We cut our FY/26 adjusted EBITDA estimate by 6% to EUR 20.4m (guidance: EUR 19-23m) due to assumed project delays (SEBe). For Q3/26, we expect revenue of EUR 89m and adjusted EBITDA of EUR 6m, with clearly positive cash flow. Large project start-ups should drive a strong H2/26 and 2027 (2027E adj. EBITDA: EUR 23.2m). Our fair value range is EUR 5.0-6.7 (5-7), reflecting a lower earn-out estimate from the divested renewable business.

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