Seafire delivered 1% organic sales growth, the first quarter with positive growth since Q1/23. Adj. EBITA increased 6% y/y and was slightly above our expectations. Thanks to strong cash flow and increased earnings, leverage according to covenant decreased sequentially to 2.9x. Management states that it has now reached a plateau from which it can grow. Additionally, management is reviewing and discontinuing unprofitable business, which is expected to increase margins.
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