Meriaura Group

The figures for the second quarter were below our expectations as the slowdown in the sea freight market was reflected in the company's results faster than expected. We lowered our assumptions on the long-term normalized performance of Marine Logistics and slightly increased our Renewable Energy estimates thanks to a significant contract.

Arvioimme tuloksen olevan selvästi positiivinen, vaikka merirahtimarkkinan hinnoissa onkin nähtävissä laskua kohti pitkän aikavälin normaalitasoja. Uusiutuvan energian saama suuri tilaus kesäkuun lopussa ei todennäköisesti ehtinyt vielä vaikuttaa Q2:n liikevaihtoon, joten Uusiutuvan energian tappiot haukkaavat osan Merilogistiikan tuloksesta.

The delivery contract for the solar thermal collector field is the largest in the company's history and enables the revenue we expect for 2023-24 to be realized almost alone.

Savosolar will change its name to Meriaura Group as of June 1. We consider the name change to be logical, as Marine Logistics is clearly the much larger business area after the merger in terms of revenue, earnings and committed assets.

We expect a strong performance from Marine Logistics, supported by a favorable market situation, which should lead to a clearly positive group-level result. We forecast that Renewable Energy's revenue will remain small and its operating result will be loss-making.

Less than half of the final option tranche of the 2021 stock option scheme was used, although the options gave the right to buy shares at a small discount. The dilution effect of the option scheme on the share price was therefore minor.