Alcadon announced this morning that it will discontinue its German operations, which comes as no major surprise to us. Overall, we view the decision as appropriate and, all else equal, positive for both earnings and cash flow. By way of reference, excluding the German operations from our 2025 adjusted EBITA estimates would imply a c.6% uplift at group level. Management also expects the move to improve the group’s capital efficiency and cash flow generation.
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