Outlook

The outlook published on February 13, 2018 is reiterated. Full-year 2018 capital expenditure estimate has been specified.

Market outlook

Demand for Ahlstrom-Munksjö’s fiber-based products is expected to remain stable at the current good level for most of the product segments and to reflect the seasonal pattern. Selling price increases will continue to be implemented to mitigate cost inflation in raw materials.

EBITDA

Comparable EBITDA in 2018 is expected to be approximately at the previous year’s level (pro forma EUR 290.4 million), or slightly below. In the first-half of 2018, comparable EBITDA is expected to be lower than in the comparison period and to gain momentum in the second half of the year.

Capital expenditure

The cash flow effect of current capital expenditure of fixed assets as well as strategic investments is expected to be approximately EUR 120 million in 2018 (EUR 89.7 million in 2017).

Updated: April 24, 2018.

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