Here is the company report on Bioretec for Q2 from Antti 
Bioretec’s revenue for the beginning of the year continued its positive trend compared to the comparison period, but profitability fell short of our forecasts. However, growth leveled off in Q2 compared to the previous quarter. Geographically, the strongest performance was seen in the United States (+134% vs Q2’25). The profitability shortfall relative to our estimates was due to costs from the sales representative model, which grew more than we expected. Regarding our forecasts, we left our revenue estimates unchanged, but lowered our earnings estimates as a result of higher costs. Following these forecast revisions, we are adjusting our target price to 0.024 euros (previously €0.026). After the share price increase and the forecast revisions, the risk-reward ratio remains unsatisfactory in our view, so we are downgrading our recommendation to “Reduce” (previously “Accumulate”).