Enersense reported group EBITDA exceeded our estimate, thanks to the gains from the divestment of renewable energy development business. However, core business EBITDA missed our estimate by EUR 1m. FY/25 guidance remains unchanged. The balance sheet strengthened in Q1, and all the ratios were well in line with covenants. We believe that the strengthened balance sheet and unchanged profit guidance should offset the impact of earnings miss in Q1.
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