We expect Boreo to show organic sales growth in Q2 for the third quarter in a row, with support from deliveries relating to Technical Trade. However, we expect oper. EBIT to decline slightly. Boreo issued a new EUR 10m hybrid bond in June, which we see as positive as it lowers the short-term risks and enables Boreo to focus more on long-term development. We raise our fair value range to EUR 15-19 per share (from EUR 13-17).

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