Suominen's Q2 report fell clearly short of Vara Research consensus expectations owing to very weak volume development in Americas. Customers stockpiled inventories ahead of tariff impacts, mainly from China, causing excess inventories and weakened demand in Q2. The situation normalised somewhat towards the end of the quarter but we believe that uncertain consumer sentiment could continue to weigh on volumes and mix. The company expects support from its EUR 10m cost-saving programme in H2 and reiterated its guidance for improving comparable EBITDA. We derive a slightly lower DCF- and multiples-based fair value range of EUR 1.5-2.2 (1.6-2.3) per Suominen share. Marketing material commissioned by Suominen Oyj.

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