Here is the company report from Pauli following the results 
The H1 report fell short of expectations in terms of headline figures, as equipment sales suffered from weak demand, which was partly due to temporary factors. The company sees signs of a turnaround in demand, for instance, as demand in the forest industry picked up at the end of the summer, and on the other hand, the sales pipeline for system sales has more than doubled. We estimate that there is still uncertainty regarding earnings development for the remainder of the year, but earnings should recover by 2027, supported by the efficiency measures implemented by the company and strengthening revenue. Valuation based on this year’s earnings is expensive (EV/EBIT 15x), while based on next year’s forecasts, it is relatively affordable (10x). However, relying on next year’s forecasts is still somewhat risky until there is evidence of a revenue recovery in the form of order growth. We reiterate our “reduce” recommendation and lower our target price to 4.5 euros (previously €5.0) following forecast adjustments.