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Solwers published a profit warning on Saturday 1 February, stating that Q4 2024 EBIT is close to zero compared to EUR 1.5m a year ago and our estimate of EUR 1.2m. The EBIT for 2024 will thus be ~EUR 2.5m versus EUR 4.8m in 2023 and 33% below our estimate of EUR 3.7m. Until getting more info on the magnitude of one-offs and factors impacting 2025 estimates (Q4 report out on 27 February), it will be hard to estimate impact on 2025 estimates. However, mathematically cutting the Q4 EBIT delta of EUR 1.2m from our 2025 estimates (assuming a lower starting level for EBIT from 2024) would result in EBIT estimate revision of -25%, which is likely too harsh given the unspecified one-offs in Q4. Despite the share having been weak into numbers, we expect a clearly negative share price reaction.
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