Reported revenue growth could remain modest or even negative in Q1 but move into positive territory in Q2-Q4 2026. Seasonally, Q1 is not a strong quarter, and we thus expect the adjusted EBITDA margin to be below 3%. The company has guided for clean EBITDA in core operations to be in the range of EUR 19-23m for 2026, and we expect this outlook to be maintained. Our fair value range per share remains at EUR 4.2-5.3, based on our DCF analysis and backed by a peer group comparison. Based on our current estimates, Enersense's 2026E EV/EBIT is 6.1x (peer group median: 12x) including the EUR 30m hybrid debt. Enersense has enhanced its offering to data centres and the company's valuation multiples could start to see support from data centre investments in Finland.