• Entering a consolidation phase – The combination of weaker-than expected FY9/25 results, conservative near-term guidance, and maintaining medium-term objectives suggests that greater visibility https://www.research-tree.com/ContentProviderAdminEditNote/AddOrUpdateResearchNote?rn_id=cbe28ca6-0573-4516-82fd-fd3f0f1c8f87&cp_id=174&addCompany=False&justCreated=True# will be needed before confidence in the earnings outlook can improve, in our view. Despite strong performance in the Sustainability segment, expectations for FY9/26 are for a modest YoY contraction before returning to growth. Although steady growth is expected in the Fine Chemicals and Life Science segments over the medium term, the company is likely to experience a moderation in growth before growth re-accelerates in FY9/27.