How HANZA Blends ESG, Vertical Integration, And Smart Acquisitions To Scale with CFO Lars Åkerblom

What happens when a manufacturer treats values as part of an operating system, not a slide? I sit down with HANZA CFO Lars Åkerblom at their recent Capital Markets Day to unpack how code of conduct and sustainability guide every decision—from factory floor safety and anti-corruption to transparent relationships with customers, suppliers, and investors—and why that stance fuels both resilience and growth.

We trace the recent uptick in organic momentum as customer activity returns and orders turn into revenue, then dig into how vertical integration turns execution into advantage. By pulling more of the value chain inside, HANZA cuts handoffs, speeds problem-solving, and earns room to co-design with clients—lifting margins while deepening loyalty. That same discipline shapes acquisitions: the BMK deal did more than add revenue, it opened powerful cross-selling channels and sharpened the integrated model. Just as important are the deals you walk away from and the customers you let go when the fit is wrong; culture and long-term economics win over short-term volume.

Looking ahead to the 2028 target of 14 billion SEK, we explore a balanced route: expand with existing customers, win new ones through capability-led differentiation, and use market softness to acquire quality assets at the right price. Agility stays central—building footprint, capacity, and geography to serve faster and better—while ensuring every acquisition leaves customers better off on day one. Throughout, two voices steer the ship: customers who reveal where value is moving, and employees who make safe, consistent delivery possible. That alignment turns ESG into everyday practice and strategy into steady compounding.

If this conversation sparks ideas on culture-led growth, integrated operations, or smart M&A, follow the show, share it with a colleague, and leave a quick review so more builders can find it.

This podcast is part of series filmed at HANZA's Capital Markets Day in Stockholm on March 10th 2026.

EMS@C-Level is hosted by global inspection leaders Koh Young (https://www.kohyoung.com) and Global Electronics Association (https://www.electronics.org)

You can see video versions of all of the EMS@C-Level pods on our YouTube playlist.

Transcript

ESG As Core Operating System

Philip Stoten, Journalist and Podcaster 0:07

Lars, thanks for taking the time to chat today. Really interesting presentations. I love the way you dug into the numbers and gave a lot of clarity on the um on the on the sales, the abatto, the um the net debt, the investment, all those kind of things. One of the things that came out though in your presentation, which I think is really interesting, is that code of conduct and sustainability are core to every decision you make. It's not just a financial decision, it's not just a can we do this. You're thinking about the sustainability of the business, but also the planet and everything else within that. How important is that to Hansa?

Lars Åkerblom, Chief Financial Officer, HANZA 0:43

It's very important. And um it's as I said in the presentation, it's it's part of our DNA. Yeah, and and dealing with this quite big, large customers, large suppliers, we definitely need to have a strong commitment in and code of conduct that uh follows the customers and follows our suppliers, but also what's most important is the employees. Uh making sure that we are a good place to work, yeah, and a safe way uh place to work. So, as I said in the presentation, uh dealing with this quite heavy things, it's it it can be dangerous. So that's and that's part of ESG. People normally think ESG as only climate.

Philip Stoten, Journalist and Podcaster 1:28

There's only climate change, yeah. There's much more climate change.

Safety, Culture, And Conduct

Lars Åkerblom, Chief Financial Officer, HANZA 1:30

And of course, we we we we uh work with that as well, yeah.

Philip Stoten, Journalist and Podcaster 1:34

But everybody's got the right to go home in good shape if they arrive at work.

Lars Åkerblom, Chief Financial Officer, HANZA 1:38

Yeah, and and and uh not having any sexual harassments, uh making sure towards our investors that we don't have any corruption within HANSA, etc. And and having that at attitude uh within HANSA, I think also boils over to the the customers and the suppliers, yeah, knowing that we are a serious, open and transparent company, and and that's the the sort of the the start for doing business.

Organic Growth Signals Return

Philip Stoten, Journalist and Podcaster 2:06

Yeah, yeah, absolutely, and that has to travel up and down the supply chain as well. That code of conduct has to be reflected in your business. A lot of people have been talking about Hanzer in terms of acquisition over the last year or so. But it was really interesting to see that the organic results have been solid too, and you particularly in the last quarter, you had good or organic growth. 10%, yes. Yeah, really fascinating. Are you seeing an inflection in that organic growth after a perhaps a flatter period?

Acquisitions And Cross‑Selling Leverage

Lars Åkerblom, Chief Financial Officer, HANZA 2:34

We're not giving any forecast, but but um definitely we we see short term that we are um growing as much as our customers. Yeah, then we can take market shares, we can bring in new customers, we can take on new projects projects within the existing customers, and then we can grow. But short term we uh we are reflecting the the market. And what we said during Q2 and Q3 was that we're starting to see an increase of activity among the customers, having a stronger inflow of on new orders, and that's what we saw in Q4 as well, that that they're starting to be uh net sales and revenue.

Margin Discipline And Customer Fit

Philip Stoten, Journalist and Podcaster 3:13

Yeah, and I think what's fascinating is when you look at the acquisition, Trav, you look at a company like BMC, where you've added 300 million in terms of revenue in terms of what they do, but that brings a huge cross-selling opportunity, a huge opportunity for them to really leverage your superpower of vertical integration. That's exciting. It is really yeah, that makes a big difference to the business. Operating margins are increasing, ROI is increasing. Is that through very diligent execution? How has that come about?

Lars Åkerblom, Chief Financial Officer, HANZA 3:44

It's good execution, of course, uh, but also choosing the right customer and making sure that the customer that we get with acquisitions that we had long term, yeah, are they right for Hansen? Do they fit uh the long-term perspective? Or are they uh all you need is one type of customer? Yeah. And we have not been afraid of actually um I wouldn't call it terminate customer, but close to saying that, well, you don't fit into our work, so maybe it's better for you to find another supplier. And then we work with the customers that that sees the value and climb up the value chain. And by climbing up the value chain, you can increase the margins.

Path To 14 Billion Strategy

Philip Stoten, Journalist and Podcaster 4:24

Yeah, and they increase the value they get from it as well. So it's a it's a two-way street, it's a very valuable partnership. Aggressive growth during um hands of 2028, you're looking at going from 10 to 14 billion, so it's 40%. I guess that's 10 point something kagger over that over that period. Is that something that you look at when you're projecting that as uh mostly organic, or is that a bit of a wait and see?

Lars Åkerblom, Chief Financial Officer, HANZA 4:49

We haven't said the the sort of split between organic and acquisition. Uh what I think is important to see is that if the economy is is weak, then you have bigger opportunities to actually do good acquisitions. We did a quite few big acquisitions during the Hansa 2025 phase.

Philip Stoten, Journalist and Podcaster 5:07

Yeah.

Customer Voice As North Star

Lars Åkerblom, Chief Financial Officer, HANZA 5:08

And maybe that would have been possible if the economy would have been strong. Looking at BMK, they were on 400 million euros in sales, and when we acquired them, they were they are on 300 million euros in sales. Maybe it would have not been able to actually do the acquisition on four if they were on 400 million euros. So looking into how to reach 14 million, uh 14 billion second in revenue is going to be a combination of growing existing customers, bringing some new customers, but also doing acquisition. And and again, if the market is weak, then I think we have big bigger possibilities to do good acquisitions.

Philip Stoten, Journalist and Podcaster 5:47

Yeah, Lars, it's really interesting, isn't it, when you look at those, um, the way you build the business both financially and physically in terms of the footprint, you need to build for agility these days. So and when you look at acquisitions, you are strategic, you think about capability, you think about capacity, you think about geography, but you still have to be opportunist.

Lars Åkerblom, Chief Financial Officer, HANZA 6:08

We can be partly opportunist, but we can never forget that it's the customer that needs to be satisfied.

Philip Stoten, Journalist and Podcaster 6:14

Yeah.

Lars Åkerblom, Chief Financial Officer, HANZA 6:15

The customers need to think that, well, Hansa is after this acquisition actually a better supplier than it was before.

Philip Stoten, Journalist and Podcaster 6:22

Yeah, and that's essential, isn't it? And I think one of the things that came through in all the presentations, starting with Eric at the very offset, is that voice of customer really is the driving force. It's the guiding light within the business.

Lars Åkerblom, Chief Financial Officer, HANZA 6:33

The voice of customers and employees.

Philip Stoten, Journalist and Podcaster 6:35

Yeah. That's the two main drivers. Yeah, absolutely. Lars, thanks so much for summing it up in that way. And thanks for your time.

unknown 6:42

Thanks.