The door is revolving at Lamor. The CFO didn’t last long. At least on paper, they looked like a top-tier professional. What could be behind this, hopefully no reporting or other messes? At least a new one was found right away, good that someone still dares to take on this revolving door.
4 Likes
Lamor’s Angolan representative, F&N Holdings, has secured a 3-year service agreement for oil spill response from an oil company that supplies energy to the Angolan market. Lamor will support its representative in the execution of the agreement with its on-site expertise throughout the service period. Lamor’s share of the service agreement exceeds 2 million euros.
The order has been recorded in Lamor’s order book in the second quarter of 2025.
5 Likes
I was looking for something on LinkedIn and came across this week-old post;
"Something big is happening at Lamor
Stay tuned for more exciting information…SOON"
SOON…has anyone seen anything significant…or is this “soon” in the same league as Kilpilahti. In May 2024, a Lamor person told me that Kilpilahti would be completed in H2/2024. Now it’s H2/2025…it’s still not finished…so it hasn’t been very…soon.
6 Likes
I see the same. No update has appeared. Somehow, all of Lamor’s communication is just hype, while real results are slow to materialize. When one remembers the company’s guidance, including the “warning” that orders must come in early in the year so that the revenue target doesn’t slip away, and the fact that only a couple of relatively small orders have been announced early in the year, then I guess that in connection with the Q2 reporting, the big thing will be that the target will be missed. Then, in the old way, they’ll panic and change the management team.
4 Likes
Well, it is quite remarkable that Lamor’s Chairman of the Board Ståhlberg commented on the message in question with the expression “Can´t wait”. Ståhlberg, could you comment to investors what this is about? It is a publicly listed company, after all.
2 Likes
Lamor has secured a contract from Croatia’s leading oil and gas company, INA Industrija nafte d.d., in collaboration with the Spanish environmental remediation expert Litoclean. The contract involves the implementation of an underground hydraulic barrier beneath the Rijeka refinery, located on the Adriatic coast, as part of an international consortium.
The innovative barrier system is designed to protect the sensitive seabed of the Kvarner Bay by preventing the migration of oil-containing contaminants from the refinery area into the surrounding coastal waters. The project involves drilling approximately 50 deep boreholes within the refinery area to construct an underground hydraulic barrier system. This system will control groundwater flow and prevent the spread of contaminants into the Adriatic Sea.
The construction of this barrier is a key component of INA’s comprehensive marine protection program at the refinery located on the Urinj peninsula. The program aims to safeguard the environment of the Adriatic coastal area in the long term.
Lamor’s share of the contract is valued at less than 2 million euros and has been recorded in the order book during the second quarter of 2025. Work is scheduled to commence in the summer of 2025, with an estimated implementation period of two years.
9 Likes
Someone at Lamor must be reading these after all. Apparently, the hype in question has been removed from LinkedIn. Maybe the chairman got tired of waiting… Well, now he commented on some plastic recycling thing by saying that it’s worth waiting to see what Lamor has coming in this area! Bad joke or mediocre sarcasm, perhaps, as it surely hasn’t escaped the chairman’s notice that we’ve been waiting. Money is burning and the waiting continues. Can’t wait!
4 Likes
Lamor has secured three-year extension agreements for oil spill response services at Block 95 and the Los Angeles oil fields in the Amazon rainforest. The fields, operated by Petrotal and its subsidiary Ucayali Energy, are among Peru’s most significant crude oil production areas. The total value of the agreements is approximately 3.5 million euros, and they have been recorded in Lamor’s order book in the second quarter of 2025.
The renewal of the agreements means that by June 2028, Lamor will have served both oil fields continuously for a decade. The service package covers oil spill response readiness, prevention, first response, and second-level response, as well as firefighting readiness (Tier 1 & Tier 2, own local response and broader regional response coordinated in cooperation with others). The implementation of the service is supported by Lamor’s strategic local expert team, oil spill response depots across Peru, and the company’s comprehensive regional and global capacity.
8 Likes
I don’t know if they read it, but at least the positive thing is that there’s a link to this discussion forum on the investor pages👍
https://www.lamor.com/fi/sijoittajat
4 Likes
A product acceptance test is the final quality assurance phase in which the product is tested under real operating conditions to ensure that it meets design and performance requirements before mass production or delivery. This time, the customer monitored the test virtually from Canada.
The successfully completed tests were related to an order worth nearly 3 million euros that Lamor received earlier in 2024. The equipment will be delivered over a period of three years.
6 Likes
Thomas is getting ready, as Lamor will publish its Q2 results on Thursday. 
We expect the company’s revenue to have remained at the comparison period’s level, but improved revenue composition to drive an earnings improvement, similar to Q1. In the report, our attention will be drawn to the group’s cash flow and comments related to ongoing tenders. Achieving the guidance for growing revenue this year depends on revitalized new project sales and, in our assessment, requires new sales to strengthen from the Q2 level. In connection with the earnings preview, we have slightly raised our margin forecasts for the review period, although our full-year forecasts remain unchanged.
7 Likes
After the second quarter, Lamor’s profitability and orders received are ahead of last year, but in terms of net sales, the company lagged behind the comparison period more than expected. Market demand for environmental protection equipment has remained strong, but at the same time, fluctuations in the global economic outlook have increased delays related to customer decision-making in service projects. Lamor is accelerating operational efficiency measures in line with its strategy to improve profitability. These measures aim for annual cost savings of 8 million euros by the end of 2026 compared to the 2024 level.
April-June 2025 in brief
• Net sales were 21.1 million euros (27.1), a decrease of 22.1%
• Operating profit (EBIT) was 1.0 million euros (1.3), a decrease of 26.4%, representing 4.5% of net sales (4.8%)
• Adjusted operating profit (EBIT) was 1.0 million euros (1.4), a decrease of 25.9%, representing 4.9% of net sales (5.2%)
• Cash flow from operating activities was 1.4 million euros (1.8)
• Earnings per share (undiluted) were -0.01 euros (-0.02)
• Orders received were 20.3 million euros (13.6*), an increase of 49.0%
5 Likes
https://www.kauppalehti.fi/porssitiedotteet/a/1a437718-9d90-4876-9907-0804976d3c21
This doesn’t exactly cause cheers again. Revenue decreased and loss grew slightly compared to a year ago.
E: Where does this difference between EPS and reported result come from? Different number of shares? EPS loss has decreased, but otherwise the loss shows a small increase compared to a year ago. So on the left is 2025 and on the right is 2024.
1 Like
Yes, the company’s board and CEO are on the same level. A growth company that is constantly withering at this pace. If the second half of the year turns out like the first, revenue will be 80 million euros.
Kilpilahti’s “plastic/recycled oil investment” is in the range of 60-70 million, almost a year behind schedule, and the CEO still doesn’t know when it will be ready for production.
With these actions, the company will go down in the history of Finnish listed companies as the master of dithering. It should also be remembered that the investment is remarkably large compared to the company’s operations.
This is what CEO Grön said today:
“Regarding recycled oil production, we continued preparations for the production process at the Kilpilahti concept plant in the second quarter. Most of the installations at the production plant are ready, but commissioning of the process equipment will be delayed, and we will provide a more precise estimate in connection with our next results. As for the market, nothing has changed: recycled oil production is a significant opportunity for Lamor.”
Let’s add this:
“Due to delays, our turnaround will take longer than we estimated at the beginning of the year. Regarding revenue and profitability, we now expect the third quarter to remain clearly below the comparison period,” Grön states.
One must be quite positive to believe that revenue will grow throughout the year (114 million in 2024, now 40 million in H1). The company maintains its growth guidance and expects operating profit to grow… (6.4 million in 2024). There must be a super success in 4Q2025. Believe it if you want. My own estimate is a negative profit warning with over 50% probability.
6 Likes
The only surprise was that a profit warning wasn’t issued yet. Revenue needs to double (!) in the second half from the first just to reach the minimum guidance. Although the guidance has now been qualified in such a way that even a fool understands what’s coming. The massive Kilpilahti project, considering the company’s size and balance sheet, is a farce beyond compare. The CEO even dares to postpone the schedule estimate (again) to the next quarter. Growth and cost-cutting measures are alternated without any direction. The board constantly changes management and organization, but the board itself apparently enjoys full confidence and doesn’t have the sense to go mess around elsewhere. But Lamor just sings Kumbayah in the intensive care unit: the market is in good shape, big things are coming, sales are doing an excellent job. This will surely work out. Can’t wait.
5 Likes
Yep, but you can read between the lines that a negative profit warning is probably coming.
“Due to delays, our turnaround is taking longer than we estimated at the beginning of the year. In terms of revenue and profitability, we now expect the third quarter to remain clearly below the comparison period. We expect the number of orders received to grow across all product lines this year. However, reaching the guidance still requires a very strong final quarter and a strong order intake, especially in the coming months.”
- I read this myself as hands are crossed and praying that a lot of orders come from somewhere soon or a negative profit warning will be issued. If everything goes according to plan, it will be avoided. Probability of a negative profit warning 70-90%.
5 Likes
I listened to Thomas Westerholm’s interview. As a comment, I can say that Thomas’s questions were good. Grön’s answers were complete nonsense. Listen to the story. For example, eight million euros in fixed cost savings. If the CEO doesn’t know exactly at the turn of July-August where those savings will be taken from by the turn of the year, then there’s no point talking about savings. Pure gibberish. We are talking about a company with a turnover of 80-120 million. At the same time, the company has 60-70 million euros tied up in an investment that isn’t working. I would immediately set up a project group to handle the factory opening by a specified date. Soon. The date is non-negotiable. Such a sum of money cannot sit idle indefinitely.
What is Ståhlberg and his board thinking? At a five percent interest rate, the investment incurs annual interest costs of 3.0-3.5 million euros. Each additional percentage point costs 0.6-0.7 million per year in interest. For a company that is making dismal profits… an operating profit level of 6 million in 2024. Wake up now, all of you at Lamor, and make functional decisions. Explanations will only drag you down.
8 Likes
Here is an interview with CEO Johan Grön, conducted by Thomas.
Topics:
00:00 Introduction
00:10 Q2 highlights
03:41 Customer decision-making and projects
04:55 Achieving guidance and its underlying assumptions
06:14 Efficiency program
07:37 Postponement of factory process equipment commissioning
10:17 Product and end customers
11:36 Value chain certification
4 Likes
The cost of Lamor’s debt is probably 2-3 times that 5%. This squandering of shareholder value by this same board has reached truly epic proportions relative to the size of the company.
3 Likes
Has the magnitude of the Kilpilahti investment been disclosed anywhere? What Lamor has done, especially concerning Kilpilahti, is truly so incomprehensible that a person with normal reason cannot understand it. What concepts were presented to the board that led to the decision to implement this investment?