Here is a pre-earnings report from Atte as SRV releases its results on Wednesday, February 11. 
SRV will report its 2025 financial statement bulletin on Wednesday, February 11. The company’s Q4 performed stronger than our expectations, and SRV issued a positive profit warning regarding its 2025 revenue and earnings as projects progressed faster than anticipated. Despite the stronger performance at the end of the year, the outlook for 2026 remains challenging. With the earnings level in our forecasts remaining at a moderate level for the current year, the stock’s valuation is at a demanding level. In 2027, the valuation will decrease to a more neutral level according to our forecasts (EV/EBIT 11x, P/E 12x). However, the forecasts involve significant uncertainty related to the timing of the market turnaround and, on the other hand, the company’s ability to capitalize on it. Thus, the risk/reward ratio of the stock remains weak in our view. We maintain our target price at 5.0 euros and our recommendation at Reduce.