Boreo’s oper. EBIT returned to y/y growth in Q1 for the first time since 2023, and sales improved y/y for the second quarter in a row. Also orders trended positively, which should support near-term development. Overall, market demand has shown signs of bottoming, but the markets remain uncertain. Boreo’s visibility into H2 is weaker, keeping uncertainties elevated. We raise our fair equity value range to EUR 13-17 (9.5-11) per share.
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