Ahead of Suominen's Q4 report, we maintain our estimates intact. Under the new CEO, the company has accelerated its cost-savings programme and aims to reach majority of targeted EUR 10m run-rate savings by the end of 2025. With the new COO on board, we expect further cost saving actions in 2026. In addition to tight scrutiny on cost base, we view operating rates as a key focus area for 2026. European market has been clearly oversupplied while the situation is to our understanding better in US. While end markets are growing, we expect continued weakness in consumer confidence and demand to maintain market conditions challenging, especially in Europe. We expect new financial targets and strategy to be released during H1 2026. We note the company is currently tracking well below 12% targeted EBITDA margin level and expect it to be lowered for the next strategy period.
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