The last quarter of 2023 was robust. Adjusted EBITDA reached EUR 21.1 million, which was a significant improvement of 30 per cent compared to the corresponding period last year. For the full year adjusted EBITDA came in at EUR 92.3 million. This is a strong achievement in a year that saw weak demand, largely caused by destocking by our customers as well as corrections in our markets and most of our product lines. Earnings were in line with the financial guidance announced at the beginning of the year. During 2023, the whole of Purmo Group worked hard with margin management actions, which were evidenced by a strong improvement in adjusted EBITDA margin of 12.4 per cent, a 2.1 percentage point uplift from last year. At the end of 2023, our balance sheet was also strengthened, and the net debt to adjusted EBITDA ratio, based on the last 12 months adjusted EBITDA, was 2.38 (31 Dec 2022: 2.96). This gives us room to pursue acquisition opportunities.
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