New full year guidance for adjusted EBITDA in core businesses’ is EUR 16–20m in 2025 (previously EUR ~20m, Nordea estimate EUR 17.4m). Guidance downgrade was not a great surprise we note. According to preliminary information, net sales was EUR 76.9m in Q2 (Nordea EUR 79m). Revenue growth was -23.7% for Q2 y/y due to divestments and weak end demand. Adjusted EBITDA for core businesses’ was EUR 3.1m in Q2 (Nordea EUR 4.0m). Order backlog has turned to growth since the end of Q1, and positive trend is expected to continue. The value uplift programme is also progressing well and could lead to the annual EBIT run-rate improvement of EUR 6.5m mid-2026 (previously EUR 5m). The divestment of three non-core operations will likely reduce earnings volatility but some external help from the economic environment is needed to clearly improve profitability we believe.
LÄS MER
