Regarding the table. Guidance remains unchanged as expected, i.e., revenue grows (meaning 0-10%) and adj. EBIT% is 8-10%. The comments in the report were quite broad/brief. A well-deserved positive reaction, but in my opinion, the forecasts face downward pressure from cost inflation and potentially weakening demand as a counterweight to the Q1 beat.
| Forecast table | Q1’25 | Q1’26 | Q1’26e | Q1’26e | Consensus | Difference (%) | 2026e | |||
|---|---|---|---|---|---|---|---|---|---|---|
| MEUR / EUR | Comparison | Actual | Inderes | Consensus | Lowest | Highest | Act. vs. Inderes | Inderes | ||
| Revenue | 270 | 280 | 289 | 282 | 274 | - | 289 | -3 % | 1446 | |
| EBIT (adj.) | -19 | -4 | -9 | -7 | -14 | - | 1 | 51 % | 123 | |
| EBIT | -36 | -18 | -20 | -17 | -25 | - | -7 | 10 % | 83 | |
| EPS (reported) | -0.27 | -0.16 | -0.18 | -0.16 | -0.19 | - | -0.07 | 10 % | 0.46 | |
| Revenue growth % | 14 % | 4 % | 7 % | 5 % | 2 % | 7 % | -3.4 %-pts | 6 % | ||
| EBIT % (adj.) | -6.9 % | -1.5 % | -3.0 % | -2.4 % | -5.1 % | - | 0.3 % | 1.5 %-pts | 8.5 % | |
| Source: Inderes & Vara Research, 8 analysts (consensus) |