Q2 net sales and adjusted EBITDA were slightly below our expectations. Comparable revenue growth was 1% in Q2 y/y and the order book decreased by 10% q/q. Adjusted EBITDA for the core operations in 2026 is still guided at EUR 19-23m, which currently looks a bit challenging considering that adjusted EBITDA was only EUR 4.6m for H1 2026. For 2026, we still forecast adjusted EBITDA of EUR 19m with revenue growth of ~3%. Our long-term estimates are broadly unchanged, which is why our fair value range remains at EUR 4.2-5.3, based on our DCF analysis and backed by a peer group comparison. Based on our current estimates, Enersense's 2026E EV/EBIT is 7.9x (peer group median: 13.3x), including the EUR 30m hybrid debt.
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