Here is Aapeli’s preview report ahead of Nurminen’s Q2 results on Friday, July 24th. 
Following last week’s profit warning, we have significantly lowered our earnings forecasts for Nurminen Logistics for the coming years. The profit warning was driven by Russian tariff increases, which hit the volumes of the high-margin North Rail. In terms of earnings growth, the success of ramping up the intra-European rail business is becoming even more central. With the decline in the share price, we believe the potential of European traffic offers a sufficient risk-adjusted return expectation.