Q4 adjusted EBITDA was in line with our estimate, but adjustments burdened net results. We expect 2026 adjusted EBITDA to rise to EUR 21.2m and adjustments to gradually decline as the Value Uplift program progresses. Power was the best-performing segment, followed by Connectivity, and we expect 2026 top-line growth to rely on these segments. We cut our 2026E-27E EBITDA by 1-2% and maintain our fair value range of EUR 4-6.
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