This morning’s update from WPHO highlights positive momentum in the past year, with revenues up 45% YoY, major proactive developments; and tests on new turbines which point to a strong 2026E pipeline. It also reveals contract delays which, in this lumpy business, have resulted in the company falling short of FY25E forecasts. Conservatively, we are also downgrading FY26E, but still see a big leap forward in sales (and into more meaningful profitability) in the coming year. WPHO is a global leader ....
