Hardworking night owl Joni has completed Siili’s company report late at night with the attitude: ora et labora 
He prepared the report regarding the technical downward EBITA guidance.
Siili lowered its adjusted EBITA guidance for 2025 last week, which was, however, only a slight disappointment, as the main reason for the decrease was technical. However, the company kept its revenue guidance unchanged, which is particularly positive. It is important that the decline in revenue is reversed, which will allow efficiency measures to yield better results. The stock’s risk-reward ratio is attractive (2026e EV/EBITA and P/E 6x and 9x). We reiterate our ‘add’ recommendation and lower the target price to 5.2 euros (previously 5.5) reflecting the forecast changes.