Siili is shaping itself to benefit from the structural market change over time. However, currently the market (and Siili) is amid the change and before customers start to adopt AI solutions at an accelerated pace, growth looks hard to reach as the hour-based pure-play code creation is being disrupted. We input broadly flat sales for 2026E and take down EBITA by 21%. Fair value range fine-tuned to EUR 7-9 (7-10).
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