Revenue increased 4% year-over-year to €2,474 million, with gross profit up 5–7% and EBITA up 2–4%, driven by organic growth and acquisitions despite FX headwinds.
Net result declined 7–8% to €130 million, mainly due to higher net finance costs and FX volatility.
Six acquisitions completed or announced, expanding presence across all regions and adding €200 million in annualized revenue.
Free cash flow fell 22% to €173 million, primarily due to higher working capital investments.
Strategic focus on digitalization, supply chain, and sustainability, with new leadership in EMEA and global rollout of a sales assistant tool.
Revenue up 4% to €2,474 million (+6% constant currency); organic growth 2%, acquisitions 4%, FX -2%.
Gross profit margin improved to 25.6% (up 0.2% year-over-year); operating EBITA/EBITDA margin decreased to 11.1%.
Net result was €130 million, down 7–8% year-over-year.
Free cash flow €173 million, down €48 million year-over-year; cash conversion margin dropped to 61.4%.
Net debt increased to €1,543 million; leverage ratio at 2.6x EBITDA, below covenant maximum.
Management remains cautious but optimistic, citing resilience of the asset-light model and a healthy M&A pipeline.
Macro-economic and political uncertainty expected to persist, impacting demand and developments.
Focus on earnings growth, service optimization, and global expansion through organic growth and acquisitions.
Currency translation expected to negatively impact H2 EBITDA by €12–15 million.
Too early to assess impact of recent tariff clarity, but hope for improved customer certainty in H2.
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