Nokian Panimo - Solid across the board
Nokian Panimo's H2 report was roughly in line with our estimates at the top line and EBITDA level, but beat expectations at the bottom. Market share gains continued across all beverage categories despite difficult market conditions, with other beverages remaining the key growth driver while beer volumes also returned to growth.
- Total sales volume in H2 grew by 13% and was 4.8m liters (H2’24: 4.2m liters). Volumes in the beer category increased by 4.4%, while the main driver of the sales volume increase was the other beverages category, with volume up 39.0%.
- Net sales in H2 were EUR 6.8m vs. EUR 6.7m Evli, up 13% from H2’24.
- Gross margin in H2 was 55.6% (H2’24: 56.3%) vs. Evli 56.0%.
- EBITDA in H2 was EUR 1.3m (margin 19.6%) in line with our estimate. While EBITDA improved slightly from H2'24 due to higher sales volume, relative profitability declined as expected with consumer demand pointed at lower-priced products.
- EBIT in H2 was EUR 0.9m vs. EUR 0.7m Evli.
- EPS in H2 was EUR 0.08 vs. EUR 0.04 Evli. The delta to our estimate came from lower than estimated D&A and taxes.
- Guidance for 2026: Nokian Panimo expects revenue for the 2026 financial year to grow compared to the previous year (2025: EUR 13.0 million) and the EBITDA margin to be 17–20 percent (2025: 17.4%).
- Our current estimates for 2026 stand at net sales of EUR 14.4m and EBITDA margin of 18.7%.
- The company’s BoD proposes a dividend of EUR 0.03 per share for 2025 vs. Evli EUR 0.00.
- During the review period, the company invested in two new fermentation tanks to increase brewing capacity. To our understanding, fermentation capacity has been the main production bottleneck in the beer category, and this investment is expected to help alleviate that ahead of the coming summer season.