Pfleiderer - comment

Management is not seeing demand deteriorating further, which is encouraging. As regards FY24 figures, revenue and EBITDA were only just below target, WC was slightly better, but the effect more than consumed by taxes, some €7m of higher than expected upstream funding to the parent and financing expenses to end in only €52m of cash vs. our expected €64m. SVP have installed two new CEOs with industry background. Dr. Hicham Abel will lead Panels and the Group, while Jarek Paruzel will lead Silekol. Project Nord remains on track for completion in October, but we remain concerned about Pfleiderer’s liquidity position even after the cash injection.