Verkkis is holding a Capital Markets Day (CMD) today at 1:00 PM, where they will discuss the strategy and the updated fixed cost ratio target. Otherwise, the financial targets (growth >5%, EBIT % >5%, and dividend 60-80%) remained unchanged.
In practice, the removal of that “under 10%” fixed cost ratio target means, in my interpretation, that the company believes the gross margin % (2025: 17.1%) will be a larger profitability driver in 2026-28. Otherwise, that cost ratio would have been kept as is. This does not, however, change the fact that reaching the 5% profitability target also requires an improvement in fixed cost efficiency towards 10% of revenue (2025: 13.3% of revenue).