Douglas - comment

Douglas EBITDA came in right on target - €2m below estimate, although on lower volumes at higher prices. This has been a theme and we will be forecasting a return to higher volumes on lower price inflation in FY24. The store roll-out in CEE is underway and we note that EBITDA adjustments have come down and have actually turned negative. We will assess how much room our 3% PIK position has from here. Results have been very strong overall, but today’s call will be all about Q1.