Despite a weak market in broadband, combined with deliberate out-phasing of low-margin, capital intense products, Alcadon managed to return to healthy earnings growth. Adj. EBITA increased 15% y/y and was in line with expectations. Cash flow was decent, leading to fairly stable leverage sequentially despite pay-out of earn-outs. The outcome implies 0% change to our 2025E adj. EBITA estimates, mechanically.
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