Q4 was a touch better than consensus LU-VE reported a set of numbers which were a touch above consensus at PandL, with better FCF generation. Q4 24 sales were down c1%. We saw mixed trends across segments, with refrigeration and special application up, while both A/C and industrial cooling were down. Q4 24 adj. EBITDA increased by c4%. Growth was driven by c70bps of margin expansion (ie 12% EBITDA margin). YE net debt of EUR c98m was down QoQ mainly due to lower NWC. Proposed dividend is EUR 0 ....