Updated analysis here: Panostaja Q1'26: Tasaisen harmaa suoritus - Inderes
I reasoned the decrease in Grano’s net debt in the report as follows: “Grano’s net debt unexpectedly decreased by EUR 2 million from the end of the year despite the loss-making result. No clear reason for this was provided in the review, but we estimate it was driven by changes in IFRS 16 liabilities as office space was reduced to correspond with the decreased headcount.”
In Oscar, on the other hand, net debt rose by approximately EUR 1.5 million; this was due to dividend payments to Panostaja and a new lease agreement, which increased the IFRS 16 debt.
Regarding CoreHW, it could be a matter of the timing of customer pilot payments.