Warm weather and the efficiency improvement programme should support profitability in Q4/25, we believe. Our adj. EBITDA estimate is EUR 4.2m. For FY26, we forecast revenue growth of 7% and adj. EBITDA of EUR 21m, driven by the increased order backlog. Enersense replaced its convertible bond with a EUR 30m hybrid in December, which provides significant relief with debt covenants. We reiterate our fair value range of EUR 4-6 per share.
LÄS MER
