Companies

Suominen’s challenges continue at least in the short-term, but the company is now taking more significant measures.

Suominen’s Q4 results were lower than estimated as excess nonwovens capacity still hurt volumes, leading comparable EBITDA some EUR 2m below estimates. FY’26 will be another year with low comparison figures, so improving by at least some amount should not be too hard, but Suominen also introduces a new program to target 10% EBITDA margin by 2028.

DT reports Q4 results on Feb 5. Last year was challenging, but now Q1’26 should see double-digit growth; a similar pace could continue in Q2 and beyond, in which case earnings multiples would start to look quite cheap soon enough.

Suominen reports Q4 results on Jan 29. FY’26 should see better earnings, yet growth may still be hard to come by.

YIT reports its Q4 results on February 6th. Aided by apartment unit completions, we expect to see the long on-going negative growth trend to reverse and profitability to improve clearly.

Timing of project revenue recognition is set to boost Q4 figures. Positive market and order backlog development remains crucial to enable growth in the coming years.

Duell's Q1 figures fell short of our estimates, particularly on the top line, with sales weaker than expected in both the Nordics and Central Europe. Challenges in France are expected to affect performance throughout the year, prompting us to lower net sales estimates, while profitability should remain relatively resilient.

Duell reported Q1 net sales at EUR 25.0m, below our forecast of EUR 27.0, while adj. EBITA came in at EUR -0.1m, also below our estimate. Issues in France persisted and the slow start to the winter season affected sales in the Nordics.

Duell reports Q1 (Sep–Nov) on January 14. We expect a challenging quarter, with weak market conditions, elevated dealer inventories and France weighing on performance.

Endomines production in Q4 was weaker than expected, but further gold price momentum continues to carry the investment case. We adjust our TP to EUR 32.5 (31.5), rating now BUY (ACCUMULATE).

Nokian Panimo cut its 2025 EBITDA margin guidance due to weaker-than-expected profitability after the summer season. Before the profit warning, our estimates were already at the lower end of the earlier range. We cut 2025E EBITDA by ~8% and reiterate ACCUMULATE but lower TP to EUR 2.5.

Endomines announced the sale of three of its gold deposits in Idaho. Despite slightly below expected purchase price and slow release of capital, from a strategic perspective the transaction is in our view positive.