Suominen Q2 comparable EBITDA of EUR 4.3m came 45% above Vara Research consensus expectations. Net sales of EUR 106m were up 6% y/y and came 1% below consensus. FX had EUR 1.3m negative impact on sales. EBITDA improvement was mainly related to higher volumes and fixed cost reductions while mix and net pricing had negative impact. Q2 operating cash flow of EUR -4.5m was up from EUR -10.1m a year ago but slightly below our expectation due to higher net working capital. The company reiterated its guidance for improving comparable EBITDA in 2026 from EUR 12.6m in 2025 while consensus is at EUR 13.4m. Initially, we expect consensus to raise its 2026 estimates to the tune of 10-20% with slightly more muted revisions for 2027.
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