...Although cash generation remained solid, earnings pressure led to S&P Global Ratings-adjusted leverage slightly exceeding our downside threshold at year-end 2025 at 4.1x (in line with our latest expectations from October), while company-defined net leverage stood at 3.3x, resulting in reduced rating headroom under the '##+' rating. Looking ahead, we continue to expect a gradual recovery in credit metrics from 2026 onward, albeit at a slower pace than previously anticipated. Management reiterated it will scale back acquisition spending in the near term to preserve balance sheet flexibility, consistent with its leverage target of 2.5x¡3.0x. Our base case incorporates fewer bolt-on acquisitions from 2026 compared with previous expectations. We do not anticipate a meaningful recovery in demand and market conditions before 2028 and assume broadly flat organic performance in 2026. We now forecast revenue to return to modest growth of about 1%-2% in 2026 and close to 4% in 2027, supported by stabilization...
