• Growth momentum maintained – We view Q1-3 FY3/26 results exemplified another solid quarter at JES, as the company showed sustained double-digit topline and earnings growth YoY. JES demonstrated that despite the sales mix shift toward the Modernization segment, overall returns remained robust, driven by price revision and improved productivity. FY guidance was maintained, which we view as being conservative, with no major costs expected in Q4 FY3/26, and the brisk earnings momentum experienced YTD. We maintain our earnings estimates, denoting upside to guidance and high earnings visibility.
