Hello. Good afternoon. My name is Pasi Hiedanpää and I'm covering our CEO, Christophe Sut, who should have been here, but unfortunately, he got sick during the night. I'm covering here. I'm located in Finland, and Christophe is located in Stockholm. This starting of the meeting actually reminds me about if you go 15 years back when the web and all these Teams meetings were new to us and all the technical hassles. Usually, there was 15 minutes pause in the beginning of the meeting when we started. Hey, let's go to the subject. Scanfil, it's a Swedish-Finnish company. We are EMS, so electronic manufacturing service company, and in here, in the picture, you can see there is some robot behind these people. Let's go to the first slide, and it's about our targets. Straight to the financial targets that we have set.
Our long-term financial targets, these were set actually in the Capital Markets Day, which was held in March 2024 in Stockholm. We are aiming for 10% turnover growth year-over-year. Unfortunately, there has been a couple of years that we haven't achieved those because of the de-stocking in the market. Profitability, comparable EBITDA, 7%-8%, that we have been actually achieving the last two years. Debt, net debt to EBITDA, less than 1.5 multiple. Dividend policy, we have been very lucrative on dividend policy, and we have been able to increase the dividend for 13 years in a row, so one third of the EPS. Solid profitability with good growth prospects, like it says on the slide. Here you can see these are all in EUR.
You can see that in 2021, we were a bit shy from EUR 700 million, and now actually the consensus around EUR 1 billion in turnover. There are some factors behind this significant growth. I will explain it a bit later, but it's about M&A and organic growth. If we look at the profitability, like I mentioned, we have been stabilizing our profit levels to around 7%. Now you can see here a bit higher than 7%, 7.1% it has been for a couple of years already. Net debt to EBITDA, there is a significant step up actually in there to 1.57 in 2026 in the first quarter, and this is related to some acquisitions. Let's go to the acquisitions, it actually gives you a bit of more flavor to that. We acquired, actually it was closed in December 2025, this deal, ADCO Circuits in the U.S.
It's a family company. Now we are the minor major shareholder of the company, and still [Mark Damon ], the founding family member, retains actually 20% of the shares. It's focused on electronics manufacturing and box build, and of which actually, if you look at the revenues, around EUR 35 million-EUR 40 million per year and around 40% of that is actually coming from aerospace and defense, with good growth prospects, especially in energy and clean tech. It's kind of complementary. We had already a factory in Atlanta, Georgia in the U.S., this is an additional site actually to that one. Stepping up significantly in that side in the U.S. as well. This one is a larger one. The revenue is around EUR 120 million a year. This was acquired, actually, it was closed in January 21st, if I remember correctly.
It was sold by the Banelli family, and they are no longer actually shareholders in the company, but they are still in with this. They have actually their main factory, or our main factory is in Cortona, Tuscany, and it has actually four subsidiaries around Italy. It's focused on electronics manufacturing, like ADCO as well, and box build, but in here, actually, the aerospace and defense customers are even a bit more than 40% if you compare it to the ADCO Circuits. It's really a gateway to Southern European markets and new customers. Both of these, what we acquired, have actually complementary customer base to our former customer base. Increase significantly in that size. Like mentioned, this is Q3. This is close to 600 employees in this site, or in MB Elettronica. Looking at our geographical segments, we report in geographical segments.
We have four of those. Americas, here you can see actually the growth. It has been actually growing significantly organically, throughout the past years. You can see that in here. Now, actually in the first quarter, EBITDA was actually weighted down a bit low because of the NPIs. We had a lot of NPIs and New Product Introductions. That means what we get from the customers, we have to ramp up the production, and the ramp up has a negative effect on profitability until it turns into a mass production. In our scale, mass production doesn't mean millions of pieces what we do. It's in thousands, tens to 100 thousands. Very good growth prospect at the moment in Americas. AP, Asia Pacific, in there as well, the organic turnover growth has been actually quite good.
Actually, in the first quarter, we had a negative effect from the FX. That has been weighing down a bit. If you look at the comparable EBITDA, it's been relatively stable in here as well. Actually, what played it down a bit the Q1 was the Chinese New Year. It's kind of an annual event, so it's a week or two that all the factories are closed, and that has a negative effect on our profitability and also the top line as well. In here we have been investing, or we are investing in our Suzhou factory in China, so it's a EUR 9 million investment. We are almost doubling the size of the Suzhou factory. Central Europe. Now the MB Elettronica will be actually reported as part of the Central Europe region.
Currently, actually, our Polish operations are the largest one in there, now we have been actually going back to the growth track in Polish operations as well. In Germany, we have had a bit of a challenges, unlike many of you already know that the German market has been suffering for a couple of years, we have as well. Like you can see here in MB Elettronica, contributed over EUR 20 million in Q1 already to Central Europe, of which majority of the business, or mainly almost majority of the business actually came from Aerospace and Defense. It's a really good purchase for us. EBITDA, if you look at the profitability operations in Poland are back on black. It has been actually improving significantly. We are actually getting to the good direction in there.
MB Elettronica, what we just acquired in January, so they are delivering solid margins. If you look at the growth initiatives in there, not maybe surprisingly, but the Aerospace and Defense is the area where we are focusing on at the moment. Northern Europe, looking at that, it also actually reverted to organic growth, with the 5.6% growth in that side. Especially good demand in Aerospace and Defense, not maybe a surprise to anybody, but supported by Energy and Cleantech, so that's one of the key areas for us as well. EBITDA margin actually improved as well from 5%- 6.8%, so this is a good region for us. This is kind of a foothold for us. If you look to the past, so like I mentioned in the beginning, that Scanfil is the Swedish-Finnish company.
In 2015, Scanfil acquired PartnerTech, and we became Scanfil was the Finnish entity and PartnerTech was the Swedish entity. By merging those, it's kind of created the foundation of the existing company, what we currently have. Looking at the customer group development, we talk about the growth when it comes to our customers. So in here may be highlighting the Aerospace and Defense. Now in here in Q1, it was 9% of the portfolio. But bear in mind that MB Elettronica was in the company only for two months or so. It will be in double-digit numbers in the future, so as going forward. If you look at the customer centricity in here, we have 11% of, is the largest customer at the moment. Going back maybe five years, it was close to 20.
We have been able to balance our customer portfolio throughout the years. Aerospace and Defense. We have only one public customer in here who we can disclose thus far. It's INVISIO, and we manufactured their systems actually in Malmö, Sweden. In here you can see the turnover growth on the left-hand side, and of course, the growth has been fueled by the acquisitions. But of course, the underlying kind of organic growth is there as well. If you think about the deals won, you can see in here it's significant. It's a project business. For example, Q1 2024, we won a big project for our customer, so we have been delivering after that. This kind of a long tail coming through all the time. But of course, in Q4, Q1, we don't have the projects, what the MB Elettronica and ADCO actually have signed before.
They are not included in the numbers. In here, I would actually recommend to follow the turnover growth. Energy and Cleantech, one of our, I would say that the future growth areas. If you look at the numbers on the left-hand side, the turnover, so it has been quite stable throughout the years. But of course, if you go back to when oil and gas and electricity prices actually jumped up because of the Ukrainian War. There was even actually higher demand in the market. This is kind of driven to some extent by the energy prices. In deals won, if you look at that, so actually very good pipeline in there. We have been able to deliver solid new deals in this side as well. Very good business for us.
Industrial, this is, I would say that our kind of a foothold in the of all the operations, this is where we started really operating when we I mentioned about the new Scanfil created with the PartnerTech, so this was the foundation of that. Industrial customers like ABB, Valmet, and so forth, so they are in here. You can see here that the revenue is around EUR 100 million per quarter, at the moment, and it has been increasing significantly if you look to the past two years. In here, you can see also actually new deals. In marine side, fire protection, food industry. I would say it's bit of a mixed bag of everything, like you can see from the deals. Marine, fire protection, food industry, could be construction and whatsoever. Majority of our customers are actually in this group.
MedTech and Life Science, this is something what we actually said in 2024 Capital Markets Day in Stockholm, we said that, okay, this is the area where we want to actually focus on. And in here you can really see that actually when we put effort into this business, it started actually growing. With the investments, we were able to increase the pipeline. You can see the deals won in Q3 actually jumped significantly, and now they are on a higher level. So, we're investing in new sales force in that customer group, but also in certificates and our capabilities in factories. You can see the end result of that. And it's very good business, it's stable business, quite good, relatively okay margins. So, it's very good foothold for us to increase in the future as well by acquiring new companies.
In this area, we acquired actually three significant customer accounts last year. So that is something to highlight. Here can see about the organic growth. Some of our peers has not been that successful in organic growth, but we have been very successful in that. So we have been growing organically over the past three quarters already. Here you can see how the deal pipeline has been actually developing. For example, in 2024 Q4, EUR 61 million in new deals. So you can see that there is a step up in this as well. So this has been supporting our business. In here, on the right-hand side, you can see one of the examples about the new customer, Bruker. It's a Life Science and MedTech company, and we got in the new division in there. About the outlook and focus in 2026.
We are now actually focusing on integrating ADCO Circuits and MB Elettronica. We continue driving our good momentum in organic growth, but also we keep our eyes open for the possible new acquisitions. What we want to do, and this is kind of in our DNA, continuously look at our costs and also inventory control. So those are kind of our key areas. Key takeaways. I will not go there. Maybe questions at this point if you have any. Please.
Thank you for your presentation. Unfortunately, we are running out of time, and therefore we have to stop there, so we won't be able to ask any questions. Thanks for your participation and good luck in the future