Outlook and short-term risks

Last updated: March 11, 2025

Outlook for 2025

The Group’s trading conditions are expected to remain relatively stable during 2025. The good financial position will enable the Group to address profitable growth opportunities.

Short-term risks and uncertainties

Decline in consumer demand, inflation in key cost items (including raw materials, labor, distribution and energy), availability of raw mate-rials and movements in currency rates are considered to be relevant short-term business risks and uncertainties in the Group’s operations. Economic and financial market conditions, as well as a potential geopo-litical escalation and natural disasters can also have an adverse effect on the implementation of the Group’s strategy and on its business performance and earnings.