New Risk • May 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.15 to €0.13 per share. Revenue forecast steady at €1.02b. Net income forecast to grow 94% next year vs 15% growth forecast for Food industry in Finland. Consensus price target down from €2.00 to €1.70. Share price fell 13% to €1.60 over the past week. Upcoming Dividend • Apr 16
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 04 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Lower than top quartile of Finnish dividend payers (5.4%). In line with average of industry peers (4.6%). Announcement • Mar 05
Hkfoods Oyj Announces Board Changes HKFoods Oyj announced that The current Board of Directors members Reijo Kiskola and Niclas Diesen were no longer available for the position. New Risk • Feb 26
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 5.4% 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: Minor Risks Dividend is not well covered by earnings (116% payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). Price Target Changed • Feb 16
Price target increased by 16% to €2.00 Up from €1.72, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €1.82. Stock is up 70% over the past year. The company is forecast to post earnings per share of €0.15 for next year compared to €0.069 last year. Reported Earnings • Feb 16
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €0.069 (up from €0.094 loss in FY 2024). Revenue: €996.4m (flat on FY 2024). Net income: €6.20m (up €14.8m from FY 2024). Profit margin: 0.6% (up from net loss in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Hkfoods Oyj Proposes Dividend for the Financial Year 2025, Payable on 4 May 2026 The Board of Directors of HKFoods Oyj proposed to the Annual General Meeting that the company distribute a dividend of EUR 0.08 per share for the financial year 2025 (which would correspond to a total of approximately EUR 7.2 million for all 89,910,373 shares currently outstanding) and that the remainder of the profit for the financial year be recorded in retained earnings from previous financial years. The dividend is paid to a shareholder who is registered in the shareholders' register of the company maintained by Euroclear Finland Ltd. on the record date of the payment. The record date is 24 April 2026, and the payment date is 4 May 2026. Announcement • Feb 13
HKFoods Oyj Provides Earnings Guidance for the Full Year of 2025 HKFoods Oyj provides earnings guidance for the full year of 2025. HKFoods expects that in 2026 the Group's comparable EBIT will grow compared to 2025. New Risk • Dec 30
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 5.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: €0.06 (vs €0.055 in 3Q 2024) Third quarter 2025 results: EPS: €0.06 (up from €0.055 in 3Q 2024). Revenue: €247.1m (down 1.8% from 3Q 2024). Net income: €6.50m (up 18% from 3Q 2024). Profit margin: 2.6% (up from 2.2% in 3Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 27
HKFoods Oyj, Annual General Meeting, Apr 22, 2026 HKFoods Oyj, Annual General Meeting, Apr 22, 2026. Reported Earnings • Aug 06
Second quarter 2025 earnings: Revenues miss analyst expectations Second quarter 2025 results: Revenue: €245.7m (down 3.5% from 2Q 2024). Net income: €1.00m (up €3.10m from 2Q 2024). Profit margin: 0.4% (up from net loss in 2Q 2024). Revenue missed analyst estimates by 4.8%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Announcement • Jul 03
Hkfoods' Assessment of the Future of Its Bacon Unit in Poland Completed On 28 April 2025, HKFoods Plc announced that it had launched an assessment of the future of its Polish production unit in Swinoujscie, including an evaluation of the possible sale of the unit. HKFoods has now completed the assessment and, as a result, has decided to continue with the current group structure. The Polish production unit will continue to operate as part of the HKFoods Group. New Risk • May 25
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 6.6% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: €233.7m (up 2.2% from 1Q 2024). Net income: €600.0k (up €4.50m from 1Q 2024). Profit margin: 0.3% (up from net loss in 1Q 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Apr 24
Hkfoods plc Appoints Outi Henriksson as Member of Board HKFoods Plc in its annual general meeting held on April 23, 2025 approved the appointment of Outi Henriksson as a new ordinary member of the Board until the end of the Annual General Meeting 2026. Board Change • Apr 24
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Lauri Sipponen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.094 loss per share (improved from €0.24 loss in FY 2023). Revenue: €1.00b (up 7.4% from FY 2023). Net loss: €8.60m (loss narrowed 63% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 17
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.10 loss per share (improved from €0.22 loss in FY 2023). Revenue: €1.00b (down 14% from FY 2023). Net loss: €9.30m (loss narrowed 56% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Finland. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Nov 27
HKFoods Plc Announces Management Appointments Petri Toivola, EVP, Poultry Business at HKFoods, Mikko Järvinen, EVP Meat Business at HKFoods, and Terhi Hakkarainen, EVP Processed Food Business, have been appointed as members of the HKFoods Plc's Executive Team as of 27 November 2024. All three have held these positions at HKFoods Finland Oy for a long time. They will report to CEO Juha Ruohola. As of 27 November 2024, HKFoods Plc's Executive Team will consist of CEO Juha Ruohola, CFO Mika Tilli, EVP Legal and Administration Markku Suvanto, EVP Poultry Business Petri Toivola, EVP Meat Business Mikko Järvinen and EVP Processed Meat Business Terhi Hakkarainen. Major Estimate Revision • Nov 13
Consensus EPS estimates upgraded to €0.05 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €1.02b to €1.01b. 2024 losses expected to reduce from -€0.06 to -€0.05 per share. Food industry in Finland expected to see average net income growth of 16% next year. Consensus price target up from €0.70 to €0.85. Share price fell 12% to €0.81 over the past week. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: €0.05 (up from €0.036 in 3Q 2023). Revenue: €251.6m (down 45% from 3Q 2023). Net income: €5.50m (up 41% from 3Q 2023). Profit margin: 2.2% (up from 0.8% in 3Q 2023). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 67%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Nov 07
HKFoods Oyj Updates Group Earnings Guidance for 2024 HKFoods Oyj updated group earnings guidance for 2024. For the period, the company expects that the Group's comparable EBIT 2024 from continuing operations will grow clearly compared to 2023. The company estimates that the Group's comparable EBIT will be EUR 22 million to 25 million. The Group's comparable EBIT for the Group's continuing operations 2023 was EUR 11.6 million. Announcement • Oct 31
Plukon Food Group B.V. acquired HKScan Denmark A/S form HKScan Oyj (HLSE:HKSAV). Plukon Food Group B.V. has signed an agreement to acquire HKScan Denmark A/S form HKScan Oyj (HLSE:HKSAV) for €44.6 million on May 2, 2024. The debt-free purchase price is €44.6 million. The sale of the Danish business will continue to strengthen company's balance sheet and allow better focus on remaining businesses. The transaction will further change HKScan’s structure and financial key figures. As from HKScan’s Q1/2024 Interim Report, the Danish business will be classified as assets and liabilities held for sale and presented as discontinued operations. In 2023, the Danish business had net sales of €230 million, comparable EBIT of €3.3 million and approximately 680 employees on average. At closing, the cash portion of the purchase price, estimated at approximately €35 million, will be paid in a one-off payment. As a result of this and the liabilities to be transferred, the net debt ratio is expected to decrease by approximately 16 percentage points. The transaction is expected to close during 2024 and will be subject to approval by the Danish competition authorities. The Danish Competition Authority has approved the transaction. Following the transaction, HKFoods' ownership of its Danish business will end. The business and personnel of HKFoods’ Danish subsidiary will be transferred to the new owner upon the closing of the transaction.
HJW Capital Advisors B.V. acted as financial advisor and Jens Folker Bruun, Mia Anne Gantzhorn and Mads Herdichek Langfeldt of Mazanti Andersen Korso Jensen & Partner acted as legal advisor to Plukon Food Group. Mika Ståhlberg, Jasmin Wardi, Joel Kanervo, Pessi Honkasalo, Kalle Hynönen and Alina Böling of Krogerus Attorneys Ltd. acted as legal advisor to HKScan.
Plukon Food Group B.V. completed the acquisition of HKScan Denmark A/S form HKScan Oyj (HLSE:HKSAV) on October 31, 2024. Announcement • Oct 24
Jari Leija to Leave as EVP Business Unit Finland and Member of the Executive Team of HKFoods Plc HKFoods Plc announced that Jari Leija, company's EVP Business Unit Finland and member of the Executive Team, will leave the company on 24 October 2024. He has been in his position since 2019. Jari Leija's responsibilities will be organised internally so that the persons who reported to him will report to CEO Juha Ruohola. Major Estimate Revision • Sep 29
Consensus estimates of losses per share improve by 50% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €1.00b to €1.02b. EPS estimate increased from -€0.12 per share to -€0.06 per share. Food industry in Finland expected to see average net income growth of 17% next year. Consensus price target up from €0.55 to €0.70. Share price rose 18% to €0.72 over the past week. New Risk • Sep 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 7.4% 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 (7.4% average weekly change). Minor Risk Market cap is less than US$100m (€65.1m market cap, or US$72.8m). Announcement • Sep 26
HKFoods Oyj Updates Group Earnings Guidance for the Year 2024 HKFoods Oyj updated group earnings guidance for the year 2024. The company updates its financial guidance for 2024 due to the positive performance of its continuing operations. The company expects that the group’s comparable EBIT 2024 from continuing operations will grow clearly compared to 2023. The company now estimates that the group’s comparable EBIT in 2024 will be EUR 22 million to EUR 25 million. The group's comparable EBIT for the Group’s continuing operations 2023 was EUR 11.6 million. Announcement • Aug 26
HKFoods Oyj, Annual General Meeting, Apr 16, 2025 HKFoods Oyj, Annual General Meeting, Apr 16, 2025. Reported Earnings • Aug 08
Second quarter 2024 earnings released: €0.03 loss per share (vs €0.017 loss in 2Q 2023) Second quarter 2024 results: €0.03 loss per share (further deteriorated from €0.017 loss in 2Q 2023). Revenue: €254.6m (down 46% from 2Q 2023). Net loss: €2.10m (loss widened 24% from 2Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Aug 07
HKFoods Oyj Provides Earnings Guidance for the Year 2024 HKFoods Oyj provided earnings guidance for the year 2024. For the period, the company estimates that comparable EBIT from continuing operations will improve compared to 2023. Announcement • May 28
HKFoods Oyj Announces Executive Changes Jukka Nikkinen, HKFoods Plc's EVP Business Unit Denmark and member of the Group Executive Team, will leave the company on 30 June 2024. He worked for the company since 2012. Following Nikkinen's departure, Michael Juhl Jørgensen has been appointed as Interim EVP, Business Unit Denmark and member of the Group Executive Team as of 1 July 2024. Jørgensen will move to his new role within the company from his position as VP Operations and Supply Chain in Denmark. Reported Earnings • May 09
First quarter 2024 earnings released: €0.05 loss per share (vs €0.069 loss in 1Q 2023) First quarter 2024 results: €0.05 loss per share (improved from €0.069 loss in 1Q 2023). Revenue: €228.7m (down 50% from 1Q 2023). Net loss: €3.90m (loss narrowed 42% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • May 03
Plukon Food Group B.V. has signed an agreement to acquire HKScan Denmark A/S form HKScan Oyj (HLSE:HKSAV) for €44.6 million. Plukon Food Group B.V. has signed an agreement to acquire HKScan Denmark A/S form HKScan Oyj (HLSE:HKSAV) for €44.6 million on May 2, 2024. The debt-free purchase price is €44.6 million. The sale of the Danish business will continue to strengthen company's balance sheet and allow better focus on remaining businesses. The transaction will further change HKScan’s structure and financial key figures. As from HKScan’s Q1/2024 Interim Report, the Danish business will be classified as assets and liabilities held for sale and presented as discontinued operations. In 2023, the Danish business had net sales of €230 million, comparable EBIT of €3.3 million and approximately 680 employees on average. At closing, the cash portion of the purchase price, estimated at approximately €35 million, will be paid in a one-off payment. As a result of this and the liabilities to be transferred, the net debt ratio is expected to decrease by approximately 16 percentage points. The transaction is expected to close during 2024 and will be subject to approval by the Danish competition authorities. Board Change • Apr 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Anne Koutonen was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 19
HKScan Oyj Announces Board Changes HKScan Oyj announced that at the Annual General Meeting held on 18 April 2024, approved lkka Uusitalo, current deputy Board member Niclas Diesen, Lauri Sipponen and Sami Yski were elected as new ordinary members of the Board until the end of the Annual General Meeting 2025. Announcement • Mar 26
HKScan Corporation Announces CFO Changes HKScan Corporation announced that Mika Tilli, BSc in Economics and Business Administration, has been appointed CFO of HKScan and member of the Group Executive Team as of 1 July 2024. He will report to CEO Juha Ruohola. HKScan's current CFO Jyrki Paappa will join another employer at the beginning of September 2024. Mika Tilli has worked as HKScan's VP Business Controlling Finland since 2018 and he will continue in this role. Prior to this, he held similar position at Sinebrychoff. Announcement • Feb 29
Hkscan Oyj Announces Board Changes HKScan Oyj announced the proposals the Annual General Meeting that eight ordinary members shall be elected to the Board of Directors. The current Board of Directors members, Harri Suutari and Per Olof Nyman and the deputy member Ove Conradsson were no longer available for the position. Reported Earnings • Feb 13
Full year 2023 earnings released: €0.20 loss per share (vs €0.11 loss in FY 2022) Full year 2023 results: €0.20 loss per share (further deteriorated from €0.11 loss in FY 2022). Revenue: €1.16b (down 37% from FY 2022). Net loss: €19.5m (loss widened 89% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Feb 09
HKScan Oyj Provides Earnings Guidance for the Year 2024 HKScan Oyj provided earnings guidance for the year 2024. In 2024, the company estimates that the group's comparable EBIT from continuing operations will improve compared to 2023. Announcement • Dec 29
HKScan Corporation Provides Earnings Guidance for the Year 2023 HKScan Corporation provided earnings guidance for the year 2023. The company now estimates the 2023 comparable EBIT for the Group to be EUR 24 - 27 million. The Group's comparable EBIT for 2022 was EUR 9.7 million. The 2023 comparable EBIT for the Group's continuing operations, which following the sale of the Swedish business consist of the Finnish and Danish business, is estimated to be EUR 13 - 16 million. The continuing operations include the Polish bacon production unit, which has earlier been reported as part of the Swedish business unit, but which is not included in the abovementioned sale and will thus in the future be reported as part of the Finnish business unit. The comparable EBIT for 2022 for the Finnish and Danish business units (including the Polish unit) was EUR -2.8 million. In 2023, HKScan expects the Group's comparable EBIT from continuing operations to improve compared to 2022. The full-year performance will be significantly affected by inflation and the development of consumer purchasing power in the company's home markets. On the other hand, in the beginning of 2023, energy and logistics costs were on a more moderate level than in the peak of 2022. Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €459.9m (down 12% from 3Q 2022). Net income: €3.90m (up €5.60m from 3Q 2022). Profit margin: 0.8% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 25% per year. New Risk • Aug 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€75.0m market cap, or US$82.6m). Reported Earnings • Aug 10
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €473.8m (down 6.3% from 2Q 2022). Net loss: €1.70m (loss narrowed 90% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • May 11
HKScan Oyj Provides Group Earnings Guidance for the Year 2023 HKScan Oyj provided group earnings guidance for the year 2023. For the year, the Group's comparable EBIT from continuing operations to improve compared to 2022. The full-year performance will be significantly affected by inflation and the development of consumer purchasing power in the company's home markets. On the other hand, in the beginning of 2023, energy and logistics costs are on a more moderate level than in the peak of 2022. Announcement • Feb 09
HKScan Corporation Proposes No Dividend Be Paid for 2022 The Board of Directors of HKScan Corporation proposed to the Annual General Meeting that no dividends be paid for 2022. Reported Earnings • Jul 21
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €505.7m (up 13% from 2Q 2021). Net loss: €16.8m (loss widened €16.4m from 2Q 2021). Upcoming Dividend • Mar 24
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 08 April 2022. The company is not currently making a profit and its cash payout ratio is 83%. Trailing yield: 2.8%. Lower than top quartile of Finnish dividend payers (4.3%). Lower than average of industry peers (4.1%). Reported Earnings • Feb 13
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: €0.046 loss per share (down from €0.008 loss in FY 2020). Revenue: €1.82b (up 1.9% from FY 2020). Net loss: €4.50m (loss widened 463% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 121%. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 06
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €446.8m (up 1.9% from 3Q 2020). Net income: €2.90m (down 3.3% from 3Q 2020). Profit margin: 0.6% (down from 0.7% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Executive Departure • Aug 19
Executive VP of Business Unit Baltics Anne Mere has left the company On the 13th of August, Anne Mere's tenure as Executive VP of Business Unit Baltics ended. As of June 2021, Anne still personally held only 18.02k shares (€36k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • Jul 21
Second quarter 2021 earnings released: €0.004 loss per share (vs €0.05 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €449.3m (up 1.9% from 2Q 2020). Net loss: €400.0k (loss narrowed 90% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 02
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 19 April 2021. Trailing yield: 1.3%. Lower than top quartile of Finnish dividend payers (3.8%). Lower than average of industry peers (3.1%). 
