Q2 turned out to be weaker than we or the company expected, as lower revenue and adjustment items undermined results. Improved book-to-bill in Q2 and FY/25 EBITDA guidance (although downgraded on 6 August) indicate improving earnings momentum for H2, though. We cut our fair value range to EUR 4-6 (5-7) after significant estimate changes on the guidance downgrade. Our FY/25 adj. EBITDA estimate is now EUR 17m (guidance EUR 16-20m).
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