Ahead of Siili’s Q2 report, we make another round of estimate cuts. We think the AI-focused strategy will eventually take the company back onto a growth track, but this is being offset by the slide in more traditional services. We look carefully at management’s comments on the momentum in AI-related services and the possible rise in deal size. Our new 2026 estimates are below the current guidance range. Our fair value range falls to EUR 4-6 per share.

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