Boreo’s Q4/23 was challenging, and we expect Q1 to have remained weak. We expect sales to decline 13% y/y in Q1 and operating EBIT of EUR 1.5m. Boreo will report with its new segment structure for the first time in Q1. Boreo issued a new EUR 20m hybrid bond during Q1, paying back most of the old hybrid. Although this reduces uncertainties around the balance sheet, we don’t expect new acquisitions to be a short-term driver.
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