Ferroamp reported Q1 sales growth of 74% y-o-y, driven by increased deliveries to Aira and Elvy as well as an earlier-than-expected sales start from Vattenfall, although revenue came in below our estimates due to a slower-than-expected ramp-up. Gross margin declined to 18% due to a battery-heavy product mix, while temporary working capital effects weighed on cash flow. Encouragingly, management stated that Q2 order intake had already exceeded total Q1 sales by the end of April, supporting a stronger sequential outlook, and we continue to expect strong growth during the remainder of 2026. We lower our near-term estimates following the report but remain positive on the longer-term case, supported by growing demand for energy resilience, electrification, and European energy technology solutions.
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