The 100% consolidation of team agrar and HaBeMa will boost EBITDA in 2025. However, due to lower than expected results of HaBeMa in 2024, we lowered our EBITDA estimates. Bottom line this is offset by lower minorities and by higher estimates for the 100% owned operations. We-confirm our positive stance towards ForFarmers, highlighted in our report published on 18 Feb. However, since our upgrade, the share price rose by more than 35% to EUR 4.85 now. Hence, we think it is time for a break until we have more visibility on the 2025 results. We raise our 12m TP from EUR
