Neutral Outlook on Worldline Amid Anticipated Q3 Challenges and Strategic Insights Expected at Capital Markets DayWe expect no material underlying improvement, except for the base effect from annualized HRP (MS) and in-sourced contract (FS), while hardware sales comparatives (MS) persist, but should soften by Q4. We are neutral heading into Q3, given the upcoming CMD (6 Nov), where Worldline is expected to provide some confidence in business stabilization and liquidity management for the next 18-24 months.