Price Target Changed • Jul 16
Price target decreased by 13% to €1.40 Down from €1.60, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €1.18. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.08 for next year compared to €0.021 last year. New Risk • Jul 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Market cap is less than US$100m (€13.5m market cap, or US$15.4m). Reported Earnings • Apr 22
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: €0.035 (up from €0 in 1Q 2025). Revenue: €7.19m (down 3.3% from 1Q 2025). Net income: €386.0k (up €382.0k from 1Q 2025). Profit margin: 5.4% (up from 0.1% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in Finland. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.021 (up from €0.12 loss in FY 2024). Revenue: €28.7m (up 19% from FY 2024). Net income: €233.0k (up €1.55m from FY 2024). Profit margin: 0.8% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 100%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Machinery industry in Finland. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Feb 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€987k). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€14.9m market cap, or US$17.7m). Price Target Changed • Oct 26
Price target increased by 14% to €1.60 Up from €1.40, the current price target is provided by 1 analyst. New target price is 11% above last closing price of €1.44. Stock is down 23% over the past year. The company is forecast to post earnings per share of €0.01 next year compared to a net loss per share of €0.12 last year. Reported Earnings • Jul 18
First half 2025 earnings released: EPS: €0.001 (vs €0.04 loss in 1H 2024) First half 2025 results: EPS: €0.001 (up from €0.04 loss in 1H 2024). Revenue: €14.9m (up 14% from 1H 2024). Net income: €8.0k (up €451.0k from 1H 2024). Profit margin: 0.1% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. New Risk • Jun 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risk Market cap is less than US$100m (€15.1m market cap, or US$17.6m). Reported Earnings • Feb 21
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: €24.3m (down 20% from FY 2023). Net loss: €1.32m (loss narrowed 8.4% from FY 2023). Revenue missed analyst estimates by 14%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Finland. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€16.3m market cap, or US$17.1m). New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€19.3m market cap, or US$20.2m). Announcement • Dec 21
Norrhydro Group Oyj, Annual General Meeting, Apr 14, 2025 Norrhydro Group Oyj, Annual General Meeting, Apr 14, 2025. Reported Earnings • Aug 06
First half 2024 earnings: EPS exceeds analyst expectations First half 2024 results: €0.04 loss per share (down from €0.006 profit in 1H 2023). Revenue: €13.1m (down 28% from 1H 2023). Net loss: €443.0k (down 426% from profit in 1H 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 50%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Finland. Major Estimate Revision • Jul 31
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €28.4m to €27.6m. Losses expected to increase from €0.09 per share to €0.14. Machinery industry in Finland expected to see average net income growth of 37% next year. Consensus price target down from €1.80 to €1.60. Share price rose 7.9% to €1.64 over the past week. Announcement • May 30
Norrhydro Group Plc Appoints Mikko Välitalo as the Production Director, Effective August 2024 Norrhydro Group Plc announced that Mikko Välitalo has been appointed as the Production Director of the company. The Production Director's role involves comprehensive leadership and development of the production and manufacturing of Norrhydro Group's products. Throughout his career, Mikko Välitalo has worked in the forestry industry and energy production sectors, holding various responsible positions in these fields. Mikko has substantial experience, particularly in production and maintenance. He brings a wealth of experience and expertise that will strengthen the team and support the growth and development of the company. The Production Director will also be appointed as a member of the group's management team. Mikko Välitalo will start working for the company at the beginning of August 2024. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 7.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Minor Risks Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€17.2m market cap, or US$18.7m). New Risk • Mar 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€17.0m market cap, or US$18.4m). Announcement • Feb 28
Norrhydro Group plc Announces Appointment of Johanna Kaikkonen as CFO Johanna Kaikkonen has been appointed Norrhydro Group Plc's CFO. Johanna Kaikkonen has been employed by the company since 2008. During her long working career, she has worked in the company in versatile financial management positions and most recently in the position of HR manager and as a member of the management team since 2021. The responsibility of the CFO is to lead and develop the operations of the group's finance and human resources unit. Reported Earnings • Feb 25
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €31.0m (up 4.4% from FY 2022). Net loss: €1.44m (down €1.49m from profit in FY 2022). Revenue missed analyst estimates by 8.8%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Finland. Announcement • Feb 23
Norrhydro Group Oyj, Annual General Meeting, Mar 26, 2024 Norrhydro Group Oyj, Annual General Meeting, Mar 26, 2024, at 10:00 Coordinated Universal Time. Location: Ratavartijankatu 2, 96100 Rovaniemi Finland Agenda: To consider approval of the financial statements and consolidated financial statements;to consider Presentation of the financial statements, consolidated financial statements, the Board of Directors’ report and auditor's report for 2023;to consider Use of the profit shown on the balance sheet and deciding on the distribution of assets;to consider Electing the members of the Board of Directors; and to consider other matters. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€22.4m market cap, or US$24.2m). Announcement • Jan 18
Norrhydro Group plc Announces Resignation of Hanne Sarajärvi as CFO, Effective March 2024 Hanne Sarajärvi, CFO and member of the Management Team of Norrhydro Group Plc, has resigned to take up a new position outside the company. The work at Norrhydro will end in March 2024. Recruitment of new CFO has started. Announcement • Sep 06
Norrhydro Group Oyj Appoints Carl Mattson as Digital Business Director Norrhydro Group Oyj appointed Carl Mattson as Digital Business Director. Together with the technology team, Carl Mattson will be responsible for digital business customer projects and technology development. The Digital Business Director is also appointed as part of the Group Executive Team. During his career, Carl Mattson has been involved in developing new business and has been responsible for demanding customer projects. He has also been responsible for fast-growing technical sales, customer service and production around the world. Carl Mattson has lived with his family for a long time in India and China. Carl Mattson will strengthen the company's international expertise and commercialization of new technology. Carl Mattson will join the company during September 2023. Announcement • Sep 01
Norrhydro Group Oyj Announces Resignation of Marko Mylläri as Head of Operations and Member of the Management Team Norrhydro Group Oyj announced Marko Mylläri, Head of Operations and member of the Management Team of Norrhydro Group Plc, has resigned to take up a new position outside the company. The work at Norrhydro will end in November 2023. Marko Mylläri has been working for Norrhydro since 2019 as Head of Operations, Director of Purchasing and R&D. Operations and Purchasing will be the responsibility of the CEO together with the heads of middle management. A new person will be recruited for digital business management as Business Director and with the responsibility together with the technology team for customer projects and R&D development. Reported Earnings • Aug 14
First half 2023 earnings released: EPS: €0.013 (vs €0.072 in 1H 2022) First half 2023 results: EPS: €0.013 (down from €0.072 in 1H 2022). Revenue: €18.3m (up 10% from 1H 2022). Net income: €136.0k (down 83% from 1H 2022). Profit margin: 0.7% (down from 4.7% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Machinery industry in Finland. Major Estimate Revision • Aug 08
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €35.0m to €33.3m. Now expected to report a loss of €0.01 per share instead of €0.05 per share profit previously forecast. Machinery industry in Finland expected to see average net income growth of 55% next year. Consensus price target of €3.20 unchanged from last update. Share price fell 3.0% to €2.29 over the past week. Announcement • Jul 13
Norrhydro Group Oyj Revises Earnings Guidance for the Year 2023 Norrhydro Group Oyj revised earnings guidance for the year 2023. For the year, the Group's turnover is forecasted to grow from 2022 turnover (EUR 29.7 Million). Previous guidance for year 2023: The Group´s turnover is expected to be EUR 34 million - EUR 38 million. New Risk • Jul 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (52% accrual ratio). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (€27.0m market cap, or US$30.1m). Price Target Changed • Jun 05
Price target decreased by 14% to €3.20 Down from €3.70, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €2.90. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.11 for next year compared to €0.0039 last year. Announcement • May 30
Norrhydro Group Oyj Announces CEO Changes Norrhydro Group Plc is starting to recruit a new CEO. The company and the current CEO Matias Parviainen have decided by consensus that he leaves the CEO position immediately. The Company Board has started the recruitement of a new CEO. During the recruitment process Yrjö Trög, the Chairman of the Board will take over the duties of the CEO. Upcoming Dividend • Mar 28
Upcoming dividend of €0.03 per share at 1.9% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 14 April 2023. Trailing yield: 1.9%. Lower than top quartile of Finnish dividend payers (5.1%). Lower than average of industry peers (3.7%). 
