Q4 net sales and adjusted EBITDA were relatively close to our expectations, but several one-off-related items took the reported net result to EUR -15.6m. The Power segment suffered from project postponements in Q4. Revenue from the core businesses was slightly down in Q4 y/y, but we expect a positive trend to return during H1 2026. The midpoint of the full-year 2026 adjusted EBITDA guidance was EUR 1.5m higher than we expected. The reported equity ratio and net debt improved with the issuance of EUR 30m in hybrid debt in December 2025. Our fair value range remains at EUR 4.2-5.3, based on our DCF analysis and backed by a peer group comparison. Pursuant to our current estimates, Enersense's 2026 EV/EBIT is ~7x (peer group median: 12x), including the EUR 30m hybrid debt.
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