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Q2/24 was in line with our expectations, where Borö continues to weigh on group performance. Leverage declined sequentially to 2.7x, where strong cash flow offset falling earnings. On the outlook, management highlighted that H2/24 is uncertain, and although demand seems to have stabilised at low levels, it has yet to see any improvement. However, we expect Seafire to return to earnings growth in Q4/24, supported by easy comps.
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