This report does not constitute a rating action. S&P Global Ratings expects revenue to increase 2%-4% annually in 2026-2027. In 2026, Azelis will likely benefit from pricing strength in the industrial chemicals segment, a recovery in life sciences, and the full-year impact of acquisitions. Regionally, Asia-Pacific (APAC) and the Americas are experiencing strong organic growth, offsetting softness and competitive pressure in life sciences and agribusiness in Europe, the Middle East, and Africa (EMEA). In 2027, we expect further revenue growth from market-share expansion, volume increases in key end markets, and bolt-on acquisitions. Stabilizing end markets and cost-saving initiatives are strengthening margins and cash flow. S&P Global Ratings-adjusted EBITDA will likely rise to €470 million in 2026. Consequently, S&P Global Ratings-adjusted