Here is a company report on EcoUp from Tommi following Q1 ![]()
EcoUp’s Q1’26 report fell short of our expectations as profitability lagged behind our forecast, pressured by low production volumes, production issues, and high electricity prices. The company appears to have largely resolved the profitability burdens, so we made no changes to our forecasts in this regard. In the short term, the conflict in the Middle East keeps forecast risks elevated, and the upside potential for the share targeting 2028 is not enough to make the risk-reward ratio attractive. Reflecting this overall picture, we reiterate our Reduce rating and target price of EUR 1.00.