We are discontinuing our coverage of Meriaura Group Plc as the company has terminated the research service agreement.

The Group's CFO, Heikki Timonen, who has a Savosolar background, is leaving the company. The Group's financial management tasks will be outsourced to Meriaura Oy, a subsidiary of Meriaura Group.

In Q3, revenue grew in line with our expectations, but profitability lagged behind the comparison period.

The order outlook for Renewable Energy has been further strengthened by a large district heating project in Germany, subject to a financing decision and construction permit. With the announced project, solar thermal revenue in 2025 should at least reach the level of 2024.

Meriaura Group's Q2 results were in line with expectations. The performance of Renewable Energy has improved, but breaking even would require several years of strong growth, which we believe is uncertain. Demand prospects in the near term are stable.

The company announced this morning that its current CEO, Kirsi Suopelto, has resigned from her position to join a new employer. She will, however, remain in office until September 30, 2024.

With the transaction, Meriaura Group's share story will increasingly depend on the turnaround of its Renewable Energy business.

Meriaura Group operates in marine logistics and renewable energy and both business areas are linked to the reduction of carbon dioxide emissions and the transition in target markets through, e.g., EU emissions trading.