Here are Arttu’s comments as Rebl renews its financing.
Rebl Group announced on Friday that it has agreed on refinancing arrangements and drawn a completely new EUR 9 million equity-linked hybrid loan. The goal of the arrangement is to address the company’s tight indebtedness and secure its financial position in the future. The hybrid loan, which has reasonable terms, will increase the company’s financing costs, although it provides management with the peace of mind to focus on improving the operating result through both efficiency measures and growth. We will incorporate the hybrid loan into our forecasts in connection with the next update.
Here is Arttu’s company report on Rebl Group following the latest news.
Rebl Group’s 2025 was challenging due to the weak market situation, and we expect the yet-to-be-reported Q4 to have been sluggish as well. Although cost savings and the Hansaprint acquisition support the result, H1’26 will likely remain organically soft. The financing arrangements in December secured the company’s balance sheet, but the new hybrid loan weighed on our EPS forecasts. We reiterate our Reduce recommendation, as the stock’s risk/reward ratio is insufficient. The target price remains at EUR 1.05.
Here are Arttu’s comments as Rebl Group begins change negotiations.
Rebl Group announced on Thursday that it is launching change negotiations to improve the efficiency of the company’s Printing business production. The negotiations aim to consolidate fragmented print production to improve capacity utilization rates. Utilization rates are currently being weighed down by the industry’s ever-declining print volumes, which also weakens operational efficiency. We will review the potential impact of the news on our forecasts in connection with the financial statements bulletin to be published next Friday (Feb 27).
Here is Arttu’s preview, as Rebl releases its Q4 results on Friday
We expect the group’s revenue to have grown slightly from the comparison period, supported by the Hansaprint acquisition, but we estimate that organic development remained subdued due to Finland’s weak economic situation and the low level of marketing investments. We expect adjusted operating profit to have been positive in Q4 thanks to efficiency measures, although the full-year result will remain clearly loss-making. On the earnings day, our interest is particularly focused on the 2026 outlook and the sales pipeline for new comprehensive solutions.
Here’s a new company report from Arttu on Rebl Group for Q4.
Rebl Group’s earnings grew in Q4 across all its business segments. We find the outlook for the growing businesses in the coming years particularly encouraging, although we believe the adjustment of the printing business remains a key uncertainty. Despite this, we believe the stock’s risk-reward ratio is weak, which is why we reiterate our reduce recommendation. The target price rises to 1.2 euros (previously 1.05e) driven by forecast upgrades.
Here are Arttu’s comments on Rebl Group completing its change negotiations.
Rebl Group announced on Friday the conclusion of PunaMusta Oy’s change negotiations. As a result of the negotiations, the company will close the Turengi production unit and aims for annual savings of approximately 0.7 MEUR. The announcement does not cause changes to our forecasts, as we had already accounted for the efficiency measures in connection with the latest update.
Here is Arttu’s preview ahead of Rebl’s Q1 results on Friday, April 24
We expect the group’s adjusted operating profit to have improved from the comparison period, supported by efficiency measures. The guidance anticipating profit growth still appears up to date. In the report, in addition to key figures, we are monitoring the progress of new sales, the status of utilization rates in the Printing business, and the actual impact of the adjustment measures on the results.
Arttu has published a new company report on Rebl Group
Rebl Group’s positive earnings performance continued in Q1, as the Group’s efficiency was improved by volume growth and adjustment measures. Based on this, we raised our earnings forecasts for the current year, but the medium-term forecast increases remained moderate. Despite the positive outlook, we still do not consider the stock’s risk-reward ratio to be sufficient, which is why we reiterate our Reduce recommendation. The target price remains at EUR 1.2.
Here are Arttu’s preliminary comments ahead of Rebl’s earnings release on Friday
We expect the group’s revenue to have grown and the adjusted operating profit to have improved year-on-year, driven by efficiency measures and growth businesses. We expect the company to reiterate its guidance for the current year, which anticipates a continued turnaround in earnings. In the report, we will focus specifically on the progress of new sales for MiM solutions, the earnings impact of the adjustment measures in the Print business, the ramp-up of HSL media sales, and general comments on market development.
Rebl Group Oyj is lowering its earnings guidance for 2026 regarding revenue. Based on weaker-than-expected revenue development in the first half of the year and the outlook for the rest of the year, revenue is now expected to fall short of the previously issued guidance, which stated that revenue would grow from the 2025 level.
The company’s revenue outlook is weakened in particular by slower-than-anticipated sales development in media sales. In addition, the declines in printing business volumes among magazine and advertising print clients have been greater than projected, and the demand for digital services has remained lower than expected.
Previous guidance (February 27, 2026 – August 19, 2026): The Group’s revenue is expected to grow from the previous year’s level, and the operating result is estimated to improve from the 2025 level. In 2025, revenue was 108.4 million euros and the operating result was -4.0 million euros.
New guidance (August 19, 2026–): The Group’s revenue is expected to remain at the previous year’s level, and the operating result is estimated to improve from the 2025 level.
Here are Arttu’s comments on Rebl Group’s profit warning.
On Wednesday, Rebl Group issued a profit warning, in which the company lowered its revenue guidance for the current year. The company now expects revenue to remain at the previous year’s level, whereas it was previously expected to grow. The operating profit guidance remained unchanged. The reason behind the lowered guidance is weaker-than-anticipated performance in certain business areas. On the surface, the profit warning seems quite mild, and it does not create significant downward pressure on our forecasts. However, we will return to our forecasts in connection with the Q2 report, which will be published tomorrow, Friday.
Here is the latest company report from Arttu on Rebl Group regarding Q2
Rebl’s Q2 operational earnings development fell slightly short of our forecasts due to temporary headwinds. The outlook for the remainder of the year appears clearly more positive, supported by internal measures and the market. Despite this, we still do not see the stock’s risk-reward ratio as sufficient, which is why we reiterate our ‘reduce’ recommendation.
