Redeye shares its initial view on Modelon’s Q4 2025 report, which was softer than expected regarding sales and ARR, primarily weighed down by the North American federal market and FX headwinds. However, results remained resilient as cost-saving measures continued to deliver. While we anticipate trimming our near-term estimates, the potential and interest from AI data centres, along with new secured agreements and a well-controlled cost base, suggest a limited negative impact on our valuation.
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