Suominen: Soft sales development continued in Q1 - Nordea
This is a third party research report and does not necessarily reflect our views or values
Suominen Q1 comparable EBITDA of EUR 2.2m came 33% below Vara Research consensus expectations. Net sales of EUR 96m were down 19% y/y and came 7% below consensus. FX had EUR 5.6m negative impact on sales and EUR 0.1m positive impact on EBITDA. The company continued to be burdened by incidents in its US facilities in 2025 and capacity adjustments in Europe mid-2025. Q1 operating cash flow of EUR 4.5m was up from EUR -0.4m a year ago, supported by working capital release. The company reiterated its guidance for improving comparable EBITDA in 2026 from EUR 12.6m in 2025 while consensus is at EUR 17.4m. Initially, we expect consensus estimates to come down to the tune of mid- to high-single-digits which likely raises questions over the guidance given mounting raw material headwinds.