Here is the company report from Atte right after Consti’s Q4 results. 
Consti’s Q4 result was in line with our expectations, although the guidance for the current year was slightly softer than we had predicted. We have further raised our revenue growth forecasts for the coming years slightly due to the significant scale of the Government Palace project. On the other hand, we have slightly lowered our relative profitability forecast as the company’s project portfolio will be more heavily weighted toward limited-risk alliance projects in the future. Following the recent share price rise, in our view, the most significant upside potential has been exhausted in the short term. We maintain our target price at EUR 12.5 and our recommendation at Reduce.
Quoted from the report:
New orders and order backlog on the decline, but the pipeline still has volume
The volume of Consti’s new orders fell to EUR 41 million in Q4, which is a clear decrease from EUR 67 million in the comparison period. The company has continued its disciplined bidding activities; furthermore, the competitive situation in the market remains tight. Due to the tight competition, the company has continued to invest in bidding and negotiation activities. The order backlog decreased to EUR 208 million at the end of Q4 (end of Q4’24: EUR 240.1 million), which is 13.3% below the comparison period. It should be noted, however, that the company will record the renovation portion of the Government Palace project, approximately EUR 112 million, in the order backlog for the first quarter of the current year.