~ 3%





Net working capital, as a percentage of net sales



-4.2%



-1 – -3%





Net financial expenses14



190 M USD



180 – 190 M USD








Appendix 8: Mid-term guidance, based on assumed tariffs7& all at constant currency (CC)








Prior mid-term guidance, 2023-2027E CC CAGR,

‘Teens’ defined as numbers greater than 10% & lower than 20%



Updated 2023-2027 guidance





Topline



Group net sales



‘Low to mid-te
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