Q4 EBITDA was close to our estimate. Quarterly cash flow was strong and reported net debt stood at EUR 30.6m. Enersense guides its FY/25 adj. EBITDA to be at the same y/y (EUR 19.9m; SEBe for 2025 EUR 20.1m) and reported EBITDA from the core businesses to improve y/y (EUR 10.4m; SEBe for 2025 EUR 19.3m). We take the report as somewhat neutral, as the guidance is in line with our expectations and net debt decreased, which was kind of a minimum requirement.
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