Nokian Panimo - Solid result despite difficult market
Nokian Panimo’s debut earnings came in broadly in line with our estimates. Net sales and sales volume increased from the comparison period, despite the cold early summer, landing close to our forecasts. EBITDA declined y/y but matched our estimate, impacted by the milder summer weather and some higher costs.
- Total sales volume in H1 was 4.4m liters (H1’24: 4.1m liters), up 5.5% from the comparison period
- Net sales in H1 were EUR 6.2m (H1’24: EUR 5.9), vs. Evli EUR 6.3, also increasing by 5.5% y/y.
- Gross margin was 60.6% (H1’24: 58.2%) vs. Evli 56.0%. The improvement in the gross margin was driven by product launches, the development of the product range, production efficiency, and the moderate trend in raw material costs.
- EBITDA was EUR 0.9m (H1’24: EUR 1.3m), in line with our estimate. This translates to a margin of 14.7%. Profitability was negatively impacted by the mild and rainy weather in May–June as well as equipment maintenance and external storage during construction of the logistics center.
- EBIT came in at EUR 0.5m (H1’24: EUR 0.9m) vs. Evli EUR 0.6m.
- Net income was EUR -0.9m (H1’24: EUR 0.7m), impacted by EUR 1.3m in one-off costs related to the IPO. Adjusted net income was EUR 0.4m.
- Key events during the review period included the company’s listing on Nasdaq First North Growth Market Finland in April, the completion of a new logistics center in May, and the launch of the new Keisari Long Drink product family.
- Looking ahead, H2 has started on a positive note, with July sales volume up 19.4% y/y and net sales up 18.4% y/y.
- Guidance for 2025 (reiterated): Nokian Panimo expects revenue for the 2025 financial year to grow compared to the previous year (2024: EUR 11.9 million) and the EBITDA margin to be 18–21 percent (2024: 22 percent).