ALM Equity reported a soft Q1, with revenues below expectations due to low construction activity and limited project starts during the quarter. Earnings were also impacted by negative fair value changes in financial assets, resulting in weak net income. However, signs of execution are starting to return, with the quarter start of the Archimedes project marking the beginning of a ramp-up phase. Overall, we view the quarter as soft but largely driven by timing effects. Following lower asset values ....
