EcoUp’s directed share issue is proceeding according to previous plans. We commented on the issue in connection with the previous announcement here. 
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Here are Tommi’s comments on EcoUp’s share issue and its completion. 
EcoUp announced yesterday that it has carried out the directed share issue it announced in December. The issue was fully subscribed, and the company raised gross proceeds of approximately 3 MEUR. The arrangement strengthens the company’s balance sheet and enables the continuation of growth investments in line with the strategy, but at the same time causes significant dilution for existing shareholders. We will update our view on the stock in the coming days, taking into account the new number of shares and the strengthened cash position. We previously commented on the share issue plans here.
Here is a new company report on EcoUp from Tommi after the share issue.
EcoUp updated its financial targets in December and carried out a directed share issue in January. We added the share issue to our forecasts, and in addition, we lowered our forecasts for the coming years as the market developed more softly than expected and after reviewing our assumptions regarding the progress of the Swedish subsidiary’s profitability turnaround. Support for the valuation must be sought from 2028, and looking at that year, the stock’s upside potential is not sufficient to cover our required rate of return. Following the forecast changes, we lower our target price to EUR 1.4 and reiterate our Reduce recommendation.
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Here are some initial thoughts on the cooperation with Rakennusbetoni- ja Elementti Oy announced by EcoUp today.
Additionally, I touched on market developments from EcoUp’s perspective in yesterday’s construction sector market review. The market for new construction of single-family houses seems to have stopped its plunge, but on the other hand, signs of a turnaround are scarce.
The business cycle review from the Single-family House Industry (Pientaloteollisuus PTT) from late January told the same story. The order backlog of the association’s member companies was 4% lower than a year ago.
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Here are Tommi’s pre-result comments as EcoUp releases its results on Thursday, Feb 26.
EcoUp will publish its 2025 financial statement bulletin on Thursday, February 26, 2026, and the company’s results presentation can be followed here at 3:00 PM. We expect the company’s revenue and EBITDA for the end of the year to have decreased from the comparison period, primarily as a result of corporate restructurings. In the report, our focus will be particularly on comments regarding the 2026 outlook and the progress of the Insulation business in the Swedish market.
Tommi interviewed EcoUp’s new CEO Pauli Anttila
Topics:
00:00 Introduction
00:10 Operational performance
02:57 Market development
04:30 Transition to the CEO role
07:25 Background of the directed share issue
09:55 Market outlook
12:03 Assumptions behind the guidance
13:28 Refinements to the strategy
14:46 Changes to financial targets
16:04 Technology business
18:15 Partnerships and collaboration
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Tommi has released a new company report on EcoUp following the H2 results.
EcoUp’s financial statement release was overall slightly weaker than our already low expectations. Guidance indicates that the Technology business revenue will remain largely at the starting blocks in the current financial year, and profitability for the review period was also softer than we expected. Reflecting these factors, our short-term earnings forecasts were lowered, making the overall valuation look stretched. In light of the forecast changes, we lower our target price to EUR 1.3 (previously EUR 1.4) and reiterate our Reduce recommendation.