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In its CMD, Vaisala outlined its strategy and updated long-term financial targets. With slight positive estimate adjustments and higher peer multiples, we increase TP to EUR 49.0 (prev. EUR 47.0), recommendation remains at HOLD.
Vaisala’s Q3 fell short of our estimates for both net sales and profitability. Despite the miss, we see the company’s prospects for 2025E bright with higher project driven backlog for W&E and some early signs of demand pick up in IM. Vaisala will hold its CMD on 11th of November.
Vaisala’s growth was slower than we expected as net sales grew 5% to EUR 136.6m (Evli est. EUR 142.3m). With the lower-than-expected net sales, profitability was also below our estimates. Orders were strong as expected.
Vaisala reports its Q3/24 results on Thursday 24th of October. We expect continued y/y growth driven by the softer comparison for IM while the solid backlog drives growth for W&E.
Vaisala’s Q2 was strong with solid volume growth, favorable sales mix in IM and continued OPEX discipline which led to doubling of the operating result. Our updated estimates for 2024E sit above the middle point of the narrowed guidance.
Vaisala delivered very strong figures for Q2/24 as our estimates were topped on both net sales and EBIT. With the strong performance, the lower ranges of the guidance were increased for both net sales and EBIT.
Vaisala reports its Q2/24 results on Thursday 25th of July. We expect net sales growth and margin improvement y/y after a sluggish start to the year.
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Vaisala Corporation Interim Report October 24, 2024, at 9:00 a.m. (EEST)
Vaisala Corporation Interim Report January–September 2024
Solid third quarter with very strong orders received
This release is a summary of Vaisala’s Interim Report January–September 2024. The complete report is attached to this release as a pdf file. It is also available on the company website at www.vaisala.com/investors.
Third quarter 2024 highlights
- Orders received EUR 150.8 (119.7) million, increase 26%
- Order book at the end of the period EUR 220.4 (165.8) million, increase 33%
- Net sales EUR 136.6 (130.4) million, increase 5%
- Operating result (EBIT) EUR 24.1 (25.2) million, 17.7 (19.3) % of net sales
- Earnings per share EUR 0.53 (0.51)
- Cash flow from operating activities EUR 25.2 (18.5) million
January–September 2024 highlights
- Orders received EUR 421.2 (381.0) million, increase 11%
- Net sales EUR 397.1 (393.0) million, increase 1%
- Operating result (EBIT) EUR 54.9 (50.3) million, 13.8 (12.8) % of net sales
- Earnings per share EUR 1.17 (0.99)
- Cash flow from operating activities EUR 50.0 (54.2) million
Business outlook for 2024
Vaisala estimates that its full-year 2024 net sales will be in the range of EUR 540–570 million and its operating result (EBIT) will be in the range of EUR 68–78 million.
Market outlook for 2024
Markets for high-end industrial instruments and life science slowed down significantly during Q2/2023 and remained on a lower level until they started to gradually improve in Q3/2024. Similar development is expected to continue in Q4/2024. Markets for power and energy, and liquid measurements are expected to grow.
Markets for the more mature markets, meteorology, aviation, and roads, are expected to be stable. Market for renewable energy is expected to be stable.
Key figures
| MEUR | 7-9/2024 | 7-9/2023 | Change | 1-9/2024 | 1-9/2023 | Change | 1-12/2023 |
| Orders received | 150.8 | 119.7 | 26% | 421.2 | 381.0 | 11% | 528.1 |
| Order book | 220.4 | 165.8 | 33% | 220.4 | 165.8 | 33% | 172.5 |
| Net sales | 136.6 | 130.4 | 5% | 397.1 | 393.0 | 1% | 540.4 |
| Gross profit | 78.3 | 75.6 | 4% | 223.6 | 221.6 | 1% | 301.7 |
| Gross margin, % | 57.3 | 58.0 | 56.3 | 56.4 | 55.8 | ||
| Operating expenses | 54.4 | 50.4 | 8% | 169.2 | 171.5 | -1% | 235.9 |
| Operating result | 24.1 | 25.2 | 54.9 | 50.3 | 66.6 | ||
| Operating result, % | 17.7 | 19.3 | 13.8 | 12.8 | 12.3 | ||
| Result before taxes | 24.5 | 24.1 | 54.3 | 47.1 | 63.1 | ||
| Result for the period | 19.2 | 18.5 | 42.3 | 36.0 | 48.9 | ||
| Earnings per share | 0.53 | 0.51 | 4% | 1.17 | 0.99 | 17% | 1.35 |
| Return on equity, % | 20.6 | 19.0 | 18.9 | ||||
| Research and development costs | 15.1 | 13.6 | 11% | 49.3 | 49.6 | -1% | 67.7 |
| Capital expenditure | 2.8 | 4.1 | -32% | 9.7 | 10.9 | -11% | 13.9 |
| Depreciation, amortization, and impairment | 5.9 | 6.2 | -5% | 17.4 | 18.2 | -4% | 24.3 |
| Cash flow from operating activities | 25.2 | 18.5 | 36% | 50.0 | 54.2 | -8% | 83.8 |
| Cash and cash equivalents | 85.4 | 65.8 | 30% | 90.3 | |||
| Interest-bearing liabilities | 46.1 | 62.8 | -27% | 62.1 | |||
| Gearing, % | -14.0 | -1.2 | -10.5 |
President and CEO Kai Öistämö
“Vaisala had a solid third quarter as we continued executing our strategy to grow as a global leader in measurement instruments and intelligence for climate action. One of the highlights was the acquisition of Speedwell Climate to further expand our subscription-based business. We experienced a good order intake despite the soft market environment. Boosted by a large weather radar order to Spain, our order book was all-time high at EUR 220 million. Compared to the previous year, our orders received grew by 26% and net sales by 5%. Our Q3 operating result was strong 17.7% of net sales.
Industrial Measurements business area continued to grow supported by early signs of recovery in the industrial instruments market in North America. The growth of orders received in industrial instruments as well as in power and energy market segment led to a 12% increase in orders received and 6% growth in net sales. The operating result margin returned to a high level of 26.9%.
Following a very strong Q2, Weather and Environment business area’s Q3 performance was solid. The Spanish weather radar order significantly contributed to a 36% growth in orders received. Net sales growth of 4% was driven by large orders received in the past quarter and an 18% growth in subscription sales. The operating result margin was good at 11.1%.
In October, we announced changes in Vaisala’s Leadership Team to continue our strategy execution and growth. Sampsa Lahtinen, EVP Industrial Measurements, will retire after a long and successful career. As of January 2025, Jarkko Sairanen, currently EVP Weather and Environment, will lead the Industrial Measurements business area. The leadership for Vaisala’s Weather and Environment business area will be divided between Anne Jalkala and Samuli Hänninen to drive growth in renewable energy and subscription sales. Anne Jalkala, currently Chief Strategy and Sustainability Officer, was appointed to lead the Weather, Energy and Environment business. Samuli Hänninen joins the leadership team and continues to lead the Xweather business. Our financial reporting structure remains unchanged. I want to give my warmest thanks to Sampsa for his great contribution and wish him, Jarkko, Anne, and Samuli all the best for their future endeavors.
Despite the continuingly uncertain business environment, we continue to estimate that our full-year 2024 net sales will be in the range of EUR 540–570 million and operating result (EBIT) in the range of EUR 68–78 million.”
Audiocast and teleconference
An audiocast and a conference call for analysts, investors and media will be held in English on Thursday, October 24, 2024, starting at 1:00 p.m. (Finnish time).
You can participate in the live audiocast via following link: https://vaisala.videosync.fi/q3-2024
Questions may be presented by participating in the teleconference. You can access the teleconference by registering on the link below. After the registration, you will receive an email with the dial-in numbers and a conference ID. https://palvelu.flik.fi/teleconference/?id=50048553
A recording will be available at vaisala.com/investors later the same day.
Further information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Vaisala Corporation
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Attachment
Vaisala Corporation
Stock exchange release
October 24, 2024, at 8:30 a.m. (EEST)
Vaisala’s financial information and Annual General Meeting in 2025
Vaisala Corporation will publish its Financial Statement Release, Half Year Financial Report and two Interim Reports during 2025 as follows:
- February 18, 2025: Financial Statement Release 2024
- April 24, 2025: Interim Report January–March 2025
- July 25, 2025: Half Year Financial Report 2025
- October 23, 2025: Interim Report January–September 2025
The Annual Report 2024 will be published at vaisala.com in the beginning of week 10.
Vaisala Corporation’s Annual General Meeting is scheduled for Tuesday, March 25, 2025. The Board of Directors of the company will convene the meeting.
More information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala
Press release
October 22, 2024
Vaisala seeks to remove greenwashing from carbon capture with a new measurement solution
Carbon capture, utilization and storage, or CCUS, is a field that has sparked a lot of public debate – and investments. Knowing exactly how much and what quality carbon has been captured is essential if CCUS is to become a viable addition to the toolset against climate change. Vaisala’s new MGP241 multigas probe offers always-on data at a third of the cost compared to measurement solutions most used in CCUS processes today.
Vaisala, a global leader in measurement technology, has today launched a new measurement product, MGP241, that measures CO₂ and humidity and is specifically designed to bring transparency to CCUS projects. Both governments and private companies need CCUS to reduce and offset carbon emissions if they are to meet their reported decarbonization targets. However, with current technology still not ready for widespread use, constant, and accurate measurement of captured carbon is vital to ensure its continued development.
“No one knows yet if CCUS will indeed grow to be a significant solution in our fight against climate change. The technology is still in its early stages. What we can solve now is how to make measuring these projects as transparent and efficient as possible to leave no room for guesswork or sugarcoating the results – our numbers don’t lie,” says Julia Salovaara, Strategy and Business Development Manager at Vaisala.
Critical industries depend on CCUS
CCUS has already seen some major investments. According to BloombergNEF, a record $6.4 billion was invested into CCUS technology in 2022, more than doubling from the year before and with the U.S. leading the way with 45% of the total investments. Yet, many projects are behind schedule or not producing their promised results.
The success of CCUS technology is especially critical for hard-to-abate industries like materials manufacturing, energy production, and the chemical industry. With high emissions and few other significant solutions beyond improving their energy efficiency, these industries experience increased pressures from regulators and the public to decarbonize their operations.
One especially crucial industry is the cement industry that alone emits 7% of global CO₂. Additionally, the global demand for cement is expected to increase 12–23% by 2050. One of the early success stories, Carbonaide, helps the cement industry utilize captured carbon dioxide in concrete manufacturing.
Through the carbonization process, Carbonaide’s technology reduces the amount of cement needed in concrete production. While the reduction of cement needed is remarkable, 20–100%, the process also creates a permanent storage for the carbon captured from an emission source.
Carbonaide partnered with Vaisala from the start to make sure they know exactly what is happening in each step of the process and, eventually, how much carbon is stored.
“Globally, Carbonaide's technology has the potential to store 500 megatons of CO₂ annually by 2050 in precast concrete products – roughly the same annual emissions of France and the UK combined. The investment case we offer our customers is entirely based on accurate measurements and transparency. With Vaisala, we can trust that the numbers we share with our partners are correct,” says Jonne Hirvonen, Chief Operating Officer at Carbonaide.
Transparent measuring at a significantly lower cost
MPG241 measures carbon dioxide and humidity in point source and direct air carbon capture processes, and in different carbon utilization and storage projects.
Unlike traditional gas analyzers, Vaisala’s MGP241 requires no expensive calibration gases, needs dramatically less maintenance, and promises a 10+ year lifespan in heavy-duty use. The compact size and in-situ design of the instrument has allowed for competitive pricing – around a third of the price of most common solutions in the market.
“Our new probe measures directly in the gas flow and shows test results in real time. This level of transparency and proof is essential for process optimization, building trust with stakeholders, and demonstrating genuine commitment to sustainability,” concludes Salovaara.
The MGP241 will be available for purchase starting today. For more information, please visit: vaisala.com/mgp241
###
More information for the media
Katri Koponen, Communications Manager, Vaisala
Tel. +358 50 586 0262
katri.koponen@vaisala.com
About Vaisala
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange.
Attachments
- Carbon capture facility at Carbonaide, Rasmus Stoltzenberg and Julia Salovaara in the picture
- Carbonaide helps the cement industry utilize captured carbon dioxide in concrete manufacturing.
- Direct air capture site in Iceland
- Julia Salovaara explains the features of MGP241
- Vaisala MGP241 for carbon dioxide measurements in carbon capture, utilization and storage processes
- Vaisala MGP241 for carbon dioxide measurements in carbon capture, utilization and storage processes
Vaisala Corporation
Press release
October 8, 2024, at 10:00 a.m. (EEST)
Vaisala's Interim Report January–September 2024 to be published on October 24, 2024
Vaisala Corporation will publish its Interim Report January–September 2024 on Thursday, October 24, 2024, at about 9:00 a.m. (Finnish time). The report will be available at vaisala.com/investors. The President and CEO's presentation will be published by 1:00 p.m. on the same day at vaisala.com/investors.
Audiocast and teleconference
An audiocast and a conference call for analysts, investors and media will be held in English on the same day starting at 1:00 p.m. (Finnish time).
You can participate in the live audiocast via following link: https://vaisala.videosync.fi/q3-2024
Questions may be presented by participating in the teleconference. You can access the teleconference by registering on the link below. After the registration, you will receive an email with the dial-in numbers and a conference ID. https://palvelu.flik.fi/teleconference/?id=50048553
A recording will be available at Vaisala.com/investors later the same day.
More information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala Corporation
Inside information
October 7, 2024, at 8:30 a.m. (EEST)
Inside information: Changes in the Vaisala Leadership Team
Vaisala announces changes in its leadership team to continue its strategy execution and growth as a global leader in measurement instruments and intelligence for climate action. The changes are valid as of January 2025.
Jarkko Sairanen, currently EVP Weather and Environment, has been appointed to lead the Industrial Measurements business area. After over a decade of successfully leading and significantly expanding the Industrial Measurements business, Sampsa Lahtinen, EVP Industrial Measurements, has decided to retire after this year.
The business leadership for Vaisala’s Weather and Environment business area will be divided between Anne Jalkala and Samuli Hänninen. Anne Jalkala, currently Chief Strategy and Sustainability Officer, has been appointed to lead the Weather, Energy and Environment business, which is the global leader in meteorology, aviation and roads winter maintenance and driving growth in renewable energy. To drive the strategic priority of building recurring revenue in data, Samuli Hänninen joins the Vaisala Leadership Team and continues to lead the Xweather business.
Vaisala’s financial reporting structure remains unchanged and is based on its two reporting segments Industrial Measurements and Weather and Environment. The Weather and Environment segment consists of the Weather, Energy and Environment business and the Xweather business.
Kai Öistämö, Vaisala’s President and CEO, comments on the changes:
"Sampsa Lahtinen has been instrumental in growing our Industrial Measurements business, which has more than tripled in size under his leadership. I want to give my warmest thanks to Sampsa for this great contribution and wish him all the best for the next chapters in life. Moreover, I am excited to see Jarkko Sairanen and Anne Jalkala take on their new roles, and welcome Samuli Hänninen to the Leadership Team. I look forward to continuing the growth of Vaisala together with the team and all our employees.”
As of January 2025, the Vaisala Leadership Team consists of:
- Kai Öistämö, President and CEO
- Girish Agarwal, Chief Digital and Information Officer
- Samuli Hänninen, EVP, Xweather
- Anne Jalkala, EVP, Weather, Energy and Environment
- Timo Leskinen, EVP, HR
- Heli Lindfors, Chief Financial Officer
- Vesa Pylvänäinen, EVP, Operations
- Jarkko Sairanen, EVP, Industrial Measurements
- Katriina Vainio, EVP, Group General Counsel
More information
For media:
Nina Eklund, Vice President, Communications and Brand
+358 40 6691 999
comms@vaisala.com
For investors:
Paula Liimatta, Head of Investor Relations
+358 9 8949 2020
ir@vaisala.com
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala
Press release
September 11, 2024
Vaisala acquires Speedwell Climate to help organizations mitigate weather-related financial risks
Vaisala expands its subscription-based business by acquiring Speedwell Climate Ltd, a leader in climate and environmental risk transfer. The acquisition enables Vaisala to enter the insurance segment with tools for organizations to protect themselves from financial losses caused by weather-related uncertainties.
Speedwell Climate provides data and software to structure, price, and settle index-based climate risk transfer contracts. The company serves various industries, such as insurance, investment funds, and renewable energy, with leading customers like the CME Group.
Through climate risk transfer contracts, organizations can move their weather-related risks to a parametric insurance provider. This way, they can receive compensation in case of certain environmental or weather-related triggers, such as storms, floods or heatwaves. Climate risk transfer is also vital for the energy transition as it protects renewable energy projects from financial risks due to the variable nature of wind and solar.
The acquisition strengthens Vaisala's position as a global leader in measurement instruments and intelligence for climate action. It aligns with the company's strategy to build recurring revenue in data, creating opportunities to broaden offerings and scale growth within existing and new customer segments.
"The combined skills and dataset of Speedwell Climate and Vaisala Xweather bring new opportunities to help customers mitigate and adapt to climate change. With weather becoming increasingly unpredictable, organizations need new tools to manage their risk position. We are very excited to welcome the skilled Speedwell Climate people to our team – together, we can turn weather anxiety into weather confidence,” says Samuli Hänninen, Head of Vaisala Xweather.
Founded in 1999, Speedwell Climate is headquartered in Harpenden, United Kingdom, with a subsidiary in the United States. The company has been growing profitably, reaching net sales of close to GBP 4 million in 2023. Following the acquisition, 24 professionals will transfer to Vaisala.
The acquisition of Speedwell Climate Ltd and its group companies is subject to regulatory approval and is expected to be closed in Q4 2024.
More information:
Media enquiries and interview requests:
Nina Eklund, Vice President, Communications and Brand
+358 40 6691 999
comms@vaisala.com
Investor enquiries:
Paula Liimatta, Head of Investor Relations
+358 9 8949 2020
ir@vaisala.com
About Vaisala
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange.
www.vaisala.com
Vaisala Corporation
Stock exchange release
September 9, 2024, at 10:00 a.m. (EEST)
Vaisala Corporation: Disclosure in compliance with Chapter 9, Section 10 of the Finnish Securities Markets Act (September 5, 2024)
Vaisala Corporation has on September 6, 2024, received a notification pursuant to Chapter 9, Section 10 of the Finnish Securities Markets Act from the Finnish Academy of Science and Letters.
According to the notification of the Finnish Academy of Science and Letters:
| % of shares and voting rights (total of 7.A) | % of shares and voting rights through financial instruments (total of 7.B) | Total of both in % (7.A + 7.B) | Total number of shares and voting rights of issuer | |
| Resulting situation on the date on which threshold was crossed or reached | 4.97% of shares 1.71% of votes | - | 4.97% of shares 1.71% of votes | 36,436,728 shares 105,628,572 votes |
| Position of previous notification (if applicable) | 5.05% of shares 1.74% of votes | 5.05% of shares 1.74% of votes |
| A: Shares and voting rights | ||||
| Class/type of shares ISIN code (if possible) | Number of shares and voting rights | % of shares and voting rights | ||
| Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | Direct (SMA 9:5) | Indirect (SMA 9:6 and 9:7) | |
| FI0009900682 | 1,811,303 shares 1,811,303 votes | - | 4.97% of shares 1.71% of votes | Click here to enter text. |
| SUBTOTAL A | 1,811,303 shares 1,811,303 votes | 4.97% of shares 1.71% of votes | ||
Vaisala Corporation’s share capital is divided into series K and series A shares. The total number of shares is 36,436,728 shares, of which 3,641,676 are series K shares and 32,795,052 series A shares. Series A shares are listed on the Nasdaq Helsinki Ltd. The series K shares and series A shares are differentiated by the fact that each series K share entitles its owner to 20 votes at a General Meeting of Shareholders while each series A share entitles its owner to 1 vote. The series A shares represented 90.01% of the total number of shares and 31.05% of the total votes. The series K shares represented 9.99% of the total number of shares and 68.95% of the total votes. The total amount of votes attached to all shares is 105,628,572. The total number of series A treasury shares is 152,149.
More information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala Corporation
Press release
September 2, 2024, at 1:00 p.m. (EEST)
Invitation to Vaisala’s Capital Markets Day 2024
Vaisala invites institutional investors and analysts to its Capital Markets Day on Monday, November 11, 2024, from 2:00 p.m. to 5.00 p.m. The event will take place at Studio Eliel in Sanomatalo, located at Töölönlahdenkatu 2, Helsinki. The event will also be broadcasted live.
At the event, Vaisala's executive management will present the company’s strategy, long-term financial targets, and other topical issues. The event will be held in English. Recordings and materials of all presentations will be available on Vaisala’s website after the event.
Participants can ask questions after each presentation and at the end of the event. We welcome questions both on location as well as through the live broadcast (in writing).
Those interested can also join a visit to Vaisala’s factory and the R&D center in Vantaa on the following day, Tuesday November 11, 2024, from 9:00 a.m. to 11:00 a.m. (address: Vanha Nurmijärventie 21, Vantaa).
To register for the event, please fill out the registration form by October 25, 2024. A detailed schedule will be sent to the registrants one week before the event. For more information about the event, please visit vaisala.com/investors.
Welcome!
More information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala
Press release
August 28, 2024
Vaisala to modernize 14 airports in Indonesia
Vaisala has been selected to provide a EUR 25 million project strengthening airport safety and weather resiliency in Indonesia. As an archipelagic country comprising of more than 17,000 islands, air travel is crucial for the mobility of both people and goods. Indonesia recorded more than 52 million domestic and seven million international passengers in 2022*.
Vaisala, a global leader in measurement technology, has today signed a contract with the Indonesian Agency for Meteorology, Climatology and Geophysics (BMKG), for airport weather systems and equipment to modernize 14 Indonesian airports. The contract’s value is approximately EUR 25 million, making it the largest ever aviation weather project for Vaisala. The order will be booked to Vaisala’s orders received once the financing agreement has been confirmed.
“Flight safety should not be a privilege. No matter where you live, you should be able to trust that your air travel is protected by modern automatic weather observation systems. This is especially true in Indonesia where the tropical climate brings in thunderstorms and other weather events that can severely affect the safety of the passengers and ground personnel alike,” says Jarkko Sairanen, Executive Vice President, Weather and Environment, Vaisala.
According to information by the U.S. International Trade Administration, Indonesia is the second-fastest growing aviation market in the world after China based on its aircraft purchases and trade value. Investing on airport infrastructure is necessary to cater for the rapid development of the aviation industry in Indonesia.
“After years of cooperation, this new contract with BMKG is a significant step for Vaisala’s growth in Indonesia. The order includes modern aviation weather technology, including our AviMet Automated Weather Observing System (AWOS) to eight airports, and a wind shear alert system, combining our X-band weather radars and wind lidars, to four airports. The project also includes the Finnish Meteorological Institute’s SILAM model that can be used for estimating movements of ash clouds from volcanic eruptions. As Indonesia is located on the Pacific Ring of Fire with estimated 80 active volcanos, this will be a significant addition to the safety of Indonesian aviation,” Sairanen concludes.
The project will be funded through the Finnish Public Sector Investment Facility (PIF), an instrument governed by Finnish Ministry for Foreign Affairs and applicable for projects that comply with the United Nations’ Sustainable Development Goals in developing countries. The project is estimated to run for three years and start in 2025 once the PIF loan agreement is completed and the Finnish Ministry of Foreign affairs has made the final approval for the funding.
* Records by the Indonesian Bureau of Statistics (BPS)
###
More information for the media
Katri Koponen, Communications Manager, Vaisala
Tel. +358 50 586 0262
katri.koponen@vaisala.com
About Vaisala
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange.
Attachments
Vaisala Corporation
Managers’ Transactions
August 23, 2024, at 10:15 a.m. (EEST)
Vaisala Corporation: Managers’ Transactions – Jalkala, Anne
____________________________________________
Person subject to the notification requirement
Name: Jalkala, Anne
Position: Other senior manager
Issuer: Vaisala Oyj
LEI: 743700RNDD7KU11HW873
Notification type: INITIAL NOTIFICATION
Reference number: 743700RNDD7KU11HW873_20240822085850_55
____________________________________________
Transaction date: 2024-08-21
Venue not applicable
Instrument type: SHARE
ISIN: FI0009900682
Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE
Transaction details
(1): Volume: 500 Unit price: 0.00 EUR
Aggregated transactions
(1): Volume: 500 Volume weighted average price: 0.00 EUR
More information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala Corporation
Stock exchange release
August 21, 2024, at 4:15 p.m. (EEST)
Vaisala Corporation’s conveyance of treasury shares in accordance with share-based incentive plan
A total of 500 of Vaisala Corporation's treasury shares have been conveyed without consideration to a person participating in the Restricted Share Unit Plan 2022–2026 under the terms and conditions of the plan. The directed share issue was based on an authorization given by the Annual General Meeting held on March 26, 2024.
Following this directed share issue, the number of series A treasury shares is 152,149.
Additional information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Vaisala Corporation Half Year Financial Report July 25, 2024, at 9:00 a.m. (EEST)
Vaisala Corporation Half Year Financial Report January–June 2024
Strong growth in Q2 orders received and net sales, operating result doubled
This release is a summary of Vaisala’s Half Year Financial Report January–June 2024. The complete report is attached to this release as a pdf file. It is also available on the company website at www.vaisala.com/investors.
Second quarter 2024 highlights
- Orders received EUR 147.2 (129.3) million, increase 14%
- Order book at the end of the period EUR 196.9 (167.4) million, increase 18%
- Net sales EUR 148.4 (130.8) million, increase 13%
- Operating result (EBIT) EUR 23.7 (11.9) million, 15.9 (9.1) % of net sales
- Earnings per share EUR 0.49 (0.22)
- Cash flow from operating activities EUR 7.7 (8.8) million
January–June 2024 highlights
- Orders received EUR 270.5 (261.3) million, increase 4%
- Net sales EUR 260.5 (262.6) million, decrease 1%
- Operating result (EBIT) EUR 30.8 (25.2) million, 11.8 (9.6) % of net sales
- Earnings per share EUR 0.64 (0.49)
- Cash flow from operating activities EUR 24.8 (35.7) million
Business outlook for 2024 – estimate ranges specified
Vaisala estimates that its full-year 2024 net sales will be in the range of EUR 540–570 million and its operating result (EBIT) will be in the range of EUR 68–78 million.
Earlier Vaisala estimated that its full-year 2024 net sales would be in the range of EUR 530–570 million and its operating result (EBIT) would be in the range of EUR 63–78 million.
Market outlook for 2024
Markets for high-end industrial instruments and life science slowed down significantly during Q2/2023 and remained on a lower level for the rest of the year. Markets remained flat in H1/2024 and are expected to start improving during H2/2024. Markets for power and energy, and liquid measurements markets are expected to grow.
Markets for the more mature markets, meteorology, aviation, and roads, are expected to be stable. Market for renewable energy is expected to grow.
Key figures
| MEUR | 4-6/2024 | 4-6/2023 | Change | 1-6/2024 | 1-6/2023 | Change | 1-12/2023 |
| Orders received | 147.2 | 129.3 | 14% | 270.5 | 261.3 | 4% | 528.1 |
| Order book | 196.9 | 167.4 | 18% | 196.9 | 167.4 | 18% | 172.5 |
| Net sales | 148.4 | 130.8 | 13% | 260.5 | 262.6 | -1% | 540.4 |
| Gross profit | 84.6 | 72.1 | 17% | 145.3 | 146.0 | 0% | 301.7 |
| Gross margin, % | 57.0 | 55.1 | 55.8 | 55.6 | 55.8 | ||
| Operating expenses | 61.2 | 60.4 | 1% | 114.8 | 121.1 | -5% | 235.9 |
| Operating result | 23.7 | 11.9 | 30.8 | 25.2 | 66.6 | ||
| Operating result, % | 15.9 | 9.1 | 11.8 | 9.6 | 12.3 | ||
| Result before taxes | 23.2 | 10.5 | 29.8 | 22.9 | 63.1 | ||
| Result for the period | 17.9 | 8.0 | 23.1 | 17.6 | 48.9 | ||
| Earnings per share | 0.49 | 0.22 | 124% | 0.64 | 0.49 | 31% | 1.35 |
| Return on equity, % | 17.4 | 14.5 | 18.9 | ||||
| Research and development costs | 17.9 | 18.1 | -1% | 34.3 | 36.0 | -5% | 67.7 |
| Capital expenditure | 4.9 | 3.6 | 34% | 6.9 | 6.7 | 2% | 13.9 |
| Depreciation, amortization, and impairment | 5.8 | 6.1 | -4% | 11.5 | 12.0 | -4% | 24.3 |
| Cash flow from operating activities | 7.7 | 8.8 | -13% | 24.8 | 35.7 | -31% | 83.8 |
| Cash and cash equivalents | 65.2 | 51.2 | 27% | 90.3 | |||
| Interest-bearing liabilities | 45.9 | 62.9 | -27% | 62.1 | |||
| Gearing, % | -7.3 | 4.9 | -10.5 |
President and CEO Kai Öistämö
“Vaisala had a strong second quarter and both our business areas performed well after the slow start of the year. We continued executing our strategy with sustained profitability improvement in the established weather business and continued growth in subscription sales as well as in services sales. Compared to the previous year, our Q2 orders received grew by 14% and net sales by 13%. The quarter ended with a new record-high order book of EUR 197 million. Moreover, our Q2 operating result more than doubled compared to the previous year, reflecting the strong growth in net sales, improved gross margin, and successful cost consciousness.
After challenging 12 months, Industrial Measurements business area was back on growth. Q2 orders received grew by 8% and net sales by 7%. In the life science market segment, orders received were at previous year’s level, while orders in all other market segments grew. Net sales continued to grow very strongly in the power and energy market segment. We saw very strong growth also in the business area’s service sales, resulting from systematic sales efforts and growing the installed base of our equipment. The gross margin and operating result margin returned to a good level, operating result margin again exceeding 20%.
For Weather and Environment business area, Q2 was very strong in all aspects. Both orders received and net sales grew by 18%. Orders received grew especially in the aviation and meteorology market segments, and net sales grew in all market segments. Net sales growth was mainly driven by large orders received during the past quarters and high project sales during the quarter. The subscription sales business continued to grow at a very strong growth rate of 16%. The operating result more than doubled compared to previous year and was 12.2% of net sales.
In June, our new Chief Digital and Information Officer Girish Agarwal joined the company. Girish brings strong expertise in advanced AI, IT, and digitalization, which are key areas for our future success. He succeeds Olli Nastamo, who retires after a long and successful career. I want to thank Olli for his contributions and warmly welcome Girish to our team.
Looking forward, our view on the full year 2024 remains unchanged, but after H1 solid performance, we have narrowed our estimate ranges for the full-year net sales and operating result. We anticipate that the business environment remains uncertain, and we need to continue to pace our investments accordingly. However, we continue to anticipate that our performance in the second half of the year will be stronger than in the first half. We now estimate that our full-year 2024 net sales will be in the range of EUR 540–570 million and operating result (EBIT) in the range of EUR 68–78 million.”
Audiocast and teleconference
An audiocast and a conference call for analysts, investors and media will be held in English on Thursday 25, 2024, starting at 1:30 p.m. (Finnish time).
You can participate in the live audiocast via following link: https://vaisala.videosync.fi/q2-2024/register
Questions may be presented by participating in the teleconference. You can access the teleconference by registering on the link below. After the registration, you will receive an email with the dial-in numbers and a conference ID.
https://palvelu.flik.fi/teleconference/?id=50048552
A recording will be available at Vaisala.com/investors later the same day.
Further information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Vaisala Corporation
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com
Attachment
| VAISALA CORPORATION | STOCK EXCHANGE RELEASE 24.7.2024 | |
| Vaisala Corporation: Share Repurchase 24.7.2024 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 24.7.2024 | |
| Bourse trade | Buy | |
| Share | VAIAS | |
| Amount | 1 300 | Shares |
| Average price/ share | 39,8615 | EUR |
| Total cost | 51 819,95 | EUR |
| Vaisala Corporation now holds a total of 152 649 shares | ||
| including the shares repurchased on 24.7.2024 | ||
| On behalf of Vaisala Corporation | ||
| Nordea Bank Oyj | ||
| Janne Sarvikivi | Sami Huttunen | |
| Additional information | ||
| Paula Liimatta | ||
| tel +358 9 8949 2020, | ||
| ir@vaisala.com | ||
| www.vaisala.com | ||
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange.vaisala.com
Attachment
| VAISALA CORPORATION | STOCK EXCHANGE RELEASE 23.7.2024 | |
| Vaisala Corporation: Share Repurchase 23.7.2024 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 23.7.2024 | |
| Bourse trade | Buy | |
| Share | VAIAS | |
| Amount | 1 350 | Shares |
| Average price/ share | 39,5740 | EUR |
| Total cost | 53 424,90 | EUR |
| Vaisala Corporation now holds a total of 151 349 shares | ||
| including the shares repurchased on 23.7.2024 | ||
| On behalf of Vaisala Corporation | ||
| Nordea Bank Oyj | ||
| Janne Sarvikivi | Sami Huttunen | |
| Additional information | ||
| Paula Liimatta | ||
| tel +358 9 8949 2020, | ||
| ir@vaisala.com | ||
| www.vaisala.com | ||
Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange.vaisala.com
Attachment
| VAISALA CORPORATION | STOCK EXCHANGE RELEASE 16.7.2024 | |
| Vaisala Corporation: Share Repurchase 16.7.2024 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 16.7.2024 | |
| Bourse trade | Buy | |
| Share | VAIAS | |
| Amount | 1,400 | Shares |
| Average price/ share | 39.9922 | EUR |
| Total cost | 55,989.08 | EUR |
| Vaisala Corporation now holds a total of 149 999 shares | ||
| including the shares repurchased on 16.7.2024 | ||
| On behalf of Vaisala Corporation | ||
| Nordea Bank Oyj | ||
| Janne Sarvikivi | Sami Huttunen | |
| Additional information | ||
| Paula Liimatta | ||
| tel +358 9 8949 2020, | ||
| ir@vaisala.com | ||
| www.vaisala.com | ||
Attachment
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Investor | 31.12.2023 | 8% | 23.8% |
| Fidelity International | 31.12.2023 | 6.1% | 3.6% |
| Cevian Capital | 31.12.2023 | 4.6% | 2.7% |
| BlackRock Institutional Trust Company | 31.12.2023 | 4.1% | 2.4% |
| Swedbank Robur Fonder AB | 31.12.2023 | 3.2% | 1.9% |
| Vanguard Group | 31.12.2023 | 2.9% | 1.9% |
| AB Industrivärden | 31.12.2023 | 2.6% | 15.1% |
| AMF Pensionsförsäkring AB | 31.12.2023 | 2.1% | 4.5% |
| PRIMECAP Management Company | 31.12.2023 | 1.6% | 1% |
| AFA Försäkring AB | 31.12.2023 | 0.5% | 2.1% |
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Company Facts
Guidance
Vaisala estimates that its full-year 2024 net sales will be in the range of EUR 540–570 million and its operating result (EBIT) will be in the range of EUR 68–78 million.
Financial targets
Average sales growth 7%
Systematically improving EBITA %
Maintain strong cash conversion over time
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