Suominen Q2 comparable EBITDA of EUR 3.2m came clearly below Vara Research consensus expectation of EUR 4.8m. Net sales of EUR 100m declined 16% y/y and came 16% below consensus expectations, burdened tariff impacts in US. US nonwoven customers stocked their inventories with supply from China early Q2 with gradual recovery in demand towards end of Q2. FX had EUR 3.6m negative impact on sales and EUR 0.2m negative impact on EBITDA. Both Americas and EMEA sales came below our expectations. The company maintained its guidance for increasing comparable EBITDA in 2025 intact, while consensus has modelled EUR 22.3m in 2025E after EUR 17.0m in 2024. Suominen is EUR 2.2m below last year on comparable EBITDA after H1 and we believe there is increased risk on guidance despite ongoing EUR 10m cost savings programme. Initially, we expect consensus to cut 2025 estimates to the tune of 10% with slightly more muted revisions for 2026.
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