We see Boreo’s operational EBIT improving y/y in Q1 after a challenging 1-2 years. Demand has shown signs of bottoming across Boreo’s industries, but we do not expect a rapid recovery, and general economic uncertainty has increased. Boreo resumed its M&A activity last week. We understand the business rationale for these acquisitions. However, leverage remains high. We do not anticipate further M&A activity in the short term.
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