Q1 adjusted EBITDA of EUR 1.5m was clearly above our estimate of EUR 0.4m. 2026 EBITDA guidance of EUR 19-23m remains unchanged. Our pre-Q1 estimate is EUR 19.7m. Order book grew 11% y/y to EUR 413m (order backlog/LTM revenue 1.38x). 2025-28 strategic targets were also updated: Revenue growth will be 6-7% (previously 4-5%), EBITDA margin will be >7% (EBIT margin >5%), and gearing will be <85% (<100%). We expect shares to outperform markets today on solid Q1 report.
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