Semperit: Kicking off the year with a positive margin surprise in SIA - NuWays AG Research

Yesterday, Semperit delivered a strong Q1 with profitability materially ahead of expectations at divisional level, reinforcing confidence that the company can absorb temporary raw material volatility while continuing its operational recovery.

With a strong Q1 in the books, the guidance continues to appear achievable. Management expects operational EBITDA of € 95m. Given the strong first quarter, we expect operational EBITDA closer to € 100m (eNuW), excluding project costs of approx. € 5m (eNuW).

Maintaining BUY at an unchanged PT of € 21.5.

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