Q2 adjusted EBITDA was EUR 3.1m, clearly above our estimate of EUR 2.2m. Reported EBITDA was weighed down by items related to the renewal of strategy, Value Uplift programme and new ERP system. The strongest part of the report was solid operating cash flow, which amounted to EUR 6.7m during the quarter. Full-year 2026 adjusted EBITDA is guided to be EUR 19-23m (unchanged). Our pre-Q2 estimate is EUR 21.3m. Overall, we see the report as positive for the equity case.
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