We anticipate that demand tailwinds will continue to support Prysmian's operating performance in 2024. Under our revised base case we forecast sales to remain reasonably stable at around €15 billion-€16 billion (€15,354 billion in 2023). In addition, we anticipate that the S&P Global Ratings-adjusted EBITDA margin will remain around 9.0%-10.0% in line with the company?s preliminary figures for 2023. Its new guidance points to free cash flows of €675 million-€775 million in 2024, boosted by solid profitability as well as a positive working capital effect from advance payments. As a result, we currently forecast that the group will gain further financial flexibility for organic growth projects, acquisitions, or shareholder remuneration. Its current strategy is skewed toward expanding its capacity. As
