Our Q4 EBITDA estimate is EUR 11.2m, including a positive one-off item of EUR 10.1m. Our FY/25 EBITDA estimate is EUR 33m, including profit of EUR 19m from the divestment of the renewable development business. In 2025, we want to see the company clarify its plans for the loss-making non-core operations, which are a great burden on the company’s earnings and equity story, in our view. We maintain our fair value range of EUR 4.5-6.5.
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