Train Alliance delivered a stellar Q2, with EBIT up 54% y/y, driven by a 4% increase in revenue and a 7.8pp improvement in its EBIT margin, reaching 23.9%. The profitability boost is due primarily to mix effects, including a higher share of concept delivery income and lower volumes of refined sold objects (where visibility is low). We anticipate a positive reaction in the share price and mid-single-digit positive EPS revisions.
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