Joni has prepared a company report on Netum, which has been facing some difficulties and will release its Q3 results at the beginning of November. 
We estimate that the company’s Q3 was under pressure due to the challenging demand situation and price pressure in the market. Additionally, Netum, as expected, already announced a second round of change negotiations for the current year, and we slightly lowered our forecasts. Unfortunately, there is no significant positive turnaround in sight in the market, which makes crucial new sales challenging and creates uncertainty for an earnings turnaround. The risk-reward ratio is therefore challenging (2025-26e EV/EBITA ~9.5x). We reiterate our Reduce recommendation for Netum’s stock and lower the target price to 1.4 euros (previously 1.8 €) reflecting the forecast changes.