Fair Value: 32.4€ – – – – – Rating: Buy Investments start to bear fruit FY 25 has been a year of heavy growth investments. While this has burdened results and cash flow we are starting to see the fruits of these efforts. Regular order intake has increased and bulk orders have reappeared. This was indicated to continue in Q1 26. We confirm our optimistic estimates and lower the beta factor in our valuation model which brings our fair value to EUR32.4. With an upside of almost 20% we reiterate our Buy rating on the stock.