Q4 EBITDA came in slightly behind our estimate. Enersense's renewable project pipeline was at 8,800 MW (H1/23: 8,100 MW). The order backlog increased by 10% y/y, to EUR 457m. Enersense guides for FY/24 sales to be in the range of EUR 365-435m (SEBe: EUR 379m) and EBITDA to be in the range of EUR 15-25m (SEBe: EUR 20.8m). We think the report will trigger only minor estimate changes.
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