Financial PerformanceProfitability was a positive surprise with the gross margin reaching 45.5%, meaningfully above the 43.9% estimate, supported by a more favourable business mix with a greater contribution from Medical.
Financial PositionNet cash at €137.4mn significantly exceeded the €125mn expectation, reinforcing the group’s strong financial position.
Strategic FocusThe recommendation to buy is reaffirmed, supported by the Group’s increasing strategic focus on the Medical division and its solid financial position.