Here are Antti’s comments on an unsurprising Q4 
Orion’s Q4 report and the full financial year were strong, even though the end of the year fell slightly short of market expectations. The quarter was characterized by a 180 MEUR milestone payment, adjusted for which the result improved by 59%. The report offered no major surprises or news, and forecast changes remain minimal. The dividend proposal of 1.80 euros (2024: 1.64) met our expectations, and the strong outlook for 2026 was already known before the report. We reiterate our target price of 75 euros and our Accumulate recommendation.