Standard Profil - comment

We issued our updated model post Q2 numbers last week. Yesterday the Company held their conference call and although we are projecting slightly lower sales and EBITDA than the Company guided for FY22 we are happy to maintain our position. Lots of questions re: energy bills, and although a headwind the Company reiterated our views that energy is a small portion of their cost base (3% of sales in FY21 and c. 6% in FY22). Away from energy, the Company is projecting positive impact of the recent contract wins over the coming months and quarters.