1. Pioneer and Global Market Leader in Its Core Office Pod Markets

Framery considers itself a pioneer¹⁾ and is the global market leader and it is the global leader in its Core Office Pod Markets with a market share of approximately 17–19 per cent in 2023²⁾. Framery is the best-known office pod brand in North America, Europe, Middle East and Africa and Asia Pacific³⁾. Framery has managed to both grow its revenue and improve its high profitability during recent years. Framery has managed to grow faster than its Core Markets for Office Pods since 2023. While Framery’s Core Office Pod Markets are expected to grow at a CAGR of approximately 16 per cent during the period from 2023 to 2025, Framery’s revenue has grown at a CAGR of approximately 22 per cent between 1 January 2023 and 30 September 2025⁴⁾.

2. Asset-light, highly scalable operating platform

Framery has an asset-light and scalable platform with proven profitability and scale, leading to a strong capital return profile with an average return on capital employed of 94 per cent between 2022 and 2024. Most of the core value-adding activities are performed in-house. Framery uses an efficient sourcing strategy, modern assembly process, and flat pack shipping to ensure cost-efficient global logistics.

Framery has a robust network of component suppliers. Only the assembly work and transportation preparation are done at the Company’s assembly facility in Tampere, Finland. The labour intense sales channel is outsourced to a global dealer network of over 650 dealers.

3. Category-defining product offering and the ability to continuously innovate new products and solutions

In Framery’s view, its current product portfolio represents the most advanced office pod technology in the market. The Company’s smart pods are equipped with market leading features⁵⁾, and are made of high-quality and durable materials. Framery does not use health-damaging materials in its products. The Company’s smart office solution can be used with all of Framery’s smart pods. Framery protects its technology with an extensive intellectual property portfolio⁶⁾.

4. Loyal and diverse customer base and strong new customer inflow

Framery has during its full operational period had over 11,900 end-customers in over 100 countries. Framery’s end-customers range from small and medium-sized businesses to premier global companies, and its end-customers include over 70 per cent of the top 100 companies on Forbes’ 2025 Global 2000 list. 65 per cent of revenue generated for the nine months ended 30 September 2025 came indirectly from repeat end-customers⁷⁾. Framery has the highest customer stickiness in the industry. The company’s customer satisfaction has been very strong compared to its competitors. The NPS score was 56 in 2024, compared to the market average of 22.⁸⁾ For customers actively using the smart office solution the NPS was even higher, reaching a score of 86 in 2025⁹⁾. Framery also has a strong flow of new customers.

5. Fast-growing target markets with low current penetration

Framery operates in markets forecasted for significant growth. The size of the Framery’s Core Office Pod Markets was estimated at approximately EUR 0.9 billion in 2024, and it’s projected to grow at a CAGR of approximately 15 per cent between 2024 and 2030, reaching a market size of approximately EUR 2 billion in 2030. The Company’s Core Smart Office Solution Markets are projected to grow at a CAGR of approximately 12 per cent between 2024 and 2030, reaching a market size of approximately EUR 3 billion in 2030. The smart office solutions penetration is expected to be driven positively by an expected increasing number of offices adopting workplace management solutions and efficiency tracking¹⁰⁾.

6. Strong financial profile

Framery has a track record of strong organic growth, high profitability, and high cash conversion. The Company’s revenue has represented a CAGR of 12 per cent between 1 January 2019 and 30 September 2025¹¹⁾. Framery’s revenue growth, after the launch of the new smart pod line in March 2024, was 45.8 per cent* for the nine months ended 30 September 2025 compared to the nine months ended 30 September 2024¹²⁾. The Company’s gross margin per cent for the nine months ended 30 September 2025 was 47.5 per cent*, compared to 45.2 per cent* in 2022. The Company’s cash conversion average between 2023 and 2024 was approximately 81 per cent, driven by strong profitability and a capital-light business model.

*Unaudited

7. Global dealer network

Framery predominantly distributes products through local dealers. As at 30 September 2025, Framery’s dealer network consisted of over 650 dealers globally. Framery holds a strong position among its dealers and is the primary preferred pod manufacturer for most of its dealers¹³⁾.

1) The company’s management’s view is based on several factors, including estimates of its leading position in terms of brand awareness, intellectual property rights, and technical capabilities, as well as the assessment that the company was among the first to bring soundproof office pods to the market. 2) Source: Third-party Market Study. Framery is the market leader based on revenue generated from office pod sales in 2023 in its Core Office Pod Markets. Framery’s core markets for soundproof office pods are the United States, Canada, Western Europe (including Germany, Switzerland, the United Kingdom, Finland, Denmark, Sweden, France, Norway, Belgium, and Spain), Singapore, Hong Kong, and Australia. According to the assessment of the Company’s management, Framery is the global market leader in its Core Office Pod Markets also in 2024. 3) Source: End-customer survey conducted in connection with third-party market research (N=202). 4) Source: Core Office Pod Markets growth based on Third-party Market Study. Framery’s revenue growth is the actual CAGR during the stated period. 5) Source: Third-party Market Study. 6) Framery’s intellectual property rights information as of September 30, 2025. 7) Unknown customer types were not included in the calculations. Indirectness means that end customers do not have a direct customer relationship with the company. In this case, the company’s primary customers are resellers who sell the company’s products to end customers. 8) The NPS value is based on an end customer survey (N=501) conducted in connection with third-party market research. Framery has been excluded from the market average. Sources: Third-party Market Study and interviews with market players. 9) N=29. The NPS value for 2025 is not directly comparable to the value for 2024, as the customer sample and data collection methods differ. Sources: Third-party Market Study and interviews with market players. 10) Source: Third-party Market Study. The core markets for Framery’s smart office solution are the United States and Western Europe, including the Nordic countries. 11) Framery’s growth is based on the average annual growth rate between 2019 and the 12-month period ending September 30, 2025. All revenue growth is organic for the periods presented. The average annual growth rate of revenue is an estimate, as the revenue for the third quarter of 2022–2025 is derived from Framery’s financial statements prepared in accordance with IFRS financial statements, and the revenue for 2019–2021 is derived from Framery’s financial statements prepared in accordance with FAS accounting practices. The differences in revenue between FAS and IFRS are minor, and therefore the company’s management has assessed that these minor differences in accounting practices do not affect the comparability of the revenue data. The differences are presented in Note 5.6 to the audited consolidated financial statements included on pages F of the Offering Circular. The figures for the nine-month period ended September 30, 2025, are unaudited. 12) All revenue growth is organic for the periods presented. 13) Source: Third-party Market Study.

Read more about Framery’s board and management team