CITI'S TAKE Positive 2026 guidance: In the earnings call, mgmt. clarified that the continuing operations revenue growth guidance of 18-22% yoy had taken FX change into consideration. At constant exchange rate (CER), continuing operations revenue in 2026 is expected to rise by 22-26% yoy, per mgmt, indicating acceleration vs. 21% yoy in 2025. We view the latest guidance "prudent" and mgmt. seems confident to achieve it. Backlog would have grown by 34% yoy at CER in 2025, and mgmt. noted around 70% of the bac ...