We expect stable delivery from Green Landscaping in Q4. While market sentiment should be similar q/q, we believe tender activity will gradually improve throughout 2025, supporting a higher EBITA margin. Meanwhile, Green’s consolidation journey continues; we expect a similar acquisition pace in 2025 as in 2024 (i.e., 8-10 acquisitions), with Germany as a focal point. We reiterate our DCF-based fair value range of SEK 89-104 (mid-point at SEK 96).
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