What happened? Cementir reported a decline of sales in Q2 25 of -3.4% mostly stemming from forex in our view as volumes were positive. EBITDA declined by 15% to EUR107.1m and EBITDA margin declined from 28.4% to 25%. Net cash was EUR144m in H1 in line with Q1 25 despite almost EUR50m of dividends paid. H1 performance was impacted by two non-recurring events linked to a fire in the alternative fuels feeding system in Belgium and technical issues around the restart of the second production line ....