We have adjusted our forecasts following the publication of GEA Group''s Q4 2023 results. Please note that we have made only minor changes at group level regarding our PandL forecasts, reflecting higher restructuring charges to adjust the headcount mainly in the FHT segment and a lower interest income in FY24. For FCF, we have now included the higher than expected capex spent of c. EUR 260m in our model that is primarily related to the pharma and new food verticals. Yet, we note that GEA has confirmed the earlier guided cumulative FCF target of EUR 2bn in 2022-26 underlining that underlying cash generation remains healthy as demonstrated by the expressed confidence in the provided guidance parameters vis-a-vis the order pipeline and further headroom to NWC as indicated by the CFO on today''s conference call. We do not consider the changes to be material; our rating is unchanged.