Q3 26: Margins successfully defended, Q4e weaker; chg. est.

Q3 oper. EBITDA +27.8% yoy to € 29m (17.1% margin), revenue +4.3% to € 170m (eNuW € 176m). FY26 revenue guidance lowered to c. 5% growth, c. € 115m oper. EBITDA confirmed. BUY, PT € 23.0.