Key message: We anticipate EBITDA of €584mn (€567mn excluding the forestry fair value gain). We expect basic underlying EPS of €0.49/share, down -3% YoY. Accordingly, we expect the interim DPS to be stable YoY at €0.23/share. Following the Schumacher acquisition (EV: €634mn), gearing will increase with net debt of around €2,502mn and net debt/EBITDA of 2,3x. View Presentation
