Redeye updates its estimates after Ependion’s Q4 2023 report, which was slightly weaker than our estimates on the sales side, which then carried on to the EBIT margin, impacting it negatively. Although 2023 has been a good year sales-and margin-wise, question marks remain regarding the general industrial economy and its impact in the near-future. On the other hand, the structural growth stays intact and Ependion is well-positioned in the medium-to long-term.