The new five-year strategic plan to 2025 is marked by strategic adjustments rather than clear surprises. Although EBITDA targets by 2025 seem conservative, a strong acceleration in capex (+59% vs the previous plan) and a focus on Waste activities embody the growth drivers. An acceleration in dividend distribution also allows it to offset the historical decrease in dividend yield lasting a decade, good news for shareholders. We reiterate our confidence and positive recommendation.