We lower adjusted EBITA by 6-13% for 2025E-27E following the Q1 report, which was weaker than expected, with adjusted EBITA declining 26% y/y. Although short-term sentiment remains weak, with particular weakness in Automotive and Fashion in the US, the geopolitical situation adds another layer of uncertainty. However, this paves the way for Elanders to continue streamlining its business. As such, we stick to our longer-term view and look for a more asset-light business model to emerge, while we continue to expect a positive longer-term margin trajectory. With 2026E lease-adjusted net debt/EBITDA of 2.8x, leverage remains elevated, and thus we expect the balance sheet to remain a key focus for the company. Marketing material commissioned by Elanders.
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