Fair Value: €13.5 – – – – – Rating: Neutral FY 24/25 results bring efficiency into focus Based on the composition of FY 24/25 earnings and current forward pricing we have become more prudent with regard to our FY 25/26 estimates, in particular in the Sugar segment. We still remain at the mid-point of the company’s guidance and expect a normalisation in FY 26/27, which is now supported by intensified cost saving efforts. This yields a fair value of EUR13.5, i.e. a 17% upside. We still stick to our Neutral rating until improvements become more tangible.