We raise our EBITDA estimates by 5% and 4% for 2026-27, respectively after Enersense secured a EUR 30m order from Aquatech in June. Our FY/26 adj. EBITDA estimate is EUR 21m (guidance: 19-23m), but we highlight that full-year EBITDA is heavily tilted towards H2. We lift our fair value range to EUR 4.7-6.7 (4.5-6.5). In our view, improving cash flow and growth from data centres and electrification investments are the main equity case drivers.
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