Enersense International: Q4 will be significantly better than Q3 - SEB
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Enersense International: Q4 will be significantly better than Q3 - SEB

Q3 adj. EBITDA of EUR 5.5m missed our estimate of EUR 6.0m. Operating cash flow was also on the soft side, as was the order book, which declined by 16% y/y. On the positive side, we expect all these negative factors to reverse in Q4, driven by strong project activity. 2026 guidance of EUR 19-23m adj. EBITDA was reiterated. We cut our adj. EBITDA estimates by 2-4%, though, and lower our fair value range at EUR 4.4-6.1 (5.0-6.7).

Q3 adj. EBITDA of EUR 5.5m missed our estimate of EUR 6.0m. Operating cash flow was also on the soft side, as was the order book, which declined by 16% y/y. On the positive side, we expect all these negative factors to reverse in Q4, driven by strong project activity. 2026 guidance of EUR 19-23m adj. EBITDA was reiterated. We cut our adj. EBITDA estimates by 2-4%, though, and lower our fair value range at EUR 4.4-6.1 (5.0-6.7).
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