Companies

Administer's Q1 missed our estimates, with Silta and EmCe driving the sales shortfall and cost savings yet to fully offset lower volumes on profitability. FY26 guidance and management commentary signal an H2-led recovery.

Marimekko's Q1 came in above our estimates, with profitability supported by an improved relative sales margin and positive operating leverage. We expect mid-single-digit sales growth and stable earnings delivery to continue throughout the year.

Administer's Q1 results came in clearly below our expectations, with net sales declining 6% and EBITDA dropping sharply by  41% y/y. The miss was driven by unexpected weakness in Silta (customer contract terminations) and EmCe (delayed project starts), while cost savings have yet to flow through fully. Company issued FY26 guidance of EUR 105-115m net sales and EUR 6.5-9.0m EBITDA.

With the financial targets announced earlier along with major investments known, Oriola’s CMD was limited in terms of significant new news, which we see as a positive given earlier concerns. More clarity was however provided on the roadmap to achieving the nearly doubling of EBITDA in 2029.

Endomines reported Q1 figures that were on a record-level, although slightly weaker than anticipated mainly due to NRI’s. Expect a very interesting year ahead, as Endomines embarks on the biggest drilling campaign in its history.

Marimekko's first quarter beat our estimates on both revenue and profitability, driven by an improved relative sales margin and stronger-than-expected international growth outside APAC, which came in as flagged. Domestic net sales were flat as wholesale promotional deliveries exceeded our estimate, offsetting weaker retail.

Endomines Q1 results were operatively well in line with our expectations, with revenue at EUR 18.5m (Evli EUR 18.6m) and Pampalo EBITDA at EUR 11.6m (Evli EUR 11.4m). EBITDA was EUR 8.8m (Evli EUR 10.3), with main deviations relating to one-offs. 

Administer reports Q1 figures on May 13. We expect a slight topline decline alongside improved profitability on efficiency measures. The focus, however, is on FY26 guidance, progress on the Sarastia integration and market commentary.

Etteplan’s Q1 was weaker than expected with all three service areas missing our EBITA estimates. The company trimmed the upper end of its 2026 EBIT guidance while maintaining the revenue range, implying a clear improvement in profitability and activity levels through the remainder of the year.

SRV’s Q1 was softer than anticipated, with the solid order intake the clear highlight of the quarter. Potential for continuing on the now accelerating growth track is there, but uncertainty remains elevated.

Suominen’s operating environment remains quite challenging, but sales volumes and mix should be increasing from here on.

Raute’s low order book remains an issue for now, but in our view chances are European orders will begin to rebound soon.