Aspocomp Group (ACG1V) CMD 2025 summary

Market trends and outlook

• European PCB market faces a gap between demand and capacity, with demand outpacing supply and a declining number of manufacturers since 2000.

• Global PCB market is dominated by China, but Europe is expected to be the fastest-growing HDI PCB market from 2026-2030, driven by miniaturization, complexity, and defense spending.

• Geopolitical shifts, supply chain de-risking, and sustainability requirements are accelerating production migration to Southeast Asia and increasing demand for European self-sufficiency.

Strategic vision and business model

• Aims to become a top 3 PCB manufacturer in Europe, focusing on high-quality, complex PCBs for defense, aerospace, and semiconductor industries.

• Strategy centers on organic growth by expanding Oulu plant capacity by 50%, doubling trading business, and pursuing M&A to expand the production network.

• Seeks to increase the share of less volatile defense and aerospace customers while reducing dependency on the semiconductor segment.

Financial guidance and investments

• Targets over €100 million in net sales long-term and an EBIT margin exceeding 10% in the midterm, with an equity ratio above 40%.

• Oulu plant expansion involves a €10+ million investment, with increased capacity expected to be operational in Q3 2027.

• Financing for capacity increase secured through a directed share issue and €5.5 million in new long-term loans.