Here is the company pre-report from Kaisa and Juha on Aspocomp, which will release its 2025 financial statement report on Wednesday, February 25. 
Aspocomp will publish its 2025 financial statement report on Wednesday, February 25. In light of the preliminary information provided by the company yesterday, the Q4 result fell short of our expectations, but the majority of this is explained by temporary factors. In terms of earnings, 2025 remained somewhat lackluster for the company, but we expect a clear earnings improvement for the current year. In the short term, however, the share remains expensive (2026e: P/E ~14x), and the earnings growth we forecast for the coming years is partly overshadowed by the digestion of valuation multiples. Consequently, we reiterate our Reduce recommendation and EUR 5.0 target price for Aspocomp.