Net sales was 4% above consensus in Q3. Operating profit, without EUR 3.4m goodwill write down, was even 25% above market (Infront) consensus in Q3. A good result was related to ESL Shipping and Telko segments. But even Leipurin segment reported better EBIT in Q3 than we expected. Clean EBIT guidance midpoint 2021 was upgraded by 10%. Telko has acquired Mentum which is an Estonian lubricant distributor. The acquisition will increase Telko’s sales by EUR 10m (4%), transaction price was not disclosed. Considering the trend in recent years, the cargo prices of large vessels are now at a high level why we expect good profitability to continue in Q4.
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