The Solar Foods Capital Markets Day provided a concrete insight into Solein's commercialization process, the upcoming 02 factory investment and the company's financial targets. The content of the Capital Markets Day focused on Solar Foods' role as a manufacturer of Solein, which is a capital-intensive route to scaling the business.

Innofactor is already 94% owned by Onni Bidco following the takeover bid in November, and the redemption process for the remaining shares is underway. As a result, the company will be delisted in the coming months, and we will stop monitoring Innofactor's stock after the company terminated its research service agreement.

Over the years, Remedy has demonstrated its ability to develop games of very high quality, but this has not yet been reflected to the same extent in their commercial success for the company. As a result of years of work, the company has built its capabilities and resources to support a more frequent, even annual pace of new game releases over the 2025-2030 strategy period.

Inderes' November sales surprisingly declined y/y by -5% while we had expected growth of 5%. The month's sales were impacted by timing of events and fewer number of large events vs. previous year. We had expected the CMD activity to be on the same level as in 2023. While timing of events can be overlooked our negative note goes to Swedish sales, which declined y/y in November. After Oct-Nov reports the Q4 sales are some EUR 0.2m behind our estimate for the quarter.

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

Puuilo's profitability in Q3 was at an excellent level and revenue growth continued to be supported by new stores.

Fodelia has continued strong organic development while streamlining the Group structure and strategy during 2024.

Faron reported more detailed interim results of the BEXMAB study at the annual meeting of the American Society of Hematology (ASH). The company is on track for the important final read-out in March, as tolerability and overall response rate have remained at good levels.

Enento’s stock has been under pressure since our last update. There is still considerable uncertainty about the new normal in the Swedish credit market, but the slightly lower valuation and the continued decline in interest rates make the stock more attractive in our view.

We have included the recently announced platform acquisition in our forecasts even though the deal has not yet technically closed.

Nexstim's year of surprises continued on Friday when the company announced a new development and distribution cooperation agreement with Germany's Brainlab AG. The agreement will strengthen Nexstim's financial position and improve its performance starting next year.

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