...October 14, 2024 LSF10 XL Investments S.a.r.l's (Xella)'s weak performance continues into 2024, we now expect a gradual recovery in 2025. In the first half of 2024, Xella reported weak operating results, with revenue decreasing to 509 million from 586 million in 2023. This decline can be attributed to a further reduction in volumes, primarily driven by subdued demand for wall- building materials, particularly in Western Europe. Positively, Eastern Europe is showing the first signs of recovery. We anticipate continued weak end-markets in the coming quarters leading to a revenue decline of 10%-13% in 2024. However, we anticipate gradual market recovery from 2025 onwards with moderate annual growth of 4%-7%, as we expect interest rates to further decline in 2025 and the new build end-market to normalize. In the first half of 2024, normalized EBITDA has declined to 92.8 million from 109.4 million in the same period last year. We expect our adjusted profitability to be constrained with the restructuring...
