In that HANZA press release, there was an interesting point related to Leden from Arvo’s perspective.
The company Leden, which was acquired in March 2025, has, in line with previous communications, faced capacity challenges as a result of rapidly growing demand during the spring, which is temporarily having a negative impact on the operating margin. For Q2/25, the operating margin was approximately 3%, and the margin is expected to remain at a similar level for the remainder of 2025. The capacity project that began in Q2/25 is expected to be completed by the end of 2025/2026, at which point Leden is expected to reach the Group’s margin target of 8%. As a consequence of the temporarily lower operating margin, HANZA intends to release an additional purchase price of approximately EUR 5 million during the third quarter of 2025, which will be reported as a one-time income.
Apparently, the additional purchase price for the Leden acquisition will not be realized, at least not in full. The maximum additional purchase price was perhaps 15M, of which Arvo’s share was just under 5M.