The Q1 report came in slightly ahead of our expectations, as sales growth was 39% y-o-y and the order backlog increased by 83% y-o-y. Sales guidance is upgraded, but EBITDA guidance remains unchanged. Enersense did not disclose its wind power pipeline in terms of MW in Q1, but we assume that the pipeline is still close to 8,000 MW in total. In our view, the shares should have a slightly positive reaction to Q1 report.
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