PVA TePla (PVA) reported an exceptionally high €121.6m order intake in Q126, following a very strong Q425 (€91.1m). These orders should translate into strong revenue growth from FY27 onwards, after a transitionary FY26 with limited EBITDA growth expected and c 9% top-line growth at the midpoint of guidance. The Q1 results strengthen our conviction of a strong recovery in revenue and EBITDA growth in the coming years. We remain comfortable with our FY26 estimates and will review our FY27 forecasts with the H126 results.
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