Here is a new company report on Eltel from Christoffer following the Q4 results. 
Eltel ended 2025 strongly, as Q4 revenue was 4% higher than our forecasts and profitability continued to improve year-on-year for the tenth consecutive quarter. Importantly, Norway continued its return to profitability for the second consecutive quarter, which is crucial for the entire turnaround story. We believe that the continuous development of new business areas (11% of FY2025 revenue vs. 4% last year), combined with demonstrated operational and commercial improvements, supports the improvement in profitability. Management expressed confidence in achieving the 5% adjusted EBITA margin target within 12–18 months, providing a timeline for the first time since its withdrawal in Q3’24. While this is encouraging, we remain more cautious and believe the burden of proof is on Eltel to show that this is achievable. However, we are raising our 2026-27e revenue forecasts by 1–2%, primarily reflecting stronger performance in Sweden, while keeping our profitability forecasts largely unchanged.