The report was very soft. EPS compared to the prior-year period was -40%. The problems in Denmark still haven’t been resolved, and there are no signs of a quick improvement. The outlook was kept unchanged, even though there is no information on the completion of the Värska deal. Without Belarus, the result would look even worse.
On the positive side, Q1 is not a significant quarter for the company, but in the coming quarters, a similar performance simply won’t be enough anymore.
On the other hand, upcoming quarters face uncertainty from consumer demand and the rise in material and logistics costs caused by the war in Iran. Additionally, the integration of M&A activities will cause extra costs.