Redeye considers Binero’s H2’25 results to be on the soft side of our expectations. During the second half of 2025, Binero has been active in restructuring activities, scaling up its Norwegian business further while winding down less scalable operations as the Redbridge consultancy business, to streamline the company. The restructuring weighs on near-term financials, and we expect to make mixed estimate changes with a limited impact on our valuation range. We find the changes sound and see a strengthened outlook ahead, supporting our long-term positive view.
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