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SENASTE
Suominen has today announced a restructuring programme that is expected to generate EUR 1.5m annual costs savings from September 2024 onwards. Suominen expects EUR 2m one-off costs related to restructuring. Restructuring is expected to result in a termination of up to 10 positions in the headquarters and global support functions. Suominen announced new operating model end of last year and we view restructuring as a logical next step to align the structure of the company accordingly. Vara Research consensus is modelling EUR 36.7m adjusted EBITDA in 2025E, after EUR 26.5m in 2024E. Hence, mathematically, restructuring could give some low-single digit to consensus estimates. However, we note continued increase in pulp prices, which could mitigate the impact of the restructuring programme, at least in short-term. For Q2E, we are 2% ahead of consensus on top-line and 11% (EUR 0.7m) below on adjusted EBITDA.
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