It seems that Lamor is very difficult even for a good analyst to unpack. That 2026 cash flow is absolutely critical for investors, but the lack of visibility makes investing impossible in my view. I think Lamor should openly disclose what the Kilpilahti ramp-up requires (€ + schedule), what the core business looks like, and what the plan is for the bond. The recycling business should also be reported as a separate segment. If the 2026 guidance follows previous years—a vague revenue forecast and EBIT margin, with nothing on cash flow, CAPEX, or the balance sheet—then it’s hard not to conclude that they are either hiding something or they just don’t know. In light of your cash flow/balance sheet forecasts, how does the refinancing of the bond, which is becoming acute, look?
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