Our friend Pauli’s preliminary comments as Merus publishes its H2 report on Thursday. 
We expect strong growth and profitability figures from the company for H2, even though the situation for the full year 2024 is weaker due to a difficult and also seasonally smaller H1. The starting points for 2025 are strong in terms of order backlog. In our view, the company now has an opportunity to demonstrate the attractiveness of its energy storage business and significantly improve profitability, for which the guidance provided in connection with the report should offer direction.