Suominen's Q4 was weak with soft markets and a continued negative impact from US incidents burdening the top line and profitability. The company is taking further steps to improve its profitability and growth with a new operating model and prudent cost measures. It targets a 10% EBITDA margin by 2028 but notes that improvement will require investments in current facilities, likely pointing to back-end loaded improvements. H1 2026 continues to be affected by US incidents, and we reset our expectations for 2026. We derive a slightly lower DCF- and multiples-based fair value range of EUR 1.3-2.0 (1.4-2.1) per share.

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