Q3 adjusted EBITDA of EUR 5.5m missed our EUR 6.0m estimate by 8%, with revenue 2% below. Items affecting comparability totaled EUR 2.6m. Operating cash flow was EUR -3.5m, and the order book fell 16% y/y to EUR 318m. The 2026 guidance of EUR 19-23m adj. EBITDA was reiterated. With EUR 10.1m of adj. EBITDA YTD, it requires a strong Q4, which we expect projects such as Aquatech to support. Our EUR 20.4m estimate is slightly below the midpoint.
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