Suominen's Q2 comparable EBITDA was clearly ahead of Vara Research consensus, supported by improving volumes and lower fixed costs. Self-help measures started to support development while the company noted an unfavourable mix and difficulties in meeting demand in some product segments. The timing of price adjustments could be supportive for H2 and we expect a sequential margin expansion in H2. We make positive revisions for 2026E while leaving 2027E-28E largely intact. We broaden our DCF- and multiples-based fair value range to EUR 0.6-0.9 (0.5-0.8).
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