Here is a company report from Ate after the profit warning. 
Honkarakenne lowered its 2025 guidance for revenue and operating profit last week. The reason for the decrease was timing factors, as export deliveries previously planned for December are shifting to next year due to the prolongation of customer permit and financing conditions. We have lowered our current year forecasts due to the profit warning. However, the shift of higher-margin export deliveries to next year and the company’s efficiency measures support our forecast for next year’s earnings turnaround. With our forecasts, the 2026-2027 EV/EBIT multiple settles at approximately 8x, which falls within our acceptable valuation range (7–9x). Pricing thus appears neutral, and we do not yet see the return expectation as attractive, considering the uncertainties related to the turnaround. We reiterate our target price of 2.7 euros and our “reduce” recommendation.