Here are Antti’s comments on Koskisen’s Q4 report. 
Koskisen’s Q4 results reported this morning were mixed. Koskisen grew by 30% in line with forecasts, thanks to the acquisition of Iisveden Metsä and volume growth in Sawn Timber, but profitability fell clearly short of expectations. The results were particularly weighed down by high wood costs in Sawn Timber and seasonally lower sawn timber prices. The guidance for 2026 was also more cautious than market expectations regarding profitability. The dividend proposal rose 17% from the comparison period to EUR 0.14 per share, but both our and the consensus forecasts had expected a larger increase. According to our preliminary assessment, at least Koskisen’s consensus forecasts are subject to downward revision pressure for this year, driven by the Q4 profitability and the guidance.