Enersense's order book, especially for its Power segment, has been growing well. However, new projects will take time before they become visible in the numbers, leaving little impact on Q2 2026. Net sales growth will therefore likely remain modest on the group level for Q2. In addition, adjusted EBITDA could be EUR 3-4m in Q2, leaving relatively high expectations for H2 2026. The company has guided for clean EBITDA in the range of EUR 19-23m for 2026. Our forecast is at the lower end of the range. Our fair value range 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 7.3x (peer group median: 12.9x), including the EUR 30m hybrid debt.