We trim our 2025-27 adj. EBITDA estimates by 0-3% after a minor miss in Q1. Covenants were met in Q1 without any issues. The cost base is well under control despite lower revenue, and we expect business activity to increase in the coming quarters, supporting earnings growth together with the efficiency program. We reiterate our fair value range of EUR 4-6. The shares trade at a 2025E-27E EV/EBITDA of 2-3.5x.
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