I myself do not see that this recently announced 45 mUSD investment will cause a dip in the dividend level, but indeed, the dividend policy has prepared, as Kati also said in her presentation, for flexibility if/when (larger) investments are made in high-return targets. I consider such an investment, for example, a potential investment in Avesta (approx. 200m€) for the production of high-nickel products. Kati stated that if the dividend level were to be lowered for year x due to such an investment, the aim would be to return to the previous curve afterwards. It was also clarified in the CMD that the starting level is the current 0.26 euros per share. It is quite possible, of course, that before the next dividend proposal is given, this Avesta study will have been completed and the investment decision made ![]()
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