Besqab’s Q4 looks strong, with solid earnings growth and a high number of starts. While revenue rose by 25% y/y, EBIT increased by a strong 103% y/y, coming in 7% above our estimate, driven by solid gross margin and a 4.9pp y/y jump in EBIT margin. The outlook remains optimistic, and the company reiterates its ambition to achieve a 15% EBIT margin by 2027 (FY/25: 8.6%). Our preliminary take is for slightly positive revisions and the shares to outperform.

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