Redeye updates its estimates and valuation following Navigo releasing its Q4 2025 report. Adjusted EBIT beat our projection, driven by a strong end-of-year for Vinga, and with positive signals from real estate high-yield obligations and a strong pipeline, we foresee this strong momentum to continue into 2026. The cyclical subsidiaries also appear well-positioned for recovery, underpinned by strong backlogs and new customer wins.
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