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Maxam Prill has reported excellent Q4 and FY 2024-25 results, with run-rate adjusted net leverage sequentially decreasing from 4.74x to 4.39x. During the conference call, management provided a constructive outlook, with a healthy EBITDA increase anticipated for Q1/25-26. Meanwhile, the company has launched a tender offer for up to EUR 50 mn of the unsecured EUR 125 mn outstanding 12/26 7.5% Spanish retail bonds. We anticipate that the positive trend will continue, and expect further delevera...