Dear participant, warmly welcome to Raisio's Capital Markets Day 2021. Greetings from extremely warm Finland as well. I mean, literally warm. Let's first have a look at our agenda and the presenters. My name is Pekka Kuusniemi. I'm the CEO of Raisio Group, and I'm going to draw a big picture of Raisio's strategy 2022 to 2025. My presentation will last around 30 minutes. The next presenter is Mr. Iiro Wester. He will focus on Raisio's plant-based offering as a growth driver, and his presentation will last about 25 minutes. Mrs. Virpi Aaltonen will focus on healthy ingredients and operations of about 15 minutes time. After that, we are going to have a short 10-minute break. After the break, a very topical theme, responsibility at Raisio's core, will be presented by Mrs. Sari Koivulehto-Mäkitalo.
The day will be finalized by our new CFO, Mr. Mika Saarinen. He will give the financial highlights of the strategy period. After each and every presentation, you have the possibility to present questions, and we are trying to answer a couple of questions right after each presentation. The questions will be presented by Mrs. Taru Ämmälä, our Chief People Officer. Once again, warmly welcome. Let's start the show. It's time to roll up the sleeves. I will first tell you a few words about Raisio in brief. Company was established already more than 80 years ago and has had, of course, several different eras during this journey. Last year, we reached net sales of EUR 234 million and EBIT close to 12%, equaling to EUR 28 million.
We regard ourselves as an international house of brands, and currently we employ some 380 persons, both in Finland and abroad. As you see, we are represented in 10 different geographical markets with our own personnel. This is also a big highlight that today, already today, we are producing 92% of energy used at Raisio carbon neutral. We regard really ourselves as a highly responsible, healthy food company. Let's have a quick glance to our recent journey. During the past five years, Raisio has decisively moved towards responsibility, and during the past three years, we have had a very clear target to make Raisio a healthy food company. This journey started by building a bioenergy plant in Finland and taking a big step toward carbon neutrality. End of 2017, we divested the confectionery business and started to focus on healthy food brands.
That focusing continued 2018, when we divested the cattle feed business and continued to focus on brands enhancing well-being. After that divestment, we regard our structure to be ready for next phase, meaning that we are not planning any divestments more. More or less exactly two years ago, we made a big resolution to build a new production facility to manufacture plant-based added-value products. Of that big resolution, I have the honor to tell you more later in my presentation. 2020, we took into use our oat mill in Nokia with improved capabilities, and only few days ago, we started to use carbon neutral energy source at Nokia mill. My dear colleague, Virpi, will tell you more about this later on. Only a bit more than two months ago, we finalized this stage by acquiring Verso Food to strengthen our plant-based value-added product offering.
During this journey, it is also really worth mentioning of our immaterial foundation, namely our purpose and our values. 2018, we set our values. Together with the entire personnel, as well as our purpose. This is our purpose. In one sentence, we actually tell a lot. First of all, we are in food business. We are in healthy food business. We are in heart health business, and we take a big responsibility of the Earth, namely ESG in all of its forms. Then our values, courage, fairness, and drive. We want these values to be very visible for the entire stakeholder group Raisio works with. Of course, internally, our everyday work has to be based and is based on these values. We want these to be visible also for all of our external stakeholders, from farms, from other sub-suppliers, to trade to consumers.
Now let's move to Healthy Growth Strategy 2022 to 2025. This is a given thing for us, but this is really worth opening up more to you. We have strong tailwind behind our back. First of all, healthy living as a holistic wellbeing has become more and more important, especially during the pandemic times. This is really a strength for Raisio, that people are more and more interested in their holistic wellbeing, where nutrition is, of course, a really big part of that. Sustainability, it's obvious that expectations have become ever wider. How people by themselves in their own personal life are able to minimize the environmental impact throughout the whole product life cycle. They are more and more interested in that, and we are able to cater them for these solutions. Of course, plant-based eating.
This is the most detailed tailwind we could say is behind our back. Because we are now extremely focused in plant-based eating, and we are ready to cater that to mainstream. It has become, and it will become even more popular choice, and new categories are to be presented to the big markets in Europe. Raisio's role is a big one in that. We regard the growth drivers for Raisio to be, first of all, Benecol, and followed by few plant stanol ester solutions, value-added oats and ingredients, and plant-based foods supported by our purpose, of course. These growth areas and focus areas, we are going to work with our great brands, namely the global brand, Benecol, Elovena, the oat brand, and then Beanit for plant-based foods.
As you see from this picture, they are all overlapping to each others, which gives us further opportunities to utilize our unique know-how with these combinations. There are more to come. Let's first have a look at Benecol and plant stanol ester solutions, which are definitely our key drivers for our profitability. In the left-hand side, you see some estimates of how the cardiovascular health packaged foods in Europe are expected to grow. The market expects some 2% growth CAGR. The market size is expected to be beyond EUR 2.5 billion. We will take our part of that growth plus some more. The motivation is extremely clear. Health benefits and the great hidden market potential. More than 50% of adult people in Europe suffer of elevated cholesterol, and this is something which is not visible.
This can be only analyzed with the blood tests, and we all know that we have to all take care of that, and we have a vehicle and a solution for that. Our goal is 3% growth in CAGR figures until 2025, and we are going to reach it with new categories, with a raised awareness of cholesterol risks plus, of course, R&D. I'd like to raise an example of ongoing research regarding potential other uses for plant stanol ester. First of all, I'd like to remind you that EU has authorized a health claim for plant stanol ester, and it has been shown in numerous clinical tests to lower blood cholesterol. As already said, high cholesterol is a risk factor in the development of coronary heart disease.
On top of this. We do have a research program to evaluate other possible health benefits of plant stanol ester beyond LDL cholesterol lowering, for instance, effects on immune function. Here I'd like to pinpoint regarding to the future outlook that at this stage, which is very early phase of clinical studies, so we do not currently have any business plans nor estimates which could be stated at this point. Let's move on to value-added oats and ingredients, where we aim to significantly outpace the market growth. We all know what oat is and how beneficial it is for your health with many different things and dimensions. We have been focusing on gluten-free oat offering, and of course, the traceability what Raisio is able to offer is outstanding. We have a clear and straight connection from farms to our products.
Also the food safety is on extremely high level. Here we are targeting at some 12% growth ambition for annual net sales growth. On the left-hand side, you can see that the market with the relevant categories is in selected markets in billions, it is expected to be almost EUR 19 billion. How are we going to reach this? Through technological innovations, through R&D innovations, and brands. The last and the latest strength at Raisio is plant-based foods, where we can see there is a food revolution on. Growth is driven by a shifting consumer preferences due to health and environmental concerns. The market growth has been, in the past five years, just under 10%, and this same pace is expected to continue. Just under 10% annual growth is expected, and we will take our share of that and more.
Our goal is up to 38% growth ambition from 2021 to 2025. How are we going to do this is, of course, through innovations with the current portfolio, of course, where we already are Finnish market leader, plus entering new markets with both liquid and solid plant-based, tasty, and healthy food solutions. Our existing structure is focusing on customer needs, and it enables the executing of the growth strategy. All these three focus and growth areas which are shown in the picture will be served to both Business to consumer as well as Business to business customers. This is a real strength for Raisio as well. Our ambition is to expand in Europe. On the right-hand side, you see the current brand footprint where Raisio is today present. With different colors, we are showing in which markets we are with which brands.
The geographical markets where Raisio brands are already now available, so there are a number of them. Our expansion in Europe will be both geographical but also expansion in current markets with new categories. When we plan our expansion, we are both focusing on new geographical markets and expansion with new categories in current markets. That gives the picture for you what kind of opportunities we have in Europe. Still, our focus market area will remain Europe. Everything what you have seen so far, so the markets where we are entering and where we are already present, they are extremely lucrative markets and heavily growing. There is a great opportunity for Raisio to step into new markets with new innovations. Now we have tools for that, meaning that our response to this is very strong.
During the past three years, we have invested EUR 65 million in creating this platform we are now talking for growth. First, the new production facility, Nokia mill upgrade as second, and thirdly, the latest move, Verso Food acquisition. Now we are going to leverage these platforms to serve the ever-increasing demand. Significant strengthening of our plant-based offering is now what we are talking about and the growing consumer demand. There is a great match. You just think how many times I've been asked, "What are you going to produce in your new factory?" I will get back to that soon, but before that, some more capabilities at Raisio. First, the Nokia mill upgrade, where we did a major investment to focus on gluten-free oat production.
Another interesting part is the strengthening of our plant-based food category capabilities, both know-how, R&D know-how, marketing know-how, and of course, technological know-how with Verso Food acquisition. Now it is time to talk about our new facility. My colleague, Virpi, she will talk more of the technological superiority, and also Iiro will open up the products, dive a bit deeper in the great benefits of our new products. I will give a quick glance what we are talking about. Proudly presenting, first of all, global novelty. Nobody on this globe offers plant-based cholesterol-lowering drinks or spoonable products, which are tasty and healthy and taking care of your heart health at the same time. Secondly, our iconic oat brand, turning its legacy into strength in these three categories at first. Spoonables, drinkable, barista, and food-making products. Great family we have to offer.
Just to note, this is only the beginning. They are all 100% plant-based. They are made of Finnish gluten-free oat. They are manufactured in carbon neutral production site in Finland, and we do have recyclable packaging with renewable materials. On top of that, of course, delicious taste and texture and brands that consumers love. This is really what we are proud of and we are going to capitalize. In short, Raisio is now really in an excellent position to capitalize these targeted growth opportunities. My team, including the entire personnel, are ready to do this. I'm happy to give the time to next presenter. Before that, if I understood right, there are few questions for me.
Yes, we have got some questions to you, Pekka. The first one is, how have you done so far regarding your oat strategy since 2019?
This is a really interesting and good question because we have been working with the oat strategy since 2019, of course, we all understand what kind of exceptional market conditions we have had since 15-16 months. However, we have been able to grow our B2B oat business significantly. Virpi will show you some amazing figures, that is also something which tells a lot about the oat demand in Europe and also in other continents. With this, taking into consideration the very exceptional times we have hopefully just left behind or are soon going to leave. This is a good achievement from our organization. Of course, we haven't been able to work actually with the B2C expansion so far, even though we have, of course, entered already numerous markets with Elovena gluten-free. That's what has happened already during the pandemic times.
Thank you. The other question is, why Benecol growth is so low compared to your other focus areas?
As you saw from the graph, so what is expected from this, let's say, bigger market part is some 2% growth. Of course, we are working on a higher growth, but Benecol today is an established brand in several European and also in other continents markets, and that is, of course, it is a realistic target, but we work very patiently in order to.
To raise the demand through raising the awareness of what kind of health benefits you can reach with this very simple, easy, and healthy, tasty way to do it. I do it personally, and I know many of us do.
Thank you. Now it's time to move to next presentation.
Thank you on my behalf. Good afternoon, dear viewers. My name is Iiro Wester, and I am the Chief Commercial Officer of Raisio, and I'm also the Head of the Healthy Food Business Unit. I will start off by presenting the Healthy Food Business Unit very briefly. It's our consumer product business, and it's concentrating on Europe as a geographical scope. That's the starting point for healthy food. What we have done now as a foundation for Raisio's consumer business is that we have researched and summarized the global trends and the mega trends as Pekka described. We have identified the most important ones as being the health and wellbeing, the holistic wellbeing, as Pekka presented it. It's really one of the key drivers here. That is nicely combined and overlapping with sustainability, for instance, plant-based eating, and the natural nutrition part.
These combined form a really strong platform. Equally overlapping is sustainability. Sustainability is overlapping with natural nutrition, plant-based eating, for instance, and also with identity and personalization. People don't want to be part of groups anymore as they used to. They want to have individual solutions, individual choices. The convenient snacking also, the in-between meals eating is also one part of this, and it fits well. When it's healthy, it's natural, this also overlaps with many of these. As Pekka described it, we have a really nice tailwind for our strategy. We dug a little bit deeper into two of our strategic focus areas. Namely, the oat-based value-added products and then the plant-based proteins. On the left-hand side, you can see that the U.K. market is huge and immense compared to the other ones when we talk about oat-based products.
The big markets in the middle are also growing at the same pace as the smaller ones on the left side, where we are mainly present at the moment. As can be seen, U.K. with our presence with Benecol and our own sales operations, is an interesting target for us. On the right-hand side, a similar pattern where the U.K. is standing out from the rest of the markets in market size and Germany in growth rate as well. Again, the markets where we are present at the moment on the left-hand side, you could almost say that they are a bit underdeveloped at the moment. Here again, U.K. standing out as an opportunity for Raisio in the future.
We wanted to know a little bit more and ask consumers what their, let's say, drivers are for the plant-based products and why do they love these kind of products. We did a survey in Finland and U.K. and summarized some of the key findings here. First of all, on the left-hand side, we have the healthiness. Plant-based is seen as good for you, oats in particular, and it is representing healthy food. Half of the respondents picked good taste. When you get used to plant-based, you never want to leave plant-based products. Let's say the next generation, the younger ones, they are getting used to it from the very beginning, and that's where we are heading in the future.
What's surprising is that only about a third mentioned diets as the key driver, whether it's vegetarian or vegan or ethical reasons for that matter. They were surprisingly low as drivers. A nice one and really well representing this category's dynamics is this curiosity consumers have. One third of them want to experience new products. They want to try even new brands. They are really curious. This represents the category in the form that the consumers expect novelties, new product types, new brands, and new, let's say, solutions for them in their daily life. When we summarize the growth in U.K. and Finland in this plant-based dairy category, if I dare to call it dairy, I hope you understand that we mean plant-based drinkable products or spoonable products in this sense.
The growth in U.K. is five times faster in plant-based products than the traditional products, and eight times faster than yogurt. Finland has similar numbers with more than 30% growth last year. One curiosity in Finland are the cooking products, which are growing with a really nice pace, a smaller starting point, but still the growth is really big. Based on these numbers and this summary I started with, we wanted to introduce and gain foothold and start to dominate the plant-based categories. The first product, as Pekka mentioned, is Benecol OAT, which is unique. It's the first global product, unique in the world, that is oat-based and lower in cholesterol with plant stanol esters. Can't be found anywhere else, as far as we know. It's a unique heart-healthy option. It represents the holistic wellbeing, again, that was so important for the consumers.
Equally important is that it drives value. It gives value to the consumers in the healthy format, but it drives value for the trade. We drive value for the category, and the trade loves this kind of products, which drive value for them in the form of penetration or average weight of purchase or frequency. We are bringing new consumers, and we are bringing value to the category. The consumers, they are not just looking for any plant-based products. They look for the right one. We come back to the uniqueness again, and we offer a healthy, sustainable, and tasty product and solution for them. What we are doing here with Benecol is that we feel that all 40+ consumers should be, let's say, interested in their cholesterol levels.
We aim to bring Benecol to a younger target group than we have so far. We want all the 40-pluses to be interested in Benecol and know Benecol and start using and trying Benecol products. These oat-based products are exactly the right ones, the right fit to target these consumers. It's not just Benecol OAT products that we launch now. We are also very proud to introduce Elovena, the Finnish iconic brand. We took all the oat-based products that were on sale, sorry, not on sale, but were sold on the Finnish market, put them together, did a consumer survey and a taste test. Elovena products, our products from the new production facility, they were ranked as number one by consumers in plant-based dairy category. All the important international players were there. All the local players were there.
We were ranked number one, both in taste as well as a brand in oats in Finland, and top scores in purchase intention. Once again, we are bringing value to the category. The consumer said that the concept sounds great, and they trust Elovena, and that makes it a natural choice to try. They dare to try these products in this new category for Elovena. Being Finnish is really a plus, of course, in Finland. The brand fit for Elovena, it's more than just Elovena as a brand. The heritage, the legacy, the soon 100 years of Elovena products, it's really important. That's why it's a classic. That's why it's called iconic. We trust a lot in Elovena. Being Finnish and having that gluten-free oat is a strong plus.
We discussed all these arguments with the trade, they find this really interesting because it adds, again, value to the category. Carbon neutral production, plant-based recyclable cartons, excellent taste with rich and smooth texture. The most valued and known oat brand in Finland combined into this. We calculated together with the trade that we can increase the consumer value of the category when we combine Elovena and Benecol. We calculated that we can add value in the coming short period of time. We can add more than EUR 20 million in Finland alone to the category in value, and that's what's interesting to many of our partners. The third strategic focus area, besides Benecol plant stanol ester and these value-based oat products with Elovena, is, of course, the plant-based foods. With the acquisition of Verso Food, we are strengthening this third strategic focus area.
It's really nice to be able to present that we are market leaders in the plant protein category with Beanit. Raisio's market share in the plant protein market in Finland is some 25% at the moment, the market growth is high 10s or even low 20s at the time. Boston Consulting Group made a survey, or actually a report, where they expect the global plant protein market to grow at some 14% annually for the coming 10 years-15 years, which is incredible. The Härkis brand, which is the original for these products, is almost a household name already. It represents the whole category in Finland. Beanit, as the umbrella brand in the future, they have different uses with the products. On top of that, we have ready-made meals, we have granolas, and ground fava bean products in our assortment.
Combining all these three is the strength that Pekka talked about in the strategic circles that we use, the overlapping circles. When we combine these new capabilities that we have, we get a really nice new strength for the plant-based food category as well. First of all, the advanced production technology. We have milling, we have different extrusion technologies, we have a wet process, and so forth. Combining these in a new way, in a unique way, we feel, is going to give additional strength. The joint product development, the agile product development that has come from the, let's say the kind of a startup-spirited company, the fava bean business. When we combine that with Raisio's long, let's say, history and skills in product development, we are going to get new paths to research.
Being agile, like in the startup business, is going to give new strength to us. The same goes for joint marketing. The agility, the fun, let's say, the spirit, combined with economies of scale, for instance, and the Raisio way of working with marketing, that's going to give additional strength again. Cross-branding. Now we have oat-based product with a Benecol feature in it, the stanol ester feature. We have a possibility now in the future to use the fava bean as a raw material in our drinkable and spoonable products, launch Beanit products. We have the opportunity to make Beanit meals. Could we add a stanol ester component and make it cholesterol-lowering? This kind of cross-branding is really going to be interesting. The same goes for the efficiency through our B2B and B2C sales channels and all the synergies we can find, and especially in the international expansion.
We have to utilize our existing hubs or sales companies. We can give our new product categories a shortcut to be international and launch new product types into the existing markets. We have markets where we have started to, let's say, explore possibilities to sell Beanit products and could we introduce Raisio products to those markets as well? It's a combination of all these elements which gives a really good opportunity for Raisio. This, of course, is something that we need a strong research and development, let's say, perspective to, and we need innovations. We have put a lot of focus on innovation in Raisio during the recent year, or years, actually. How do we strengthen this part? We have defined innovation in a Raisio way. We say that innovations are ideas that increase our value. We want to make it really simple.
Very simple, because we want all our employees to participate. The whole personnel must feel that they are part of the innovation process, because traditionally, the innovation part is viewed as product performance or product systems or product concepts. We want to broaden it to the left-hand side here, to configuration, for instance. Profit model, network, structure, process, production, operations. That's really important, that everyone in that area feel that if they have a new idea and it brings value to the organization, to the company, then it's an innovation. The same goes for the right-hand side. When we talk about services, channels, brands, customer engagement, consumer dialogue, every new idea, every new improvement, everything that brings value is an innovation. This is something we want to encourage. Everyone is part of our innovation journey.
What I would like to do now is to summarize how Raisio's Healthy Food Business, through its execution of the growth strategy, will add value and will be part of this journey forward. Please, let me start on the top left-hand side with Benecol and plant stanol ester solutions. We concentrate on the core, the wonderful products, the categories we have, but we want to introduce the products into new categories. A good example is a Benecol soft cheese that we are launching as we speak right now, during this beginning of the summer. It's a new spread that we introduced to the market. It's something that's unique. It doesn't exist. It hasn't been done before. These kind of innovations that are close to the core and easy to adapt by our consumers. Then building the Benecol brand, the relevancy. We want to be the category captain.
We want to be the party that the trade, our customers contact when they want to know more about cholesterol lowering, when they want to know about where to go, how can we add value to the categories. Especially in Finland and U.K., the two biggest markets, this is the position we are in. This is the position we will be in the future. The alternative sales channels and online sales, we saw on the U.K. market that consumers changed their behavior during last year. They didn't want to herd in the supermarkets and hypermarkets. They changed their behavior quite a lot and often chose corner stores or high street stores instead of the big ones. How can we make our presence stronger in these channels, for instance? The online sales.
We want to partner up as we have done in our markets with the retail players. We want to make our presence on their web pages a lot stronger. We have built brand hubs. We have served them with strong pictures, text explanations, definitions of what is cholesterol lowering, and that has given us a big advantage in the online channel as well. Finally, the plant stanol ester in research and what can it do more than just cholesterol lowering? We call it this opportunity, could it be a medical device? We don't know yet, but we have research questions that we have formed. We have hypothesis, and it's too important to ignore, so we will continue this. As Pekka said, we don't have any business plans right now ready, or we don't have any numbers to present.
This is something we will put focus on and get back when we can. The second strategic focus area also in Healthy Food, of course, is the value-added oats and the ingredients. The new production facility will be in focus now, naturally. We are launching in August. The first product will be launched in August and September, and that's where we want to succeed right from the start. As Pekka said, this is the range we are launching now, but many new products will come right after New Year. New features, new benefits, like gut health, for instance, will be one of the drivers in the future. Leveraging oats in general and Elovena in Finland and Russia as gluten-free Elovena, and then the Nordic brand for oat products, and then the opportunity in U.K. Those are the drivers for Healthy Food.
All this being gluten-free as the big, let's say, main driver for the growth. Finally, the third strategic focus area with plant-based foods, the new unique capabilities I mentioned. With the technological capabilities we have, with the, let's say, operational capabilities we have, the processes, the way we work, combining these will add new, unique opportunities for us. The agile product development being one of the key drivers again. Growth in Finland and the U.K. are the top, let's say, priorities on this page even there. Then how we utilize other existing Raisio markets and how we do the cross-selling. Those are, as I said, shortcuts to how quickly and how agile can we be when we enter new markets with new opportunities, with new categories across brands or, let's say, even consumer types and groups.
To summarize, it's all well in line with the group strategy, of course, but this goes towards the consumers. I'm really happy to see how well this fits Raisio and Raisio's capabilities. I will stop here and thank you for your attention, and I'm ready for any questions, please.
Yes, we have few questions to you here. The first one is, when are you able to start selling new stanol ester solutions?
We don't have any very clinical results yet, but it's really important and these researches typically take several years. As we have started, we have formulated the questions, we have formulated the hypothesis, and we have planned clinical researches. It's too early to say what will come out of it. These themes and questions are really important, and as soon as we can, we will tell more about them, but we don't have any exact dates or times we can release at the moment.
The second question is, does plant-based food consist Beanit only, or are there some aspects related to Benecol and Elovena as well?
Plant-based food is more than just Beanit. Plant-based foods is all, let's say, even protein-rich products, for instance, or it can be oat, it can be fava bean, it can be other raw materials as well. I see a big opportunity in the next generation of Elovena oat mince products, for instance, oat slices, whatever could be in the future. Combining this production capability with the product development capabilities we have, I see that we have new generations of products coming up, just as an example. Yes, we will combine brands and categories across. It's not just Beanit in the future. It will be you name it.
Yes. Good, one more short question. Is Benecol OAT gluten-free?
Benecol OAT is gluten-free. Yes, definitely.
Good. Very good. Thank you.
Thank you very much.
Let's move on to the next presentation then.
Thank you.
Good afternoon. I'm Virpi Aaltonen, and today I will talk with you a little bit more about our plans in healthy ingredient sales and how operations can be enabler for growth for Raisio. If we first start with a short reminder, what is healthy ingredient business about? Well, it's B2B business, and it's built on two main categories. One is fish feed business by Raisioaqua , and the other one is ingredients business. Fish feeds, that actually create feed for Raisio because eating fish protein, it's not only good for your health and your heart, it's also good for Earth because this Baltic Blend fish feed, which aqua team has developed, it really helps us to circulate nutritions from the Baltic Sea, so it's good for environment as well. The other corner of our B2B business, the ingredients.
That takes care of all our Benecol licensing, partnering, and collaboration. Then there we keep selling food ingredients made from Finnish grains, mainly to Europe, but we are operating globally there as well. Going a bit more deeper to oats. As you heard from earlier presentation, gluten-free oat market has and will be growing rapidly also in the future. These investments Raisio did to oat and gluten-free oat, it really has helped us to open a lot of new domestic and export opportunities. Actually, I'm glad to share you some great growth figures. Of course, when we talk about B2B export sales related value-added oats, which of course includes all gluten-free oats, we have to remember the comparison figures were quite modest. The growth has now started, not only in export but also in Finland. Overall, this is very lucrative business for Raisio.
Switching a bit more from the history towards the future, what we will do now in Raisio healthy ingredients business to secure that we deliver Raisio's healthy growth strategy. First of all, now we can really capture all the growth potential which has now been created by all these new capabilities and combinations out from them. Raisio has been investing to these capabilities, and now we can really boost the growth. For Benecol and plant stanol ester solutions, of course, we can now provide to our licensing partners interesting plant-based solutions as well. For value-added oat and ingredients, we of course keep growing on the gluten-free oats and other value-added oat ingredients. We have also a lot of interesting ongoing R&D to create new solutions for our B2B partners.
Actually, that very same match with plant-based food, where we have good products already now available, but we can further development to fulfill our customer needs. In the plant-based foods, there we mainly focus to HoReCa and retail customers. To summarize these healthy ingredients plans, now we can really boost and fully utilize the capabilities built, and we can not only do that, but we can also create even further interesting plant-based solutions. Going a bit more to our operations and how operations can support Raisio with this healthy strategy. Short reminder first, what is Raisio operations about? Nowadays, we have altogether six production facilities located in Finland, all of them kind of concentrated to different technologies and capabilities. In the production facilities, we have now two new family members.
One is this plant-based drinkable and spoonable production factory at Raisio. The other one is Beanit's plant-based food factory where we can extrude plant-based proteins. We have sourcing, of course, as an important element for operations. There, I would like to remind that actually grain is one of the most important raw materials for Raisio, and actually over 70% of our raw material base is grain. To secure high quality, the supply, of course, contract farming is really essential for us. We have in our network about 600 contract farms we do collaborate with. The third element of Raisio operations is partnering network. It does not make sense for us to produce everything by ourselves, so we have selected certain partners in certain technologies who can support and fulfill our portfolio.
I can tell you a little bit more about this new production facility at Raisio. I would like to say a big thanks to our super professional team who has made this happen. Building a greenfield factory over 7,000 square meters , doing that exactly in time and in budget, I would call that a great achievement. What we have in the new site? In earlier presentations, you saw quite many interesting oat-based product launches, and this factory is actually specially planned to process a wide range of plant-based raw materials, not only oat. We can produce different drinkable and spoonable plant-based products there, and all of them are free from gluten, milk, soy, and nuts, for example.
The site has a really high automation level. It secures that we can really maintain excellent quality. We have full traceability for everything we can do. We can minimize waste processes as well. We have the newest packaging technology in place, which secures that we have sustainable packaging solutions. We have been able to minimize usage of plastic in packing. We also, together with our partner supplier, have been able to create a concept that in case there will be different needs in the future for consumer packaging, we can do adjustments pretty flexibly. Of course, this site is also carbon neutral. There has been a lot of other big things happening in the Raisio operations as well. As Pekka briefly mentioned, our Nokia oat mill, that actually starting from last week, that is now also carbon neutral.
It actually utilizes its own side product, oat hull, as an energy source. A great example of circular economy and also one important step in Raisio's responsibility plan. Third big thing for Raisio operation has been this Verso Food deal. Now we have this site in Kauhava as well, which is really a world-class, unique asset where we can process fava bean and extrude different plant-based protein. It's really unique competencies we are having there. Behind these big things, of course, there are a lot of initiatives and things and development happening in the operations. Of course, everything we do is based on Raisio's value, purpose, and Good Food Plan. I strongly believe that we can support Raisio's growth by aiming towards operational excellence. We will continue operational improvements. We want to be even better, for example, in work and food safety culture.
We want to do a step change in operational efficiency. As a third pillar, we continue working with our long-term CapEx roadmap. We want to secure that we are ready to support our plant-based innovations and sustainable packaging needs also in the future. What happens when we put all these puzzle pieces together? How I see it in operations is that now we can kind of really create assets in place, and now we can really create totally new possibilities, and not only with those technologies as such, but also by combining them in a really unique way. We have now a plant-based production site for wet products. Now we can do plant protein extrusion, not only wet and dry extrusion, pasta extrusion. We can mill not only oat and other grains, but also fava bean. We can do different kinds of concentrates.
We now have great assets in place. That is actually how I would like to summarize my part today, reminding you that now we have real modern technical assets in place, and that way we can really support Raisio's healthy growth strategy. Now I would love to answer some questions if there are any.
Yes, there are some questions. The first one, what needs to happen that Raisioa qua could grow?
Yeah, unfortunately, today we didn't have so much time to talk about Raisioa qua. If we think about blue revolution as such, farming fish will be a heavily growing segment in the future, which fits very well to our responsibility plan. The licensing policy locally here in Finland will be limiting the growth in the coming year. That's the expectation. Thank you.
The second one is, what is the maximum capacity of the two new factories?
Of course, I will not share any detailed capacity figures, but I would say that the capacities are well-matched to the growth plans we are having with this strategy period.
Good. The final one, do you see Raisio having a technological advantage in plant-based production that could not be easily replicated by competitors?
I would say that overall, this combination of all technologies we now have in place, that's pretty unique. Actually, a lot of those techniques, especially related, for example, in wet extrusion, they have also IPR protected. They are not something you can just go to the shop and buy. It's not only technical part, it's also competence part, the people part around the machinery. I feel safe.
Thank you, Virpi.
Now it's time for a short break, so we will continue in 10 minutes.
Welcome back to Raisio's Capital Markets Day. My name is Sari Koivulehto-Mäkitalo, and I'm leading legal affairs and corporate responsibility. Like you heard, Pekka, Iiro, and Virpi, they all emphasized the importance of responsibility for the whole Raisio Group. It can be said that responsibility is one of the building blocks together with our Raisio's purpose and Raisio's values. Two and a half years ago, we launched our Good Food Plan responsibility program, and originally we thought that it would be for five years. When we started to work with our new strategy, we found out that there is a good timing also to update our Good Food Plan. I will briefly now go through what are our Good Food Plan themes.
They are environmentally friendly packaging, healthy food professionals, and sustainable food chain. We decided to change the climate change and carbon neutrality to environment and climate action. Before we started to do the update work, we decided that it's actually a great time also to have the stakeholder analysis, so that we could hear what our stakeholders consider the most relevant and the most important topics. We carried this survey in springtime this year, and it was conducted in U.K., Finland, and in Poland. Like you heard, Pekka said, we got almost 1,000 answers from our owners, from our customers, consumers, investors, and of course also Raisio employees. What were the key findings from the stakeholder survey? Under the theme of environmentally friendly packaging, we found out that the topic one was definitely the recyclability of the packaging. Actually all respondents considered this topic important.
Also important was how to minimize the amount of packaging material and how to still keep the product safety and the good shelf life of the products. Under environment and climate actions, the consumers raised the issue how to measure and how to mitigate the food waste. We were not actually surprised of that because there is a lot of discussions and also articles about how people should also focus on that, what they do with their food waste. Investors and owners and also analysts actually highlighted the importance of how the company should measure and report the Scope 3 carbon dioxide impacts. Scope 3 emissions, so they are meant those ones which comes from, for example, from the purchased goods, from your transport or logistics, or when you have the ready product and what the consumers do with that.
Scope 1 and Scope 2 are related to your own production and purchased energy. Also important was how to invest in renewable energy solutions. Under healthy food, we were actually quite glad to find out that we have been working with these issues for quite a long time. Since we have been using whole grain, we are constantly thinking solutions how to reduce sugar, and we also try to do such products which are in accordance with the nutritional recommendations. Under food professionals, the development of staff's professional competence was topic one. Of course, equality and non-discrimination should always be important for a company. It might be that the COVID-19 has brought up this issue that how people can separate their work life and also their life at home when they have been working from home for almost a year now. That was important topic also.
Under sustainable food chain, Finnish consumers especially highlighted the importance of Finnish ingredients and Finnish production.
We did not get this kind of similar feedback from U.K. and Poland. Important was that we will use the sustainable certified raw materials and biodiversity is promoted. Under the theme of responsible Raisio, it was important that the product quality should always be kept which is promised. Of course, how to ensure that the human rights are kept and respected throughout the supply chain. It might be also that COVID-19 times has reminded people that actually it should not be taken for granted that there is always food on the shelves of the store. The security of food supply was considered really an important topic. People understand that we need suppliers. We need also people in food companies so that there can be food then on the shelves of the stores.
When it comes down to the responsibility, I would say that last decade was merely that the companies could focus what they were doing in companies themselves. This decade, we cannot anymore focus just on our own impact. We need to do cooperation also with our own stakeholders. We have to do impact assessment, and also just words and speeches, they are not enough. We need positive actions across the board. How did we update then our Good Food Plan for 2022 and 2025? United Nations have written 17 different kind of sustainable development goals, and the idea is there how to build the economic growth, but simultaneously, how to tackle the climate change, how to promote the planet, and how to address a different kind of range of social needs.
We consider these sustainable development goals so important and so essential that we decided that we will pick one sustainable development goal for every responsibility team, and they will start to work with this sustainable development goal when they are working with their roadmap for the next responsibility program period. Our key targets for the next Good Food Plan responsibility program period. We continue to tackle the climate change, and we still want that our production will be carbon neutral by the end of 2023. We actually had this ambition already in our previous responsibility program. Like you heard in Virpi's presentation, actually our Raisio mill has been carbon neutral already from last week.
We thought in the beginning of this year that we would achieve this target already this year. When we acquired Verso Food, we realized we have now new site at Kauhava. Of course, we continue to work with also them. Our target is to have carbon neutrality on all our sites by the end of 2023. All our packaging, we want that they will be recyclable by the end of 2025. We do not mean just only consumer packaging. We also mean B2B packaging and also our Raisioa qua packaging. We will report our value chains, meaning Scope 3 emissions for 2022. It means we will start the calculation work already this year. We will make the preparations, and in 2023, we will report them for the first time.
80% of our products will be healthy alternatives on their own product categories by the end of 2025. Actually, nutritionists say that the split of 80/20 is good so that the people can have 80% of healthy products, and then 20% can be something else. We promote and we continue to promote the responsibility of our entire supply chain. As previously, we also continue that human rights are respected throughout the supply chain. How to reach these key targets? We of course need our own Raisio employees, and therefore we must strive for an excellent employee experience and also support their healthy lifestyle. I will now briefly go through all our teams still and what are their key objectives. Under environmentally friendly packaging, we want to utilize recyclable and renewable packaging material. As said, all our packaging should be recyclable by the end of 2025.
Our long-term goal is to reduce the plastic packaging altogether. We want to aim still that we constantly consider such actions, how to reduce the amount of packaging plastic and materials. Although we would make even tiny changes in one product form, when we think about the whole amount of products, actually these tiny changes can make a big difference. In our stakeholder analysis, actually, we got comments that please still continue how the consumers know how to recycle those products. Actually, we still want to educate and inspire also, because if we want to have recyclable products, it's also important that our customers and consumers know how to recycle them. Under healthy food, we want that our products are healthy alternatives, 80% are healthy alternatives in their own categories by the end of 2025.
We have already set this kind of criteria for the healthy foods, which are in accordance with the nutritional recommendations. We take into account the amount of saturated fat, amount of sugar, amount of salt. Of course, still we want to keep the good taste in the products. We want to promote a healthy and climate-friendly diet. Actually, this means this kind of planetarian diet, which means sustainably produced plant-based food, which is also good for your health. It means that on your plate, you can have sugar or meat or this kind of, but you still have more plant-based products there. This is actually that we are quite enthusiastic.
Know that we have our Raisio sites new production facility when we have their plant-based drinkables and spoonables, and also when we have now Beanit products, which are plant protein, so we can actually make those kind of menus for the whole day. This is quite interesting possibilities for us in the future. We want to further increase the amount of plant-based products. As said earlier, we need our Raisio employees so that we can reach these targets, and we want that they can be proud that they are part of the future of the international Raisio Group. We want to support their healthy lifestyle and also wellbeing, so that they can be really Raisio's ambassadors when they are there in their homes or with their families and they know about Raisio's products and they can speak about them.
Of course, we want to support diversity and equal opportunities should be provided to everybody. As said earlier, we want to develop the responsibility of our entire supply chain. We already have, for example, supplier code of conducts, which we always go through with our suppliers, and 95% of our suppliers have signed that supplier code of conduct. We want to minimize the negative environmental and climate impacts of our raw materials. Of course, biodiversity should be nurtured and promoted together in close cooperations with our suppliers and stakeholders. I think especially in this area, we have a lot of different kind of potential with, for example, farmers, how to take this topic into account. Under environment and climate action. By the end of 2023, all our own production will be carbon neutral. We will still keep the same target, although we have the Kauhava site.
We start to report the Scope 3 carbon dioxide emissions of Raisio's value chain for 2022, and we will also set timetable and also targets how to reduce them. I have to say and admit this is not an easy job, but we are committed to do this, and we understand the importance of this. We want to continue how to reduce food loss also in our own production, but also how to reduce the food waste. Important factor is also how we can utilize production side streams throughout the value chain. For example, Virpi told a great example how our heating plant at Nokia mill is actually using that by-product, which are generated at Nokia mill, so they will use it as a fuel. These kind of innovations we also try to find.
This is now my last slide in responsibility, and I will go through our journey to carbon neutrality. Actually, Raisio was one of the first ones in the world who had the carbon footprint label in its Elovena oat flakes. We also had it in some other products. In 2011, we made transition to emission-free electricity. In 2016, we launched our first responsibility program, which was for three years. In 2017, Raisio site became carbon neutral when our bioenergy plant was taken into use. Our responsibility program, Good Food Plan, was launched in 2019, and now we are continuing it until 2025. Like you have heard, our Nokia mill will be also now carbon neutral when we have taken into use this heating plant last week. We will start to work also with Kauhava site, so that they will be carbon neutral by the end of 2023.
We will also start to do the work how to calculate the Scope 3 emissions. We will report them first time in 2023. We will also set the objectives and also the measures how to reduce the value chain carbon footprint actually from field to the table. This is my presentation, and I hope that there are some questions related to this.
Yes, we do have some questions. The first one, do you see that your sustainability targets would bring some competitive advantage to Raisio?
I definitely believe that since, of course, like I said, for example, our products will be 80% of healthy alternatives in their own product categories. We are having plant-based, our product packaging will be recyclable. I believe that we are actually answering that demand that the consumers are setting for the companies. Also, it's important that when we are doing our responsibility work, also our customers, for example, in B2B, they can trust that we are doing diligently and sustainably our work with them. Yes, I definitely believe that there are competitive advantage there.
Good. Thank you. The second question is, last time in Capital Markets Day, Raisio said it's going to get rid of plastic. Will this be possible to anyone in the near future?
We had our previous stakeholder analysis in 2017, and then especially the issue of plastic. That was really the topic one then. Now I think situation has changed, and especially the recyclability of the product is now the number one. Like I said, so that we will continue to work, it's important that we will have close cooperations with different kind of stakeholders in this area, and eventually we will get there, but we don't yet know when. Of course, like I said, so that there are also a lot of different kind of issues that can be done, for example, how to minimize the packaging material. That's of course, also important. Then we can also reduce the amount of plastic.
Good. Thank you, Sari.
Thank you.
Let's move on to the final presentation then.
Good afternoon. My name is Mika Saarinen. I work as a CFO in Raisio. First of all, nice to e-meet you all behind your desks and screens there. It brings us joy that there are about 150 of you observing this Capital Markets Day. One of the benefits of organizations and people learning to e-meet because of the prevailing conditions. I will tell you with just a couple of slides of recent past of Raisio in financial terms, and then I will tell you a bit more of our growth plans. Also I will take a look at our M&A ambitions and then also revisit our dividend policy and our ambitions on how to actually create shareholder value in this strategy period that we are going to face next year on. Moving to the not so distant history.
As you can see from the net sales side on the left-hand side, our group's net sales have been quite relatively flat during the last three reported years. Pretty much the same applies also when we are looking at the EBIT side. Of course, profitability has been actually very good during all these three years, but we have been not growing on a top level. Now, of course, as you have previously today heard, our ambitions is to kind of move that direction quite rapidly and quite dramatically even, when we are aiming at 5% annual growth on the whole group level going forward. Pekka also mentioned that we have been going through some quite sizable divestments in recent years.
Of course, because of that, if we are this time taking a look at this slide from the right-hand side on, our net interest bearing debt seems a bit, well, unusual for an industrial company. Of course, we are overcapitalized, you might say. Of course, we have to keep in mind that on the left-hand side, we also can see that starting from the year 2018, our amount of investments has risen quite rapidly. Of course, as Pekka and also my colleague summarized, EUR 65 million during just a time span of a couple of years is quite remarkable for a company of our size. We have been good always at generating cash and the cash conversion side. Our investments have really rose quite rapidly. We are practically well net debt-free, as you can see.
This is a last slide on the history part and where we are now part. As you can see from the gearing, same applies for the equity ratio, equity per share, and stability towards all these three measures. You can see that we have been very stable, very profitable company with only, let's say, challenge of finding growth. As well as a return on invested capital at +10% in a company in our business area, this is very good achievement. This is, let's say, revisiting the history, if you like. This all creates a very solid base for us to actually now accelerate and find growth and execute growth during this new strategy period.
My dear colleagues actually have one by one told you the means of how to do it, and the ways how to do it, and with which assets to do it with. Now I would like to give you some kind of scope and magnitude, let's say, or the proportion of these growing areas in our group, which we intend to grow faster than the whole group's ambition of growth of 5%. As Pekka told you in his presentation, we do have three main focus areas for growth. Of course, all these combined, you already heard very good kind of description of all the overlapping capabilities and possibilities with those. All in all, we aim for 7% CAGR growth until 2025 on these, let's say, focus areas. Noteworthy is that these did represent EUR 157 million last year.
If we compare this with the whole group net sales of EUR 234 million, you can easily see that we are in a very, let's say, unique position, and for me, a pretty rare position as a company that has very strong core and core operations that actually do represent two-thirds of the whole group. The two-thirds of the whole group, we aim to grow 7% or more CAGR annually. This is one pretty clear message that we would like you to remember from this presentation and from this capital markets day. It's not just a spearhead, it's a very much vast majority of the company that is able to grow going forward. Pretty much the same in a, let's say, graphical form of taking those 2020 figures and bringing them forward.
That's pretty much I think about the sales side, the net sales side. 5% for the group, 7% for the focus areas, CAGR. Worth mentioning here is the EBIT side, obviously. As we told on our stock exchange release today, while this new strategy period was also announced, we aim at having an EBIT margin north of 10% in 2025. This is our EBIT, let's say, where we aim at over, not 10%, over 10% when 2025 arrives. Worth mentioning here is that the growth won't be. It has its cost, obviously. We want to highlight that of course this year, as we have also in our guidance and as we told in our latest quarterly review, just to emphasize the fact that this growth will have, of course, costs in the short term.
We estimate some EUR 7 million negative impact on our EBIT in this year and some EUR 5 million in the next. This, of course, is due to two main reasons. There's the new facility that Iiro and Virpi told you about, pretty convincing capabilities there. It's just going online. The ramp-up is on its way as we speak. Of course, with the ramp-up, there are costs related to depreciations, there are costs related to extensive sales and marketing efforts, personal costs, very usual sub-investments, if you like, when something that remarkable is going to be ramped up. That's pretty clear. Also, the Verso Food business that we purchased just lately, also that we expect to be EBIT positive from 2024 forward, as you can see from the very bottom bullet point there.
Our message is we are going through a short-term slope, if you like, some downhill when it comes to profitability, which is all very much according to plans, very much according to what we have said before. In here, we just want to give, let's say, put numbers on the short-term trends, if you like. In 2025, we aim at, of course, + 10, over 10% of EBIT margin again. At this point, because 2025 is that far away, we won't be any more specific than that at this point. Let's see. A couple of words about M&A. Of course, now what we have told about our growth ambitions and expectations for this period, there is no company in the world that wouldn't answer to the question, "Are you active on M&A?" Of course, everyone is, as are we.
Our current growth expectations don't rely on something to happen, something to appear. We are basing our growth assumptions on the assets that we already have other than in PowerPoint. They are up and running. They are hard, industrial sites, modern sites. That is, of course, our priority, as you might expect, to ramp up those and leverage those as fast as we can. When we are looking at the M&A, we have been and will continue to be quite selective. In this bottom left sorry top left, you can see that, let's say, a sweet spot of a company size that we might be interested in acquiring. In net sales wise, from somewhere between EUR 25 million-EUR 100 million, and of course, it's not just the volumes, it's of course about the profitability of a company.
It's the possibilities to create synergies with our current company, and of course, the valuation. You all listeners are, of course, pretty much aware that the valuations these days, well, they vary quite a bit, and they vary very much, at least on our industry. Of course, we want to also not just to grow, but grow with a reasonable price and grow in a way that it really creates shareholder value. Of course, it's maybe worth highlighting the areas of the, let's say, locations of the companies that we would be mostly interested in. Obviously, Scandinavia would be one, Continental Western Europe the second. We do have strong operations in U.K., is quite obvious, but America and the Asian sites are not at our very first of our interest list at the moment.
To also make things clear, not just to buy something because we have the money to do so rapidly just to show growth. The company has to fit strategically as well. It has to be a meaningful part of Raisio if we should happen to find one in 2030, maybe 2040 rather, and beyond. Of course, what we are looking at with an M&A, we are looking at new markets in Europe and new customer bases. As we are now very much focused on healthy food, this is something that also I, as a CFO, want you to remember. We are quite focused company now. Healthy food is something that we want to pursue also going forward, and the M&A target should, of course, pursue the same. Also, new customer segments are always quite interesting for a company to grow in.
I will now tell you a bit about our, let's say, dividend policy, yes, and also how do we see shareholder value creation during this strategy period from 2022 forward. Let's start with a, let's say, as is situation. Our dividend policy that you can see on the right-hand side, it is as it has been before. We are aiming to pay annual dividend between 50% and 100% of the earnings per share. Quite straightforward. Now, of course, one thing why this, let's say, is pretty much on our agenda today, this whole dividend and shareholder value item, is the fact that, as you remember from the past Raisio and our, let's say, figures on the balance sheet level, we are overcapitalized, some might say.
We are searching for ways and how to actually, let's say, distribute some funds to our shareholders and, let's say, with the cost of our balance sheet. Of course, being realistic that all these decisions are year-by-year basis. They are based on the proposals for the board of directors to AGM each year, on which actually the yearly dividend or similar payout structures can actually be done. What I want to do now is give you our ambition for this becoming our strategy period. As I told, just two years from now, from this, maybe next and maybe next after that, we are facing a short-term pressure on our EBIT level. Of course, correspondingly, our EPS will fall accordingly, momentarily.
We want to, let's say, incentivize our existing and maybe new shareholders on, let's say, coming with us through this journey, not just with this strategy period, but beyond. Therefore, we are aiming at providing yearly extra dividends, and also, as we do have quite a large number of our own shares on our treasury shares, we are searching for, let's say, yearly cancellation, regular cancellation of those shares as well. That actually would mean that our dividend ambition, and I want to stress ambition here, is to provide a base dividend and then deliver a measurable and, let's say, stable extra dividend yearly through this strategy period, and also cancel our shares on a yearly basis. Why on a yearly basis? This is because we want to, as I said, be a lucrative and appealing long-term company to hold and own.
In this respect, our vision is that as we are going through some burden on our EBIT, we want to also remember our shareholders with the cash flow in the same period. Just to sum up, how do we measure success? This, again, our financial targets for this 2022, 2025 period. We aim at moving on from, as you remember from the past, relatively flat to no growth, to 5% CAGR growth for the whole group, and again, 7% for the majority of the group. So for company on our industry we this kind of financial health, this is why it is remarkable. Again when it comes to the EBIT side, we are aiming at over 10% in 2025. At this point, we don't want to be any more specific than that.
We want to highlight that in this and the next year, those ramp-up costs will, for example, and entering the new markets, they do have a price tag, and this we do recognize, and this is also what we want you as shareholders to know. To summarize, in a couple of bullets, it's always a tricky part, but I will try. From the financial point, if I would like you to remember a couple of things, I think they might be visible now. We are a company with a very vast financial strength, and we do have promising growth prospects, as my colleague have previously shown and told. We do have modern assets which are existing, and they have been already invested upon, and capabilities that we do have now with those.
We do have very strong brands, and we have a very good history in being quite innovative, as already you have seen today when Pekka and Iiro, for example, told about the new launches from our new factory. We want you to know that we are covered by majority of megatrends that are leading towards healthy life, healthy nutrition, and thinking about your and your kid's future. Being a very serious ESG player, let's say a forerunner in the ESG front. We want to remember our shareholders, and we have means and ambitions to do that as well. This is to summarize my part, and now if there are questions, I would be more than open for them.
We have a few interesting questions here. Can you estimate the annual level of extra dividend and share cancellations?
Yes. The question was, please be more precise on what you actually just didn't say yesterday. I will try. I'll try with maybe easier part from the share cancellation part. As I mentioned, we do have treasury shares, almost 5% of all shares Raisio owns itself. One, I think ballpark-wise, would be a good estimate if 1 million shares annually would be canceled during the strategy period. That is one top-level estimation, if you like. When we're talking about the extra dividends, one good assumption would be that, of course, as share cancellation is a way, of course, to enhance the value of the remaining shares for shareholder, that's a given. It has its value.
When we are talking about the extra dividends, then it's a good, let's say, maybe a guidance, or let's say, not guidance, but estimate to think of the extra dividend of being about in the same size as the share cancellations are year- by- year. This is all I can say for now on that part.
The second question is, do I interpret correct that on net sales, your target is around EUR 300 million in 2025? Do you see that ambitious?
Okay. Yeah. As we have communicated our growth plans with the percentages. Yeah. Yeah, whoever asked that is quite on the right ballpark. Yeah. Of course that illustrates into about EUR 300 million in 2025. Yes. Another part was sorry, what was other part of the question?
Do you see that ambitious?
Do I see that ambitious? Actually, I do. Of course, even though we do have the assets, as I told, so it's not just a fairy tale to produce something out of thin air. It's not that, but we do have those assets. I think one quite fair comparison would be to look at the peer group of the companies in the food industry and what's their estimated CAGR with the same period. I would say that we are realistic, but of course, we want to be ambitious as well. Maybe that answered the question.
Good. The final question is: Do you have any larger investments in sight after this new facility?
Any larger investments? I might say not at the moment, not during the two years to come. Our yearly, let's say it's more of a maintenance CapEx rather, is around I would say EUR 10 million might be the rolling number of getting the operations running and the machinery intact and so on. No, we don't see any major further investment needs, especially if the one who asked was referring to the investments that we already just have made. No, nothing additional should be in those.
Good. Thank you very much, Mika.
Thank you.
Okay. Thank you, Mika. Thank you all, dear colleagues. It has been a pleasure to open up our plans for the next years. As Mika well summarized it is extremely interesting package what we are offering to all our stakeholders. Of course, the delicious healthy food, but also in terms of investment targets. We regard Raisio as a very interesting player on the marketplace. I would first like to thank you, of course, my colleagues, our well-kept presentations, and of course, thank you, dear audience, being with us for this Capital Markets Day. Stay tuned. We will keep you informed whenever something important is happening. Next time, we will talk about H1 in early August. Until then, thank you for your attention and time again. Stay safe and enjoy the summertime. Thank you.