Enersense cut its FY2025 adj. EBITDA guidance mid-point by 9-10%, and we argue that this cut could be up to 12-14% due to the change to include profits and losses of associated companies in adjustment items. Our current adj. EBITDA estimate of EUR 19.7m is 9% above the new mid-point of the guidance range of EUR 16-20m. Q2 preliminary adj. EBITDA of EUR 3.1m was EUR 0.7m below our estimate.
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