Q1 saw strong orders with soft start on volumes In Q1, LU-VE posted a solid order collection (up DD) which has not yet translated into revenues (which started soft -5%), while profitability was almost stable despite softer volumes. The outlook confirmed the qualitative messages released in Q4 with an acceleration expected for H2 due to the phasing of the ''project'' related business. Consensus assumptions seem reasonable We fine-tune our assumptions, confirming our 2025-27e estimates. We mode ....