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Pihlajalinna - Above estimates

Pihlajalinna’s revenue and profitability continued to improve and were slightly above estimates. The company reiterates its existing guidance.
  • Pihlajalinna’s Q2 revenue grew by 24.3% y/y to EUR 142.5m, compared to the EUR 140.7m/139.4m Evli/consensus estimates. Public sector customers amounted to EUR 104.6m and grew by 17.5% y/y. Private customers grew by 44.1% y/y to EUR 21.7m. Meanwhile corporate customers grew by 30.7% y/y to EUR 34.7m.
  • COVID-19 related services contributed EUR 8.1m of revenue in Q2.
  • Adjusted EBITDA was EUR 15.2m vs the EUR 14.4m/14.8m Evli/consensus estimates. Adj. EBITDA margin was 10.7%.
  • Adjusted EBIT was EUR 6.5m vs the EUR 5.6m/6.2m Evli/consensus estimates. Adj. EBIT margin was 4.5%.
  • Pihlajalinna guides 2021 revenue to increase clearly and adjusted EBIT to improve clearly compared to last year (unchanged).
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