Bottom Line DeclineThe biggest miss is once again the bottom line, with EBT only reaching €55m, a 33% decline YoY, and a 3.8% margin, compared to the company-compiled consensus of €73m.
Cost PressurePersistent cost pressure continues to put profits under pressure.
Revenue DeclineRevenues declined in SH&MS by -7% YoY due to a public spending freeze during the German election process and a still lacklustre macro environment.