Enersense won a contract with Fingrid to build the 400/110 kV transformer substation and related power line. New substation will enable the future connection of wind farms in the area to the main grid. The project (EUR 15m) will employ Enersense until the end of 2027. The substation project represents 4% increase to the order book end of March. However, underlying markets were somewhat soft in Q1. The order backlog was EUR 373m at the end of March (EUR 444m a year ago). We have forecasted the Power segment net sales to be EUR 164m with clean EBITDA margin of 9% in 2025. The next big news could be related to the CMD and the company’s updated strategy and new financial targets as a service company on 4 June.
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