Modulight

The 1.3 MEUR order in September supports growth in Q3 and coming quarters.

The order supports growth outlook for 2026-2027.

Delays and pricing pressures burdened revenue development.

We expect Q2 revenue to decline slightly from the comparison period, which was supported by the quantum computing project.

Modulight's Q1 revenue declined year-on-year and missed our estimate. On the other hand, earnings and cash flow were better than we expected.

We expect EBITDA to turn positive in 2026.

We expect moderate growth, as the company has not announced any separate major deals.