COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line. Consolidated leverage improved, supported by the stronger earnings and cash flows. Liquidity at the holdco level remains adequate. The company's next significant debt maturity will be in June 2026 (when the USD 400 mn notes will come due). We continue to believe that the company has options to address the bond repayment, considering its steady business operations and stable (albeit...