Siili's Q4 came in broadly in line with our expectations with small beat on EBITA line. The guidance mid-points suggest 6% growth for 2025E and EBITA margin of 5.2% (4.8% in 2024). Our current 2025 EBITA estimate is somewhat above the EBITA guidance mid-point. Flat q/q headcount indicates that worst is behind in terms of demand momentum. Summing up, no major surprises in Q4 report and we think 2025E growth will be tilted toward H2.
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