Net sales without EUR 12.8m one-of item was close to our expectation of EUR 142m in Q2. Clean EPS came close to market consensus (LSEG) in Q2. Strikes and severe winter ice conditions took EUR 0.5m of the ESL Shipping segment’s EBITA in Q2. Profitability (EBIT margin) in a group level was slightly under our expectations in Q2. Full year 2024 guidance was repeated but operating environment is estimated to remain challenging. The end demand coming from the forest industry is expected to gradually pick up in H2 2024. Telko segment could witness slow picking-up in the end demand but positive momentum could be missing in Leipurin segment. Aspo is concentrating on value creation by several divestments and acquisitions which we believe is a right strategy. However, several changes in the group structure increase the complexity and could reduce visibility.
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