Selective recruitment in H2'25
Q2 missed on sales and adj. EBITA compared to FactSet consensus' expectations. Organically, sales declined ~11% and the adj. EBITA margin was 4.7%, which was ~2.5pp below consensus. The utilisation rate is stable, and that bodes well for some selective net recruitment, which we expect will be at a low level in H2'25 (fewer than 10 FTEs y-o-y). While the main surprise was B3 Poland losing two large contracts, we believe that the position that B3 Poland has is sufficiently strong to eventually recover from the contract losses.
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