Companies

Endomines CMD provided a solid presentation of current operations and future plans and demonstrated the significant potential, while acting as a reminder of the capital intensity of the industry.

Administer delivered a clear profitability beat in Q4 despite continued top-line headwinds. With no guidance provided pending the Sarastia acquisitions completion, aimed at April 1, we are waiting for clarity on the outlook of the acquired units.

Administer's Q4 results were mixed, with net sales declining slightly more than we had estimated, while profitability improvement was stronger. The company will specify its outlook for 2026 once the business transfers from the Sarastia acquisitions are finalized, expected from the beginning of April.

Administer reports Q4 figures on March 4. We expect net sales to have declined slightly in the challenging market, while EBITDA should improve supported by previously implemented cost-saving measures. For 2026, much will depend on Sarastia.

Nokian Panimo delivered a solid H2 in line with expectations, entering 2026 with a record product launch pipeline and added capacity enabling growth going ahead.

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.

Oriola’s Q4 was overall rather good, with double-digit growth exceeding expectations while profitability in Wholesale remained soft. For now, all eyes are on news from the strategy review and Capital Markets Day in May.

Nokian Panimo reports H2’25 figures on Friday. Despite the November profitability guidance cut, we expect progress from H1 across key metrics driven by stronger demand indicators.

Oriola posted overall good figures in Q4. Net sales and invoicing growth was in the double-digits, and the pace exceeded our expectations. The adj. EBITDA of EUR 9.9m fell slightly short of our EUR 10.3m expectations, as the profitability in the Wholesale-segment remained subdued. Oriola expects the adj. EBITDA to increase in 2026 compared with 2025.

We expect continued good growth in Q4 and fairly flat margin development q/q. 2026 is looking to be a busy year, but if one should be excited about the actions to be taken still remains to be seen.

Aspo has EBITA improvement potential also this year as Telko and lower group costs contribute, but a lot depends on ESL.

Aspo’s EUR 8.9m Q4 comparable EBITA landed clearly below our EUR 12.1m estimate due to ESL especially, where demand still wasn’t great while there were also customer plant outages and challenging weather.