Here is Atte’s preview report on Tekova, which will release its Q4 results on Thursday, February 12th. 
In the report, we are particularly focused on the guidance provided for 2026, as we expect volume development to level off after an exceptionally strong growth year in 2025. In our view, turning Tekova’s revenue towards more distinct growth this year would require further significant project wins, such as last year’s data center project or the recently announced 17 MEUR self-developed project. Additionally, we are looking for evidence from the results and guidance that the company is able to maintain its earnings performance despite the significant growth in the scale of the business. On the other hand, in our forecasts, relative profitability this year will be supported by the completion of self-developed projects. We reiterate our target price of EUR 1.65 and Accumulate recommendation.