Balance Sheet StrengtheningThe balance sheet also improved, with net debt reduced to €90.5m despite dividends paid and a buyback of around €9m.
Profitability ImprovementDespite the decline in the top line, profitability continued to improve: EBITDA reached €21.0m (+3.3% YoY), with the margin rising to 11.7%, confirming the structural robustness of the model.
Stock ValuationThe stock remains undervalued compared to peers, trading at 5.7x EV/EBITDA, a 30% discount deemed excessive for a company posting a 15% ROCE and an expected dividend yield of 4.8% in 2025.