Vaisala: Softer than we expected

Vaisala: Softer than we expected - Evli

W&E headwinds had a greater impact than we anticipated in Q2, resulting in net sales coming in slightly below our estimate at EUR 145.0m (Evli est. EUR 148.9m). Lower volumes led to decreased profitability compared to the strong Q2 last year, with EBITA at EUR 19.6m (Evli est. EUR 22.5m).

Q2 group result: Vaisala’s Q2 net sales were a touch weaker than we expected at EUR 145.0m (Evli est. EUR 148.9m). With the weaker volumes, the company’s operational leverage worked against it and EBITA fell to EUR 19.6m (Evli est. EUR 22.5m) with a margin of 13.5%.
Industrial measurements (IM): Orders received increased by 10% y/y while order book fell 2% to EUR 35.7m. Net sales were at EUR 62.0m, up 10% y/y. Strong performance in Americas continued while sales grew in all market segments, with very strong growth in life science and power. IM gross margin was at 62.8% (64.0%) and EBITA at EUR 13.7m with a margin of 22.1% (Q2/24 EUR 12.5m, 22.2%).

Weather and Environment (W&E): Orders received decreased by 32% y/y while order book was up by 3% y/y. W&E’s net sales decreased by 10% to EUR 83.0m. Subscription sales grew 53% y/y, while we had expected growth of 61.5% as organic growth was softer than expected at 11%. Product sales decreased 25%, while we had estimated decrease of 20%, mainly due to weaker sales in Renewable Energy market segment. In addition, sales fell strongly in the aviation and roads market segments. Gross margin fell to 48.3% (Q2/24 52.7%). EBITA was at EUR 5.9m (Q2/24 EUR 12.7m) with a margin of 7.1% (13.8%).

While we had expected headwind for W&E related to renewable energy market and reductions in public sector spending in the US, the effect was stronger than we had estimated. The company expects full-year sales in the renewable energy business to decrease by about EUR 15m compared to 2024.

Outlook 2025 (specified): Net sales EUR 590-605m and EBITA EUR 90-100m. Previously the company expected net sales of EUR 590-620m and EBITA of EUR 90-105m.
At first glance, the specified outlook does not prompt significant estimate revisions for H2 as we were already below the previous outlook middle point for both net sales and EBITA prior to the release.

Vaisala: Softer than we expected - Evli

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