Summary of Q424 results Q4 organic growth came in at +7% (of which 5% volume, 2% price) and in line with consensus of +7.2%. Growth was ahead of expectations in Household care but light elsewhere. H2 adj PF EBITDA of EUR738m was -1% below consensus with margins of 36.8% vs consensus of 37.1%. News For FY25, Novonesis expects organic growth to be 5-8% with both divisions growing within the range. Growth is expected to be led by volume, with ~1% pricing and revenue synergies contributing 1%. EBITDA margins are expected to be between 37-38% driven by stronger gross margin and full year impact of cost synergies (at 80% run rate). Earnings and target price We nudge up FY25 EBITDA estimates by 1% and raise our FY26 estimates by 5% reflecting the Feed Enzymes Alliance acquisition. Investment thesis We are cautious on the longer-term organic growth and premium valuation of Novonesis. We are not yet convinced that the merger will fully address concerns on the sustainability of longer-term growth, and revenue synergies could be long dated. 15 questions for management Management expects a ~1% revenue contribution from revenue synergies in FY25, mainly in Food and Beverages, Human Health and Ag, Energy and Tech. Can you share some examples?