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Suominen's Q3 earnings fell significantly short of Vara Research consensus, mainly due to a EUR ~3m negative impact from operational issues during the quarter. The operational issues should not have a major impact on Q4 figures, as we understand it. The top line grew 5% y/y and was supported by improved volumes and sales prices. The market outlook remains stable and we expect a gradual volume recovery going forward, with self-help measures and new investments in Alicante and Bethune offering support for the bottom line in the latter part of 2025 and beyond. We expect falling pulp prices to support earnings, as sales prices tend to follow with a lag. Our DCF- and multiples-based fair value range is EUR 1.7-2.4 (1.8-2.5). Marketing material commissioned by Suominen Oyj.
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