Q4 adj. EBITDA for the core businesses was line with our estimate (EUR 4.2m). Reported Group EBITDA was burdened by costs related to the ramp-down and write-downs of non-core operations, as well as Value Uplift programme. 2026 adj. EBITDA guidance of EUR 19-23m was in line with our estimate of EUR 21.2m. The company will not distribute dividends, as we expected. We expect only minor consensus revisions.
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