The c4% organic growth in Q1 was better than feared (consensus c3%), and with growth momentum likely to pick up in the coming quarters, we expect the company to reach c6% (previously c5%) in 2025. It kept its 2025 EBITDA margin guidance despite steep tariff exposure, citing high uncertainty and mitigation efforts. We reiterate our BUY with a raised target price of DKK35.5 (34).
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