Accsys Technologies has achieved the milestone of starting commercial operations at its Accoya USA plant (the second in the world). The company also reported that the improved momentum of Q424 has continued into Q125 and that Accsys has returned to revenue growth after last year’s decline. Supported by a good order book, Accsys is positive about its outlook despite the current challenging markets. There was no update on the Tricoya project, for which an external adviser has been hired and a final decision is expected before the end of September. On slightly higher revenue and EBITDA forecasts, our discounted cash flow (DCF) points to an unchanged value of €0.98 per share.