Q4-24 volume growth missed expectations, but thanks to good revenue management and cost control, organic revenue and EBITDA growth exceeded expectations. Leverage down to 2.9x thanks to strong FCF. Company raised dividend from EUR 0.82 to EUR 1.00 p/sOutlook in line with expectations, but the lower than expected guidance in capex allows for higher FCF estimates. Based on the Q4-24 results and outlook we expect to only finetune our estimates. We maintain our Hold rating.
