Revenue EUR 382m, -4/-3% vs ARCe/Cons.EBITA EUR 70m, 7/14% vs ARCe/Cons.Recycling order intake EUR 61m (+6% vs ARCe)Food order intake EUR 86m (-2% vs ARCe)Q1 guidance in Recycling and Foods 15% below ARCeWe see ~5-7% downside to 2026e EBITA......with the share to trade ~7-10% lower
