Alcadon continues to demonstrate strong self-help momentum despite a lack of clear market tailwinds. Profitability improved through higher gross margins and lower costs, driving c. 15% adj. EBITA growth y/y, alongside strong cash flow and reduced leverage to 2.5x ND/EBITDA. With sequential earnings growth for four quarters in a row, and further efficiency gains ahead, we see continued gradual improvement into 2026E.
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