In our opinion, the acquisition of Iisveden Metsä and the expanding wood procurement support Koskisen’s growth strategy and the Sawn Timber Industry. We consider the valuation of the transaction fairly neutral in the outset, so in Koskinen's scale, we believe the value creation of this medium-sized arrangement relies especially on the synergies arising from the growth of both businesses.

Last year, Koskisen has carried out major investments, especially in the sawmill business, the benefits of which we suspect will only be fully visible in the near term.

Koskisen held a call with analysts yesterday ahead of the Q4 silent period. The company’s business environment seems to have developed fairly steadily, which was quite well in line with our expectations.

The investment program for volume growth, quality improvement and efficiency gains is a multi-year program with a total investment of 12 MEUR in 2025. We believe that the dynamics of the birch plywood market and the stage of Koskisen's growth strategy justify investing in Panel Industry.

Koskisen's Q3 report was overall weaker than we expected, and we made negative forecast changes after the report with an emphasis on the near term.