There was no CEO interview, but we did speak with management. It was indicated that from those over 10 active discussions, it is assumed that one significant customer account would materialize (or many small ones that together make one significant). Since this was also linked to the guidance, apparently one is expected to generate reasonable revenue for 2026 as well. Compared to last year’s pace, the prevailing activity level, and the competitive landscape, this still feels cautious to me, but I certainly understand the company’s situation. If there weren’t significant orders for 2026 yet, they would have to explain it – and no one knows exactly when decisions are made and how quickly they proceed to actual orders / deliveries.
In addition, those discretionary depreciations/amortizations are expected to continue in the coming years related to the Indra revenue streams, which weighs on their profitability in the income statement. The scale of these was not disclosed, but a huge jump was already seen in the D&S segment in Q4. I assume these are in proportion to the revenue brought in by Indra, which would naturally mean continued large growth in depreciations in 2026, and our forecasts did not include such leaps.
There indeed was no CEO interview. I wouldn’t have been able to make it anyway, as I’m still sick, but it wasn’t scheduled in the first place. Those previous quarters / CMD have been exceptions.