Thomas has already written comments on Martela’s Q4 results this morning.
Due to a weak demand environment, intensified competition burdened Martela’s profitability in Q4. The weak Q4 figures were already broadly known with the preliminary information provided in January. In its report, the company highlighted that received orders grew by approximately 25% in Q4 compared to the previous year, which, as expected, supports the outlook for the current year. However, the company’s given earnings guidance was a slight disappointment, as achieving a zero result at the operating profit level is, in our estimation, not enough to turn the current year’s cash flow positive, which increases the financing-related risk.