Net sales and adjusted EBITDA were below our expectations in Q1, but the company reiterated its clean EBITDA guidance of EUR ~20m for 2025. Enersense is confident about its sales pipeline and its value-uplift programme could become visible as early as H2 2025. The balance sheet has strengthened and on 25 March 2025 a new financing arrangement was agreed upon. We believe the company is in no rush to sell the Marine and Offshore unit, as the Finnish maritime industry could receive orders to build several icebreakers. Our new fair value range is EUR 3.6-4.6 (3.8-4.8), based on our DCF analysis and backed by a peer group comparison. The next big news could be related to the CMD and the company's updated strategy and new financial targets on 4 June. Marketing material commissioned by Enersense.
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