And here are Christoffer’s more comprehensive comments in the form of a company report. 
NYAB’s Q4 revenue was in line with our forecast, while the operating profit exceeded our expectations. According to comments from the company’s management, the utilization rate of the expanded workforce has normalized faster than we expected. Looking ahead to 2026, we expect growth to moderate from the very high levels of 2025, as NYAB faces tougher comparison figures as well as a sequentially declining, albeit still high, order backlog and a book-to-bill ratio that remained below 1x in Q4. However, we see good conditions for profitability improvement as the expanded workforce is further integrated into the project portfolio. The broader market outlook remains mixed, with continued strength in Sweden contrasting with ongoing caution in Finland. At the same time, we believe that recent large contract wins provide strong visibility into our 2026 revenue forecasts. Following the Q4 report, we have slightly raised our near-term margin assumptions while keeping our revenue forecasts unchanged. We maintain our buy rating and raise our target price to 8.0 SEK (from 7.9 SEK) following the increased earnings forecasts.