This is certainly an essential point, especially since a few years ago Teleste had to finance inventory growth with debt while interest rates were rising. Now, the situation has reversed; working capital has been clearly released, and at the same time, indebtedness has decreased. Our current forecast model still assumes that net financing costs will decrease for the coming years compared to the 2024 level. Regarding 2025, the high figure is somewhat misleading because Teleste reports, among other things, unrealized foreign exchange losses caused by fluctuations in the dollar under financing costs, and the impact of these large dollar movements from last year is significant. We will recalibrate the financing cost assumptions based on the latest information when the financial statements are released. Overall, financing costs of just over a million euros are starting to be relatively small on Teleste’s scale; if there were a change of a few hundred thousand in either direction to the forecasts, it wouldn’t significantly alter the EPS or the P/E ratio anymore.
