Q3 adj. EBITDA of EUR 5.5m missed our estimate of EUR 6.0m. Operating cash flow was also on the soft side, as was the order book, which declined by 16% y/y. On the positive side, we expect all these negative factors to reverse in Q4, driven by strong project activity. 2026 guidance of EUR 19-23m adj. EBITDA was reiterated. We cut our adj. EBITDA estimates by 2-4%, though, and lower our fair value range at EUR 4.4-6.1 (5.0-6.7).
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