The compensation claim made against Finnmap Infra is based on an alleged breach of contract. In our view, such disagreements and disputes are somewhat common, but we note that the total amount of the claim is significant relative to Solwers' current earnings and cash flow level. In Kreate's size class, the amount is moderate.

According to preliminary data released by Solwers on Saturday, the company's final quarter of 2024 has been weak earnings-wise. We believe some of the factors behind this weak development are related to a rather weak operating environment and, therefore, probably temporary. On the other hand, recent economic news flow does not support expectations of a rapid recovery in market activity.

Solwers' Q3 figures came in below our forecast, which we believe reflects sluggish market conditions and, to some extent, higher-than-expected seasonality.

The expansion, which is still in the planning stage, will begin with the establishment of a subsidiary in the country, while potential acquisition targets in the region are also explored.