This document provides a comprehensive analysis of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) and its normalisation. It explains what EBITDA is, why it's a crucial metric for evaluating business performance, and how normalisation adjusts for non-recurring or extraordinary items. The guide details various scenarios and specific adjustments needed to arrive at a more accurate, normalised EBITDA, which is vital for business valuation and investment decisions.