The strategic work is paying off, as Q3 was much stronger than we expected. Order book grew 13% y/y for the core business, and now we model 7% revenue growth and 16% EBITDA growth for FY/26. On the back of the better results, we raise our 2026-27 EBITDA estimates by 4-6%. However, we keep our fair value range unchanged at EUR 4-6, as net debt was higher than we expected in Q3. The shares trade at 4.7-5.8x EV/EBITDA for 2026E-27E.
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