I actually checked this, and indeed, US tariffs did reduce profitability in H2 2025—Optomed itself explicitly states in its annual report: “US import tariffs began to affect gross margins in the second half of the year.” Before the tariffs impacted profitability, the Devices segment’s gross margin was still at 58% in H1 2025. Therefore, I think it’s clear that the margin on Capex sales in H2 2025 was noticeably lower than normal, making it a worse-than-usual basis for deriving today’s margins.
I’d still love to hear from @Juha_Kinnunen if you have the time to comment/reply on this in the coming days, thanks! And apologies if I’m fishing for overly specific answers—I just want to know if there are certain points behind your assumptions that I might not be factoring in 