Nordic Lights
as an investment

Why invest in Nordic Lights?

Nordic Lights believes that the following factors in particular are its key strengths:

1. Market position & brand

A strong and stable market position as a global premium supplier specializing in business-critical lighting solutions for work machines.

2. Broad customer base

Recurring orders from major OEMs* operating in different segments and significant opportunities in the aftermarket.

3. Global operation

Ability to serve customers globally.

4. Technology

Strong product and technology development competence and experience in collaboration with OEM* organizations operating in demanding environments

5. ESG objectives

Safe operations of work machines and energy efficient lighting solutions.

6. Performance indicators

Strong performance with double-digit growth and high scalable margins.

7. Growth prospects

Attractive growth possibilities within the core market, in adjacent markets and through aftermarket expansion, along with a demonstrated track record of winning new business

8. Personnel

Committed and professional personnel.


*OEM = original equipment manufacturer


Nordic Lights focuses on selected segments mainly in work lights, driving lights and signal lights. These core addressable markets were estimated to amount to approximately EUR 964 million and are expected to grow at a CAGR of approximately 4 percent between 2021 and 2026.

The historically stable growth of the lighting market is due to several megatrends: an increase in the number of work machines, an increase in the number of lights in individual work machines and an increase in the share of LED lights.

The work lights market is estimated to amount to approximately EUR 595 million, driving lights to approximately EUR 247 million and signal lights to approximately EUR 121 million. Work lights market is expected to grow fastest at a CAGR of approximately 5 percent between 2021 and 2026. Market for driving lights and signal lights is expected to grow at a CAGR of approximately 3 percent.


Nordic Lights’ lights are used in work machines mainly in these industries


Nordic Lights has paved its way as a global premium supplier of high-quality lighting solutions for heavy machinery in several demanding industrial sectors

Nordic Lights manufactures work lights, driving lights and signal lights utilizing LED technology which the company was one of the first lighting manufacturers to bring to the work equipment market in 2008. The company is one of the pioneers in the field of innovations for work machine lighting. Nordic Lights has an established position in both the original equipment manufacturer such as Caterpillar, Hitachi, John Deere, Komatsu, Liebherr, Sandvik ja Ponsse and aftermarket channels where Nordic Lights cooperates with distributors. The company has a large customer base around the world.

49 percent of net sales come (Q1/2022) from Europe, the Middle East and Africa, 24 percent from North America, 23 percent from Asia and 4 percent from South America.

70 percent of the company’s sales (2021) consist of lights installed in work machines at manufacturers’ factories. The remaining 30 percent of Nordic Lights’ net sales in 2021 consisted of aftermarket sales.

The global production and sales network is one of Nordic Lights’ strengths. The company has factories in Finland and China, as well as sales offices in Finland, the United States, Germany, Brazil, China and Vietnam.

Product Development

Nordic Lights believes that its capability to bring new products to market is a source of competitive advantage. Nordic Lights considers itself a forerunner in heavy-duty equipment lights innovation. Close cooperation with customers is central to product development work.

Close cooperation with customers

Understanding the needs of demanding OEM customers and their end customers is important in the industry, and Nordic Lights often develops products in close cooperation with customers. The company proactively offers its customers new products and product features, and the company typically has 15 to 20 research and development projects underway at the same time. Traditionally, Nordic Lights has launched 5 to 10 new products or product upgrades each year.

Strong product development capabilities

Nordic Lights’ product development expertise and capabilities cover project management, consulting, design, testing, volume production and compliance assurance – all key areas. The key aspects in product development are customer focus, product modularity and the utilization of the latest technology.

Direction of development

In recent years, Nordic Lights has invested in the development of new types of smart lighting and in increasing the energy efficiency and environmental friendliness of its products. In addition, Nordic Lights is exploring new product structures that enable cost-effectiveness as well as improved technical performance.

Efficiency has also been improved by increasing production automation, which at the same  time has increased the company’s production capacity. Nordic Lights’ first automated production line was commissioned at the Finnish production plant in 2020 and the second in 2021.

A truly global player

Nordic Lights serves its global customer base from its offices on four continents. The company’s two high-quality production facilities are located in Finland and China.

Key figures


Enablers of high profitability

The company’s strong position as a premium supplier

Customers are willing to pay a higher price for reliable and durable premium products. The company focuses on research and development and the launch of new and improved products, which creates significant added value for customers.

High barriers to entry

Nordic Lights’ market position is enhanced by the fact that the products are used in work machines where the lighting solution is an integral part of functionality and safety. In addition, switching suppliers often incur significant costs for OEMs, making it difficult to switch suppliers.

The company’s operational efficiency and cost management

Nordic Lights has continued to increase the degree of production automation and the use of modular design concepts. In addition, efforts have been made to locally source components to reduce transportation costs and reduce the risks associated with supply chain disruptions.

Financial targets

We believe that ongoing projects to develop lighting for new work machine models, as well as projects already underway to launch new lighting, will increase revenue predictability and support our growth prospects in the medium term.

Outlook for 2022

Nordic Lights expects its net sales to grow organically by 15–25 percent in 2022 compared to 2021.


Medium – and long-term objectives


Annual organic net sales growth of over 10 percent on average. Growth can be further accelerated via selected mergers and acquisitions, in line with Nordic Lights’ strategy.


Adjusted EBITA margin above 18 percent.


Net debt in relation to adjusted EBITDA below 2.0x. Target may temporarily be exceeded, for example in conjunction with acquisitions.

Dividend Policy

The Company aims to distribute an annual dividend with a payout ratio of 30 to 40 percent of its net profit adjusted for amortization of goodwill.

Growth strategy

We want to be the leading premium supplier of high-quality work, driving and indicator lights for work machines, both among OEMs and in the aftermarket. We believe we have the capability to aim for average double-digit organic growth in our current core business in the medium to long term.