Enersense has won a contract with Aquatech to install pipelines and steel structures for the water treatment plant at the green steel mill in Northern Sweden. The project (said to be worth EUR 30m) will employ Enersense until Q1 2027. The contract will be recorded in the Energy Transition Business Unit’s order book in Q2 2026. This newest water treatment plant project represents a 7.3% increase in the order book as of end of March. We have forecast Enersense's net sales to be EUR 320m, with a clean EBITDA margin of 6.3% in 2026. Reported revenue growth could be close to flat or slightly negative for Q2 2026 y/y, but above 10% for H2 2026 y/y, we believe.