Share buybacks make an illiquid stock even more illiquid. And that would be fine if there were the growth and profitability that have been set as long-term financial targets.
But sensing the guidance, 2026 is becoming the 4th year out of five where long-term financial targets are missed (even 2023 was only exceeded through acquisitions: “growth adjusted for the impact of acquisitions was 5%”), so it feels like share buybacks provide about as much warmth at this point as peeing your pants in freezing weather.
At least with dividends, you can buy some growth company 
Is Inderes’ long term presumably somewhere in the 2080s?
In general, I find this annually increasing absolute distribution policy puzzling. We are now in a situation where the distribution exceeds free cash flow. And at the same time, it is stated: “we are preparing to significantly increase investments in the software business due to the opportunities we see in the market.” Positive, yes, but if growth remains at an anaemic level this year too, increasing the distribution is not on a healthy foundation.
Why try to be everything to everyone?
I suggest a flexible annual distribution (based on free cash flow) instead.
P.S.
I remember when in some older Inderes videos or podcasts, they were laughing tongue-in-cheek at Finnish companies that explained away weak performances year after year with weather conditions etc., and instead of growth investments, they mostly just grew the distribution. Now, listening to these explanations about the weak IPO market and cultural differences in Sweden and such, while the distribution grows, one can only chuckle to oneself.