Nidda/Stada - comment

Aengus is back tomorrow to comment fully on Nidda, but the Q2 numbers show continued growth coupled with improving EBITDA margins driving a 12% increase in EBITDA. This has led to a reduction in leverage to 5.4x. Nidda has raised its full-year guidance in both terms of sales and EBITDA. The next upcoming maturities are the €237m SUNs in 2025, post the refinancing earlier this year which repaid the FY24 maturities.