Tommi and Antti have prepared a new company report after H2. 
EcoUp’s financial statement release confirmed our confidence in earnings growth and the Insulation Business’s competitiveness, as the company continued to grow in a challenging market. The main lines of the report and the guidance were in line with our expectations, so forecast changes remained minor. The earnings growth we forecast for the Insulation Business, despite the share price increase, still makes the return/risk ratio attractive according to our assessment, so we reiterate our Add recommendation for EcoUp and raise our target price to 2.60 euros (previously 2.00 euros).
Quoted from the report:
In the Technology Business, which is in the development phase, EcoUp made its first commercial product deliveries during the past financial year, but the revenue from these deliveries remained small according to our estimate. EcoUp’s target state in the Technology Business is to transition to deliveries of the company’s developed grinding line (Waste-X) by 2026, whereas the deliveries made during the past financial year were Cubeco elements produced on the line.