Outlook
Company believes demand will increase during 2025: The Company expects higher apparent demand in FY 2025 compared to FY 2024. With low inventory levels, especially in Europe, the Company is optimistic that restocking activity will supplement real demand improvementCapex discipline in support of growth and competitive decarbonization: Capex in 2025 is projected to be within the range of $4.5-$5.0bn, including $1.4-$1.5bn on our strategic growth projects and $0.3-$0.4bn on projects related to decarbonizationPositive free cash flow outlook in 2025 and beyond: Cash flow in 2025 is expected to be supported by working capital optimization. The completion of the Company's strategic growth projects is expected to support structurally higher EBITDA and investable cash flow in the coming periods
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