companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        companies {
          name
          id
        }
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

Wetteri

Wetteri Oyj: Notice to the Annual General Meeting of Wetteri Plc

Wetteri Oyj: Wetteri's Annual Report 2025 has been published

Wetteri Oyj: Proposals of the Shareholders' Nomination Committee to the Annual General Meeting of Wetteri Plc

Wetteri Oyj: Used electric vehicle sales surged in March - Wetteri recorded growth of up to 82% year-on-year

Wetteri Oyj: Inside information: Wetteri acquires the maintenance service business of Sports Car Center and will launch used car and maintenance services in Helsinki and carries out a directed share issue

Wetteri Oyj: Wetteri Plc financial statements bulletin for the financial year 1 January to 31 December 2025

Wetteri Oyj: Wetteri Plc will publish Financial Statements Release for 2025 on 12 March 2026

Wetteri Oyj: Wetteri to launch authorized Volvo maintenance and repair operations in Kuopio

Wetteri Oyj: Wetteri Plc's Financial information and Annual General Meeting in 2026

Wetteri Oyj: Wetteri acquires BMW brand maintenance and repair business in Pori

Wetteri Oyj - Managers' Transactions: Simula Invest Oy

Wetteri Oyj: Inside Information: Wetteri Plc's Financial Guidance for 2026

Wetteri Oyj: Wetteri will publish its updated strategy and new financial targets

Wetteri Oyj: Wetteri Plc's Interim Report for 1 January to 30 September 2025

Wetteri Oyj: Wetteri and Polestar expand cooperation - new full-service dealership in Kuopio

Wetteri Oyj: Wetteri Plc to publish its Interim Report for January-September on 28 August 2025

Wetteri Oyj: Wetteri's change negotiations concluded

Wetteri Oyj: Wetteri's heavy equipment business in Joensuu and Kajaani is transferred to Raskone Oy - all conditions of the transaction have been fulfilled

Wetteri Oyj: Invitation to Wetteri's Capital Markets Day on 27 November 2025

Wetteri Oyj: Wetteri acquires BMW brand maintenance and repair business in Mikkeli

Wetteri Oyj: Wetteri expands its cooperation with Helkama-Auto Oy: new Škoda dealership in Joensuu

Wetteri Oyj: Wetteri Plc Half-year report 1 January to 30 June 2025

Wetteri Oyj: Insider information: Wetteri initiates change negotiations

Wetteri Oyj: Wetteri Plc to publish its Half-Year Financial Report for January-June on 28 August 2025

Wetteri Oyj: Wetteri renews its Management team

Analyst

Thomas Westerholm

NASDAQ Helsinki

Wetteri is a car dealer based in Finland. The company's business model includes cars from both the luxury and everyday segments. Wetteri also works with repair, maintenance and trade-ins of used cars and heavier vehicles, such as trucks. The company's customer group includes both private individuals and companies. Wetteri is headquartered in Oulu, Finland.

They should have taken care of Northern Finland and heavy equipment, instead of venturing into business areas where their expertise is lacking, then they would have had good foundations to succeed in the future. Now the situation is such that the industry speculates that this is the first one to take a real tumble!

A rare moment of agreement with Thomas. The used car business is such a deeply specialized field that a mere strategy document or the status of a multi-brand dealership is not enough if the core expertise is missing from the organization. The heat of the used car market actually speaks to a rather bleak situation: the sales volume of new cars is so low that a car a couple of years old practically sells for the price of a new one, and still goes. In this environment, differentiating on price advantage or procurement channels is difficult because no one is really making a profit. I wonder, by the way, why the association of car importers hasn’t become more active in presenting clear TCO (Total Cost of Ownership) calculations to revive new car sales, but that’s probably a different discussion. In Wetteri’s case, it would be interesting to see an investment in inspected used cars. The need is genuine: according to a KKV (Finnish Competition and Consumer Authority) study, used car sales are by far the most common reason for consumer contacts, and nearly two out of three vehicle-related matters concern used cars. In Finland, only 4–5 percent of used cars undergo condition inspection, meaning the market is practically unconquered. The industry saying holds true: if a car is in good condition, a technical inspection is nothing but excellent marketing for the seller. In an Excel spreadsheet, it looks like a mere expense item, but experience shows that repair costs can easily save more than double the invested money. However, this requires precisely the expertise and organization that Wetteri seems to be completely lacking in its current structure. The brand selection also presents its own challenge. Volvo and Mercedes are excellent cars in terms of features, but both have known pain points when used: Volvo with battery problems and weaknesses in the ERAD (Electric Rear Axle Drive) all-wheel-drive system, and Mercedes with a manufacturer-imposed repair ban on batteries and new battery pricing that is in no way reasonable for the consumer. It’s no coincidence that car dealerships’ own auctions are full of hybrids, Volvos, and Mercedes – no one wants to take the repair cost risk. Systematic pre-inspection and an open condition report could significantly change this situation and serve as a genuine competitive advantage if the will and skill are found.

I would summarize this into two points: the company’s actions to streamline operations and the potential for market recovery. Starting with the first, Wetteri has an ongoing program aimed at 4 MEUR in cost savings, and in addition, another program aimed at an 8 MEUR improvement in results. These programs have caused various costs, which is why Wetteri’s current earnings performance does not reflect its normalized level. Admittedly, estimating the normalized level is very challenging when the performance level in recent years has been what it has been, and profitability will increasingly rely on the used car business (where the company’s public track record is generally weak) instead of the sold Wetteri Power business. On an Excel sheet, the profitability improvement broken down by the company works very straightforwardly, but unfortunately, various programs easily overlook real-life multiplier effects, such as the resulting changes in organizational operating models and employee motivation. You are absolutely right that a 2% EBIT margin would be a high level in the industry right now. The profitability level of the industry is generally weak at the moment, and I am inclined to believe there is room for it to recover along with the Finnish economy. Attached are the relative EBIT margins of key competitors in recent years.  In 2024, the median EBIT% of the sample was 1.8%, while in 2017–2022 it was 2.3–3.4%. Compared to those levels, the 2% EBIT you mentioned is no longer particularly impressive, but of course, company-specific differences are emphasized. The year 2025 was weaker than the previous year for those whose figures are already public (i.e., Wetteri, Hedin’s Finnish operations, and Kamux’s Finnish operations), reflecting how deep the automotive industry is trudging right now. Of course, K-Auto stands out here and has been able to improve its profitability to a very high level, unlike the rest of the industry, which highlights the company’s competitiveness. In any case, from these positions, I believe Wetteri’s prerequisites for improving its earnings level are good, driven by the company’s own efficiency programs and the potential for market recovery. The growth in the used car business outlined by the current strategy does not excite me at this stage, as the company’s track record in passenger car sales is what it is, and there is no basis yet for the 3% EBIT margin target in light of the figures. Of course, the new management has only been at the helm for half a year, so the decisions they have made are not yet really visible in the numbers. Instead of branching out, the management is under clear pressure to continue making tough decisions to achieve a 2% EBIT, as due to significant financing costs, breaking even requires an EBIT margin of over 1.5%.

Where does @Thomas_Westerholm find the belief that Wetteri could reach a 2% operating margin level in the coming years, which is actually a fairly good margin level in the industry right now? Wetteri is a downright miserable company right now, and in my opinion, there is no evidence of anything better.

Yep. I would have understood the decision better in 2020, but since then, a significant portion of competitors have already shifted their business more heavily toward used cars.  I completely agree with this. During the Capital Markets Day (CMD), I asked the business director in the Q&A how Wetteri aims to differentiate itself from established used car players who have used car sales strongly in their DNA. The business director highlighted the company’s status as a multi-brand house in the background, and through that, Wetteri’s used car trade is made as good as they can make it. However, the intention is not to directly challenge players like Saka and Kamux. (imo a weak claim, as they are competing for the same customers anyway). For some, brand representations can provide a sense of quality, and new car sales undeniably act as a procurement channel for used cars. Historically, however, players focusing purely on used cars have been more profitable than the multi-brand houses enjoying those advantages, and the benefits of the multi-brand model’s procurement channel shrink as the used car business grows.

I have to ask out loud: on what grounds was the used car business placed at the strategic core if the market challenges were already clearly visible back then? Now we hear that the market situation came as a surprise. But what exactly was the surprise? The problems in the used car market didn’t emerge in three months – they already existed when the strategic guidelines were established. The effects of VAT speculation on market prices are no secret, yet the move was made without a clear answer as to how Wetteri specifically differentiates itself in this arena. The used car business is a demanding discipline. It requires deep pricing expertise, rapid inventory management, and years of experience with the specific dynamics of this market. These aren’t things that are built with a strategy document – they are built by the people and their expertise. The results obtained so far do not provide very strong evidence that this expertise is already in-house. Of course, implementing a strategy takes time, but the direction and execution should still be visible at an early stage. Hopefully, management can demonstrate concretely in the coming months that there is more to this than just a good idea on paper.

Wetteri bought the Helsinki maintenance business — but at what price and why? The purchase price is puzzling. The target’s revenue is 9.6 million and operating profit is 0.2 million euros. For this, 2.1 million is being paid. The industry’s normal benchmark for a maintenance business of this size is around 4–5 times the profit. Here, it is over ten times. No specific justification for the higher price is provided in the press release. The seller is financing the deal themselves. Wetteri is unable to pay in cash, so the seller provided a 1.25 million euro convertible bond. If the target were as attractive as suggested, the seller would have had other buyers in line. A condition is also included in the loan: if Wetteri does not pay the installments, the seller receives Wetteri shares. This does not sound like a situation where the buyer holds the trump cards. Wetteri is now a tenant in premises it did not own before the deal either, and the real estate was not included in the deal. The CEO’s background is in the south, and this deal fits that picture well. The company’s interest is another matter. Truck sales and maintenance in Northern Finland were sold off, as were the heavy vehicle maintenance operations in Joensuu and Kajaani — both sales looked more like forced sales than strategic choices. These were the core competencies built by Wetteri over decades. Now they have been abandoned, and the same money is being put into leased premises in Helsinki. The future of passenger car maintenance is also a question mark. In 2024, 15.4 percent fewer new passenger cars were registered than in the previous year, and the total amount remained 30 percent below the ten-year average. The year 2025 was even worse — 70,612 passenger cars were registered, which is nearly three percent below the already weak level of 2024. Fewer new cars mean fewer warranty services and scheduled maintenance in the coming years. This does not hit heavy vehicles in the same way — but that is exactly what Wetteri just gave up.

Simula Invest Oy

Pm Ruukki Oy

Wetteri

0.18 EUR

-1.11 %