Sales 9% below us, but partly temporary; orders grew 61%
Mixed outlook, reiterates guidance, but cites more uncertainty
Cut '25e EBITA 7%, but leave '26e-'27e intact as order book +24%
Sales weakness seems partly temporary
Sales were weaker than we expected, falling 17% y-o-y and coming in 9% below our estimate, however, this was due to three high-volume product deliveries which were pushed forward in time, and we thus think this was a partly temporary deviation, and expect Q2 sales to be more in line with Q4 than Q1. Opex was in line, but the sales miss pushed down the adj. EBITA margin to 4.8% (9.0%), meaning adj. EBITA was 22% below our estimate. At the same time, orders continued to show strength, growing 61% y-o-y and coming in 4% above us. After two quarters of significant order recovery, the order book is now up 24% y-o-y, reinforcing the case that Q1 sales were only temporarily low.