Here are Juha’s comments regarding Administer’s Q4 results this morning. 
Administer’s Q4 results, published this morning, clearly fell short of our expectations, partly due to one-off items. Revenue developed roughly in line with our expectations, but operational profitability remained weak, and the result also included one-off impairments. The dividend proposal of 0.05 euros per share was a slight disappointment given the results. The guidance provided for 2025 was mostly in line with our expectations, but we preliminarily see downward pressure on our profitability and earnings forecasts. The market outlook was as cautious as expected. Overall, our initial reaction to the financial statement release is negative, but a more detailed analysis requires time.