The company has not commented on this matter. Typically, guidance policy includes a certain internally defined deviation that is allowed before issuing profit warnings. I don’t know the exact criteria applied by Tamtron in this case. One can also speculate whether other factors influenced the decision-making (e.g., profitability in line with guidance and relatively good for 2024, as well as a guidance outlook for 2025 in line with market expectations).
Looking at Tamtron’s stock market history, it can be seen that the company has given rather optimistic guidances and performed somewhat softer than expected. The high profitability guidance for 2024 (EBITDA: 14-15%) given at the time of listing in late 2022 was withdrawn, citing the impact of the Lahti Precision acquisition, and the realized operating profit (EBITDA) in 2023 was significantly lower (10.8%). The 2024 operating profit (EBITDA) guidance was 10-13% and the realization was 11.2%, but this time revenue fell short of guidance. In my opinion, the deviation for 2024 is more attributable to cyclical market weakness and the timing of customer demand. However, an investor can draw some conclusions from this when evaluating the company’s guidances.