Nokian Panimo

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...

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.

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...

Nokian Panimo delivered a solid debut performance that met expectations despite challenging weather conditions, with the new logistics center and improved seasonal dynamics setting the stage for anticipated H2 ramp up.

We expect Nokian Panimo's debut earnings as a listed company to demonstrate resilience despite challenging weather conditions, supported by capacity investments and continued market share gains.

We initiate coverage of Nokian Panimo with a target price of EUR 2.7 and an ACCUMULATE rating. The company is well- positioned to advance its organic growth strategy, supported by a clearly defined investment plan. A leading player in the Finnish microbrewery...