We fine-tuned our estimates after the release, leaving unchanged our FY24-25E EPS forecasts. We project a 1.0% top-line decline in FY24 which should embed i) a weak start to the year, with top-line drop in line with the intake trend, followed by ii) a single-digit sales recovery in 2H24E. We expect EBITDA margin to dilute by 50bps to 17.6% due to higher overhead costs not offset by operating leverage. For FY25E, we assume business recovery to drive a mid-single digit sales growth with operating leverage supporting 50bps of EBITDA margin expansion. On cash generation, we broadly confirm our estimates, anticipating Gefran to reach a €23m net cash in FY24E, as we factor in €7m capex and slight NWC absorption. In this report, we unveil our FY26E forecasts pointing to mid-single digit organic growth, 18.6% EBITDA margin and ~€10m FCF.