SRV's net sales in Q1 declined clearly to EUR 138.3m, below our and consensus estimates (EUR 147.4m/151.5m Evli/cons.). The lower volumes and higher share of lower-margin construction projects pushed profitability figures into the red, with EBIT of EUR -2.0m falling short of expectations (EUR 1.5m/1.6m Evli/cons.).
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