Q3 EBITDA amounted to EUR 3.9m, topping our estimate of EUR 2.4m. Revenue increased by 46% y/y, and the company also increased its revenue guidance. Enersense now expects over EUR 330m of revenue (previously over EUR 300m) in 2023. Adj. EBITDA guidance of EUR 12-18m remains unchanged. We think the company is progressing step by step, and up to a 5% positive share reaction on the results would be reasonable, in our view.
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