H1 will be clearly slower than H2/26, as project execution will accelerate during the latter half of the year. Our Q1 adjusted EBITDA estimate is EUR 0.4m, and EUR 19.7m for FY/26 (guidance EUR 19-23m). 2027E-28E topline growth and EBITDA margin are supported by increasing end-user activity and Enersense’s own Value Uplift programme. We trim our EBITDA estimates by 4-7% on cost inflation and set our FV range to EUR 3.5-5.5 (4-6).
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