Ekopak First look: 1H25 disappoints, cautious outlook, no update on Waterkracht

1H25 revenues landed at €21.7m considerably below our €36m estimate. Adj. EBITDA stands at €-3.8m compared to our €+3.5m forecast. Segment reporting has changed and company no longer reports WaaS and non-WaaS but now differentiates the numbers between project and recurring business. FY25 guidance was issued and cautiously calls for growth in turnover vs. 2024. The 2025 outlook does not include any projections for Waterkracht on which the company will issue a separate update when relevant. Company no longer made a reference to the earlier stated 2028 targets incorporated in our model. Most likely we will have to adjust our numbers downwards considering we have €15m one-off revenues in 2025 linked to Waterkracht. Awaiting further detail in the analyst call we maintain our hold and € 5.5 TP for now.