Inission

* Sales up 37% y-o-y as adj. EBITA more than doubled * Continued order momentum drives estimate upgrades * Enedo recovering, M&A and Tunis factory to add further growth Q1 results The earnings-growth trend that started in Q3 accelerated in Q1. Sales ...

* Orders +20%, sales +14%, adj. EBITA +10% vs. ABGSCe * Enedo sees strong orders, growth and margin uplift * Growth trend to continue for the rest of the year Q1 results Orders were up 17% y-o-y and 20% above our estimate. Sales grew 37% y-o-y and were...

* We see 21% sales growth and an EBITA margin of 7.2% (4.8%) * Expect company will beat somewhat conservative '26e guidance * Strong operational momentum, 12x-9x P/E vs peers at 17x-13x Q1 expectations We expect the strong momentum built in H2 will continue...

* Adj. EBITA margin up 1.7pp as sales grew 15% ex. M&A * Likely to exceed conservative guidance in '26 * Belief that earnings trough is behind us reinforced Q4 results Inission delivered a strong Q4, growing 15% y-o-y ex. M&A and achieving an adjusted...