Siltanen has been working hard on Sunday evening to complete a new company report on Bioretec following the Q4 results. 
Bioretec’s end of the year fell short of our forecasts. During 2025, the company has been rebuilding its commercial foundation and is striving to restore dented investor confidence. To finance its growth strategy, the company announced it is considering a EUR 15 million rights issue, which was negatively received by the market. We are incorporating our estimate of the upcoming offering into our forecasts, which significantly increases the share count. Following the sharp drop in the share price, we see the stock’s risk-reward ratio as having turned cautiously attractive despite high commercialization and financing risks. We upgrade our recommendation to Accumulate (prev. Reduce) and lower our target price to EUR 0.32 (prev. 0.6).