Siili was able to hit our EBITA estimate in Q2 despite a relatively clear (-6%) miss at the top line. At first glance the sales miss owes to international operations, where we believe the tough automotive market has impacted the performance. To shape the organisation to AI-driven growth the company also is starting another restructuring round, targeting EUR >4m savings. Guidance remains unchanged, and based on Q2 we look now low-end of the range.
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