Here are comments from Joni regarding Netum’s latest news. 
This morning, Netum published its refined strategy and new financial targets for 2027–2029. There were no major changes to the strategic focus areas; instead, the company continues to build on its familiar areas of strength. Regarding the financial targets, the profitability target was lowered only slightly, and in our view, the growth target remained surprisingly high. Given the company’s current extremely difficult situation and the loss-making result for the current year, the new targets appear quite distant at this moment. The release does not warrant any changes to our estimates, as our focus remains firmly on the company’s very important short-term turnaround. As expected, the company also announced new cost-saving measures this morning, and our commentary on that can be read here.
In a press release published on Monday morning, Netum announced that it is restructuring its organization and targeting annual cost savings of EUR 1.4–1.8 million. We consider the announced measures to be entirely necessary and expected in light of the company’s profit warning in September and the sharply declined revenue. In our view, the company’s cost structure has been far too heavy relative to its current volume, making the streamlining of administration and management the right remedy for the situation. The news does not cause changes to our forecasts, as we had already anticipated substantial cost savings. In our view, the primary priority now is to curb the decline in revenue to break out of the continuous efficiency-seeking cycle. This morning, Netum also released its refined strategy and new financial targets for 2027–2029, and our comment on that can be read here.