Q4 adjusted EBITDA missed our estimate by 7%. FY 2023 guidance mid-point is EUR 4.8m, or 24%, below our pre-Q4 estimate. Profitability will be burdened by the implementation of the new ERP system and investments in onshore and offshore projects. Order book is up by 43% y/y, and onshore pipeline increased to 8,000 MW (+5,000 MW q/q). Short-term estimates probably coming down, but long-term potential improving.
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