• Industrial Films spearheaded group-level growth – Q1–3 FY3/26 ended strongly, with MLCC mold-release films exceeding our expectations. In parallel, the recovery in 'Businesses Requiring Improvement' remains firmly on track, led by a decisive footprint consolidation in the Airbag Fabrics segment to capture structural cost efficiencies. Crucially, free cash flow has reached a pivotal inflection point and is expected to remain positive for FY3/26, underpinned by robust operating cash flow and a normalization of capex. Consequently, we anticipate this strong recovery momentum will be sustained through the fiscal year-end.
