Raute achieved an EBITDA margin of 15.8% in Q4’25, which it may not be able to produce again in the short-term as its revenue looks set to decline at least some more in FY’26. The EUR 5.7m comparable EBITDA topped our estimate despite revenue being significantly lower than we estimated, however the EUR 25m order intake was softer than we expected. Raute’s FY’26 revenue and comparable EBITDA are to decline, as expected, although the decline could still be steeper than we previously estimated.
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