Based on its preliminary results, Finnish Food Authority has found African Swine Fever (ASF) in Finland from a wild boar. This is the first ever case in Finland and will likely impact export opportunities to, especially Asia. For Atria, ASF could pause exports to China which has been important market for parts that are not used in Europe (e.g. pigtails and ears). Export sales from Finland have been roughly EUR 100m, of which China likely around one fourth, we believe. Initially, EBIT impact could be some low single million. Atria is guiding for increasing adjusted EBIT in 2026 after EUR 69.9m in 2025 while we model EUR 74.3m. Hence, we believe the company can meet its guidance but risks have increased.

Organic growth was above our Q2 forecast, but the company has recently faced some profitability issues. Part of the declining EBITA margin can be explained by the Lacon acquisition. At the same time, competition in India has also intensified. In addition, project delays, combined with material availability problems, have increased headwinds. However, Incap expects H2 to be stronger than H1 2026. The midpoint of the full-year 2026 guidance indicates a 9.8% adjusted EBITA margin (Q2 2026: 8.8%). We lower our 2026 EBITA estimate slightly. One risk is that the current order book will not convert into better profitability in H2. Our fair value range remains at EUR 10.6-12.9, based on our DCF analysis, backed by a peer group comparison.

Profitability (adj. EBITA margin) was weaker than we forecasted for Q2. An unfavourable sales mix weighed on Q2 profitability. Component availability was also problem in Q2, which could have raised input costs. But organic growth was slightly above our expectation in Q2. Reported revenue growth was strong due to Lacon acquisition. Full year guidance is repeated and Incap expects H2 to be stronger than H1 2026. Integration of Lacon has surely affected to the profitability but competition in India is also intensifying. Orders from the defence sector are growing strongly but still relatively small part of net sales in a group level.

Ahead of Relais' Q2 report, we include the tershine acquisition in our estimates and take a slightly more cautious near-term view on a seasonally slow Q2. We expect solid underlying demand, with 2% y/y organic growth for Q2, while acquisitions in Commercial Vehicle Services have likely increased seasonality. After the acquisition of tershine, we believe Relais is focusing on improving near-term organic growth and lowering leverage. We derive an unchanged DCF- and multiples-based fair value range of EUR 17.6-21.5.

Market sentiment in the dry bulk shipping sector improved somewhat in Q2. In addition, higher fuel prices are not a major headwind for ESL Shipping, as Aspo is able to pass on fuel costs to its customers. However, fuel costs should increase once utilisation ratios weaken and vessels can no longer use ordinary triangle routing. A weak economic environment and poor business confidence might have been challenging for the Telko segment. At the group level, Aspo guides for EBITA of EUR >29.4m for 2026, which we believe it might reiterate. Major news would be a possible divestment or demerger of the ESL Shipping segment, possibly as early as this year. Our estimates still point to a fair value range of EUR 6.7-8.2, based on an equal weighting of our DCF, P/E and SOTP valuations. Note, however, that the SOTP valuation is highly sensitive to a possible divestment price for ESL Shipping.

Relais is acquiring 70% of vehicle care company tershine from its founder and entrepreneur who will continue to lead tershine. Closing is expected as of today and Relais will consolidate tershine from the beginning of August. tershine was founded in 2017 and has an extensive portfolio of professional-grade vehicle care products and has a strong brand, especially in Sweden. The company has had a strong ~33% sales CAGR since 2021 and based on preliminary data for the fiscal year that ended in June 2026, net sales were SEK 155m with EBIT of SEK 29m (18.7% margin, GAAP). Acquisition price is not disclosed while SEK 20m will be paid in Relais shares. We note the company has been historically prudent with acquisition multiples. tershine will be part of Products & Solutions business area and we view the acquisition positively as it opens a new fast growing niche for the company.

Ahead of Suominen's Q2 results, we make minor estimate revisions and adjust for the successful rights issue. End markets were likely stable in Q2, and the company should start to benefit from easier comps and a partial recovery of previously lost volumes. Rising raw material costs cause some near-term uncertainty, probably as early as Q2. The focus of the Q2 report is likely to be on progress of self-help measures, as the company targets an EBITDA margin recovery to 10% during the first phase of its Full Potential Programme. Following the rights issue, we derive a trimmed fair value range of EUR 0.5-0.8 (0.8-1.4).

We downgrade our full-year 2026 EBIT forecast by 10% due to the profit warning issued on 24 July. The company expects revenue of EUR 270-290m in 2026, while the new adjusted EBITA guidance is EUR 26-29m. The share price dropped 14% on the day of the profit warning, highlighting growing uncertainty. Incap's profitability has come under pressure in certain market segments, but the midpoint of the company's net sales guidance indicates 30% y/y growth for 2026. We believe that profitability challenges stem from EV chargers and older industrial customers. In addition, weakening component availability could raise input costs. Our new fair value range is EUR 10.6-12.9 (11.7-14.3) per share, based on our DCF analysis, backed by a peer group comparison. Incap's 2026E P/E and EV/EBIT combined are 44% below the peer group median, and the company will need to show a stronger track record on operational performance in order to lower the valuation discount to peers.

Incap confirmed its FY2026 net sales growth guidance but downgraded its EBITA guidance. The company expects revenue of EUR 270–290m in 2026 (consensus: EUR 282m), while the new adjusted EBITA guidance is EUR 26–29m. We calculate that the midpoint of the revised EBITA guidance represents an 8% downgrade to market consensus estimates. Lacon was consolidated in Q1 2026, and its profitability remains below Incap’s historical EBITA margins. We also believe that organic growth may have remained close to zero in H1 2026, particularly as the German market has been struggling. Component availability could also tighten in the EMS sector due to strong investment in data centres and AI-related solutions. In addition, an unfavourable sales mix in some customer segments may have weighed on Q2 profitability, resulting in a lower-than-expected EBITA margin. Incap's EBITA margin was 9.2% in Q1 2026 and similar margin of 9-10% could now be a realistic consensus estimate for Q2 we believe.

Atria's Q2 adjusted EBIT of EUR 20.7m was 15% above LSEG Data & Analytics consensus and sales were 1% above. The company noted a strong start to the grilling season, while cost inflation started to intensify towards the end of the quarter. However, we note the upcoming pricing window, which will likely allow for cost inflation to be mitigated through pricing. The company kept its guidance for increasing adjusted EBIT intact. We make minor positive revisions and derive a slightly higher DCF- and multiples-based fair value range of EUR 18.7-22.8 (18.3-22.3).