Alcadon surprised on the upside with very strong cash flow in Q4/25, bringing full-year 2025 leasing adj. FCF to SEK 82m, equivalent to 90% (2024: 72%) of adj. EBITA. Supported by this performance, total leverage has declined to 2.8x, which we expect to fall further to 2.0x by year-end 2026. Management argues this strengthens the case for near-term M&A. We reiterate our fair equity value range of SEK 40-50 per share.
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