Key Figures for the Period:

• Revenue: €2.23 billion (+7.8% growth)
• EBITA: €141 million (+3.6% growth; margin slightly contracted)
• Profit: €141 million (-21% decline)
• Free Cash Flow: Improved year-on-year.

Performance Analysis:
The company delivered solid top-line growth, with revenue increasing by nearly 8%. Operational profitability (EBITA) also grew, though at a slower pace, leading to a slight contraction in the EBITA margin. The significant 21% decline in bottom-line profit indicates the impact of factors below the operating line, such as increased finance costs, taxes, or one-time expenses. A positive note is the improvement in free cash flow, suggesting better cash generation from operations.

Forward Outlook for 2025/26:
Management projects continued growth in both revenue and margin for the coming fiscal year. However, this outlook is tempered by cited risks, including:

• Geopolitical/Trade: Potential impact from new or increased tariffs.
• Regulatory: Evolving regulatory challenges.
• Market: Intensifying competitive pressures.

Bottom Line: The company is growing revenue and generating more cash but facing profitability headwinds. While the base forecast for next year is positive, the identified risks highlight a cautious and uncertain operating environment.