Frans has published a new company report on Loihde regarding Q4 
Loihde’s Q4 report was clearly better than our expectations, driven especially by the strong performance and excellent profitability of Security Solutions. The guidance was in line with our expectations, and the 1.00 euro dividend was significantly higher than we anticipated. We raised our earnings forecasts slightly following the strong Q4 report. In our view, the expected value of the BLC Turva acquisition, currently being processed by the FCCA (KKV), is positive and we estimate it would clearly increase EPS if completed. Loihde’s valuation for 2026-27 (adj. P/E 16-13x) is attractive in our opinion, considering the company’s clear earnings growth potential, the positive business trend, and the upside option from the BLC Turva acquisition. The expected return is supported by a 6-8% dividend yield.
Quoted from the report:
Outlook for 2026 was as expected
In its 2026 outlook, Loihde expects revenue and adjusted EBITDA to grow or remain at approximately the level of the previous year, which was fairly in line with our expectations and the company’s previous stance. The guidance does not yet include the BLC Turva acquisition agreed in November, which is currently being processed by the Finnish Competition and Consumer Authority (Kilpailu- ja kuluttajavirasto). The acquisition is very significant if completed, and Loihde will update its guidance if the deal goes through.