Nokian Panimo: Consumer demand mix pressures margins - Evli

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 ACCUMULATE but lower TP to EUR 2.5.

Länk till analysen i sin helhet: https://assets.evli.com/production/ERP/Raportit/Nokian-Panimo/Nokian-Panimo-251125-Company-update.pdf