Q1-26 sales came in marginally below our estimate, primarily due to a negligible Easter impact. Market conditions turned more challenging due to the strong rise in energy prices, resulting in slightly lower estimates. Main negative impact will come from the treatment of ERP investments, primarily Opex instead of Capex. Negative for EBITDA but we emphasize no impact on cash flow or the underlying activities. We maintain our Buy rating, but given the lower underlying estimates we lower our TP ....
