We lower our Target Price to €12 (€13.2) and maintain our Hold rating as 1Q26 sales came in at a weak -15% y/y €180.6m (KBCS €201.5m, CSS €198.6m). 1Q26 sales were impacted by a strong FX-effect. 1Q26 sales were nevertheless also -8% at constant FX as we saw delayed order conversion and cautious customer decision-making. 1Q26 order intake was € 215.4m (-7% y/y, flat at constant FX) while we were at €221.1m (CSS €222.4m), overall impacted by geopolitical uncertainty, while showing strength in Ent...
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