Q1 adjusted EBITDA was clearly higher and adjustment items significantly lower than we forecast. We raise adj. EBITDA by 3% and reported EBITDA by 38% for FY/26E. Growing order book and booming data centre demand will drive growth in the coming quarters and years, we expect. We raise our fair value range to EUR 4.5-6.5 (3.5-5.5). The shares trade at 2026E-28E EV/EBITDA of 4.8-3.5x, which does not reflect current potential, we argue.
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