Serneke delivered a mixed set of numbers for Q1, with the group EBIT margin slightly below our expectation (0% versus our estimate of 0.7%) However, construction and project development posted margins slightly ahead of our expectations. Both segments achieved a positive margin in Q1, which is an improvement from Q4 when they were negative. Sales and orders came in below our expectations and we therefore lower our sales and EBIT estimates by 1-3% for 2023-25, while our margin assumptions are unchanged. For 2023 and 2024, we expect EBIT margins of 2.1% and 3.1%, respectively. Meanwhile, Serneke targets an EBIT margin of above 6%. The share is trading at low-single-digit earnings multiples for 2023E-25E. Marketing material commissioned by Serneke.