We expect modest Q1 sales growth of 1% for Suominen, driven mainly by price increases following higher pulp prices, and we expect a soft volume development. Weakened FX has likely burdened the Americas business in late Q1, while the overall tariff-induced uncertainties could affect the coming quarters. However, we expect self-help measures to mitigate some of the uncertainties in H2, and we expect a 0.6pp EBITDA margin improvement for 2025E, with 4% sales growth. We derive a fair value range of EUR 1.5-2.3 (1.6-2.4) per Suominen share. Marketing material commissioned by Suominen Oyj.
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