Alcadon delivered Q4/25 adj. EBITA in line with our expectations, however with substantially stronger cash flow than expected, supported by an inventory reduction. Consequently, reported leverage decreased from 2.9x to 2.4x q/q, something management argues opens up for M&A. Its data centre exposure is expected to remain strong, structured cabling systems stable, and broadband challenging. The outcome implies +1% change to our 2025 adj. EBITA estimates, mechanically.

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