Underlying market remains stable
The market remained stable with good contract activity in Q4, according to management. And looking at FY24, the contract retention rate improved to 88%, in line with its long-term average. Organic growth was -1% in 2024 and -3% in Q4, slightly weaker than we expected, especially given the retention rate, here management points to variable volumes having normalised from high levels in 2023 as a negative factor. We think the organic growth will remain subdued in Q1 (-2%) partly for this reason but turn positive in H2. We expect 1% organic growth in '25 and 3% in '26-'27.
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