Tecnotree

In the arrangement, the conversion of all of Fitzroy's bonds, including those already paid, into shares is postponed until 2028.

Tecnotree's Q3 figures were clearly below our expectations, but the earnings disappointment was partly explained by provisions made for trade receivables.

We expect the company's revenue to have grown significantly from a rather subdued comparison period, although the weakening dollar creates a headwind for growth. We expect a clear year-on-year improvement in earnings.