all the disclosure requirements in the corresponding
topical ESRS.
87
LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM OTHER EU LEGISLATION
DISCLOSURE REQUIREMENT
AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS 2 GOV-1
Board's gender diversity paragraph 21 (d)
Indicator number 13 of Table #1 of Annex 1
Commission Delegated Regulation
(EU)2020/1816(27), AnnexII
p. 22
ESRS 2 GOV-1
Percentage of board members who are independent
paragraph 21 (e)
Delegated Regulation (EU)2020/1816, AnnexII p. 22
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10 Table #3 of Annex 1 p. 24
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
Indicators number 4 Table #1 of Annex 1
Article449a Regulation (EU) No575/2013;
Commission Implementing Regulation
(EU)2022/2453(28)Table 1: Qualitative information
on Environmental risk and Table 2: Qualitative
information on social risk
Delegated Regulation (EU)2020/1816, AnnexII Not material
ESRS 2 SBM-1
Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU)2020/1816, AnnexII Not material
ESRS 2 SBM-1
Involvement in activities related to controversial
weapons paragraph 40 (d) iii
Indicator number 14 Table #1 of Annex 1
Delegated Regulation (EU)2020/1818(29),
Article12(1) Delegated Regulation (EU)2020/1816,
AnnexII
Not material
ESRS 2 SBM-1
Involvement in activities related to cultivation and
production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU)2020/1818, Article12(1)
Delegated Regulation (EU)2020/1816, AnnexII
Not material
ESRS E1-1
Transition plan to reach climate neutrality by 2050
paragraph 14
Regulation (EU)2021/1119, Article2(1) p. 46
ESRS E1-1
Undertakings excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article449a
Regulation (EU) No575/2013; Commission
Implementing Regulation (EU)2022/2453 Template 1:
Banking book-Climate Change transition risk: Credit
quality of exposures by sector, emissions and residual
maturity
Delegated Regulation (EU)2020/1818, Article12.1 (d) to
(g), and Article12.2
p. 46
ESRS E1-4
GHG emission reduction targets paragraph 34
Indicator number 4 Table #2 of Annex 1
Article449a
Regulation (EU) No575/2013; Commission
Implementing Regulation (EU)2022/2453 Template
3: Banking book – Climate change transition risk:
alignment metrics
Delegated Regulation (EU)2020/1818, Article6 p. 51
88
DISCLOSURE REQUIREMENT
AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high climate impact
sectors) paragraph 38
Indicator number 5 Table #1 and indicator number5
Table #2 of Annex 1
p. 54
ESRS E1-5
Energy consumption and mix paragraph 37
Indicator number 5 Table #1 of Annex 1 p. 53
ESRS E1-5
Energy intensity associated with activities in high
climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 p. 54
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions
paragraph 44
Indicators number 1 and2 Table #1 of Annex 1
Article449a; Regulation (EU) No575/2013;
Commission Implementing Regulation
(EU)2022/2453 Template 1: Banking book – Climate
change transition risk: Credit quality of exposures by
sector, emissions and residual maturity
Delegated Regulation (EU)2020/1818, Article5(1), 6
and8(1)
p. 57
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
Indicators number 3 Table #1 of Annex 1
Article449a Regulation (EU) No575/2013;
Commission Implementing Regulation
(EU)2022/2453 Template 3: Banking book – Climate
change transition risk: alignment metrics
Delegated Regulation (EU)2020/1818, Article8(1) p. 58
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)2021/1119, Article2(1) Not material
ESRS E1-9
Exposure of the benchmark portfolio to climate-related
physical risks paragraph 66
Delegated Regulation (EU)2020/1818, AnnexII
Delegated Regulation (EU)2020/1816, AnnexII
Not material
ESRS E1-9
Disaggregation of monetary amounts by acute and
chronic physical risk paragraph 66 (a)
Article449a Regulation (EU) No575/2013;
Commission Implementing Regulation
(EU)2022/2453 paragraphs 46 and47; Template
5: Banking book - Climate change physical risk:
Exposures subject to physical risk.
Not material
ESRS E1-9
Location of significant assets at material physical risk
paragraph 66 (c).
Not material
ESRS E1-9
Breakdown of the carrying value of its real estate
assets by energy-efficiency classes paragraph 67 (c).
Article449a Regulation (EU) No575/2013;
Commission Implementing Regulation
(EU)2022/2453 paragraph 34;Template 2:Banking
book -Climate change transition risk: Loans
collateralized by immovable property - Energy
efficiency of the collateral
Not material
ESRS E1-9
Degree of exposure of the portfolio to climate- related
opportunities paragraph 69
Delegated Regulation (EU)2020/1818, AnnexII Not material
89
DISCLOSURE REQUIREMENT
AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS E2-4
Amount of each pollutant listed in AnnexII of the
E-PRTR Regulation (European Pollutant Release
and Transfer Register) emitted to air, water and soil,
paragraph 28
Indicator number 8 Table #1 of Annex 1 Indicator
number 2 Table #2 of Annex 1 Indicator number 1 Table
#2 of Annex 1 Indicator number 3 Table #2 of Annex 1
Not material
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7 Table #2 of Annex 1 Not material
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table 2 of Annex 1 Not material
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 Not material
ESRS E3-4
Total water consumption in m3per net revenue on
own operations paragraph 29
Indicator number 6.1 Table #2 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material
ESRS E4-2
Sustainable land / agriculture practices or policies
paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 Not material
ESRS E4-2
Sustainable oceans / seas practices or policies
paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 Not material
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2 of Annex 1 p. 61
ESRS E5-5
Hazardous waste and radioactive waste paragraph 39
Indicator number 9 Table #1 of Annex 1 p. 61
90
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AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS 2- SBM3 - S1
Risk of incidents of forced labor paragraph 14 (f)
Indicator number 13 Table #3 of AnnexI Not material
ESRS 2- SBM3 - S1
Risk of incidents of child labor paragraph 14 (g)
Indicator number 12 Table #3 of AnnexI Not material
ESRS S1-1
Human rights policy commitments paragraph 20
Indicator number 9 Table #3 and Indicator number 11
Table #1 of AnnexI
p. 63
ESRS S1-1
Due diligence policies on issues addressed by
the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU)2020/1816, AnnexII p. 63
ESRS S1-1
Processes and measures for preventing trafficking in
human beings paragraph 22
Indicator number 11 Table #3 of AnnexI Not material
ESRS S1-1
Workplace accident prevention policy or management
system paragraph 23
Indicator number 1 Table #3 of AnnexI p. 64
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3 of AnnexI p. 65
ESRS S1-14
Number of fatalities and number and rate of work-
related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of AnnexI Delegated Regulation (EU)2020/1816, AnnexII p. 72
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or
illness paragraph 88 (e)
Indicator number 3 Table #3 of AnnexI p. 72
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Indicator number 12 Table #1 of AnnexI Delegated Regulation (EU)2020/1816, AnnexII p. 72
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table #3 of AnnexI p. 72
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7 Table #3 of AnnexI p. 72
ESRS S1-17
Non-respect of UNGPs on Business and Human
Rights and OECD Guidelines paragraph 104 (a)
Indicator number 10 Table #1 and Indicator n.14 Table
#3 of AnnexI
Delegated Regulation (EU)2020/1816, AnnexII
Delegated Regulation (EU)2020/1818 Art 12 (1)
Not material
91
DISCLOSURE REQUIREMENT
AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS 2- SBM3 – S2
Significant risk of child labor or forced labor in the
value chain paragraph 11 (b)
Indicators number 12 and n.13 Table #3 of AnnexI p. 36
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9 Table #3 and Indicator n.11 Table
#1 of Annex 1
p. 74
ESRS S2-1
Policies related to value chain workers paragraph 18
Indicator number 11 and n.4 Table #3 of Annex 1 p. 74
ESRS S2-1
Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1
Delegated Regulation (EU)2020/1816, AnnexII
Delegated Regulation (EU)2020/1818, Art 12 (1)
p. 74
ESRS S2-1
Due diligence policies on issues addressed by
the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)2020/1816, AnnexII p. 74
ESRS S2-4
Human rights issues and incidents connected to its
upstream and downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 p. 75
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9 Table #3 of Annex 1 and Indicator
number 11 Table #1 of Annex 1
Not material
ESRS S3-1
Non-respect of UNGPs on Business and Human
Rights, ILO principles or OECD guidelines paragraph 17
Indicator number 10 Table #1 Annex 1
Delegated Regulation (EU)2020/1816, AnnexII
Delegated Regulation (EU)2020/1818, Art 12 (1)
Not material
ESRS S3-4
Human rights issues and incidents paragraph 36
Indicator number 14 Table #3 of Annex 1 Not material
ESRS S4-1
Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3 and Indicator number 11
Table #1 of Annex 1
Not material
ESRS S4-1
Non-respect of UNGPs on Business and Human
Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1
Delegated Regulation (EU)2020/1816, AnnexII
Delegated Regulation (EU)2020/1818, Art 12 (1)
Not material
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14 Table #3 of Annex 1 Not material
92
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AND RELATED DATAPOINT SFDRREFERENCE PILLAR 3REFERENCE BENCHMARK REGULATION REFERENCE EU CLIMATE LAW REFERENCE PAGE #
ESRS G1-1
United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 p. 78
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 p. 80
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery
laws paragraph 24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU)2020/1816, AnnexII) p. 81
ESRS G1-4
Standards of anti- corruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 p. 81
Scanfil has not identified any legislation, standard or framework requiring the company to disclose other information in addition to the requirements prescribed in ESRS.
93
Description of the process to identify
and assess material impacts, risks and
opportunities
Time horizon identification
For potential impacts, risks, and opportunities, the time horizon has been identified
within which the impact, risk, or opportunity will occur. The default time horizons
used are based on those defined in the ESRS:
• Short-term: Reporting period
• Medium-term: Reporting period to 5 years
• Long-term: > 5 years
Value chain parameters
Scanfil’s value chain has been taken into consideration for each identified impact, risk,
and opportunity. Scanfil has identified what direction(s) of the value chain (upstream,
own operations, and downstream) the impact, risk, or opportunity occurs in as well
as the specific position(s) within the value chain direction.
Impact identification
For each impact identified, the company has analyzed the following criteria:
• Whether the impact is actual or potential
• Whether the impact is negative or positive
• Whether the impact is direct or indirect
Impact scoring criteria
The impacts were then scored based on the following criteria, in line with ESRS:
•
Negative impacts were scored based on severity, a combination of scale,
scope and remediability, and likelihood. Severity was prioritized over the
likelihood of negative impacts on human rights.
• Positive impacts were scored based on their scale, scope, and likelihood.
Scale, scope, remediability, and likelihood were determined based on the following
default criteria:
Scale:
1. Minimal consequence on people/environment
2. Low consequences on people/environment that are easily managed or mitigated
3. Medium consequence that is manageable within reasonable means
4. High consequence that can cause substantial disruption and require immediate
attention
5. Absolute: Major disruption with long-term consequences
Scope*:
1. Few individuals / Very low – Isolated location
2. Groups / Minority of customers / Low – Multiple locations
3. Departments / Large groups / Roughly half of customers / Medium – Several
large areas
4. Business divisions / Majority / Entire region
5. Global / Entire populations / All customers/end-users
* Dependent on the most affected stakeholder group
Remediability:
1. Easily reversible
2. Low
3. Reversible with material effort/cost
4. High
5. Permanent
Likelihood:
1. Rare (<10%)
2. Low (10-25%)
3. Possible (25-50%)
4. Likely (50-75%)
5. Almost certain (>75%)
6. Actual (100%)
Scoring and threshold methodology
The scoring and threshold methodology for impact materiality included:
• Each impact was assessed by positive/negative and actual/potential
•
Assessment of the severity of the impact was then plotted against the likelihood
of it occurring
• The product of both is the impact score
• Impact score = Likelihood x Severity
• Severity of negative impacts = (Scale + Scope + Irremediability)
• Severity of positive impacts = (Scale + Scope)
All impacts related to that sustainability matter were plotted on a 5x5 grid of Severity
vs. Likelihood. The threshold for impact is set as a sloping line, dependent on the
combination of severity and likelihood.
A threshold line was established that gave precedence to severity over likelihood
(i.e., all impacts with severity scores > 4 were considered material irrespective of
likelihood, while also taking into account less severe risks that were more likely).
If any impacts for a given sustainability matter were above the threshold, then the
sustainability matter itself would be deemed to be material.
Risk and opportunity identification
For each risk and opportunity identified, Scanfil has analyzed the following criteria:
• The direct or indirect ownership of the risk/opportunity
•
The negative or positive financial effect of the risk or opportunity, respectively
Risk and opportunity scoring criteria
The risks and opportunities were then scored based on the magnitude of the financial
effect and the likelihood of it occurring.
94
The magnitude of the financial effect and likelihood was determined using the
following criteria:
Magnitude of financial effect*:
1. Minor
2. Moderate
3. High
4. Very High
5. Major
* The default is based on the Net Asset Value entered by the company.
Likelihood:
1. Rare (<10%)
2. Low (10-25%)
3. Possible (25-50%)
4. Likely (50-75%)
5. Almost certain (>75%)
Scoring and threshold methodology
The scoring and threshold methodology for financial materiality included:
• The product of both is the Financial score
• Financial score = Likelihood X Magnitude
All of the risks and opportunities related to that sustainability matter were plotted
on a 5x5 grid of Size of financial effect vs. Likelihood. The threshold for financial
materiality is set as a sloping line, dependent on the combination of Size of financial
effect and Likelihood. An approximate materiality threshold line had been established,
which captured all the highest tiers of financial effects and less affecting risks that
were more likely. This means that, for each risk/opportunity where the product of
Size of financial effect and Likelihood score is above the threshold, it is material.
Disclosures incorporated by reference
The following sections are addressed by incorporated references to other parts of
the Board of Directors’ report or external documents:
• 1.1. General basis for preparation of the Sustainability Statement
• 1.2 The role of the administrative, management and supervisory bodies
• 1.4 Integration of sustainability-related performance in incentive schemes
• 1.5 Statement on due diligence
• 1.7 Strategy, business model, and value chain
•
1.9 Material impacts, risks and opportunities, and their interaction with the
strategy and business model
95
ESRS TOPIC METRIC
LEVEL OF ACCURACY
FOR ACTIVITY DATA
LEVEL OF ACCURACY FOR
ENVI RONM ENTAL DATA
E1-4 GHG targets for Scope 3 High Medium
E1-6 Scope 3.1 High Medium
E1-6 Scope 3.2 High Medium
E1-6 Scope 3.3 High Medium
E1-6 Scope 3.4 High Medium
E1-6 Scope 3.5 High Medium
E1-6 Scope 3.6 High Medium
E1-6 Scope 3.7 Medium Medium
E1-6 Scope 3.11 Low Medium
E1-6 GHG intensity High Medium
S2-5
Level of preferred and key suppliers with a
sustainability rating
High N/A
S2-5
Share of spend to suppliers with a
sustainability rating
High N/A
THE LEVEL OF DATA ACCURACY FOR ENVIRONMENTAL AND SOCIAL DATA
96
EUR THOUSAND Note 1.1.-31.12.2025 1.1.-31.12.2024
Turnover 1.1 797,113 779,912
Other operating income 1.2 10,387 1,159
Changes in inventories of finished goods
and work in progress
Use of materials and supplies 1.3 -523,387 -522,784
Employee benefit expenses 1.4 -138,535 -122,929
Depreciation and amortisation 3.5 -23,641 -21,110
Other operating expenses 1.5 -67,782 -58,572
Operating profit 54,315 52,578
Financial income 4.2 1,287 1,219
Financial expense 4.2 -4,444 -2,715
Profit before tax 51,158 51,081
Income tax 1.6 -10,266 -12,475
Net profit for the period 40,893 38,606
Attributable to:
Shareholders of the parent company 40,893 38,606
Earnings per share calculated on the profit
attributable to shareholders of the parent company:
undiluted earnings per share 1.7 0.63 0.59
diluted earnings per share 1.7 0.62 0.59
EUR THOUSAND Note 1.1.-31.12.2025 1.1.-31.12.2024
Net profit for the period 40,893 38,606
Other comprehensive income
Items that may later be recognised in profit or loss
Translation differences 4.8 -3,731 2,087
Cash flow hedges 4.8 -17 -970
Other comprehensive income, net of tax -3,747 1,117
Total comprehensive income 37,145 39,724
Total comprehensive income attributable to:
The parent company owners 37,145 39,724
CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Consolidated Financial Statement IFRS
97
EUR THOUSAND Note 31.12.2025 31.12.2024
ASSETS
Non-current assets
Property, plant and equipment 3.3 67,777 68,374
Right-of-use-assets 3.4 28,852 26,532
Goodwill 3.1 36,314 29,113
Other intangible assets 3.2 20,617 19,997
Other investments 4.6 519 518
Deferred tax assets 1.6 8,240 7,700
Current assets
Inventories 2.2 176,451 173,245
Trade and other receivables 2.3 175,604 165,353
Advance payments 589 655
Current tax 4,861 4,173
Cash and cash equivalents 4.1 74,657 48,534
Total assets 594,481 544,193
EUR THOUSAND Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
Shareholder's equity and liabilities 4.8
Share capital 2,000 2,000
Reserve for invested unrestricted equity fund 34,692 33,290
Fair Value Reserve -63 -46
Other reserves 2,650 2,650
Translation differences -6,231 -2,500
Retained earnings 281,449 255,643
Total equity 314,497 291,036
Non-current liabilities
Provisions 5.1 1,934 1,788
Interest bearing liabilities 4.3 22,500 20,000
Non-interest bearing liabilities 4.3 3,757 10,314
Lease liabilities 4.3 23,001 21,863
Deferred tax liabilities 1.6 8,568 9,650
Current liabilities
Trade and other liabilities 2.4 174,926 158,889
Current tax 4,491 2,088
Provisions 5.1 398 693
Interest bearing liabilities 4.3 32,001 22,749
Non-interest bearing liabilities 4.3 1,687
Lease liabilities 4.3 6,722 5,123
Total liabilities 279,984 253,157
Total shareholder's equity and liabilities 594,481 544,193
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
98
EUR THOUSAND Note 1.1.-31.12.2025 1.1.-31.12.2024
Cash flow from operating activities
Net profit 40,893 38,606
Adjustments for the net profit
Transactions without payment:
Change in provisions -141 772
Capital gain / loss for fixed assets 47 -349
Exchange rate differences 1,227 425
Other adjustments -10,978 247
Depreciation and amortisation 23,641 21,110
Financial income -1,287 -1,219
Financial expenses 4,444 2,441
Taxes 10,281 12,495
Change in net working capital:
Change in accounts receivable and other receivables -10,310 13,990
Change in inventories 2,816 50,415
Change in accounts payable and other liabilities 18,015 -28,159
Change in net working capital total 10,521 36,246
Paid interests and other financial expenses -3,518 -2,130
Interest received 1,034 951
Taxes paid -12,068 -17,479
Net cash from operating activities
EUR THOUSAND Note 1.1.-31.12.2025 1.1.-31.12.2024
Cash flow from investing activities
Net cash from acquisition 3.6 -12,885 -22,296
Investments in tangible and intangible assets 3.2, 3.3 -14,304 -15,654
Sale of tangible and intangible assets 14 349
Net cash from investing activities
-27,175 -37,601
Cash flow from financing activities
Share subscriptions based on stock options 1.4 1,575
Repayment of short-term loans -4,314 -2,172
Proceeds from long term loans 25,000
Repayment of long-term loans -10,000 -6,000
Repayment of lease liabilities -6,231 -4,448
Paid dividends -15,672 -14,994
Net cash from financing activities
-9,642 -27,615
Net increase/decrease in cash and cash equivalents 27,279 26,900
Cash and cash equivalents at beginning of period 48,534 21,222
Changes in exchange rates -1,156 411
Cash and cash equivalents at end of period
CONSOLIDATED STATEMENT OF CASH FLOW
99
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of the parent company
EUR THOUSAND Note
Share
capital
Reserve for
invested
unrestricted
equity fund
Fair
value
reserve
Other
reserves
Translation
differences
Retained
earnings
Equity
total
Equity 1.1.2025 2,000 33,290 -46 2,650 -2,500 255,643 291,036
Comprehensive income
Net profit for the period 40,893 40,893
Other comprehensive income
(net of tax)
Translation differences 4.8 -3,731 -3,731
Cash flow hedges 4.5, 4.8 -17 -17
Total comprehensive income -17 -3,731 40,893 37,145
Transactions with owners
Option Scheme 413 413
Paid dividends -15,672 -15,672
Share options exercised 1,401 174 1,575
Equity 31.12.2025 2,000 34,692 -63 2,650 -6,231 281,449 314,497
Equity attributable to equity holders of the parent company
EUR THOUSAND Note
Share
capital
Reserve for
invested
unrestricted
equity fund
Fair
value
reserve
Other
reserves
Translation
differences
Retained
earnings
Equity
total
Equity 1.1.2024 2,000 34,806 924 2,650 -4,588 230,246 266,038
Comprehensive income
Net profit for the period 38,606 38,606
Other comprehensive income
(net of tax)
Translation differences 4.8 2,087 2,087
Cash flow hedges 4.5, 4.8 −970 −970
Total comprehensive income −970 2,087 38,606 39,724
Transactions with owners
Option Scheme 268 268
Paid dividends −14,994 −14,994
Share options exercised* −1,516 1,516 0
Equity 31.12.2024 2,000 33,290 −46 2,650 −2,500 255,643 291,036
* 1.1.2024 The cumulative effect of entries related to exercised share options has been reclassified as retained earnings from the reserve for invested
unrestricted equity fund.
100
101
102
103
1. ITEMS AFFECTING THE RESULT
104
105
106
107
108
109
110
111
112
2. NET WORKING CAPITAL
113
114
115
3. NON-CURRENT ASSETS
116
117
118
119
120
121
122
123
124
4. CAPITAL STRUCTURE
125
126
127
128
129
130
131
132
133
134
135
5. OTHER NOTES
136
137
138
PARENT COMPANY FINANCIAL STATEMENTS, FAS
EUR thousand Note 1.1.-31.12.2025 1.1.-31.12.2024
Other operating income 3,113 2,724
Personnel expenses 1
Wages, salaries and fees -2,246 -1,939
Pensions and statutory indirect employee costs
Pensions -430 -377
Statutory indirect employee costs -200 -150
Personnel expenses total -2,876 -2,466
Depreciation and reduction in value 3
Depreciation according to plan -85 -102
Depreciation and reduction in value total -85 -102
Other operating expenses 2 -2,699 -1,930
Operating profit -2,547 -1,773
Financial income and expenses
Financial income from Group 29,612 25,000
Other interest and financial income
From Group 1,307 2,564
From other 3,625 3,078
Interest expenses and financial expenses
To Group -2,480 -2,249
To other -4,661 -2,374
Financial income and expenses total 27,404 26,019
EUR thousand Note 1.1.-31.12.2025 1.1.-31.12.2024
Profit before appropriations and taxes 24,857 24,246
Appropriations
Group contributions 4 3,500
Appropriations total 3,500
Profit before tax 28,357 24,246
Income taxes 5
Income taxes -8 -7
Taxes for previous years -35
Deferred taxes 259 155
Income taxes total 250 113
Net profit for the period 28,607 24,359
Parent Company Income Statement
139
EUR thousand Note 31.12.2025 31.12.2024
ASSETS
Non-current assets
Intangible assets 6
Other non-current assets 138 222
Advance payments and contracts in progress 4
Intangible assets total 138 226
Tangible assets 7
Plant and equipment 6
Advance payments and construction in progress 17 17
Tangible assets total 17 23
Investments
Holdings in Group companies 8 113,574 119,831
Investments total 113,574 119,831
Total non-current assets 113,728 120,080
EUR thousand Note 31.12.2025 31.12.2024
ASSETS
Current assets
Long-term receivables
Loan receivables from Group companies 9 25,612 13,125
Deferred tax assets 430 155
Long-term receivables total 26,041 13,280
Short-term receivables
Receivables from Group companies 9 17,205 22,826
Accrued income 1,820 1,600
Short-term receivables total 19,025 24,426
Cash and cash equivalents 10 51,632 27,705
Total current assets 96,682 65,412
Total assets 210,426 185,492
Parent Company Balance Sheet
140
EUR thousand Note 31.12.2025 31.12.2024
SHAREHOLDER’S EQUITY AND LIABILITIES
Equity 11
Share capital 2,000 2,000
Other reserves
Fair value reserve -72 68
Reserve for invested unrestricted equity fund 35,035 33,633
Retained earnings 21,176 12,315
Profit for the period 28,607 24,359
Total Equity 86,746 72,376
EUR thousand Note 31.12.2025 31.12.2024
Liabilities
Non-current liabilities
Financing loans 12 22,500 20,000
Conditional additional purchase price 11,195
Deferred tax liabilities 17
Non-current liabilities total 22,500 31,212
Current liabilities
Financing loans 12 22,500 10,000
Trade liabilities 373 159
Liabilities to group companies 13 76,618 70,619
Other creditors 158 90
Accrued liabilities 14 1,532 1,036
Current liabilities total 101,180 81,903
Total liabilities 123,680 113,116
Total equity and liabilities 210,426 185,492
Parent Company Balance Sheet
141
Parent Company Cash Flow Statement
EUR thousand 1.1.-31.12.2025 1.1.-31.12.2024
Cash flow from operating activities
Profit for the period 28,607 24,359
Adjustments
Depreciation according to plan 85 102
Financial income and expenses -28,336 -26,245
Other income and expenses without payment
Group contributions received -3,500
Deferred taxes -250 -113
Exchange rate differences 70 579
Changes in working capital
Inc(-)/dec(+) in short-term non-interest bearing receivables -2,005 171
Inc(+)/dec(-) in short-term non-interest-bearing liabilities 570 -633
Interest received from other financial revenues 2,231 3,034
Interest paid -3,639 -2,113
Taxes paid -152 -306
Net cash flow from operating activities -6,319 -1,165
Cash flow from investing activities
Investments in tangible and intangible assets 29 -69
Investments in subsidiary shares -4,303 -40,289
Granted loans -16,960
Received loan payments 17,264 18,283
Received dividends 29,612 25,000
Net cash flow from investing activities 25,643 2,926
EUR thousand 1.1.-31.12.2025 1.1.-31.12.2024
Cash flow from financing activities
Related party investments to company shares 1,575
Changes in Group financing 3,699 40,766
Drawdown of long-term loans 25,000
Repayment of long-term loans -10,000 -6,000
Dividends paid -15,672 -14,994
Net cash flow from financing activities 4,602 19,772
Net increase/decrease in cash and cash equivalents
23,926 21,533
Cash and cash equivalents Jan 1. 27,705 6,173
Cash and cash equivalents Dec 31. 51,632 27,705
Changes in Group financing are presented net and related to the Group's Cash pool.
142
NOTES TO FINANCIAL STATEMENTS, FAS
The parent company’s accounting principles
Scanfil plc is a Finland-based public limited company domiciled in Sievi. The company’s shares are quoted on the Main List of
Nasdaq Helsinki Ltd. The financial statements of Scanfil plc have been prepared in accordance with the Finnish Accounting
Act and other legislation and regulations in force in Finland.
In September 2023, Scanfil Oyj opened a Permanent Establishment in Sweden. The accounts of Scanfil Oyj's Stockholm branch
will be integrated into the accounting records of the parent company.
MEASUREMENT AND RECOGNITION PRINCIPLES AND METHODS
Fixed assets
Fixed assets are measured at historical cost less accumulated depreciation and impairment. Depreciation is calculated on a
straight-line basis over the expected useful lives of the assets.
The depreciation periods for fixed assets are as follows:
Intellectual property rights 5 years
Other long-term expenses 5 years
Machinery and equipment 3–5 years
Subsidiary company shares
Shares in subsidiaries have been measured at the acquisition cost, which is adjusted by impairment if the future returns on
the investment are expected to be permanently lower than the acquisition cost.
Financial instruments
Financial assets and liabilities are measured at the lower of cost and probable realisable value.
The group’s bank account system
The assets and liabilities of the subsidiaries included in Scanfil plc’s group account systems are shown as offset at Scanfil plc,
either as cash and bank receivables or as short-term financial liabilities and short-term receivables from group companies or
as short-term debts to group companies.
Derivative contracts and hedge accounting
Section 5:2a of the Act on Foreign Exchange Derivatives is applied to currency derivatives, in which changes in the fair value
of currency derivatives are recorded in the fair value reserve for equity less deferred tax liabilities. Accounting principles are
found from Group note "4.5 Derivative financial instruments and hedge accounting".
Turnover
The parent company’s operations consist of group functions, and income from the sale of services is presented as turnover.
Share-based rewards and options
The Company had option schemes in force during the financial period. Share subscriptions based on the exercised option
rights are recognized in equity at the subscription price. The main terms and conditions of the option schemes are presented
in Note "1.4 Employee benefit expenses" of the consolidated financial statements.
Pension costs
The pension cover of employees is provided by pension insurance companies. Pension expenses are recognised as expenses
for the year during which they are accrued.
Foreign currency items
Foreign currency-denominated transactions are recognised during the financial period using the exchange rates on the
transaction date. Any foreign currency-denominated balance sheet items remaining outstanding on the closing date are
measured at the exchange rate valid on the closing date.
Taxes
Income taxes have been recorded in accordance with Finnish tax legislation. A deferred tax liability or asset is calculated
on temporary differences between accounting and taxation of assets and liabilities at the established tax rate. Deferred tax
liabilities are recognised in full. Deferred tax assets are recognised only when it is probable that the receivable can be utilised
against taxable profit in future periods.
143
Pension costs are based on defined contribution schemes. Management’s employee benefits are reported in note 18.
EUR THOUSAND 2025 2024
Salaries, wages and fees 2,246 1,939
Pension costs 430 377
Other indirect employee expenses 200 150
Total 2,876 2,466
Fringe benefits (taxable value) 40 29
Average number of employees during the period 2025 2024
Clerical employees 17 12
Total 17 12
1. Personnel expenses
Other operating costs mainly consist of legal and consultation expenses, travelling expenses and statutory expenses of a listed company.
EUR THOUSAND 2025 2024
Other operating expenses 2,699 1,930
Total 2,699 1,930
EUR THOUSAND 2025 2024
Group contribution from Scanfil EMS Oy 3,500
Total 3,500
2. Other operating expenses
4. Other operating expenses
Auditor’s remuneration, EUR THOUSAND 2025 2024
Auditor's remunerations of the Chartered Accountants 135 151
Assurance of sustainability reporting 40 70
Auditor's statements 2
Other services 3
Total 179 221
3. Depreciation and amortisation
Depreciation by asset class, EUR THOUSAND 2025 2024
Intangible assets
Intangible rights 2
Other long-term expenses 79 84
Tangible assets
Plant and equipment 6 15
Total 85 102
Total depriciation 85 102
144
5. Income taxes
EUR THOUSAND 2025 2024
Income taxes from actual operations 8 7
Income taxes from previous years 35
Change in deferred taxes -259 -155
Total -250 -113
Deferred tax assets, eur thousand 2025 2024
Unused tax losses 414 155
Derivatives 16
Yhteensä 430 155
Deferred tax liabilities, eur thousand 2025 2024
Derivatives 17
Total 17
In the comparative period 2024, deferred taxes were recognised in respect of currency derivatives.
EUR THOUSAND
Other long-term
expenses
Advance
payments and
construction
in progress
Intangible assets
total
Acquisition cost Jan 1, 2025 477 4 481
Additions 1 1
Deductions -41 -41
Transfers between accounts 4 -4 0
Acquisition cost Dec 31, 2025 440 0 440
Accumuled depricions Jan 1, 2025 -255 -255
Depreciations -79 -79
Accumulated depreciation of
deductions
32 32
Accumuled depricions Dec 31, 2025 -302 -302
Carrying amount Jan 1, 2025 222 4 226
Carrying amount Dec 31, 2025 138 138
EUR THOUSAND
Intangible
rights
Other long-term
expenses
Advance
payments and
construction
in progress
Intangible assets
total
Acquisition cost Jan 1, 2024 121 410 531
Additions 36 4 40
Transfers between accounts* 32 32
Acquisition cost Dec 31, 2024
121 477 4 602
Accumuled depricions Jan 1, 2024 -119 -171 -290
Depreciations -2 -84 -87
Accumuled depricions Dec 31, 2024 -121 -255 -376
Carrying amount Jan 1, 2024 2 239 241
Carrying amount Dec 31, 2024 0 222 4 226
6. Intangible assets
*Transfer from tangible to intangible assets.
145
7. Tangible assets
EUR THOUSAND
Plant and
equipment
Other
tangible assets
Tangible assets
total
Acquisition cost Jan 1, 2025 76 17 92
Acquisition cost Dec 31, 2025 76 17 92
Accumuled depricions Jan 1, 2025 -69 -69
Deprecions -6 -6
Accumuled depricions Dec 31, 2025 -76 -76
Carrying amount Jan 1, 2025 6 17 23
Carrying amount Dec 31, 2025 0 17 17
EUR THOUSAND
Plant and
equipment
Other
tangible assets
Advanced payments
and construction
in progress
Tangible assets
total
Acquisition cost Jan 1, 2024 76 17 32 124
Transfer between accounts* -32 -32
Acquisition cost Dec 31, 2024 76 17 0 92
Accumuled depricions Jan 1, 2024 -54 -54
Deprecions -15 -15
Accumuled depricions Dec 31, 2024 -69 -69
Carrying amount Jan 1, 2024 21 17 32 69
Carrying amount Dec 31, 2024 6 17 23
8. Holdings in Group companies
EUR THOUSAND 2025 2024
Total in the beginning of period 119,831 68,535
Scanfil Holding Germany GmbH, additions 17,000
SRXGlobal Pty Ltd, additions 34,296
SRXGlobal Pty Ltd, deductions -10,560
Scanfil Italy Holding, additions 10
Scanfil Group Inc., additions 4,293
Total at the end of period 113,574 119,831
Carrying amount at 31 Dec. 113,574 119,831
Group companies, EUR THOUSAND Domicile
Group
share %
Parent company
share %
Parent company
book value
Scanfil EMS Oy Finland 100 100 12,621
Scanfil Sweden AB Sweden 100 100 48,823
Scanfil Holding Germany GmbH Germany 100 100 24,091
SRXGlobal Pty Ltd Australia 100 100 23,736
Scanfil Italy Holding Italia 100 100 10
Scanfil Group Inc. USA 100 100 4,293
Total 113,574
146
9. Receivables from Group companies
EUR THOUSAND 2025 2024
Long-term receivables
Loan receivables 25,612 13,125
Total 25,612 13,125
Short-term receivables
Prepayments and accrued income 262 504
Global Cash Pool receivables 6,922 4,623
Loan receivables 4,109 17,264
Other receivables 5,912 435
Total 17,205 22,826
Prepayments and accrued income
Interest income from group 262 504
Total 262 504
10. Cash and equivalent
EUR THOUSAND 2025 2024
Cash and bank balances 51,632 27,705
Total 51,632 27,705
Internal loans have been granted to the following subsidiaries: Scanfil Electronics GmbH, SRX Global (Malaysia) SDN. BHD.,
and Scanfil Group Inc. The loans have been provided on market terms.
11. Equity
EUR THOUSAND 2025 2024
Share capital
Share capital Jan 1. 2,000 2,000
Share capital Dec 31. 2,000 2,000
Fair Value Reserve -72 68
Total restricted shareholder's equity 1,928 2,068
Reserve for invested unrestricted equity fund
Reserve for invested unrestricted equity fund Jan 1. 33,633 35,150
Options 1,531
Transfer of disposal of own shares -130 -1,516
Reserve for invested unrestricted equity fund Dec 31. 35,035 33,633
Retained earnings
Retained earning Jan 1. 36,675 25,793
Paid dividends -15,672 -14,994
Transfer of disposal of own shares 174 1,516
Retained earnings Dec 31.
21,176 12,315
Profit for the period 28,607 24,359
Total unrestricted equity 84,818 70,308
Total equity 86,746 72,376
Calculation of distributable funds Dec 31.
Reserve for invested unrestricted equity fund 35,035 33,633
Retained earnings 21,176 12,315
Profit for the period 28,607 24,359
Total 84,818 70,308
147
12. Non-current and current liabilities
EUR THOUSAND 2025 2024
Non-current
Financial Institutions 22,500 20,000
Unpaid conditional purchase price of acquisitions 11,195
Current
Financial Institutions 22,500 10,000
Total 45,000 41,195
Interest-bearing liabilities will mature as follows:
Year 2025 10,000
Year 2026 22,500 21,195
Year 2027 22,500 10,000
Total 45,000 41,195
In 2021, a long-term loan of EUR 30 million was drawn from Nordea Bank Abp. The loan matured on 15 November 2024. The
loan was extended by three years, and the extended loan will be repaid semi-annually in instalments of EUR 5 million. The
final instalment of the loan is due on 15 November 2027.
In 2025, Scanfil Plc signed a long-term loan agreement of EUR 50 million with Nordea Bank Abp, of which EUR 25 million was
drawn during the financial year. The loan will be repaid semi-annually in instalments of EUR 6.3 million, and the maturity date
of the loan is 30 September 2029.
Scanfil Plc has Nordea’s Multicurrency Global Cash Pool available with an overdraft facility of EUR 50 million and SEB’s Liquidity
Optimisation facility available with an overdraft of EUR 30 million. Neither of the credit facilities was utilised at year-end.
The Group’s financing arrangements include financial covenants related to the equity ratio and the ratio between interest-
bearing net liabilities and the operating margin. The terms of the covenants are monitored on a quarterly basis. The Group
fulfilled the covenant terms during the financial periods of 2025 and 2024.
13. Liabilities to Group companies
EUR THOUSAND 2025 2024
Short-term liabilities to Group companies
Accounts payable 12 10
Other liabilities 76,606 70,609
Total 76,618 70,619
14. Accrued liabilities
EUR THOUSAND 2025 2024
The most significant items included in accrued liabilities
Employee expenses 921 547
Interests 157 126
Other accrued liabilities 453 364
Total 1,532 1,036
148
15. Commitments and contingencies
EUR THOUSAND 2025 2024
Bank guarantees given
On behalf of group company 17,171 150
Total 17,171 150
In addition, the following guarantees have been given:
Scanfil Plc has provided HSBC Continental Europe an umbrella guarantee covering all obligations arising from a USD 20
million loan and guarantee arrangement between the subsidiaries SRXGlobal (Australia) Pty Ltd, SRX Global (Malaysia) Sdn.
Bhd., Scanfil (Suzhou) Co., Ltd., SRX Global Singapore Pte Ltd, and HSBC Continental Europe.
Scanfil Plc has issued guarantees to Nordea Bank Abp and Skandinaviska Enskilda Banken AB for the settlement of derivative
contract obligations entered into by Scanfil Sweden AB and its subsidiaries. The maximum liability towards 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. 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.
The Group has a EUR 20.0 million loan maturing in 2027, which is hedged with an interest rate swap. The purpose of the
hedge is to offer protection against interest rate fluctuations related to the variable-rate loan. Based on the interest rate swap
agreement, Scanfil pays a fixed interest rate, and receives the variable Euribor 6-month interest rate set as the reference
interest rate for the hedged loan. The objective of the hedge is in accordance with the Group’s risk management principles.
The effectiveness of the hedge can be reliably measured, and the hedge is expected to remain fully effective throughout the
validity of the hedge. The terms are corresponding to each other, regarding the hedged item and the hedging instrument.
Effectiveness is quarterly evaluated and the hedge has remained effective. The impact of the derivative on results is expected
to materialise during the validity of the loan.
The fair value of the derivative was EUR 88 thousand, including accrued interest. The interest flows of the derivative occur
simultaneously with the interest flows of the loan.
16. Derivative contracts
Interest derivatives, EUR THOUSAND 2025 2024
Interest swap agreements, hedging
Fair value -88 -132
Rated value of underlying asset 20,000 30,000
Hedge accounting, EUR THOUSAND 2025 2024
Forward exchange contracts, hedge accounting
Fair value 85
Rated value of underlying asset 36,525
Forward exchange contracts, outside of hedge accounting
Other liabilities 44
Rated value of underlying asset 70,865
149
17. Other rental contracts
EUR THOUSAND 2025 2024
To be paid next accounting period 30 42
To be paid later 57 79
Total 86 122
Rent liabilities do not include VAT.
18. Management’s employment-related benefits
Salaries and other short-term employee benefits,
EUR THOUSAND 2025 2024
Salaries and bonuses of the President
Christophe Sut 429 358
Total salaries and bonuses of the President 429 358
Salaries and bonuses of the Board members
Harri Takanen 62 61
Bengt Engström 41 41
Christina Lindstedt 47 45
Juha Räisänen 53 50
Minna Yrjönmäki 47 44
Thomas Dekorsy 41 39
Total salaries of the Board Members 291 280
150
SIGNATURES TO THE BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS
Financial Statement has been prepared in accordance with applicable accounting regulations, give a true and fair view of the assets, liabilities,
financial position, and profit of the company and the group of companies included in its consolidated financial statements.
The management report contains a truthful description of the development and result of the business operations of both the company and the group of companies included in its consolidated
financial statements, as well as a description of the most significant risks and uncertainties and other aspects of the company's condition.The sustainability report included in the management
report has been prepared in accordance with the reporting standards referred to in Chapter 7 and Article 8 of the Taxonomy Regulation.
Sievi, February 19, 2026
HARRI TAKANEN BENGT ENGSTRÖM MINNA YRJÖNMÄKI DR. THOMAS DEKORSY
Chairman of the Board Member of the Board Member of the Board Member of the Board
CHRISTINA LINDSTEDT JUHA RÄISÄNEN CHRISTOPHE SUT
Member of the Board Member of the Board CEO
BOARD OF DIRECTORS’ PROPOSAL FOR THE DISTRIBUTION OF PROFIT
The parent company’s distributable funds total EUR 84,818,236.02, including undistributed profits of EUR 49,783,464.48. The Board of Directors proposes to the
Annual General Meeting that a dividend of EUR 0.25 per share be paid, totalling EUR 16,375,938.75 for the financial year ending on December 31, 2025.
151
TO THE ANNUAL GENERAL MEETING OF SCANFIL OYJ
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Scanfil Oyj (business identity code
2422742-9) for the year ended 31 December, 2025. The financial statements comprise
the consolidated balance sheet, income statement, statement of comprehensive
income, statement of changes in equity, statement of cash flows and notes, including
material accounting policy information, as well as the parent company’s balance
sheet, income statement, statement of cash flows and notes
In our opinion
• the consolidated financial statements give a true and fair view of the group’s
financial position, financial performance and cash flows in accordance with
IFRS Accounting Standards as adopted by the EU.
•
the financial statements give a true and fair view of the parent company’s
financial performance and financial position in accordance with the laws and
regulations governing the preparation of financial statements in Finland and
comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee
and Board of Directors.
Auditor’s report
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our
responsibilities under good auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in
accordance with the ethical requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have
provided to the parent company and group companies are in compliance with laws
and regulations applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article 5(1) of regulation
(EU) 537/2014. The non-audit services that we have provided have been disclosed
in note 1.5 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report, including in relation
to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on
the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This
includes consideration of whether there was evidence of management bias that
represented a risk of material misstatement due to fraud.
152
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
REVENUE RECOGNITION
We refer to the accounting principles for consolidated financial statement and note 1.1.
In accordance with its accounting principles revenue is recognized when Scanfil satisfies
performance obligations in the contract either at a point in time or over the time for services.
As the revenue of the group consist mainly of the sale of products the revenue is recognized at
a point in time when the control is transferred to a customer in accordance with the terms and
conditions of the agreement.
The Group focuses on revenue as a key performance measure which could create an
incentive for revenue to be recognized before the risks and rewards have been transferred.
Revenue recognition was determined to be a key audit matter and a significant risk of material
misstatement referred to in EU Regulation No 537/2014, point (c) of Article 10(2).
Our audit procedures to address the risk of material misstatement in respect of the revenue
recognition included, among others:
• assessment of the Group’s accounting policies over revenue recognition against
applicable accounting standards;
• gaining an understanding of the revenue recognition process including related
accruals;
• data analytical procedures, for example, analyzing the conversion of revenue to
cash received;
• familiarizing ourselves with the contractual terms in sales agreements;
• testing the revenue cut-off with analytical procedures and with a sample test of
details on a transaction level on either side of the balance sheet date; and
• assessment of the Group´s disclosures in respect of revenues.
VALUATION OF INVENTORIES
We refer to the accounting principles for consolidated financial statement and note 2.2.
Inventories are valued at the lower of cost or net realizable value. Inventories are valued and
presented net of an impairment loss recognized for obsolete inventories. At the balance sheet
date, the total value of inventory and related provision for obsolete inventory amounted to 181,2
M€ and 4,7 M€ (net 176,5 M€).
Valuation of inventories was a key matter because the carrying value of inventories and related
provisions are material to the financial statements, and because valuation of inventories requires
management assessment relating to future sales and the level of provision for obsolete inventory.
Our audit procedures included, among others:
• assessment of the Group’s accounting policies over inventory valuation against
applicable accounting standards;
• comparing unit prices of selected inventory items to latest purchase invoices and
to sales prices;
• assessing the analyses and assessment made by management with respect to
obsolete stock and to the expected sales and net realizable value; and
• assessing the Group´s disclosures in respect of inventory.
153
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation
of consolidated financial statements that give a true and fair view in accordance with
IFRS Accounting Standards as adopted by the EU, and of financial statements that
give a true and fair view in accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with statutory requirements.
The Board of Directors and the Managing Director are also responsible for such
internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing
Director are responsible for assessing the parent company’s and the group’s ability
to continue as going concern, disclosing, as applicable, matters relating to going
concern and using the going concern basis of accounting. The financial statements
are prepared using the going concern basis of accounting unless there is an intention
to liquidate the parent company or the group or cease operations, or there is no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial
statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with good auditing practice will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.
•
Conclude on the appropriateness of the Board of Directors’ and the Managing
Director’s use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease
to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events so that the financial
statements give a true and fair view.
•
Plan and perform the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the
group as a basis for forming an opinion on the group financial statements.
We are responsible for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely responsible for
our audit opinion.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and
communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements
of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
154
Other Reporting Requirements
Information on our audit engagement
We were appointed as auditors by the Annual General Meeting on 25.4.2024, and
our appointment represents a total period of uninterrupted engagement of 2 years.
Other information
The Board of Directors and the Managing Director are responsible for the other
information. The other information comprises the report of the Board of Directors
and the information included in the Annual Report, but does not include the financial
statements and our auditor’s report thereon. We have obtained the report of the
Board of Directors prior to the date of this auditor’s report, and the Annual Report
is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read
the other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. With respect
to report of the Board of Directors, our responsibility also includes considering
whether the report of the Board of Directors has been prepared in compliance with
the applicable provisions, excluding the sustainability report information on which
there are provisions in Chapter 7 of the Accounting Act and in the sustainability
reporting standards.
In our opinion, the information in the report of the Board of Directors is consistent with
the information in the financial statements and the report of the Board of Directors
has been prepared in compliance with the applicable provisions. Our opinion does not
cover the sustainability report information on which there are provisions in Chapter
7 of the Accounting Act and in the sustainability reporting standards.
If, based on the work we have performed on the other information that we obtained
prior to the date of this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Other statements based on law
Our responsibility is to, based on our audit, express an opinion on the registration and
publication of the income tax report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible for the registration
and the publication of the income tax report.
In our opinion, the company has not been obliged to register and publish an income
tax report referred to in Chapter 7 b of the Accounting Act for the financial year
immediately preceding the financial year.
Helsinki 19.2.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Toni Halonen
Authorized Public Accountant
155
TO THE BOARD OF DIRECTORS OF SCANFIL OYJ
We have performed a reasonable assurance engagement on the financial statements
7437004XD6U0FFDCT507-2025-12-31-fi.zip of Scanfil Oyj (y-identifier: 2422742-9)
that have been prepared in accordance with the Commission’s regulatory technical
standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation
of the company’s report of Board of Directors and financial statements (the ESEF
financial statements) in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility includes:
•
preparing the ESEF financial statements in XHTML format in accordance with
Article 3 of the Commission’s regulatory technical standard
•
tagging the primary financial statements, notes and company’s identification
data in the consolidated financial statements that are included in the ESEF
financial statements with iXBRL tags in accordance with Article 4 of the
Commission’s regulatory technical standard and
•
ensuring the consistency between the ESEF financial statements and the
audited financial statements.
The Board of Directors and the Managing Director are also responsible for such
internal control as they determine is necessary to enable the preparation of ESEF
financial statements in accordance the requirements of the Commission’s regulatory
technical standard
Independent Auditor’s Report on the ESEF
Consolidated Financial Statements of Scanfil Oyj
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that
are applicable in Finland and are relevant to the engagement we have performed,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which
requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities
Markets Act, provide assurance on the financial statements that have been prepared
in accordance with the Commission’s technical regulatory standard. We express an
opinion on whether the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, in accordance
with the requirements of Article 4 of the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been
provided. We conducted a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
•
whether the primary financial statements in the consolidated financial
statements that are included in the ESEF financial statements have been
tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory technical standard
and
•
whether the notes and company’s identification data in the consolidated
financial statements that are included in the ESEF financial statements
have been tagged, in all material respects, with iXBRL tags in accordance
with the requirements of Article 4 of the Commission’s regulatory technical
standard and
•
whether there is consistency between the ESEF financial statements and the
audited financial statements
The nature, timing and extent of the selected procedures depend on the auditor’s
judgement. This includes an assessment of the risk of material deviations due to fraud
or error from the requirements of the Commission’s technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that
the primary financial statements, notes and company’s identification data in the
consolidated financial statements that are included in the ESEF financial statements
156
of Scanfil Oyj 7437004XD6U0FFDCT507-2025-12-31-fi.zip for the financial year
ended 31.12.2025 have been tagged, in all material respects, in accordance with
the requirements of the Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Scanfil Oyj
for the financial year ended 31.12.2025 has been expressed in our auditor’s report
dated 19.2.2026. With this report we do not express an opinion on the audit of the
consolidated financial statements nor express another assurance conclusion.
Helsinki 26.3.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Toni Halonen
Authorized Public Accountant
157
TO THE ANNUAL GENERAL MEETING OF SCANFIL OYJ
We have performed a limited assurance engagement on the group sustainability
statement of Scanfil Oyj (business identity code 2422742-9) that is referred to in
Chapter 7 of the Accounting Act and that is included in the report of the Board of
Directors for the reporting period 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the evidence we have obtained,
nothing has come to our attention that causes us to believe that the group
sustainability statement does not comply, in all material respects, with
1.
the requirements laid down in Chapter 7 of the Accounting Act and the
sustainability reporting standards (ESRS), and
2.
the requirements laid down in Article 8 of the Regulation (EU) 2020/852
of the European Parliament and of the Council on the establishment of a
framework to facilitate sustainable investment, and amending Regulation
(EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Scanfil Oyj has identified the
information for reporting in accordance with the sustainability reporting standards
(double materiality assessment).
Our opinion does not cover the tagging of the group sustainability statement with
digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection
1(2), of the Accounting Act, because sustainability reporting companies have not had
the possibility to comply with that requirement in the absence of requirements for
the tagging of sustainability information in the ESEF regulation or other European
Union legislation.
Assurance report on the sustainability report
Basis for Opinion
We performed the assurance of the group sustainability statement as a limited
assurance engagement in compliance with good assurance practice in Finland
and with the International Standard on Assurance Engagements (ISAE) 3000
(Revised) Assurance Engagements Other than Audits or Reviews of Historical
Financial Information.
Our responsibilities under this standard are further described in the Responsibilities
of the Authorized Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability statement of Scanfil Oyj,
prepared in accordance with Chapter 7 of the Accounting Act, has been prepared and
assured for the first time for the reporting period 1.1.-31.12.2024. Our opinion covers
the comparative information that has been presented in the group sustainability
statement for the reporting period 1.1.-31.12.2024, but not any other comparative
information. Our opinion is not modified in respect of this matter.
Authorized group sustainability auditor’s
Independence and Quality Management
We are independent of the parent company and of the group companies in
accordance with the ethical requirements that are applicable in Finland and are
relevant to our engagement, and we have fulfilled our other ethical responsibilities
in accordance with these requirements.
The Authorized Group Sustainability Auditor applies International Standard on
Quality Management ISQM 1, which requires the Authorized Sustainability Audit
Firm to design, implement and operate a system of quality management including
policies or procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director of Scanfil Oyj are responsible for:
•
the group sustainability statement and for its preparation and presentation in
accordance with the provisions of Chapter 7 of the Accounting Act, including
the process that has been defined in the sustainability reporting standards
and in which the information for reporting in accordance with the sustainability
reporting standards has been identified,
• the compliance of the group sustainability statement with the requirements
laid down in Article 8 of the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU) 2019/2088, and for
•
such internal control as the Board of Directors and the Managing Director
determine is necessary to enable the preparation of a group sustainability
statement that is free from material misstatement, whether due to fraud or error.
158
Inherent Limitations in the Preparation
of a Sustainability Reports
The preparation of the group sustainability statement requires a materiality
assessment from the company in order to identify relevant disclosures. This
significantly involves management judgment and choices. Group Sustainability
reporting is also characterized by the fact that reporting of this type of information
involves estimates and assumptions, as well as measurement and assessment
uncertainty.
The company has described in Appendix of the group sustainability statement, the
level of data accuracy for environmental and social data. As the company states,
these metrics include significant uncertainty.
The determination of greenhouse gases is subject to inherent uncertainty due to the
incomplete scientific data used to determine the emission factors and the numerical
values needed to combine emissions of different gases.
When reporting future-related information in accordance with the ESRS standards,
the company’s management must present assumptions regarding possible future
events and disclose the company’s potential future actions related to these events,
as well as prepare future-related information based on these assumptions. The
actual outcome is likely to differ, as predicted events often do not occur as expected.
Responsibilities of the Authorized Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance
about whether the group sustainability statement is free from material misstatement,
whether due to fraud or error, and to issue a limited assurance report that includes
our opinion. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence
the decisions of users taken on the basis of the group sustainability statement.
Compliance with the International Standard on Assurance Engagements (ISAE)
3000 (Revised) requires that we exercise professional judgment and maintain
professional skepticism throughout the engagement. We also:
•
Identify and assess the risks of material misstatement of the group sustainability
statement, whether due to fraud or error, and obtain an understanding of
internal control relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the parent company’s or the
group’s internal control.
•
Design and perform assurance procedures responsive to those risks to obtain
evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature and
timing from, and are less in extent than for, a reasonable assurance engagement. The
nature, timing and extent of assurance procedures selected depend on professional
judgment, including the assessment of risks of material misstatement, whether due
to fraud or error. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been obtained
had a reasonable assurance engagement been performed.
Our procedures included for ex. the following:
•
We have interviewed the management of group as well as key personnel
responsible for collecting and reporting of the information included in the
group sustainability statement.
•
Through interviews, we gained an understanding of the group’s control
environment related to the group sustainability reporting process.
•
We evaluated the implementation of the company’s double materiality
assessment process in relation to the requirements of the ESRS standards,
as well as whether the information provided from the double materiality
assessment is in material respects in accordance with the ESRS standards.
•
We assessed whether the group sustainability statement in material
respects meets the requirements of the ESRS standards regarding material
sustainability topics:
- We have tested the accuracy of the information presented in the group
sustainability statement by comparing the information on a sample
basis to the documentation and records prepared by the company and
assessed whether they support the information included in the group
sustainability statement.
- We have on a sample basis performed analytical assurance procedures
and related inquiries, recalculations and inspected documentation, as
well as tested data aggregation to assess the accuracy of the group
sustainability statement.
• We conducted a site visit at a selected location.
• Regarding EU Taxonomy data, we gained an understanding of the process
by which a company has defined taxonomy-eligible and taxonomy-aligned
economic activities, and we assessed the compliance of the information
provided.
Helsinki 19.2.2026
Ernst & Young Oy
Authorized Sustainability Audit Firm
Toni Halonen
Authorized Sustainability Auditor
159
Scanfil plc (the company) is a publicly listed company managed in accordance
with the company’s Articles of Association, the Finnish Companies Act, and other
legislation relating to the company. In addition, the company complies with the
Finnish Corporate Governance Code 2024 published by the Securities Market
Association, which entered into force on January 1, 2025.
This Corporate Governance Statement is available on Scanfil’s website at www.
scanfil.com/investors. The Finnish Corporate Governance Code is available
at www.cgfinland.fi.
Shareholders’ Nomination Board
The Annual General Meeting 2024 decided to establish a Shareholders’ Nomination
Board (Nomination Board). The Nomination Board is a shareholders’ body responsible
for preparing proposals for upcoming Annual General Meetings. When necessary,
it also prepares proposals for extraordinary general meetings concerning the
election of Board members and the remuneration of the Board of Directors and
committee members. The Nomination Board is also responsible for ensuring that
the Board of Directors and its members have sufficient knowledge and experience
that corresponds to the needs of the company. The Nomination Board has three
members. Two of those members are representatives appointed by the two largest
shareholders, and the Chair of the Board of Directors is the third member of the
Nomination Board. Each year, the two shareholders that hold the largest share of the
votes conferred by all shares in the company pursuant to the shareholders’ register
maintained by Euroclear Finland Ltd on the first working day of the September
Corporate Governance Statement 2025
preceding the applicable Annual General Meeting will be entitled to appoint members
that represent the shareholders. If the representative of the largest shareholder
also serves as the Chair of the company’s Board of Directors, they cannot be
appointed as the Chair of the Nomination Board but may act as the shareholder’s
representative as a member of the Nomination Board. In 2025, the members of the
Nomination Board were Jarkko Takanen (Chair) and Harri Takanen. The charter of
the Nomination Board can be found here.
Board of Directors
Under the Companies Act, the Board of Directors (the Board) is responsible for
the management of the company and the proper organization of operations. The
members of the Board are elected by the Annual General Meeting. According to
the Articles of Association, Scanfil plc’s Board shall include a minimum of three
(3) and a maximum of seven (7) regular members. The Board elects a Chair from
among its members. The Board is responsible for deciding on the business strategy
and significant matters related to investments, organization, and finance, as well
as supervising the company’s management and operations. The Board shall also
ensure that the company’s accounts and asset management are properly organized
and supervised.
The Board, elected by the Annual General Meeting on April 25, 2025, has evaluated
the independence of its members according to which the majority of members
(Thomas Dekorsy, Bengt Engström, Christina Lindstedt, Juha Räisänen and Minna
Yrjönmäki) are independent of the company and independent of the significant
shareholders of the company. All three members of the Audit Committee are
independent of the company and its significant shareholders. This statement has
been reviewed by Scanfil plc’s Board.
HARRI TAKANEN
Harri Takanen (born 1968, a Finnish citizen),
Member of the Board since April 18, 2013,
Professional Board Member, and Managing
Director of Jussi Capital Oy and Jussi Invest Oy.
Harri Takanen has worked at Sievi Capital plc as
CEO 2007–2011 and as the CEO of Scanfil plc
and Scanfil EMS Oy 2012–2013. He has served
Scanfil Group since 1994, e.g. as Director of
operations in China, Scanfil (Hangzhou) Co.,
Ltd’s Managing Director, Technology Director, Director of Customer Relations,
Customer Service Manager and Plant Manager of Sievi Mechanics. Harri Takanen
holds a Master’s degree in Engineering. Not independent of the company and
major shareholders.
Area of expertise: EMS industry, strategy and business management
Held 9,913,146 shares in Scanfil plc on December 31, 2025
Chairperson of the Board of Directors: Scanfil plc
Member of the Board of Directors: Jussi Capital Oy, Jussi
Invest Oy, Cooperative KPO, WellO2 Oy and Titanor Oy
160
DR. THOMAS DEKORSY
Dr. Thomas Dekorsy (born 1963, a German
citizen). Member of the Board since April 27,
2023. He is an excecutive interim manager,
consultant and board professional. Dr. Thomas
Dekorsy was the Global Head Business Unit
Automotive (ad. interim) of Amann & Söhne
GmbH & Co. KG. He has served in various
leadership roles e.g as the Managing Director
of Prettl Management Services GmbH 2021–2022, the Chief Operating Officer
of Lakesight Technologies Holding GmbH 2019–2021, the General Manager of
Escatec Switzerland AG 2013–2019 and many others since 1989. He holds a Ph.D.
in Engineering. Independent of the company and its major shareholders.
Area of expertise: Industrial companies, business
turnarounds and sustainability
Did not hold any shares in Scanfil plc on December 31, 2025
BENGT ENGSTRÖM
Bengt Engström (born 1953, a Swedish citizen),
Member of the Board since August 20, 2015.
Bengt Engström has held a number of executive
positions at several companies, both in Sweden
and globally, for example at Whirlpool, Bofors AB,
Duni AB, and Fujitsu. Bengt Engström holds a
Mechanical Engineer’s degree. Independent of
the company and major shareholders.
Area of expertise: EMS industry, strategy and business management
Held 12,929 shares in Scanfil plc on December 31, 2025
Chair of the Board of Directors: Nordic Flanges AB, Trackson
AB, BEngström AB and BEngström Förvaltning AB
Member of the Board of Directors: Real Fastigheter AB,
Polygienne AB and Scandinavian Chemotech AB
CHRISTINA LINDSTEDT
Christina Lindstedt (born 1968, a Swedish
citizen), Member of the Board since April 12,
2016. She is a senior advisor. She was the CEO,
and COO at QleanAir Scandinavia 2020−2022.
Christina Lindstedt has held several executive
positions at AB Electrolux, Sony Ericsson, and
Sony, both in Sweden and globally. Primarily, she
has served as a Business/Product area head
for businesses such as, e.g., smartphones, home and garden appliances, and new
business areas. In addition, she has been responsible for establishing global sourcing
operations in China. She holds a Master’s Degree of Business Administration and
Commercial law. Independent of the company and major shareholders.
Area of expertise: EMS industry, startups and growth companies
Held 7,312 shares in Scanfil plc on December 31, 2025
Member of the Board of Directors: Xplorebiz AB
JUHA RÄISÄNEN
Juha Räisänen (born 1958, a Finnish citizen),
Member of the Board since April 23, 2020. He
is a managing partner at Valuenode GmbH. He
has held several executive positions globally at
ICL-Fujitsu, Nokia, SanDisk, KONE and Aliaxis,
based in Finland and globally. Primarily, he has
served as a sales, manufacturing, supply chain,
sourcing & procurement, quality and safety head
for businesses such as IT systems & software,
mobile phones, telecom networks, semiconductors (NAND flash memory products),
elevators, escalators & automatic doors, plastic pipes & fittings and scientific
measurement instruments. He holds a Master’s Degree of Industrial Engineering
& Management. Independent of the company and major shareholders.
Area of expertise: Manufacturing, supply chain and sourcing
Did not hold any shares in Scanfil plc on December 31, 2025
Member of the Board of Directors: Bluefors Oy and Valuenode GmbH
MINNA YRJÖNMÄKI
Minna Yrjönmäki (born 1967, a Finnish citizen),
Member of the Board since 27 April 2023. She
is the Chief Financial Officer of Wihuri Group
since 2023. She has served as the CFO (ad
int.) of Raute Corporation 2022–2023, the
CFO of Uponor Corporation 2019–2021, SVP
Group Financial Controlling 2016–2019 and SVP
Financial Services and Reporting 2014–2016
at Outokumpu Oyj. Prior to that, she worked in different leading financial roles at
Ahlstrom Oyj 2004–2014 and Huhtamaki Oyj 1991–2004. She holds a Master of
Science (Econ.) degree. Independent of the company and its major shareholders.
Area of expertise: Financial management, accounting and sustainability
Did not hold any shares in Scanfil plc on December 31, 2025
Member of the Board of Directors: Winpak Ltd.
The entities over which the Board members exercise control do not own Scanfil shares.
The term of office of Board members expires at the close of the first Annual General
Meeting following the one in which they were elected.
Activity of the Board
The Board had 23 meetings in 2025. The average member attendance rate for
meetings was 98.6%.
The duties and responsibilities of Scanfil’s Board are based on the Finnish Limited
Liability Companies Act, other applicable legislation, the Articles of Association,
good governance recommendations, and the Board’s charter. The Board carries
out an annual review of its operations and regular reviews of the CEO and Group
Management Team’s work. The Board has confirmed the charter, which lists the
following key duties for the Board:
•
confirming the company’s business strategy and monitoring its implementation
• confirming the annual key business targets and monitoring Scanfil Group’s
performance
161
functionality of internal control and risk management in the company. It also evaluates
the appropriateness of auditing and prepares the proposal for the appointment of
an auditor. The committee has three (3) members: Juha Räisänen (Chair), Christina
Lindstedt, and Minna Yrjönmäki. The committee convened eight (8) times in 2025.
The attendance rate of its members was 100%.
CEO
The Board decides on the appointment and dismissal of the CEO and the terms
and conditions of their employment.
The CEO is covered by the performance and profit bonus systems decided upon
separately by the Board. Christophe Sut was nominated as the CEO as of September
1, 2023.
CHRISTOPHE SUT
CEO
Christophe Sut (born 1973), a French and
Swedish citizen. He was previously the President
of the Manufacturing Solutions at Sandvik AB
2021–2023, Executive Vice President of Global
Solutions 2016–2021, Vice President of Business
Development 2014–2016 at ASSA ABLOY AB,
and the Development Director, EMEA at CLIQ
2012–2014. Global Strategic Marketing Manager
at Niscayah Group 2010–2012, and various marketing and development roles at
ASSA ABLOY AB in Sweden and France 2001–2010. Various marketing roles at ITW
Group and SAM Outillage 1997–2001. He holds a Master’s degree in Marketing and
Sales and a Bachelor’s degree in Languages and Mathematics.
Held 5,000 shares, 120,000 option rights 2022(BI) and 120,000
option rights 2022(CI) in Scanfil plc on December 31, 2025.
The CEO’s duties are determined in accordance with the Companies Act. The CEO
is in charge of the company’s operative management according to the guidelines
and orders given by the Board. The CEO shall ensure that the company’s accounting
• deciding on strategically significant investments in the Group
• discussing and approving financial statements and interim reports
•
appointing and dismissing the CEO and determining their terms of employment
and remuneration
• deciding on incentive systems for managers and employees
• monitoring the company’s key operational risks and their management
• confirming the company’s values and operating principles.
Diversity Principles for the Board of Directors
Scanfil plc operates in international contract manufacturing, and its customers
include global companies in various industries. For the Board to be effective, its
members must possess experience from several different industries, be well-
versed in international business, and have insight into the global trends, including
sustainability, that affect the development of contract manufacturing. The Nomination
Board should consider the education, professional and international experience
of the candidates, as well as their individual characteristics, when preparing the
proposal for the Board’s composition. The aim is to form a diverse Board with
a sufficient number of members who can take responsibility for developing the
company’s operations, sustainability, and strategy in its line of business and who are
competent in managing the duties and responsibilities of the Board. Scanfil aims to
have a sufficiently diverse gender and age distribution on its Board.
The Annual General Meeting held on April 25, 2025, elected six (6) members to the
Board, four of whom are men (66.7%) and two (33.3%) women. Board members have
either technical or business degrees. In addition, the above-mentioned factors
and characteristics relevant to the diversity of the Board were represented in the
composition of the Board in 2025.
Board Committees
The Board of Directors has established an Audit Committee. The Audit Committee
is responsible for monitoring the financial and sustainability reporting processes,
the reporting of financial and sustainability statements and interim reports, and the
practices comply with legislation and that asset management is organized in a reliable
manner. The CEO is the chairman of the Group Management Team.
The CEO has a separate service contract that is valid until further notice with a
mutual notice period of six (6) months. If the company terminates the CEO’s service
contract, the severance payable to the CEO shall be determined by the length of the
service term and shall not exceed an amount equivalent to 12 months of monetary
salary, in accordance with the terms and conditions of the service contract. The
CEO’s retirement age is the statutory retirement age.
Group Management Team
The principal duty of the Group Management Team is to assist the CEO in the
company’s operative management. The Team’s other responsibilities include long-
term planning, planning and monitoring investments, and allocating resources to
key operations.
MARKKU KOSUNEN
Vice President of Central Europe
Markku Kosunen (born 1967) was responsible for
operations and development of Central Europe
region. During the years 2022–2024, Markku led
Scanfil’s procurement as Chief Procurement
Officer. From 2022 to 2010 Markku has had
several leading positions e.g., Chief Technology
Officer, Vice President Operations, and Director
Operations. Before joining Scanfil Group Markku
has worked at Mecanova Oy as Vice President of Business Development 2005–2007,
Director of Operations during 2008–2010 and in different management positions
at mechanics plants of Flextronics and Ojala-yhtymä in Finland during 1993–2005.
He is an undergraduate in technology.
Held 19,156 shares in Scanfil plc on 31 December 2025.
162
ANETTE MULLIS
Chief People Officer
Anette Mullis (born 1965) was responsible for
the global HR management and strategy. Before
joining Scanfil she was the Vice President of
Human Resources and Sustainability at Arelion
2021–2024. Prior to that she was Senior Vice
President, Human Resources at Mycronic
2018–2021, Head of HR Solutions Area OSS at
Ericsson 2017–2018, held several leading HR
positions at CSL Behring 2010–2017, Associate Director at Wyeth Pharmaceuticals
2004–2007 and also worked in managerial HR roles at IKEA Homefurnishings 1988–
2004. She holds a Bachelor’s Degree in Science (Social Work).
Did not hold any shares in Scanfil on December 31, 2025
KAI VALO
Chief Financial Officer
Kai Valo (born 1965) was responsible for finance,
accounting, sustainability and risk management.
During 2015–2016, Kai was the CFO at Norpe
Group. Prior to that, he was Lite-On Mobile
Group’s Director of Finance and Control in
Beijing, China, 2009–2015. In 1999–2008, he
held several finance-related management
positions at Perlos. He holds a Master’s degree
in Economics.
Held 25,000 shares in Scanfil on December 31, 2025.
CHRISTINA WIKLUND
Chief Commercial Officer and
Vice President of Americas
Christina Wiklund (born 1971) was responsible
for sales, marketing, and customer relations,
and operations and development of Americas
region as of 10 June 2025. Christina was the
Vice President of Sales EMEA at GE Additive.
Prior to that, she was the Vice President of
Sales at Flex 2006–2018, Account Manager at
Solectron 2002–2006, and in business development and account management
roles at Ericsson 1999–2002. She holds a Bachelor’s degree in Social Science
and has attended the Stanford Graduate School of Business Executive Program.
Held 2,000 shares in Scanfil on 31 December 2025.
STEVE CREUTZ
Vice President of Northern Europe
Steve Creutz (born 1967) was responsible for
operations and development of Northern Europe
region. Steve has worked as General Manager
at Scanfil Åtvidaberg AB, Sweden 2016-2024,
and also in various managerial and business
development positions at Scanfil Åtvidaberg AB
and PartnerTech Åtvidaberg AB. He has done
courses in management, sales and finance.
Did not hold any shares in Scanfil on 31 December 2025.
ANNAMARIA TUOMINENREINI
Chief Supply Chain Officer
Anna-Maria Tuominen-Reini (born 1974) was
responsible for supply chain as of 1 September
2025. Anna-Maria was Billerud AB Senior, and
Executive Vice President of Procurement and
Wood Supply 2021-2025, AB Marmaskog
Managing Director 2021-2024, Outotec and
Metso-Outotec plc Senior Vice President,
Sourcing and Manufacturing, and Vice President of Procurement 2019-2021,
StoraEnso plc Senior Vice President, Supply Chain, and other leading roles 2011-2019,
Unilever plc Supply Chain Director and other leading roles 2007-2011, Huhtamäki
plc Demand Manager and other roles in marketing and supply chain 2003-2007,
and Cebal (Pechiney Group) various roles in marketing, sales and supply chain 1997-
2003. She holds Master’s degree in Economics and Business Administration, and
is a doctoral researcher in commercial law.
Did not hold any shares in Scanfil on 31 December 2025.
TEEMU OHTAMAA
General Counsel
Teemu Ohtamaa (born1972) acted as the
General Counsel and the secretary of the Board
of Scanfil. Teemu has worked in Scanfil Group
since 2000 as a Legal Counsel, HR Manager,
General Counsel and Board Secretary. During
2011-2017 he worked as Sievi Capital Oyj’s
General Counsel and Board Secretary. He
holds LL.M, Trained on the Bench, Licensed
Trial Counsel, JET and CBM-Chairperson.
Did not hold any shares in Scanfil on 31 December 2025.
163
CHRISTIAN KESTEN
Vice President of APAC
Christian Kesten (born 1965) was responsible for
operations and development of APAC region.
Christian has worked as General Manager
at Scanfil, Suzhou, China 2017-2024, and in
various senior engineering and management
positions at Sony Mobile Communications, BMC
SE Potevio, and Ericsson. He holds M.Sc. in
Electronical Engineering.
1,000 shares in Scanfil on 31 December 2025.
Descriptions of internal control procedures and
the main features of risk management systems
related to the financial reporting process
Risk Management
The Board is responsible for ensuring the appropriate organization of the Group’s
risk management and internal control and audit. Risk management is based on
a risk management policy approved by the Board, aimed at managing risks in a
comprehensive and proactive manner. The assessment of risks is part of the annual
strategy and business planning process. There is no separate risk management
organization; risk management is incorporated into the business processes and
the management system and it is coordinated by the Group’s CFO.
Risk management aims to observe and analyze factors that might have a negative
impact on the achievement of the company’s goals and to take measures to
mitigate or completely eliminate risks. The operative units report on business risks
in accordance with the management and reporting system.
Internal Control
Scanfil plc’s internal control is a continuous process used to ensure profitable and
uninterrupted operation. The control function aims to minimize risks by ensuring
the reliability of reporting and compliance with laws and regulations.
Internal control is based on the Group’s shared values, ethical guidelines, and
industry legislation, from which the operating principles and guidelines are derived.
The guidelines cover procedures for core operations. Group and unit management
hold the responsibility for the company’s internal control system. Internal control
forms an active part of the company’s management and administration. The Group’s
operational management holds the responsibility for developing the harmonized
business processes included in the control system. The Group’s financial
administration coordinates the financial management of the Group.
The controls included in Scanfil’s operating processes form the basis of the
company’s financial control. They enable the company to swiftly identify and react
to any deviations. The monthly reporting by management is a fundamental part
of financial control. It includes producing a rolling forecast, the result of business
operations carried out and an analysis of the differences between the forecast
and the actual result. The indicators monitored in monthly reporting have been set
so they support the achievement of shared Group-level and unit-specific targets,
and to identify issues that require control measures. An auditing firm supports the
performance of financial control.
The interpretation and application of accounting standards are carried out centrally
by the Group’s financial administration. These standards form the basis for the
Group’s shared recognition principles and reporting and accounting standards. In
order to ensure reliable financial reporting, core functions have shared reporting
tools. The use of standardized tools enables continuous control and successful
change management.
Internal Audit
The company uses internal auditing that handles internal auditing duties in
cooperation with other Group functions, and makes regular reports to the CEO
and the Board.
Changes in Group’s structure in 2025
Scanfil plc completed the acquisition of US-based ADCO Circuits LLC on 10
December, 2025. During the year, the Group also established new holding companies
in the United States and Italy.
164
DESCRIPTION OF THE INTERNAL CONTROL AT SCANFIL PLC
VALUES, ETHICAL GUIDELINES, INDUSTRY LEGISLATION
Business processes
ERP system
Strategy
Corporate governance
Strategy process
Management systems
Management reporting systems
GROUP MANAGEMENT
SUPPORT FUNCTIONS
BOARD LEVEL
OPERATIONAL LEVEL
SCANFIL PLC GROUPS STRUCTURE IN
Scanfil Oyj
Sievi, Finland | The ultimate group parent company, listed in NASDAQ Helsinki
Scanfil EMS Oy
Sievi, Finland
Scanfil Holding Germany GmbH
Wutha-Farnroda, Germany
SRXGlobal Pty Ltd.
Sydney, Australia
Scanfil Group Inc.
Delaware, The USA
Scanfil Holding Italy S.r.l.
Rome, Italy
Scanfil Sweden Ab
Malmö, Sweden
Scanfil
(Suzhou) Co., Ltd
Suzhou, China
Scanfil
Electronics
GmbH
Wulha-Farnroda,
Germany
SRXGlobal
(Australia) Pty Ltd.
Melbourne, Australia
ADCO Circuits LLC
Detroit, The USA
SRXGlobal
(Singapore)
Pte Ltd.
Scanfil Business
Services Kft
Biatorbágy, Hungary
Scanfil GmbH
Wutha-Farnroda,
Germany
SRXGlobal
(Malaysia)
Sdn Bhd
Johor Bahru,
Malaysia
Scanfil OÜ
Pärnu, Estonia
Scanfil
Sieradz Sp. z o.o.
Sieradz, Poland
(Branch)
Scanfil Inc.
Duluth, Atlanta
The USA
Scanfil
Malmö AB
Malmö, Sweden
Scanfil
Myslowice Sp.
z o.o.
Myslowice, Poland
Scanfil
Åtvidaberg AB
Åtvidberg, Sweden
Scanfil
(Suzhou) Co., Ltd
Suzhou, China
Owns 100%
Owns 100%Owns 100%Owns 100% Owns 100% Owns 80%
165
Other information to be provided in the statement
Company insiders and insider administration
In its operations, the company complies with regulation EU No. 596/2014 on market
abuse (MAR) and the Finnish Securities Markets Act, as well as related regulations
and guidelines issued by the European Securities and Markets Authority (ESMA),
the Finnish Financial Supervisory Authority and Nasdaq Helsinki.
The company’s Board of Directors has confirmed the company’s insider guidelines
based on Nasdaq Helsinki’s guidelines for insiders. The insider guidelines define
certain practices and decision-making procedures to ensure that the company’s
insider administration is organized consistently and reliably.
The company divides insiders into two categories: a) managers with a reporting
obligation; and b) project-specific insiders. Managers with a reporting obligation
include members of the Board, the CEO and members of the Group Management
Team. Managers with a reporting obligation cannot trade in the company’s financial
instruments during a period before the publication of the company’s interim reports
and financial statements releases, starting 30 days before the publication of the
interim reports and financial statements releases (“closed window”). Project-specific
insiders cannot trade in the company’s financial instruments before the project in
question has ended.
In addition, the company has decided that persons who are party to the preparation
and drawing up of the company’s interim reports and financial statements releases
cannot trade in the company’s financial instruments during a period before the
publication of the company’s interim reports and financial statements releases,
starting 30 days before the publication of the interim reports and financial statements
releases (“expanded closed window”). The expanded closed window also applies
to persons who, as a result of their work-related tasks, have access to the group’s
sales figures or to sales figures of a business unit that is significant for the total
results of Scanfil Group as a whole.
As a result of the entry into force of MAR, the company no longer has any public
insiders. From July 3, 2016, the company will publish, in a stock exchange release,
all transactions with company shares carried out by managers (“PDMR”, person
discharging managerial responsibilities) with a reporting obligation and their related
parties in the company’s financial instruments in accordance with MAR.
Related-party transactions
PRINCIPLES OF MONITORING AND ASSESSING SCANFIL
PLC’S RELATEDPARTY TRANSACTIONS
The principles of Scanfil plc’s related-party transactions define the principles and
processes by which the company identifies its related parties and monitors related-
party transactions, assesses the nature and terms of business transactions, and
ensures that any conflicts of interest are addressed appropriately in the company’s
decision-making processes. The Board monitors and assesses related-party
transactions continuously and regularly.
THE COMPANY’S RELATED PARTIES
The company’s related parties cover individuals and entities close to the Group’s
companies as defined in the International Financial Reporting Standards (IFRS),
approved in accordance with the IAS Regulation referred to in Chapter 1, Section 4
d of the Finnish Accounting Act.
The company’s related parties include its subsidiaries and the company’s key
management employees, consisting of the Board, the CEO and the Group
Management Team, as well as their family members. Related parties also include
companies in which the aforementioned individuals hold control.
LIST OF RELATED PARTIES
The company maintains a list of individuals and entities regarded as its related parties
to identify related-party transactions. The company ensures that the company’s
management is provided with sufficient related-party guidelines.
The company’s internal related parties are identified by maintaining and updating
the list of related parties. Each individual and entity identified as a related-party
is entered in the list of related parties, including details of their connection to the
company as a related-party, such as shareholdings in other entities. Each related-
party is required to report or otherwise bring, on their own initiative, potential conflicts
of interests to the attention of the executive management.
Identifying related-party transactions
Related-party transactions are identified, and a register of agreed activities is
maintained. The following procedures apply to the identification of related-party
transactions:
• The company maintains a list of entities regarded as related parties.
•
The person who approves related-party transactions on the company’s behalf
verifies that assessments and decision-making processes regarding related-
party transactions are in compliance with defined criteria.
• If it becomes apparent in connection with the preparation of a related-party
transaction that the related-party transaction is not related to the company’s
ordinary course of business or it is not carried out on arm’s-length terms,
the preparation of the transaction is handled by the Group Administration.
•
In addition to the identification procedures followed by the company, individuals
and entities regarded as related parties must ensure that related-party
transactions are entered in the register of related-party transactions and
carried out following the appropriate decision-making process.
166
Monitoring related-party transactions
The company monitors and assesses how agreements and other legal transactions
between the company and its related parties comply with the requirements set
for ordinary activities and for arms-length terms. Information on related-party
transactions will be requested regularly from related parties, at least in conjunction
with regular reporting.
Assessing related-party transactions
and decision making
The company’s main criterion for related-party transactions is that it is sufficiently
ensured that related-party transactions comply with market terms and are favorable
for the company’s business operations.
When preparing decisions on related-party transactions, it must be considered that (a)
decisions are based on particularly careful preparations and appropriate clarifications
and assessments; (b) preparations, decision-making and the assessment and
approval of individual transactions are arranged considering provisions of conflicts
of interests regulations and the appropriate decision-making body; and/or (c) the
identification, reporting and control related to transactions have been arranged
appropriately, for example, so that the company’s related-party transactions are
monitored in accordance with the reporting practices followed by the company.
Related-party transactions are assessed according to the categories to which each
transaction belongs. These include:
(1) Ordinary related-party transactions
As a rule, ordinary related-party transactions must be part of the company’s regular
business operations, and they must be carried out following arms-length terms.
Related-party transactions are entered in the register of related-party transactions
so that the company can report its related-party transactions as required in IFRS.
The ordinality and arm’s-length terms of the transaction shall be assessed and
documented for such ordinary related-party transactions that are not performed
on standard terms or at standard pricing or for transactions with a value exceeding
EUR 5,000. Ordinary commercial terms may vary in different situations.
The ordinary nature of related-party transactions in relation to Scanfil Group’s
business operations are assessed on the basis of the company’s purpose, the
industry and other provisions listed in the company’s Articles of Association, and
the company’s actual operations.
Related-party transactions that are associated with the company’s standard
agreements or agreements provided generally for customers within the framework
of standard pricing, and related-party transactions that have a value of less than
EUR 5,000 can be approved following the one-over-one principle. Other ordinary
related-party transactions must be approved by the CEO unless they are significant
related-party transactions, or unusual or far-reaching considering the scope and
quality of the activities. However, any events involving the CEO’s related parties
must always be approved by the Chair of the Board.
(2) Significant related-party transactions
Related-party transactions that are not part of the company’s ordinary business
operations or that are not carried out in accordance with arms-length terms are
regarded as significant related-party transactions.
The company’s Board decides on significant related-party transactions, including
agreements or other legal transactions involving related parties that are not part of
the company’s ordinary business operations and do not follow arms-length terms.
Members of the Board or the company’s shareholders cannot participate in the
voting or approval of a decision if they or their related parties are party to significant
related-party transactions.
Reporting related-party transactions
When preparing and carrying out related-party transactions, the company
complies with specific reporting and disclosure obligations regarding related-
party transactions.
Auditors
The Annual General Meeting held on April 25, 2025, selected the auditing firm Ernst &
Young Oy as the auditor, and they named Authorized Public Accountant Toni Halonen
as the main auditor. The auditing fees for the Finnish companies of the Group for
the 2025 accounting year were EUR 220,100 in total, and the parent company’s
share was EUR 179,440. The audit fees for the foreign companies of the Group were
EUR 344,843 in total. For other services, the auditing company was paid EUR 7,100.
167
1. Introduction
Scanfil plc’s (the company) Annual General Meeting held on April 25, 2024 discussed the Remuneration Policy regarding the
company’s administrative bodies, what aims to promote the company’s long-term financial performance and development of
shareholder value by rewarding the company’s senior management by engaging and motivating management to pursue the
company’s strategy in the best interest of all company’s shareholders.
Shareholders’ Nomination Board
The Annual General Meeting held on 25 April 2024, decided on establishing a Shareholders’ Nomination
Board (Nomination Board). The Nomination Board and the Board of Directors (the Board) monitor
the company’s remuneration practices to ensure they comply with the established Remuneration
Policy. The Nomination Board prepares a proposal for the Remuneration Policy and the remuneration
of the Board of Directors which are presented to the Annual General Meeting to decide.
The Board
The General Meeting decides on the remuneration of the members of the Board. The Nomination Board prepares proposals
for the remuneration of the Board. The General Meeting approves the Board’s remuneration each year, which is discussed and
resolved at the General Meeting following the agenda. The remuneration of the Board can consist of one or more components,
such as an annual fee and meeting fees. The fees can be paid in cash, or partially in cash and in company shares. The members
of the Board do not participate in incentive plans of the company.
The CEO
Compensation of the CEO consists of a fixed basic salary with benefits in kind and variable incentives, i.e. performance-based
compensation. Variable incentive schemes include an annual incentive plan and a share-based incentive plan. In deciding
on the level of overall remuneration, the Board will consider financial and operational objectives and results. The company’s
strategy and market conditions will be taken into account when deciding on the annual remuneration. The short-term annual
incentives may not exceed 100% of the fixed basic salary.
Details about the Remuneration policy can be found online.
ELEMENT TARGET GROUP TARGE T DESCRIPTION
Salary CEO and other senior
management
Attract, keep and
reward skilled
managers
Number of factors are taken into account
in determining the basic salary, e.g.
market situation, individual qualities,
skill and experience. The basic salary is
typically reviewed annually.
Fixed remuneration The Board Attract, keep and
reward skilled Board
members
The remuneration of the Board is
proposed by the Nomination Board to the
General Meeting to decide.
Annual incentive
scheme (short-term)
CEO and other senior
management
Encourage, guide and
reward from achieving
short-term financial,
operational and
strategic targets
The short-term annual incentive plan is
primarily based on one-year earnings
criteria, which are further based on longer-
term indicators, typically three years of
target settings.
Share based incentive
schemes (long-term)
CEO and other senior
management
Link management
and their rewarding
to Company’s
shareholders
The General Meeting decides on share-
based compensation programs and
authorizes the Board of Directors to
decide on the details and practical
implementation of the compensation
programs.
KEY ELEMENTS OF REMUNERATION
Remuneration Report for the Governing Bodies 2025
168
Scanfil’s Financial and Remuneration Development 20212025
In 2025 Scanfils turnover increased 2.2% compared to 2024. Comparable operating profit increased by 0.7% and margin
decreased by 0.1 percentage point.
*No adjustments in the financial reporting period
Scanfil’s financial targets in 2025 were 10% turnover growth over the business cycle, 7%-8% adjusted operating profit margin and
Net Debt/EBITDA <1.5.
Turnover, EUR million 695.7 843.8 901.6 779.9 797.1
Annual turnover growth, % 16.9 21.3 6.9 -13.5 2.2
Comparable operating profit (EBIT), EUR million 40.3 45.4* 61.3* 53.9 54.2
Comparable operating profit (EBIT), % 5.8 5.4* 6.8* 6.9 6.8
Share price change, VWAP, % 50.1 -13.4 18.1 -10.1 26.9
, EUR
Harri Takanen (chair) 54.1 61,5 60.7 60.8 62.2
Thomas Dekorsy (as of 27 April 2023) - - 22.8 39.3 41.1
Bengt Engström 33.8 40.0 39.3 40.7 41.1
Christina Lindstedt 33.8 36.8 41.5 45.1 47.3
Juha Räisänen 33.8 37.8 45.8 49.9 52.8
Minna Yrjönmäki (as of 27 April 2023) - - 25.6 43.7 46.6
Jarkko Takanen (until 2 February 2022) 34.9 9.0 - - -
Christer Härkönen (until 22 April 2021) 11.4 - - - -
Salaries and fees of the Board of Directors, in total 198.7 185.0 235.7 279.5 291.2
FINANCIAL AND REMUNERATION DEVELOPMENT,
FEES OF THE BOARD OF DIRECTORS
, EUR
Salary, in total 295.3 304.0 354.2 351.6 392.8
Petteri Jokitalo
295.3 304.0 241.1 - -
Christophe Sut
- - 113.1 351.6 392.8
Fringe benefits, in total 14.2 14.8 14.5 6.7 7.8
Petteri Jokitalo
14.2 14.8 11.3 - -
Christophe Sut
- - 3.1 6.7 7.8
Performance bonus, in total 105.6 101.4 160.0 316.2 28.2
Petteri Jokitalo
105.6 101.4 160.0 316.2 -
Christophe Sut
- - - - 28.2
In shares and payable stock options, in total 631.3 - 1.111.1 - -
Petteri Jokitalo
631.3 - 1,111.1 - -
Christophe Sut
- - - - -
In total 1,046.4 420.1 1,640.2 674.5 428.8
SALARIES AND FEES OF THE CEO
The development of employees’ remuneration is based on the salaries and wages paid to the personnel less the employer’s
social security contributions divided by the average number of employees during the year.
, EUR
In total 23.1 24.0 25.1 26.6 30.3
PAID SALARIES AND WAGES/AVERAGE NUMBER OF EMPLOYEES
The remuneration of the CEO has consisted of a fixed base salary with fringe benefits and variable incentives. The variable
incentives have included the short-term performance bonus and long-term stock option schemes, with their terms and
conditions determined by the Board. Petteri Jokitalo acted as the CEO until August 31,2023. Christophe Sut assumed his
position as the CEO September 1, 2023.
169
2. Remuneration of the Board in 2025
The remuneration of the Board members is decided by the General Meeting of Scanfil plc.
On April 25, 2025 the Annual General Meeting decided that:
• Members of the Board are paid EUR 3,417/month
• The Chairman of the Board is paid EUR 5,250/month.
Additionally, members of the Audit Committee received a compensation of EUR 800/meeting and the Chair of the Audit
Committee EUR 6,000/year. In addition, a fee of EUR 400 per face-to-face meeting held outside of the Board Members
country of residence was paid.
The travel expenses of Board members were compensated in accordance with the company’s travel policy. No other benefits
were paid to the members of the Board on the basis of this position.
EUR MEETING FEE COMMITTEE FEE FEES IN TOTAL
Harri Takanen 62,200 - 62,200
Thomas Dekorsy 41,142 - 41,142
Bengt Engström 41,142 - 41,142
Christina Lindstedt 41,142 6,200 47,342
Juha Räisänen 41,142 10,624 52,766
Minna Yrjönmäki 40,362 6,200 46,562
In total 267,130 24,024 291,154
MEETING AND COMMITTEE FEES PAID TO THE BOARD IN
EUR FIXED VARIABLE
Salary, in total 392,767 -
Fringe benefits, in total 7,777 -
Performance bonus from the year 2024, in total - 28,233
Stock option scheme, in total - -
Salaries and fees, in total 400,544 ,
SALARIES AND FEES OF THE CEO
During the financial year of 2025, members of Scanfil plc’s Board of Directors did not receive any company’s shares or share-
based benefits as remuneration. The remuneration of the Board consisted of the monthly fees and committee membership
fees decided by the General Meeting.
3. Remuneration of the CEO in 2025
The CEO has a service contract that is valid until further notice with a mutual notice period of six months. If the company
terminates the CEO’s service contract, the severance payable to the CEO shall be determined by the length of the service
term and shall not exceed an amount equivalent to 12 months of monetary salary, in accordance with the terms and conditions
of the service contract. The retirement age of the CEO is the statutory retirement age.
In 2025, fixed salaries and fees accounted for 93.4% of CEO’s all salaries and fees.
170
Performance Bonus
The CEO is included in the scope of the management’s performance bonus scheme based on the Group’s operating profit and
turnover. The operating profit determines 80% and turnover 20% of the bonus payable to the CEO. The final performance bonus
is determined on the basis of the actual operating profit and turnover in euro compared with the targets set in the previous
three years, each representing one-third of determining the bonus. The Board decides on the management remuneration
scheme and its terms and conditions for the next three years.
The annual bonus cannot exceed the amount corresponding to 12 months’ salary. The CEO is also included in the scope of
the company’s share-based incentive scheme. The CEO does not have other benefits.
Stock Option Scheme
On 21 April 2022, the Annual General Meeting of Scanfil plc decided to authorize the Board to decide on granting stock options
rights to key personnel of the Scanfil Group and to decide on the terms and conditions of the maximum amount of 1,200,000
option rights (“Stock Option scheme 2022”).
More details on stock option schemes can be found here.
OPTIONS HELD BY THE CEO BI CI
Number of options 120,000 120,000
Subscription period
1 May 2026 -
30 April 2028
1 May 2027 -
30 April 2029
Fair value, in total, EUR 229,200 202,800
Performance and Matching Share Plans
On 25 April 2025, the Annual General Meeting of Scanfil plc decided to authorize the Board to decide on granting shares and
other special rights to the key personnel of the Scanfil Group and to decide on the terms and conditions of the maximum
amount of 1,200,000 shares
The Performance Share Plan 2026–2028 consists of one performance period, covering the financial years 2026–2028. In
the plan, the target group has an opportunity to earn Scanfil’s shares based on performance. The performance criteria of the
plan are tied to Absolute Total Shareholder Return (TSR) and Earnings Per Share (EPS). The potential rewards from the plan
will be paid after the end of the performance period. The value of the rewards to be paid on the basis of the plan corresponds
to a maximum total of 136,800 shares of Scanfil Plc, based on prevalent share price, including also the proportion to be paid
in cash. The target group in the performance period 2026–2028 consists of approximately 35 key employees, including the
members of the Management Team and the CEO.
The Matching Share Plan 2026–2028 consists of one matching period, covering the financial years 2026–2028. The prerequisite
for participation in the plan and receiving reward on the basis of the plan is that a participant has committed Scanfil’s shares to
the Matching Share Plan up to the number determined by the Board. Furthermore, payment of reward is based on the participant´s
valid employment contract upon reward payment. The potential rewards from the plan will be paid after the end of the matching
period.The target group of the matching period 2026–2028 consists of approximately 35 key employees, including the members
of the Management Team and the CEO. As a reward for the commitment, Scanfil grants the participants a gross reward of one
matching share for every share committed to the plan. The rewards to be paid on the basis of the plan correspond to the value
of an approximate maximum total of 68,600 Scanfil shares, based on prevalent share price, including also the proportion to be
paid in cash. The final number of shares will depend on the number of shares the participants commit to the plan.
More details on share plans can be found here
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