FY26 written off, FY27 on trial; Chg.

QBY Q3 EBITDA miss (€ -4.8m vs eNuW € -0.2m) and second FY26 guidance cut, largely operational. OI jumped to € 49.7m; c. € 7m savings from FY27. BUY, PT € 4.90 (old: € 5.10).