Fair Value: €14.0 – – – – – Rating: Neutral Prospects better for FY 24/25 – worse for FY25/26 With EUR-33m, operating profit in the third quarter came in slightly better than estimated and we have raised our FY 24/25 forecast to EUR265m. However, we now expect FY 25/26 to be only flat, mainly due to ongoing losses in the Sugar seg-ment. Valuation still suggests a 40% upside from yesterday’s share price and we should have seen trough earnings in Q3 but until newsflow starts to improve we retain our Neutral rating on the stock.