This report does not constitute a rating action. Persistent headwinds in the U.K. offtake market led to a downward revision of our base case for 2026. We now forecast significantly lower S&P Global Ratings-adjusted EBITDA (post-exceptionals) of €113 million in 2026 compared with our previous expectation of €134 million. This is because of higher disposal costs, mainly in the U.K. market, due to planned shutdowns extending beyond their expected duration, and delayed commissioning of new Energy for Waste (EfW) plants, as well as reduced landfilling capacity. We anticipate a strong recovery in EBITDA generation in 2027, driven by improved offtake conditions in the U.K., cost efficiencies, and organic growth. We forecast our adjusted EBITDA figure will grow to €151 million
