Earnings ForecastIn the light of the 1Q numbers and management's guidance, EBITDA for 2025 is cut by 11%.
Earnings Performance1Q25 results were below estimates on both EBITDA and cash generation, partly impacted by temporary/one-off items, but partly also due to a more cautious attitude by clients in the luxury contract space.
Operating CostsEBITDA declined due to rising costs necessary to support growth, which has led to a reduction in net profit and target estimates.