Despite lower-than-expected organic sales growth, Alcadon managed to match our expectations on adj. EBITA thanks to strengthened gross margin. Cash flow was strong, supported by a NWC release, leading to sequentially reduced leverage of 2.8x. Focus ahead lies on profitability and capital efficiency, while management prepares for continued muted demand during 2025. The outcome implies -1% change to our 2024 adj. EBITA estimates. Conf call at 14:00.
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