Kendrion - Good start to the year despite many challenges

Kendrion's revenue growth of 13% in Q1 was better than we expected, despite increased uncertainty in its markets. Industrial remains the star performer (revenues +28%), benefiting from the accelerating transition to clean energy and electrification. Automotive faced declining car production in Europe but managed to limit the revenue decline to 1%. The EBITDA margin was below last year's level due to higher raw material prices and volatile demand. Kendrion's long-term outlook remains positive, with healthy demand for its smart actuators.

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